Category: Business, Real Estate, Law Services

The sale was opposed by Unitech Holding Ltd (UHL), which contended that it violated its Right of First Refusal (RoFR) and a 30-day notice requirement under the Articles of Association/Shareholders Agreement. A two-member NCLT bench said the transfer could not be invalidated merely because the proposed disinvestment of the company's entire equity capital was not completed. It held that the transfer of shareholding by the two minority investors in favour of PCCL was valid and that Entertainment City Limited (ECL) was required to recognise the transfer by entering PCCL's name in its Register of Members.