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2011 (2) TMI 1271 - HC - Companies LawTransfer of shares - respondents with a clear undertaking authorizing the respondents to sell or transfer the said pledged shares - However, when respondents presented said shares for transfer with appellant on 18-3-1997, which was record date for issuance of bonus shares, appellant refused to issue any shares to respondents – Held that:- the appellant-company had declared the bonus shares in the ratio of one bonus share for every two equity shares, respondents would be entitled to 31,850 bonus shares as well as compensation at the rate of Rs. 275 for each of 31,850 bonus shares.
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