Which of the following company, by its articles, restricts the right to transfer its shares ?

A Private Company, by its articles of association, restricts the right to transfer its shares.

Under the Companies Act, a Private Company is specifically defined by three key features in its articles:

1. Restriction on transfer of shares - Existing shareholders have pre-emptive rights, and shares cannot be freely transferred without approval
2. Limitation on number of members (maximum 200, excluding employee members)
3. Prohibition on inviting public to subscribe for shares or debentures

In contrast:

Public Company - Has free transferability of shares. Shares can be freely bought and sold in the stock market without restrictions.

Non-Private Company - This is essentially a public company with the same characteristic of free share transferability.

Subsidiary Company - This term indicates ownership structure (company controlled by another company) and has no direct relation to share transfer restrictions. A subsidiary can be either private or public.

The restriction on share transfer is a fundamental characteristic that distinguishes a private company from a public company, ensuring that ownership remains within a close-knit group and preventing unwanted entry of outsiders.