Inter se transfer under SAST Code...
This query is : Resolved
23 July 2009
Can any help me on followings:
In one Company listed on BSE, promoter group holds 74.35% shares, now one person of this promoter group want to transfer 3% shares to another person in promoter group in that case:
1). exemption from SAST Regulation will available U/R 3(1)(e) automatically or have to apply sebi for approval?
2).the proposed transfer is of only 3% shares, and transferor is holding 1.5% shares individually making post transfer holding of only 4.5%, however he along with person acting in concert (PAC) was already holding more than 15% shares even before proposed transfer, now wheather it is necessary to file Report U/R 3(4) with SEBI?
In one Company listed on BSE, promoter group holds 74.35% shares, now one person of this promoter group want to transfer 3% shares to another person in promoter group in that case:
1). exemption from SAST Regulation will available U/R 3(1)(e) automatically or have to apply sebi for approval?
2).the proposed transfer is of only 3% shares, and transferor is holding 1.5% shares individually making post transfer holding of only 4.5%, however he along with person acting in concert (PAC) was already holding more than 15% shares even before proposed transfer, now wheather it is necessary to file Report U/R 3(4) with SEBI?
24 July 2009
Answer to your query is
1. Exemption is available authomatically & no need to apply for sebi approval.
2. No need to file any report under regulation 3(4).
However, according to my opinion, it is advisable to intimate the stock exchanges where the shares of the company are listed the following information for safeguarding the interest of the company.
Name of the Transferor & Transferee
(Specifically mentioning that the transferor & transferee is in promoter group)
No. & % of the shares transferred.
Kindly note that the above disclosure is to be done just as a matter to safeguard the Companys interest beore sebi & stock exchanges & not under any SEBI regulation.
1. Exemption is available authomatically & no need to apply for sebi approval.
2. No need to file any report under regulation 3(4).
However, according to my opinion, it is advisable to intimate the stock exchanges where the shares of the company are listed the following information for safeguarding the interest of the company.
Name of the Transferor & Transferee
(Specifically mentioning that the transferor & transferee is in promoter group)
No. & % of the shares transferred.
Kindly note that the above disclosure is to be done just as a matter to safeguard the Companys interest beore sebi & stock exchanges & not under any SEBI regulation.
Message likes :
1 times
24 July 2009
Thanks a lot.... this has a great relife to us...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- TDS related Query_Liquidated Damages
- LTCG for Assmt year 26-27
- Free lancer income
- NON- SUBMISSION OF LLP FORM 3
- Long Term Service award taxability in hands of company
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- Soyabean hsn code and gst rate
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
