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[Cites 0, Cited by 7] [Section 250] [Entire Act]

Union of India - Subsection

Section 250(2) in The Companies Act, 1956

(2)So long as any shares are directed to be subject to the restrictions imposed by this sub-section-
(a)any transfer of those shares shall be void;
(b)where those shares are to be issued, they shall not be issued; and any issue thereof or any transfer of the right to be issued therewith, shall be void;
(c)no voting right shall be exercisable in respect of those shares;
(d)no further shares shall be issued in right of those shares or in pursuance of any offer made to the holder thereof; and any issue of such shares or any transfer of the right to be issued therewith, shall be void; and
(e)except in a liquidation, no payment shall be made of any sums due from the company on those shares, whether in respect of dividend, capital or otherwise.