Transfer of shares cannot be construed as transfer of assets

M/s. Gillette India Limited Vs Delhi Development Authority (Delhi High Court) It is well settled that shares of a company are a separate asset wholly distinct from the assets held by the company. In the present case, there was dilution of the share capital of TGC as well as transfer of shares held by the TGC in the petitioner company. The transfer of shares of the petitioner company cannot be construed as transfer of the assets of the petitioner company. In a recent decision of the Supreme Court in Vodafone International Holdings B.V. v. Union of India and Anr.: (2012) 6 SCC 613, the Supreme C...