Transfer of shares

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CA Neeta Agrawal (Querist)
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28 December 2013 XYZ pvt ltd has only 2 directors. One of the director wanted to transfer all his shares to outsider. Can he do so?
Can we use a same form 32 for resignation of one director, who has transferred all his shares and appointment of 2 new directors, who will be transferee of sahres

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 December 2013 Yes the director can transfer the shares to outsider. No issues unless something specifically contained in Articles.

No you have to use two different form 32 since there are only two directors in the company i.e., minium requirement. So first appoint the other two as directors and file form 32 and then file another form 32 for the outgoing director.

CA Neeta Agrawal

CA Neeta Agrawal (Querist)
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28 December 2013 Sir, then the director transferring shares will not have any share(not even one)

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 December 2013 No issues with that. In any case he is giving resignation and new director will be appointed.

CA Neeta Agrawal

CA Neeta Agrawal (Querist)
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28 December 2013 Thank you sir

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