Transfer of share of a pvt company ?
This query is : Resolved
23 June 2012
Hello everyone,
Mr.X & Mrs. X stated a pvt ltd co. on 30/06/2010.with paid up capital rs.100000 divided into 10000 shares. both are holding 5000 shares.
now in the month of june 2012 mr. X & mrs. x decided to go to foreign country permanently.
Instead of winding up the company they sold the company to Mr. A & Mrs. A for Rs.50000/-.
Now they have come to me to complete the formalities so the Mr.X & Mrs.x can leave india.
kindly let me know step by step detailed procedure (also format of share transfer and form 7B) for transfering the shares in the name of Mr.A & Mrs. B.
I looked in MCA website but i was unable to find form 7B.
waiting for your reply.
Mr.X & Mrs. X stated a pvt ltd co. on 30/06/2010.with paid up capital rs.100000 divided into 10000 shares. both are holding 5000 shares.
now in the month of june 2012 mr. X & mrs. x decided to go to foreign country permanently.
Instead of winding up the company they sold the company to Mr. A & Mrs. A for Rs.50000/-.
Now they have come to me to complete the formalities so the Mr.X & Mrs.x can leave india.
kindly let me know step by step detailed procedure (also format of share transfer and form 7B) for transfering the shares in the name of Mr.A & Mrs. B.
I looked in MCA website but i was unable to find form 7B.
waiting for your reply.
24 June 2012
1) Arrange for share transfer form (Form 7B) which should be endorsed by the prescribed authority.
2) Get the transfer form duly executed both by the transferor (seller) and the transferee (buyer) in pursuance to sections 108 and 109 of the Companies Act, 1956 and the Articles of Association of the Company.
3) The transfer deed should bear stamps according to the Indian Stamp Act and Stamp Duty Notification in force in the State concerned. The present rate of stamp duty for transfer of shares is 25 paise for every one hundred rupees of the value of shares or part thereof transferred.
4) The signatures of the transferor and the transferee in the share transfer form must be witnessed by a person giving his signature, name and address.
5) Attach the relevant share certificate or allotment letter with the transfer deed and deliver the same to the company within the two months from the date execution.
6) The company on Lodging the duly executed share transfer deeds shall approve the same in the next Board Meeting.
7) Subsequent to the approval of transfer in the Board meeting, the Share Transfer Register will be updated and accordingly the name of Transferee will appear in the Register of Members of the Company.
It is better to buy form 7B from a form shop. You can also get it from website just type form 7b format in google.
2) Get the transfer form duly executed both by the transferor (seller) and the transferee (buyer) in pursuance to sections 108 and 109 of the Companies Act, 1956 and the Articles of Association of the Company.
3) The transfer deed should bear stamps according to the Indian Stamp Act and Stamp Duty Notification in force in the State concerned. The present rate of stamp duty for transfer of shares is 25 paise for every one hundred rupees of the value of shares or part thereof transferred.
4) The signatures of the transferor and the transferee in the share transfer form must be witnessed by a person giving his signature, name and address.
5) Attach the relevant share certificate or allotment letter with the transfer deed and deliver the same to the company within the two months from the date execution.
6) The company on Lodging the duly executed share transfer deeds shall approve the same in the next Board Meeting.
7) Subsequent to the approval of transfer in the Board meeting, the Share Transfer Register will be updated and accordingly the name of Transferee will appear in the Register of Members of the Company.
It is better to buy form 7B from a form shop. You can also get it from website just type form 7b format in google.
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