Are shares held by a minor under a natural guardian (parent) covered by the guardianship act when share sale is considered? Is this similar to a minor owning an immovable property ?
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Guardianship act for minor
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Shares held by a guardian on behalf of a minor, is governed by The Companies Act, 1956 and not by The Hindu Minority and Guardianship Act, 1956. And it is definitely not similar to owning an immovable property. Later is a contract, which is forbidden to be entered into by a minor, under The Indian Contract Act, 1872. Whereas, Companies Act, 1956 does not have any problem , in case minor owns shares. However, minor's name cannot be entered in the Register of Members. Only his guardian's name could be entered.
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