AIR 1958 BOMBAY 247 ::60 Bom LR 97 ::(1958) 28 Com Cas 137

Bombay High Court

Hon'ble Judge(s): Kotval , J

(A) Companies Act (1 of 1956) , S.155(3), S.111— Scope of S.155 - Not dependent on S.111. Section 155 is not dependent upon section 111. On the contrary it appears that section 155 is the controlling section and gives the Court an overriding power notwithstanding any previous order of the Central Government. It would be meaningless to give the Court a general power to decide any question including any question relating to the title of a person as is given by Section 155 (3) and then indirectly cut off that power by giving the Central Government the same power to decide the same question in appeal first.(Para 8) (B) Companies Act (1 of 1956) , S.82— Transfer of share - Rights of share-holders - Restriction by Articles - Nature of. Section 82 clearly provides that shares in a company shall be capable of being transferred in the manner provided by the articles of the company, and it is well settled that unless the articles otherwise provide, a share-holder has a free right to transfer his shares to whom he chooses. It is not necessary to seek in the articles for a power to transfer for the Act gives that. It is only necessary to look to the articles to ascertain the mode of transfer and the restrictions upon it.(Para 10) ....