share transfer

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 December 2009 hello sir, please help me out

There are two directors in a private company. Two more directors are appointed ( the new directors does not hold any shares and articles does not prescribe for any share qualification ) and one of the existing directors ( who holds 45% of the share capital ) has resigned. please help as to what formalities are to be followed for transferring shares to new directors ( as these are not the members of the company ). Whether any resolutions are to be passed ( if, yes , give me a format of resolution ?

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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13 December 2009 File Form 32 for appointments of directors first, then remove the director who wants to resign, by a different form 32 on the same date. Pass different board resolutions for this purpose. Take appointment acceptence and resignation letters from the respective directors. Then transfer the shares from one person to another by executing a share transfer deed. Necessary endorsements to be made on existing share certificates also for this transfer. Please note that the transfer should be made for adequate consideration. For deep details, i would suggest you to go for consultancy of a CA or CS.

Querist : Anonymous

Querist : Anonymous (Querist)

14 December 2009 Thank you very much Mr.Tarunji

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