https://www.taxtmi.com/caselaws?id=110096 Transfer restrictions and pre-emption rights in a public company are enforceable only when incorporated in its articles of association; a private family arrangement cannot impose restrictions absent from those articles. Share transfers by promoter shareholders to outsiders therefore remained valid and did not constitute oppression, particularly where shares had previously been offered to other family members. Following a change in majority shareholding and control, the incoming controlling group could recast the board and appoint directors through the company's governance structure. The challenge to the company law board's orders failed on merits, without affecting directions protecting the appellant's shareholding and directorship. en-us Mon, 04 Jul 2005 00:00:00 +0530 Thu, 25 Apr 2024 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110096 Transfer restrictions and pre-emption rights in a public company are enforceable only when incorporated in its articles of association; a private family arrangement cannot impose restrictions absent from those articles. Share transfers by promoter shareholders to outsiders therefore remained valid and did not constitute oppression, particularly where shares had previously been offered to other family members. Following a change in majority shareholding and control, the incoming controlling group could recast the board and appoint directors through the company's governance structure. The challenge to the company law board's orders failed on merits, without affecting directions protecting the appellant's shareholding and directorship. Case-Laws Companies Law Mon, 04 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110096