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Transfer of shares without filing of share certificates is invalid under the Cos. Act

May 14, 2019[2019] 105 taxmann.com 200 (SC)
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CL : Shares can be transferred only in accordance with section 108 of Companies Act, 1956 which provides for filing of share certificate which was a mandatory requirement

• Where respondent-HQRL issued shares in favour of its holding company Moral and appellants (directors) without notice to Hillcrest which was a preference shareholder, allotment and transfer of shares without filing share certificate along with duly executed share transfer form were to be cancelled as Hillcrest had voting rights and there was breach of sections 286, 300 and 108 of the Companies Act, 1956

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