in Case of Pvt Company, there should be restriction in Share Transfer as per AOA. Is it mandatory ? Can Pvt Company transfer Shares to any other party ? Please suggest.

Section 3 Formation of company

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According to my view unless otherwise the articles provide the company can transfer the shares to the other party. As per companies act 2013, there is only restriction in transfer of shares but not prohibition in transfer of shares. The transfer shall be placed in the Board Meeting and approved by Directors and appoint person for sigining the certificate and file necessary forms with ROC