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Increase in Number of members

This query is : Resolved 
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(Querist)
07 March 2011 A public ltd co had been carrying on its business with just 2 members later with in 6 months it increased it to 9 by "TRANSFERRING SOME SHARES FROM THE EXISTING SHAREHOLDERS TO THE NEW MEMBERS"

So It sufficient compliance as regards number of members of a public ltd .co i.e Can the numbers of members be increased by just simply transferring the shares( For Consideration).

Confused.

Please clarify

With Regards

Raaj
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CA KRISHNA KUMAR DARUKA

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CA KRISHNA KUMAR DARUKA (Expert)
08 March 2011 Yes number of shareholders can be increased by transferring shares.
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Jayashree S Iyer

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Jayashree S Iyer (Expert)
08 March 2011 As per Section 45 a public company must have a minimum of 7 members, so in the first instance I wonder how it had run with only 2 members so far. Probably it was converted from a private to a public limited company.

As regards increase in number of members by transfer of shares, it is perfectly in order.
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Raj Dutta

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Raj Dutta (Querist)
12 March 2011 yes it was converted from a private to a public limited company.
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