Transfer of shares

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Querist : Anonymous

Querist : Anonymous (Querist)

15 July 2013 hello,
Section 108 of the companies act, 1956 mentioned the cancellation of the stamp on instrument of transfer.

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Rajat Poddar

Rajat Poddar (Expert)

15 July 2013 A company shall not register a transfer of shares in, or debentures of, the company, unless a proper instrument of transfer duly stamped and executed by or on behalf of the transferor and by or on behalf of the transferee and specifying the name, address and occupation, if any, of the transferee, has been delivered to the company along with the certificate relating to the shares or debentures, or if no such certificate is in existence, along with the letter of allotment of the shares or debentures: Provided that where, on an application in writing made to the company by the transferee and bearing the stamp required for an instrument of transfer, it is proved to the satisfaction of the Board of directors that the instrument of transfer signed by or on behalf of the transferor and by or on behalf of the transferee has been lost, the company may register the transfer on such terms as to indemnity as the Board may think fit: Provided further that nothing in this section shall prejudice any power of the company to register as shareholder or debenture holder any person to whom the right to any shares in, or debentures of, the company has been transmitted by operation of law. 2[ 3[ (1A) Every instrument of transfer of shares shall be in such form as may be prescribed..

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