https://www.taxtmi.com/caselaws?id=396891 Company articles that create a lien over fully paid-up shares for dues do not, without an express sale procedure, authorise unilateral disposal of those shares. A lien is a right of retention and does not itself confer a power of sale; model articles cannot supply a power excluded by the company's own articles. Recovery of alleged rental dues through a share auction also requires an enforceable contractual basis. An auction and allotment conducted without shareholder consent, a prescribed lien-enforcement procedure, or compliance with share-transfer requirements may warrant rectification of the register, restoration of shareholding, and restraint on further transfers. en-us Thu, 05 Mar 2020 00:00:00 +0530 Fri, 24 Jul 2020 08:46:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396891 Company articles that create a lien over fully paid-up shares for dues do not, without an express sale procedure, authorise unilateral disposal of those shares. A lien is a right of retention and does not itself confer a power of sale; model articles cannot supply a power excluded by the company's own articles. Recovery of alleged rental dues through a share auction also requires an enforceable contractual basis. An auction and allotment conducted without shareholder consent, a prescribed lien-enforcement procedure, or compliance with share-transfer requirements may warrant rectification of the register, restoration of shareholding, and restraint on further transfers. Case-Laws Companies Law Thu, 05 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396891