Company law - Share transfer

Govindarajan (Querist) 06 April 2011 This query is : Resolved
ours is a unlisted public limited company with about 100 share holders are not related to each other . But now some shreholders are trying to purchase shares from the other small holders for consolidation . As the management do not know their intention ,want to refuse the share transfer application . Can we do so ? or what is the remeady available to the management against such transfer ?

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M V Gupta (Expert) 07 April 2011
The company may not be legally correct to reject share transfer applications submitted proeprly. In order to prevent take over, the promoter share holders may have to take steps to purchase the shares from the others by offering a competitive price.

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