Section 13: No rectification of Depository Register

13. No rectification of Depository Register (1) Notwithstanding the Companies Act or any other enactment, no order shall be made by the Court for any rectification of the Depository Register, but the Court may, where it is satisfied that a depositor— (a) did not consent to a transfer of the deposited securities; or (b) should not have been registered in the Depository Register as having title to the deposited securities, award damages to the first mentioned depositor or to any person who would have been entitled to have been registered in the Depository Register as having title to the deposited securities, as the case may be, on such terms as the Court thinks equitable, or make such other order as the Court thinks fit, including an order for the transfer of deposited securities to such depositor or person. (2) Where in the memorandum or articles of association of a company it is provided that the company is entitled to refuse registration of a transfer of deposited securities it may, in relation to any transfer to which it objects, notify the CDS in writing of its refusal before the transfer takes place and furnish the CDS with the facts upon which such refusal is considered to be justified. (3) Where the CDS has had prior notice of a company’s refusal under subsection (2), but not otherwise, it shall refuse to effect the transfer and to enter the name of the transferee in the Depository Register and convey to the transferee the facts upon which such refusal is considered to be justified. (4) Section 88 of the Companies Act shall not apply to a refusal to register a transfer under subsections (2) and (3).