Issuance od duplicate share certificate
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 June 2013
sir,
one of the shareholder of my company is X ltd which has lost share certificate.. they want to know the procedure for issuance of duplicate share ceritificate.. I have done for individual who lost it but for company i am confused.. pls help...
one of the shareholder of my company is X ltd which has lost share certificate.. they want to know the procedure for issuance of duplicate share ceritificate.. I have done for individual who lost it but for company i am confused.. pls help...
26 June 2013
The procedure will be same for company also.
26 June 2013
Procedure for issuance of duplicate share certificates
1. The Company Secretary shall get from the shareholder an indemnity bond, surety bond, copy of the FIR filed with the police and such other evidence as may be prescribed by the Board of directors for consideration of such request. Bank or insurance guarantee may also be required. (See Appendix 6 to 10)
2. It is usual to publish a general notice in a newspaper in the place of the registered office intimating the public of the loss of the share certificate and of the company's proposal to consider issue of a duplicate share certificate, in lieu of the one that is lost, in case no objection is received by the company within a prescribed time. (Appendix 11)
Absence of response to unauthorised issuance of advertisements in newspapers cannot make the issue of duplicate share certificates valid or proper, particularly when the registered shareholder is alive at the time and the company is considering the application for registration of transfer of shares by him. [Pradip Kumar Sarkar v Luxmi Tea Co. Ltd. (1990) 67 Comp Cas 491 (Cal)].
3. The cost of the publication of the general notice is normally borne by the shareholder.
4. In the case of the smallness of value of the shares for which a duplicate share certificate is desired, the Board may, at its discretion, dispense with the costly procedure of publication of general notice and may be satisfied with the execution of an indemnity and surety bond and production of other evidence by the shareholder to establish the fact the share certificate has actually been lost.
5. On receipt of compliance of the formalities, as required by the Board or Committee thereof, from the shareholder, and after expiry of the period specified in the general notice, and if the company does not receive any objection to its proposal, wherever applicable, the proposal for issue of duplicate share certificate will be placed at a meeting of Board or Committee.
6. If the proposal is approved, such approval will be by way of a resolution, which will, inter alia, include approval for issue of new share certificate and will authorise two directors and Secretary or other person specified to sign the share certificate and affix common seal in their presence. (Appendix 13)
7. The following words shall be written on the face of the duplicate share certificate "Duplicate issued in lieu of share certificate No..." and the word "Duplicate" will be stamped in bold letters across the face of the share certificate.
8. Particulars of duplicate share certificates issued will be entered in the Register of Renewed and Duplicate Share Certificates indicating the name of the person to whom it is issued, the number and date of the new share certificate.
9. The issue of duplicate share certificate will also be entered in the Register of members and the ledger folio of the concerned member indicated in "Remarks" column of the said Register of Duplicate Share Certificates.
10. Intimation shall also be given to all stock exchanges where the shares of the company are listed regarding issue of duplicate share certificate and cancellation of old share certificate.
Procedure for issuance of duplicate share certificates
1. The Company Secretary shall get from the shareholder an indemnity bond, surety bond, copy of the FIR filed with the police and such other evidence as may be prescribed by the Board of directors for consideration of such request. Bank or insurance guarantee may also be required. (See Appendix 6 to 10)
2. It is usual to publish a general notice in a newspaper in the place of the registered office intimating the public of the loss of the share certificate and of the company's proposal to consider issue of a duplicate share certificate, in lieu of the one that is lost, in case no objection is received by the company within a prescribed time. (Appendix 11)
Absence of response to unauthorised issuance of advertisements in newspapers cannot make the issue of duplicate share certificates valid or proper, particularly when the registered shareholder is alive at the time and the company is considering the application for registration of transfer of shares by him. [Pradip Kumar Sarkar v Luxmi Tea Co. Ltd. (1990) 67 Comp Cas 491 (Cal)].
3. The cost of the publication of the general notice is normally borne by the shareholder.
4. In the case of the smallness of value of the shares for which a duplicate share certificate is desired, the Board may, at its discretion, dispense with the costly procedure of publication of general notice and may be satisfied with the execution of an indemnity and surety bond and production of other evidence by the shareholder to establish the fact the share certificate has actually been lost.
5. On receipt of compliance of the formalities, as required by the Board or Committee thereof, from the shareholder, and after expiry of the period specified in the general notice, and if the company does not receive any objection to its proposal, wherever applicable, the proposal for issue of duplicate share certificate will be placed at a meeting of Board or Committee.
6. If the proposal is approved, such approval will be by way of a resolution, which will, inter alia, include approval for issue of new share certificate and will authorise two directors and Secretary or other person specified to sign the share certificate and affix common seal in their presence. (Appendix 13)
7. The following words shall be written on the face of the duplicate share certificate "Duplicate issued in lieu of share certificate No..." and the word "Duplicate" will be stamped in bold letters across the face of the share certificate.
8. Particulars of duplicate share certificates issued will be entered in the Register of Renewed and Duplicate Share Certificates indicating the name of the person to whom it is issued, the number and date of the new share certificate.
9. The issue of duplicate share certificate will also be entered in the Register of members and the ledger folio of the concerned member indicated in "Remarks" column of the said Register of Duplicate Share Certificates.
10. Intimation shall also be given to all stock exchanges where the shares of the company are listed regarding issue of duplicate share certificate and cancellation of old share certificate.
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 June 2013
Thank you for your timely help sir...
27 June 2013
My pleasure............
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