Tribunal rightly set aside illegal and fraudulent transfer of shares: NCLAT

CL: Where appellants, directors of family company, claimed that R2 gifted his shares to his mother but they failed to show instance of any transfer deed by adducing any evidence and also till dispute started, name of R2 was reflected in records of company as shareholder of impugned shares, NCLT had rightly and justifiably set aside said illegal and fraudulent gift of shares

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