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2018 (5) TMI 1308 - Tri - Companies LawShareholders right to sell shares - Interim order dated 28-04-2016 passed by Hon’ble Company Law Board questioned - change of shareholding pattern - Held that:- The case on hand, Vadodara Stock Exchange Limited is a public limited company although it is not a listed company, Therefore, shareholders of Vadodara Stock Exchange Limited have got every right to sell their shares. The main objection of the original petitioner and respondent No. 7 is that the applicants in collusion with Ms. Sonal Parikh filed this petition and Ms. Sonal Parikh wants to gain majority in the General Body Meeting by purchasing the shares of other shareholders. Even if it is true, it is not a ground to restrain shareholders of Vadodara Stock Exchange Limited from selling their shares if there is a good offer of money for their shares. For that matter, even the original petitioner can purchase shares of other shareholders also. So long as there is no change in the shareholding pattern i.e. authorised and paid up share capital of company, there cannot be any grievance either to the original petitioner or to any of the original respondents, if some of the shareholders sell their shares for a good value of money. In that view of the matter it is just and proper to permit the applicants in IA 291, 293, 295 to 297, 299, 300, 302 to 311 of 2017 to sell their shares subject to approval, if any, required from the Regulatory Authorities. However, there shall not be any change in the share holding pattern of Vadodara Stock Exchange Ltd. The interim order dated 28-04-2016 passed by Hon’ble Company Law Board is only in respect of shareholding pattern and capital of the second respondent company herein i.e. only respect of authorised share capital and paid up share capital. This order is applicable to the applicants who approached this Tribunal but not for other shareholders of Vadodara Stock Exchange Ltd. Thus permitting the applicants to sell their shares in Vadodara Stock Exchange Ltd. to any person of their choice, subject to approval, if any, required from other Regulatory Authorities. But, there shall not be any change in the shareholding pattern of Vadodara Stock Exchange Limited. i.e. authorised share capital and paid up share capital.
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