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Only swap of shares to be allowed when there was restriction on transfer of shares pursuant to demerger scheme

November 28, 2018[2018] 99 279 (Delhi)

CL: Where three Groups pursuant to demerger had entered into an inter se agreement which prohibited cross-holding shares in other's company, in view of fact that agreement was executed for a specific purpose of freezing shareholdings for a limited time so that swap of shares could take place, restriction was to remain in operation, only till swap took place and not thereafter

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