resolve that any holder of Ordinary shares do transfer his Ordinary shares.

[kumar17]

The Company may at any time by Special Resolution resolve that any holder of Ordinary shares do transfer his Ordinary shares. Such member would thereupon be deemed to have served the Company with a sale notice in respect of his Ordinary shares in accordance with Article 58 hereof, and all the ancillary and consequential provisions of these Articles shall apply with respect to the completion of the sale of the said shares. Notice in writing of such resolution shall be given to the member affected thereby. For the purpose of this Article any person entitled to transfer an Ordinary share under Article 69 hereof shall be deemed the holder of such share.”

It is a company's by-law. I do not understand the highlighted part. Shouldn't it be"can transfer" instead of "do transfer"?

 

[teechar]

It is a company's by-law.

Please provide a proper citation. A working link would help.

 

[kumar17]

Please provide a proper citation. A working link would help.

I am afraid I couldn't find out any other details. It was cited in a judgment.

 

[teechar]

It is a company's by-law. I do not understand the highlighted part. Shouldn't it be"can transfer" instead of "do transfer"?

Not quite. It's not about allowing the member to transfer shares, but rather about the procedure of the transfer. I understand it as "the company may pass a special resolution to enable the holder of ordinary shares to transfer them". However, I am not a legal expert, so if this is more than just an academic exercise, consult a lawyer.

 

[probus]

I am a retired chartered accountant (CPA in AmE). Alrhough we are not lawyers we do have to learn the basics of corporate and commercial law. In many common law jurisdictions it was usual that shares of private (as opposed to publicly traded) companies could be bought and sold only with the consent of the board of directors.This is much less usual nowadays.

 

[emsr2d2]

I am afraid I couldn't find out any other details. It was cited in a judgment.

Then please provide a screenshot of, or a link to, the judgement.

 

[kumar17]

Then please provide a screenshot of, or a link to, the judgement.

Tata Consultancy Services Ltd. Vs. Cyrus Investments Pvt. Ltd. | Latest Supreme Court Judgments | Law Library | AdvocateKhoj

Full text of the Supreme Court Judgment:Tata Consultancy Services Ltd. Vs. Cyrus Investments Pvt. Ltd..

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