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2020 (2) TMI 1541 - Tri - Companies LawTransfer of shares - Respondent No. 2, 3 and 4 will purchase all the shares of the petitioners 1 & 2 at the rate of ₹ 331/- per share - Sections 397 -398 of the Companies Act, 1956 - HELD THAT:- It is stated that, the petitioners shall issue and sign the Share Transfer Forms having details of number of shares & share certificates and the counsel for the petitioner will hand over the same to the counsel for the respondents as and when the cheques are given. Thereby, petitioners agreed to withdraw all pending cases/complaints/suits etc against all the respondents at various Courts/forums on the date of signing the Memorandum of Settlement - It is further stated that in case of any financial liability that may fall upon the Company on account of the non-compliances during the period when the petitioners were whole time Directors, it shall be proportionately shared among the members of the Board as on the date of non-compliance, in proportion to their shareholding after exhausting legal remedies. As agreed between the parties, this settlement memo was filed and prayed to close this Company Petition - Petition allowed.
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