law: Companies Act, 2013 
  58.
  
    Refusal
  
  of registration and appeal against refusal.
  1.       `  If a private company
  
  limited by shares refuses, whether in pursuance of any power of the company
  
  under its articles or otherwise, to register the transfer of, or the
  
  transmission by operation of law of the right to, any securities or interest of
  
  a member in the company, it shall within a period of thirty days from the date
  
  on which the instrument of transfer, or the intimation of such transmission, as
  
  the case may be, was delivered to the company, send notice of the refusal to
  
  the transferor and the transferee or to the person giving intimation of such
  
  transmission, as the case may be, giving reasons for such refusal.
  2.      Without prejudice to
  
  sub-section (1 ), the securities or other interest of any member in a
  
  public company shall be freely transferable:
  Provided
  
  that any contract or arrangement between two or more persons in respect of
  
  transfer of securities shall be enforceable as a contract.
  1.     
  2.     
  3.      The transferee may
  
  appeal to the Tribunal against the refusal within a period of thirty days from
  
  the date of receipt of the notice or in case no notice has been sent by the
  
  company, within a period of sixty days from the date on which the instrument of
  
  transfer or the intimation of transmission, as the case may be, was delivered
  
  to the company.
  4.      If a public company
  
  without sufficient cause refuses to register the transfer of securities within
  
  a period of thirty days from the date on which the instrument of transfer or
  
  the intimation of transmission, as the case may be, is delivered to the
  
  company, the transferee may, within a period of sixty days of such refusal or
  
  where no intimation has been received from the company, within ninety days of
  
  the delivery of the instrument of transfer or intimation of transmission, appeal
  
  to the Tribunal.
  5.      The Tribunal, while
  
  dealing with an appeal made under sub-section (3 ) or subsection (4 ),
  
  may, after hearing the parties, either dismiss the appeal, or by order—
  a.     
  
    direct
  
  that the transfer or transmission shall be registered by the company and the
  
  company shall comply with such order within a period of ten days of the receipt
  
  of the order; or
  b.    
  
    direct
  
  rectification of the register and also direct the company to pay damages, if
  
  any, sustained by any party aggrieved.
  1.     
  2.     
  3.     
  4.     
  5.     
  6.      If a person contravenes
  
  the order of the Tribunal under this section, he shall be punishable with
  
  imprisonment for a term which shall not be less than one year but which may
  
  extend to three years and with fine which shall not be less than one lakh
  
  rupees but which may extend to five lakh rupees.