The investment has made in private limited company to do the business which is called share capital, which can transferable any time to any person, Firm, companies etc by the shareholder of the company. Articles of Association restricted the Share Transfer in Private Limited Company. So prior to proceed the share transfer in Private Limited Company, must be reviewed the Articles of Association (AOA) Rights of Pre-redemption: A share holder can sell of any part of the shares or whole. A sale of shares must be first offered to the existing share holder of the Company at a price determined by the Directors or Auditors of the Company. The value of shares can be determined based on the formula / method prescribed in the Articles of Association (AOA). If anyone no wishes to purchase of shares, freely can transfer the shares to outsider. When can refuse by Directors : The Directors may have the powers to refuse registration of transfer of shares under certain circumstances prescribed in the Articles of Association (AOA). Private agreement between the shareholder are not binding either company or Shareholders