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1997 (2) TMI 404 - SC - Companies LawWhether the transfer of the shares held by Mr. B.K. Malhan is valid in law? Held that:- Appeal dismissed. The concept of previous sanction of the directors connotes that there should be a written resolution accepting the transfer from Mr. Malhan in favour of Bhagat and such previous sanction should precede the handing over of the shares. In this case, such an action was not done and, therefore, even the transfer of the shares held by Mr. Malhan in favour of the appellant is not valid in law. The Division Bench of the High Court, therefore, was right in granting the decree as prayed for.
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