Sales of share holding

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Jignesh Shah (Querist)
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25 January 2010 My client is running Private Limited company. In this company there is 2 (two) director They want to appoint 3rd director & sell their some stake to him what will be the procedure to transfer the shares in to name of 3rd director. Which form should be submitted for this to MCA. Plz also provide draft resolution for this.

CA Jaydeep Bhowal

CA Jaydeep Bhowal (Expert)
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25 January 2010 Firstly for appointment of 3rd director,
1. The Director should have DIN no. and if not then u have to do necessary DIN related work.
2. If the person has DIN no. then appoint him/her by filling FORm 32 in MCA site.

3. For transfer of share nothing have to file to MCA site...and transfer of shares can also be made before appointing him/her. U just bring form 7B from the stock exchanges putting respective stamp duty on it(i think it is 0.25% of the amount of transfer)and filled the form, take the signature of counterparties.

4. Old certificate by the transferer shareholders should be surrendered and new certificate/s should be issued to the new share holder and to the transferee also if he retain some shares.

5. statutory Register should be updated.

6. And while filing next annual return, detail to be given regarding that in the attachment of Form 20B.

I think that will serve ur ppurpose.

Jignesh Shah

Jignesh Shah (Querist)
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25 January 2010 Thank you very much for prompt reply. I does not create any share certificate. Further shares is not listed at any stock exchange even then I have to submit form 7B?. Further where I have to submit Form 7B.

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