No Objection Certificate(NOC) is mandatory for car ownership transfer?

I have sold my car to one of known friends. Since last three days he is unable to get No Objection Certificate (NOC) from his sponsor because of Non-availability. Some of my friends suggested that No Objection Certificate is not compulsory for ownership transfer and just he needs company registration copy(computer number) and his ID copy. How far this is true? Please advice.

Thanks in advance.

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