https://www.taxtmi.com/caselaws?id=764427 Delhi HC dismissed an appeal filed under Section 483 of the Companies Act, 1956, holding it non-maintainable. The court ruled that equity shares purchased by applicants through RBI-approved stock brokers in the open market before April 9, 1997, were validly transferred. The applicants had no notice of RBI's restraint order on the company regarding asset transfers. Since the share transfers occurred in ordinary course of business prior to the restraint order, the applicants acquired de facto legal title despite the company remaining de jure owner. The court concluded it lacked jurisdiction to investigate share sales at appellants' behest, and objections to clarification applications in winding-up proceedings were not entertainable in law. en-us Wed, 08 Jan 2025 00:00:00 +0530 Fri, 10 Jan 2025 08:57:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764427 Delhi HC dismissed an appeal filed under Section 483 of the Companies Act, 1956, holding it non-maintainable. The court ruled that equity shares purchased by applicants through RBI-approved stock brokers in the open market before April 9, 1997, were validly transferred. The applicants had no notice of RBI's restraint order on the company regarding asset transfers. Since the share transfers occurred in ordinary course of business prior to the restraint order, the applicants acquired de facto legal title despite the company remaining de jure owner. The court concluded it lacked jurisdiction to investigate share sales at appellants' behest, and objections to clarification applications in winding-up proceedings were not entertainable in law. Case-Laws Companies Law Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764427