Bonus shares - ownership issue ?

Secondary Mkt 1726 views 2 replies

rohit sablok

proprieter

26 Points Posted on 11 March 2012

Suppose somebody sold me shares in 1997 by signing a transfer deed in my name in 1997. I forget to get it transferred. Then in 2012 i get the deed re validated form ROC and get the shares transferred in my name. (thus the ROC recognizing that I am the rightful owner since 1997). The Seller meanwhile has moved to a different city and there was no contact after that.

Meanwhile there was a bonus in the scrip in between, which belongs to the owner (me) but shares had not been transferred. So Who do I approach for the bonus shares ( assuming I have no contacts with the seller). Company law Board?? Civil Courts?? whose jurisdiction is it???

Replies (2)

praveen

Chartered Accountant

6971 Points Posted on 11 March 2012

[206A. Right to dividend, rights shares and bonus shares to be held in abeyance pending registration of transfer of shares.—

Where any instrument of transfer of shares has been delivered to any company for registration and the transfer of such shares has not been registered by the company, it shall notwithstanding anything contained in any other provision of this Act,—

(a) transfer the dividend in relation to such shares to the special account referred to in section 205A unless the company is authorised by the registered holder of such share in writing to pay such dividend to the transferee specified in such instrument of transfer; and

(b) keep in abeyance in relation to such shares any offer of rights shares under clause (a) of sub-section (1) of section 81 and any issue of fully paid-up bonus shares in pursuance of sub-section (3) of section 205.

This is a situation where your shares are held in abeyance. Contact the investor help email id of the company and they will certainly help you out.