Transfer of unpaid shares in pvt ltd company

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Querist : Anonymous

Querist : Anonymous (Querist)

17 July 2011 Hi, I formed a private limited company with 20% shares offered to another person as promoter director. Now, this person is not interested to join the company and how can I transfer his shares to somebody else ?? These shares are neither allotted nor paid up yet. We just got the incorporation letter, obtained PAN card and opened a bank account.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)

18 July 2011 At the time of promotion of the company in the Articles of association you have stated that these shares are subscribed by the promoters and out of that you have given 20% stake in the company to a person. Now, you transfer these shares in the name of your family members by issuing the cheque for the value and fill up transfer form.

First issue the share certificate and then transfer it legally.

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Querist : Anonymous

Querist : Anonymous (Querist)

18 July 2011 So, let me understand the steps:

1) I issue share certificate
2) The transfer form is filled up (these shares are not allotted or paid up yet - basically the other promoter has not paid anything yet)
3) Submission to ROC/MCA

right ??

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