company act

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NILESH (Querist)
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06 December 2010 The Articles of a company provided that the shares of a member who became
bankrupt would be offered for sale to other shareholders at a certain price. Is
the provision binding on the shareholders?

CA Dhiraj Ramchandani

CA Dhiraj Ramchandani (Expert)
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06 December 2010 Nope, i dont think so. As shares can be forfieted only if shareholder fails to pay any call amount, that to as well, after giving proper opportunity to shareholder of being heard..... Moreover, if shareholder has already paid his all amount due, no company can enforce him to sell his shares or transfer by any means.....

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Ankur Garg

Ankur Garg (Expert)
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17 December 2010 Agree with expert...

It is against the provisions of company law, 1956. Kindly refer section 9 of the sais act.

Thanks

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