https://www.taxtmi.com/caselaws?id=272310 Share vesting under a court-sanctioned amalgamation scheme is treated as transmission rather than a voluntary transfer where the Articles distinguish voluntary transfers from entitlements arising by lawful means. Pre-emption rights applicable to voluntary share transfers therefore do not apply to shares transferred as part of the undertaking of an amalgamating company. The Company Law Board's classification was upheld, while the relief was modified: the company could register the transferee as shareholder, permit sale under the Articles, or arrange purchase by a member at auditor-determined fair value within the prescribed period. Status quo over fixed assets was to continue pending exercise of that option. en-us Tue, 01 Mar 2016 00:00:00 +0530 Sat, 05 Mar 2016 10:35:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272310 Share vesting under a court-sanctioned amalgamation scheme is treated as transmission rather than a voluntary transfer where the Articles distinguish voluntary transfers from entitlements arising by lawful means. Pre-emption rights applicable to voluntary share transfers therefore do not apply to shares transferred as part of the undertaking of an amalgamating company. The Company Law Board's classification was upheld, while the relief was modified: the company could register the transferee as shareholder, permit sale under the Articles, or arrange purchase by a member at auditor-determined fair value within the prescribed period. Status quo over fixed assets was to continue pending exercise of that option. Case-Laws Companies Law Tue, 01 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272310