MACKINTOSH BURN LTD. vs SARKAR AND CHOWDHURY ENTERPRISES PVT LTD.

The Supreme Court upheld the Company Law Board's order directing the registration of shares under Section 111 of the Companies Act, 1956, rejecting the appellant's contention that the respondent's acquisition of shares violated the SEBI Act and Takeover Regulations. The Court established that the mere fact of being a competitor does not justify refusal to register shares, emphasizing the need for a legitimate basis for such refusal. The appeal was dismissed, affirming the lower court's decision to allow the registration of shares.