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1998 (7) TMI 505 - SC - Companies LawRefusal to register the transfer of shares in favour of Bajaj Auto Ltd. which had been purchased by the appellants - Held that:- Appeal allowed. The exercise of discretion by the board of directors in refusing to register the shares in the name of the appellants was not bona fide or in the interest of the company or general body of shareholders. Accordingly, its decision not to register the transfer of shares was not correct. The impugned order dated 28-7-1986 of the CLB is set aside and the Resolutions dated 29-8-1983,27-9-1983 and 19-11-1983 of Bajaj Tempo Ltd. are set aside and as a consequence thereof, direction is given to respondent No. 2 to register the shares in question within four weeks from the date of this judgment.
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