No part of this book may be reproduced or utilized in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage or retrieval system, without permission in writing from the publisher. Madhava Menon Preface Acknowledgements 1.
Abstract The objective of this essay is to provide a thorough analysis of the restrictions and limitations imposed Manupatra essay competition 2009 the transfer of shares. The assignment begins with an introductory overview of the concept of restriction over free transfer of shares, delving into the rationale behind the same.
The difference between the applicability of the concept in public and private companies is introduced in this section of the paper. This is followed by a detailed analysis of the operation of the restrictions in private and public companies, along with relevant statutory provisions and case laws.
In the conclusion to the essay, I have provided my own views on the topic along with an overall evaluation of the same. Firstly, to facilitate the business and trade carried on by a small, close-knit group of members by allowing them to avail the benefits of corporate trading and corporate form of business.
The structuring of a company affords many benefits as compared to a partnership and also reduces the liability of each member by providing for separation of business from the individual. Secondly, private companies are preferred to public companies because of the sheer volume of corporate filings to be made and requirements to be adhered to by a public company.
These close associations cannot be established with anyone and everyone so easily and therefore, these members seek to keep the shares of such a company within the group.
This motivates them to impose various restrictions to thwart the admission of members who may be unfavourable or hostile to the existing members and thereby to check the dilution of control over the company by the current members.
The rationale behind these restrictions in a private company has been endorsed by the Courts repeatedly and therefore they have acted as guardians of private companies, enabling them to retain a large degree of control over whom they admit as members. One of the main reasons for investment in public companies is the free transferability of shares of such companies; there are no restrictions and anyone who follows the laws regulating share transfer can purchase shares of such a company.
The shares of a public limited company are highly liquid and pose no impediments for a holder looking to sell them. This principle has been enshrined in Section 58 2 of the Act  which provides that shares and interests of a public company shall be freely transferable.
This is one of the key identifying attributes of a public limited company in India.
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Restriction in transferability of shares vis-a-vis Private and Public Companies Despite what is said above and at the risk of repetition, it is necessary to point out that the restrictions on transferability of shares of a company or lack thereof are almost entirely dependent on whether the company is a public or a private one.
These facets of the concept have been elaborately dealt with below: Share transferability restriction in Private Companies As stated above, it is essential for a company seeking to be a private company to impose these restrictions; it is one of the defining features of a private company.
Restriction on transfer of shares in private companies mainly takes two forms: The restriction basically embodies the principle that if a shareholder of a private company wishes to sell some shares, the existing shareholders have a right to be offered these shares first and on their refusal or failure to act within the given time, the shares can be sold to a third party.
The procedure to be followed in such situations is as follows: On the failure of the other shareholders to respond within the stipulated time, the transferor is free to sell the shares to a third party.
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1st National Legal Essay Competition by Integral University, Lucknow: Submit by Nov 3 days ago. 0 Since its inception in , GIMC has garnered praise for its vast network of collaborations ranging from academic institutions to trade law firms and international organizations, which have proved to be a stepping stone for students hoping.
Moved Permanently The document has moved here. The Manupatra All India Essay Competition endeavors to encourage and promote creative thinking and knowledge of legal understanding and research amongst the students.
The competition is intended to be an award for cogency & novelty of thinking on issues of contemporary relevance. You don't get that much money even for the great manupatra essay competition Aand this is so much more fun here I can write about teddy bears there I would have to write about some protection of wildlife act which protects sloth bears from big brown bears.
Unsoundness of Mind in Contract.
The legal position of a contract entered by a person of unsound mind. Indian Contract Act. Next article 1st M.A.B.I.J.S International Essay Competition – Register by Feb 26, Submit by March 20 Our History, Guangzhou Japter Electric Technology By shuangyue, 5 days ago.