Director

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Saurabh kumar (Querist)
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26 May 2013 i have a private limited company with two directors with 100000 capital.Both the directors have 5000 no of shares. We want to introduce one more director and both the director will give 1000 shres to that new directors.

I want to ask that what is the producer i have to follow? Please help me
Thanking All.

CS SIDDHARTHA BANIK

CS SIDDHARTHA BANIK (Expert)
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27 May 2013 Generally Articles of a Pvt. Company contains detail provisions for transfer of shares of private co. Usually for transfer of shares , the following procedure are applicable:

1) Transferor can provide notice of transfer to the Company;
2) The Company , in return inform the same to its other members regarding the availability and price of shares and can ask to forward objection to the co. within specified time limit;
3) If no objection received by the company, then these can be transfer;

Note: Procedure mentioned in the articles must be followed.

Thanks,

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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14 July 2013 You have to transfer the existing shares of the company to the new director at market value which means the price to be valued as per the last balance sheet and then you have to procure form 7B which is to be filled up with name of the company, number of shares and value then you have to get the franking done by payment of stamp duty and then the signature of the transferor and transferee to be done and with the physical certificate you have to lodge with the company which will be passed in the BOD meeting and in this manner it will be transferred. The receipt and payment transaction for the shares will be between the directors and not with the company. You have to file form No. 32 for fresh director

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