Supreme Court · 1998 INSC 270 · Decided 22 July 1998
Bajaj Auto LTD. v. Company Law Board and ORS.
- Court
- Supreme Court of India
- Citation
- 1998 INSC 270 · [1998] 3 S.C.R. 881
- Case number
- CIVIL APPEAL No. 3480/1986
- Decided
- 22 July 1998
- Bench
- B.N. KIRPAL, S.S.M. QUADRI (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Transfer of Property Act; Companies Act Section 82
Headnote
B Companies Act, 1956 : Section 82. Transfer of shares-Public limited company-Listed with Stock Exchange-Refusal of-By Board of Directors-Power and Scope-Transfer C of shares refused for the reasons that the purpose of purchase of shares was for ulterior motives with a view to destabilising the Company-Held : "Absolute and uncontrolled" power conferred on Board of Directors by Articles of Association of the Company D to decline to register transfer of shares-But the discretion has to be exercised bona fide and not arbitrarily and for the benefit of the Company and the
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