MANI CREDIT CAPITAL PVT LTD Vs. RELIANCE INDUSTRIES LIMITED MUMBAI

JUDGEMENT

(1.) BY the present petition, the petitioners are seeking directions against Reliance Industries Limited (Respondent No. 1) to register the transfer of 12,500 shares (described in the Schedule being Annexure "D" to the above petition) in favour of the Petitioner No.1

(2.) Brief facts of the case are as follows:

(3.) IN this connection, it may be stated that Section 111A(2) provides that the shares of a public limited company shall be freely transferable. Refusal for transfer of shares can be done only on the grounds as specified in Sub-section (3) of Section 111A of the Companies Act, 1956. However, if the company without sufficient cause refuse to register transfer of shares, the transferee may appeal to the Company Law Board for registration of transfer of shares.