Section 27(2) in The Securities Contracts (Regulation) Act, 1956
(2)Nothing contained in sub-section (1) shall affect—(a)the right of a company to pay any dividend which has become due to any person whose name is for the time being registered in the books of the company as the holder of the security in respect of which the dividend has become due; or(b)the right of the transferee of any security to enforce against the transferor or any other person his rights, if any, in relation to the transfer in any case where the company has refused to register the transfer of the security in the name of the transferee.
