Can a promoter transfer some of his shares to an individual

This query is : Resolved

vandana agarwal (Querist)
Follow

27 December 2014 I HAVE FORMED A PVT LTD COMPANY IN AUGUST 2014 WITH AUTHORISED CAPITAL AS WELL AS PAID UP CAPITAL RS 1 LAC . THERE ARE THREE DIRECTORS THEY ARE ALSO PROMOTERS OF THE COMPANY.
MY QUESTION IS WHETHER A PROMOTER CAN TRANSFER SOME OF HIS SHARES TO AN INDIVIDUAL I.E NEW SHAREHOLDER.IF YES WHAT ARE THE COMPLIANCES PLZ REPLY AT cakoderma@gmail.com

Ketan Shah

Ketan Shah (Expert)
Follow

27 December 2014 Yes a promoter can transfer the shares to other individual.
The process is as below:

1. Obtain transfer form from concerned ROC.
2. Then submit the transfer form to the company after filling up the necessary details along with share certificate.
3. The company will note the transfer and issue share certificates as per transfer form.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

28 December 2014 By virtue of section 2(68)(i) of the Companies Act 2013,pvt ltd companies have to restrict transfer of shares. Therefore, if the AOA doesn't have an article prohibiting transfer of promoter's share, then the pvt ltd company can transfer such shares.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now