Tax Implication on Share transfer

I would like to know the answr to this question tooo.. And i feel there would be no tax liability in this case.

Sir, 

Income from transfer of shares in Indian company is an income deemed to accrue or arise in India and would be subject to Indian Income Tax....

You might want to google the recent rulings of the ITAT & SC in Foster's case and Hutchison essar case... wonderfully-scheming people trying to avoid tax....

though your situtation does not appear to be complex like in those cases. I think your case will be covered U/s 9(i) of the Act and hence taxable