Section 80 — Appeal against refusal for registration of transfer

(1) The
transferor or transferee, or the person who gives intimation of the transmission by
operation of law, as the case may be, aggrieved by the refusal of transfer under
section 75 to 79 may appeal to the Commission within a period of sixty days of the
date of refusal.

(2) The Commission shall, provide opportunity of hearing to the parties
concerned and may, by an order in writing, direct that the transfer or transmission
should be registered by the company and the company shall give effect to the
decision within fifteen days of the receipt of the order.

(3) The Commission may, in its aforesaid order, give such incidental
and consequential directions as to the payment of costs or otherwise as it deems fit.

(4) If default is made in giving effect to the order of the Commission
within the period specified in sub -section (2), every director and officer of the
company shall be liable to a penalty of level 3 on the standard scale.

COMMISSION, DISCOUNT AND PREMIUM