a shareholder can get back the money paid to the company under an ultra vires allotment of shares.A transferee of shares from him would not have been so allowed.
what does the above 2nd sentence mean??
3 Replies
Sakshi Mehta
(-)
(252 Points)
Replied 02 April 2019
transferee means that person who has received the shares from transferor
Samarth Hegde
(56 Points)
Replied 02 April 2019
means,if u r a shareholder (where company had initially alloted you shares), you can sue the company in case of ultra vires allotment.
but if you transfer that shares to someone,
(he is called transferee) ,the same he cannot sue the company .
but if you transfer that shares to someone,
(he is called transferee) ,the same he cannot sue the company .
Priya Kashyap
(Student)
(7053 Points)
Replied 02 April 2019
yes transferor and transferee may not have Bonafide intention
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