https://www.taxtmi.com/caselaws?id=399719 A company's lien over shares, unless expressly expanded by its articles, operates only as a right of retention and does not by itself authorise sale or auction of fully paid-up shares for recovery of dues. The company's articles did not confer a power of sale, and the Model Articles could not be relied on where excluded by the company's own constitution. The asserted recovery of rental dues was also unsupported by any lease deed or other credible contractual document, and the auction and allotment of shares were carried out without the shareholder's consent or compliance with the required transfer procedure. The member's ownership was restored and the register was directed to be corrected. en-us Thu, 05 Mar 2020 00:00:00 +0530 Sat, 17 Oct 2020 11:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399719 A company's lien over shares, unless expressly expanded by its articles, operates only as a right of retention and does not by itself authorise sale or auction of fully paid-up shares for recovery of dues. The company's articles did not confer a power of sale, and the Model Articles could not be relied on where excluded by the company's own constitution. The asserted recovery of rental dues was also unsupported by any lease deed or other credible contractual document, and the auction and allotment of shares were carried out without the shareholder's consent or compliance with the required transfer procedure. The member's ownership was restored and the register was directed to be corrected. Case-Laws Companies Law Thu, 05 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399719