https://www.taxtmi.com/caselaws?id=796860 Pre-emptive share-transfer restrictions in a private company's Articles of Association required a transferring shareholder to notify the Board, which had to offer the shares to existing members at an agreed or auditor-certified fair value. Transfers by a Trust and individual shareholders to outsiders did not fall within the stated exceptions and bypassed notice, Board agency, member offer and valuation requirements. The restrictions applied equally to Trust-held and individually held shares, while objections and procedural non-compliance ruled out waiver or acquiescence. The transfers were void; the company must reverse them, rectify its registers and related records, and any resale must follow the prescribed pre-emptive process. Directors appointed solely through the cancelled transfers cease to hold office unless independently qualified. en-us Wed, 05 Aug 2026 00:00:00 +0530 Wed, 12 Aug 2026 08:19:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796860 Pre-emptive share-transfer restrictions in a private company's Articles of Association required a transferring shareholder to notify the Board, which had to offer the shares to existing members at an agreed or auditor-certified fair value. Transfers by a Trust and individual shareholders to outsiders did not fall within the stated exceptions and bypassed notice, Board agency, member offer and valuation requirements. The restrictions applied equally to Trust-held and individually held shares, while objections and procedural non-compliance ruled out waiver or acquiescence. The transfers were void; the company must reverse them, rectify its registers and related records, and any resale must follow the prescribed pre-emptive process. Directors appointed solely through the cancelled transfers cease to hold office unless independently qualified. Case-Laws Companies Law Wed, 05 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796860