https://www.taxtmi.com/caselaws?id=111269 The Court upheld the decision of the Company Law Board (CLB) regarding the allotment of 4490 shares to the Second Respondent, ruling it as illegal and void due to violation of the Articles of Association. The subsequent transfer of 1490 shares to the Appellant was cancelled, with a refund ordered. However, the transfer of 320 shares to the Third Respondent was deemed valid under Article 22, as the Third Respondent was an existing shareholder and the transfer was approved by the Board. The High Court affirmed the CLB's decisions on both issues, dismissing the appeal. en-us Fri, 04 May 2007 00:00:00 +0530 Sat, 21 Apr 2012 15:33:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111269 The Court upheld the decision of the Company Law Board (CLB) regarding the allotment of 4490 shares to the Second Respondent, ruling it as illegal and void due to violation of the Articles of Association. The subsequent transfer of 1490 shares to the Appellant was cancelled, with a refund ordered. However, the transfer of 320 shares to the Third Respondent was deemed valid under Article 22, as the Third Respondent was an existing shareholder and the transfer was approved by the Board. The High Court affirmed the CLB's decisions on both issues, dismissing the appeal. Case-Laws Companies Law Fri, 04 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111269