Transfer of shares

Question is not clear as to what Act/aspect you are looking for. In case of Income Tax, if private company shares are transferred at a value less than fair market value, such transfer shall be chargeable under the head capital gains as if fair market value is the actual consideration received. (Reference S. 50CA). So, having a valuers report in hand at the time of transfer will avoid further disputes in case of capital gains.

Thank you sir...for your reply. As per income tax it is ok if we face any capital gain issue. But I was asking under the companies act 2013 if any transfer of shares takes place between X & Y. at face value of Rs 10/-.  However as per companies act the valuation comes around 250/- per share in that condition whether company can reject such transfer ? Its private limited company.