Section 169, The Companies Act, 2009

(1) If a company refuses to register a transfer of anydebentures, the company shall, within two months after the date on which the transfer was lodged with the company, send to the transferee notice of the refusal. (2) If any default is made in complying with subsection (1) the company and every officer of the company who is in default shall be guilty of an offence and liable to a fine not exceeding Registration of charges with Commission