https://www.taxtmi.com/acts?id=12401 Bodies corporate holding ten per cent or more of a company's equity must intimate the Central Government before transferring such shares with prescribed particulars. The Central Government may prohibit a transfer if it would likely alter board composition prejudicially, or direct transfer to itself or a specified government corporation for specified industries. Where directed, the transferee pays the market value in cash, determined by exchange quotation, agreement or court; payment is due forthwith or, if disputed, partly forthwith with any balance within thirty days after court determination. The Government must act within sixty days of intimation or the restriction ceases. en-us Mon, 09 May 2011 10:26:13 +0530 Mon, 09 May 2011 10:26:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12401 Bodies corporate holding ten per cent or more of a company's equity must intimate the Central Government before transferring such shares with prescribed particulars. The Central Government may prohibit a transfer if it would likely alter board composition prejudicially, or direct transfer to itself or a specified government corporation for specified industries. Where directed, the transferee pays the market value in cash, determined by exchange quotation, agreement or court; payment is due forthwith or, if disputed, partly forthwith with any balance within thirty days after court determination. The Government must act within sixty days of intimation or the restriction ceases. Act-Rules Companies Law Mon, 09 May 2011 10:26:13 +0530 https://www.taxtmi.com/acts?id=12401