Surrender of shares
This query is : Resolved
Devangi Shah
(Querist)
07 March 2011
Please ans to my query
my company has alloted shares to the minors in the year 2005 but the articles had clause that company can't transfer or allot shares to minors.The company management was unware of this fact so they made this allotmant.Form 2 and annual return has been filed with list mentioning minors name.
After that they come to knew that company cant allot or transfer shares to minor so they transferred the shares to another shareholder.
Can i show that the minors shares are surrendered afer the respective agm as my articles say that "Board has authority to surrender the share in any circumstances"
After surrender of shares how can i give the same shares to new shareholder i.e tranfer, sell, allotment???
what would be the correct procedure??
Can i show that minors name are deleted from share holders register due to surrender of shares???
my company has alloted shares to the minors in the year 2005 but the articles had clause that company can't transfer or allot shares to minors.The company management was unware of this fact so they made this allotmant.Form 2 and annual return has been filed with list mentioning minors name.
After that they come to knew that company cant allot or transfer shares to minor so they transferred the shares to another shareholder.
Can i show that the minors shares are surrendered afer the respective agm as my articles say that "Board has authority to surrender the share in any circumstances"
After surrender of shares how can i give the same shares to new shareholder i.e tranfer, sell, allotment???
what would be the correct procedure??
Can i show that minors name are deleted from share holders register due to surrender of shares???
Devangi Shah
(Querist)
08 March 2011
orelse can I use Section 9 of Companies Act, 1956 that fives right to override the MOA and AOA of the company????
Dhirajlal Rambhia
(Expert)
05 July 2023
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