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Beneficial interest in shares

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 February 2011 Should we file the Form under "THE COMPANIES (DECLARATION) OF BENEFICIAL INTEREST IN SHARES) RULES, 1975" even if we collect the subscription from the individual subscribers ? In my case, the individual subscribers are executives of the Company and do not hold any beneficial interest in shares. Further the first holder is the individual subscriber and the holding company is the joint holder of shares. Pls clarify.
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parthasarthy naidu

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parthasarthy naidu (Expert)
22 February 2011 There is no necessity to file the requisite form under the companies (Declaration) of Beneficial interest in shares) Rules,1975. Since the shares are held jointly, the first holder can at any point of time transfer the shares in the name of second holder.
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