Is there any provision specifying time period for preserving the share application forms? If not then for what period share application forms are generally preserved?
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 06 June 2013
As per Companies (Preservation & Disposal of Records) Rules 1966, register of members has to be maintained permanently. There is no specific provision for preservation of share application forms. However, I feel the forms should also be preserved permanently since they contain specimen signature of the members which have to be tallied at the time of transfer of shares. Further, share application forms are the very basis for allotment of shares and in case of litigation u/s 111A or other sections, the forms could be produced as evidence before the court.
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