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NCLAT upheld NCLT’s ruling that a 100% share transfer and property transfer were illegal for non-compliance with mandatory deed requirements under Section 56(1) Companies Act. The decision underscores the strict procedural compliance needed for share transfers to be legally valid.
Gauhati High Court sets aside a trial court order dismissing an injunction application despite respondent's consent, ruling that consent orders under Order XXXIX CPC must accurately reflect the parties' agreement. The judgment restrains the transfer of 861,918 shares in a joint demat account, reinforcing that courts cannot alter agreed terms unless they violate statutory provisions.
Karnataka High Court rules that commercial courts have jurisdiction over share transfer disputes if the contract was executed and the shares are situated at the company’s registered office. The decision clarifies that plaintiffs cannot be compelled to file suits in distant courts merely based on defendant’s residence, reinforcing jurisdictional convenience for commercial litigants.