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2015 (5) TMI 1171 - HC - Companies LawTransfer of mining lease - the transfer of the mining lease was declared null and void and mining lease was cancelled - Held that:- Rule 15 provides for regulation of transfer of mining lease. A perusal of the Rule will clearly indicate that the transfer is not prohibited. It is only regulated by Rule 15 to the extent that the licensee is prohibited from transfer of mining lease except with the previous consent in writing of the competent authority. Clauses (a) & (b) of Sub-Rule (1) of Rule-15 provide for the transfers, which are not permissible except with the consent in writing of the competent authority. The transfer by any means such as provided in Rule 15(1)(a) & (b) is permissible with the previous consent in writing of the competent authority. The transfer of interest under sub-rule (1)(a) and the transfer of control under sub-rule 1(b) is also permissible provided it is with the previous consent in writing of the competent authority. It is of common knowledge that the corporate entities frequently undergoes changes in share-holding patterns. The Company Law permits it, and that the entire corporate world moves on such permissible transactions. The shares of the Company are bought and sold every day on the Stock Exchanges, which may result into change in the control of the management of the Company. The changes, however, do not affect the contracts under which the Company has to transact its business, including the acquisition of assets, licenses, permits, concessions and leases - In case the argument of learned Additional Advocate General is accepted, the change in the share-holding pattern would amount to cancellation of all such contracts, leading to a complete chaos in the corporate world. Appeal dismissed.
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