SEBI (SAST)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 December 2010 My company is a listed company. the promoter shareholding was 72%. one of the individual promoter had died and his shares had gone to his wife, who is already into the promoter group.

The wife of the deceased promoter had transferred a portion of those shares to her daughter (minor child) and mother-in-law.

The mother-in-law is already into the promoter group holding shares. All the shares in question are in physical form.

My query is:-
1. whether to show the minor daughter under promoter group or not?
2. what should be the shareholding of the mother-in-law? whether the transferred shares be clubbed and shown under promoter quota or the transferred portion be shown separately under individual (non-promoter) group?
3. whether on such a transfer, the promoter shareholding be shown as reduced?

Please suggest and explain the law relating to this.

regards.

Rasesh

Rasesh (Expert)
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23 December 2010 The sale to daughter will be within the promoter group. Please file the necessary Report under the SAST with the SEBI.

The mother-in-law' shares should be clubbed with her existing holding in promoter group.

No. There will be no change in the promoter group shareholding.

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