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Whether clause 7 of the Protocol Agreement impinged on the free transferability of shares of a public company as contemplated under Section 111 A of the Companies Act, 1956 or the erstwhile Section 22 A (2) of the Securities Contracts (Regulation) Act, 1956?


Shares of a company are movable property and the right of the shareholder to deal with his shares or enter into contracts in relation thereto and have a pre-emption clause is nothing but a shareholder exercising his property rights.

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