BAJAJ AUTO LTD. vs COMPANY LAW BOARD & ORS.

The Supreme Court addressed the refusal of Bajaj Tempo Limited to register share transfers to Bajaj Auto Limited, citing Article 52 of the Articles of Association. The Court held that the Board's discretion to refuse transfers is valid if based on legitimate concerns regarding competition and management stability. The Court upheld the Company Law Board's decision, affirming that the refusal was in the interest of Bajaj Tempo Limited and did not violate any statutory provisions.