Generally, a private company is guided by its Article of Association. As per Section 2(68) of the Companies Act 2013, a Private Company restricts the transfer of its shares and prohibits invitation to the public to subscribe to any securities of the Company.
source https://www.caclubindia.com/articles/shares-transfer-procedure-in-private-company-as-per-companies-act-2013-47224.asp
source https://www.caclubindia.com/articles/shares-transfer-procedure-in-private-company-as-per-companies-act-2013-47224.asp
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