https://www.taxtmi.com/caselaws?id=259070 A transfer of shares in an Indian company remained subject to the Indian Companies Act, 1956 and the Articles of Association, even if the sale was effected through English insolvency proceedings. The foreign setting did not oust scrutiny of compliance with Indian company law or the company's transfer restrictions, and the share sale was held unsustainable. Waiver, acquiescence, estoppel and laches were not established because there was no clear knowledge of the intended sale or intentional relinquishment of rights, and the petition was brought shortly after the transfer. The pre-emptive right under the Articles was also wrongly denied. The appeal succeeded and the share sale was declared null and void. en-us Thu, 16 Apr 2015 00:00:00 +0530 Mon, 27 Apr 2015 11:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259070 A transfer of shares in an Indian company remained subject to the Indian Companies Act, 1956 and the Articles of Association, even if the sale was effected through English insolvency proceedings. The foreign setting did not oust scrutiny of compliance with Indian company law or the company's transfer restrictions, and the share sale was held unsustainable. Waiver, acquiescence, estoppel and laches were not established because there was no clear knowledge of the intended sale or intentional relinquishment of rights, and the petition was brought shortly after the transfer. The pre-emptive right under the Articles was also wrongly denied. The appeal succeeded and the share sale was declared null and void. Case-Laws Companies Law Thu, 16 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259070