Merger

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This query is : Resolved

SATABDI SEN GUPTA (Querist)

15 January 2013 In case of merger, if the transferor company is an unlisted company and transferee is listed, then does the transferee company need to give 42 days notice to Stock Exchange for fixing record date?

CA Lokesh Pokharna

CA Lokesh Pokharna (Expert)

15 January 2013 Where transferor company is
not a listed company, the for-
malities prescribed under list-
ing agreement do not exist and
the allotment could take place
without setting the record date
or giving any advance notice to
shareholders except asking
them to surrender their old
share certificates for exchange
by the new ones.......

The second situation will emerge
different where transferor com-
pany is a listed company. In this
case, the stock exchange is to be
intimated of the record date by
giving at least 42 days notice or
such notice as provided in the
listing agreement.

SATABDI SEN GUPTA

SATABDI SEN GUPTA (Querist)

15 January 2013 Thank you. So this means, before holding of BM by the transferee company for allotment of shares, the company has to ask shareholders of transferor company to surrender their old share certificates?

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