https://www.taxtmi.com/caselaws?id=275716 A transfer of shares that does not comply with the Companies Act and articles of association does not prevail against a court auction purchaser, because statutory formality is mandatory and title against third parties passes only on proper execution and registration. A private transferee under an irregular transfer acquires at most an equity to seek regularisation, not superior title. After confirmation of the court sale and service of the prohibitory order, no further act was required to complete the auction purchaser's rights as against the company and rival claimants, and the company could not validly transfer the shares elsewhere. en-us Tue, 24 Jan 1922 00:00:00 +0530 Sat, 13 Oct 2018 13:31:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275716 A transfer of shares that does not comply with the Companies Act and articles of association does not prevail against a court auction purchaser, because statutory formality is mandatory and title against third parties passes only on proper execution and registration. A private transferee under an irregular transfer acquires at most an equity to seek regularisation, not superior title. After confirmation of the court sale and service of the prohibitory order, no further act was required to complete the auction purchaser's rights as against the company and rival claimants, and the company could not validly transfer the shares elsewhere. Case-Laws Companies Law Tue, 24 Jan 1922 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275716