https://www.taxtmi.com/caselaws?id=413641 A transfer of shares is ineffective unless the mandatory statutory procedure is followed, including duly executed and stamped transfer documents and endorsement on the share certificates; balance-sheet entries and annual returns cannot replace lawful transfer formalities. On the facts, the filings continued to show the petitioners as shareholders, so the alleged share transfer was invalid and they remained 100% shareholders. Title to immovable property cannot pass by book entries or statutory filings alone; in the absence of a registered conveyance or other legally effective instrument, no valid transfer occurs. The alleged transfer of the company's immovable property was therefore not valid and was treated as illegal, null and void. en-us Fri, 08 Oct 2021 00:00:00 +0530 Mon, 18 Oct 2021 09:26:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413641 A transfer of shares is ineffective unless the mandatory statutory procedure is followed, including duly executed and stamped transfer documents and endorsement on the share certificates; balance-sheet entries and annual returns cannot replace lawful transfer formalities. On the facts, the filings continued to show the petitioners as shareholders, so the alleged share transfer was invalid and they remained 100% shareholders. Title to immovable property cannot pass by book entries or statutory filings alone; in the absence of a registered conveyance or other legally effective instrument, no valid transfer occurs. The alleged transfer of the company's immovable property was therefore not valid and was treated as illegal, null and void. Case-Laws Insolvency and Bankruptcy Fri, 08 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413641