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How to revoke nominee?

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Nidhi Jain

669 Points Posted on 03 October 2012

Whenever a body corporate hold 99 e shares of another compnay in its own name and appoint its nominee to hold 1 share on its behalf, can anyone tell me if in future such body corporate want to register this one share in its name what is the procedure for such registeration?

How to revoke such nomination and inform such change to ROC?

Experts, pls reply

Thanks & Regards

Nidhi Jain

Replies (1)

Shabnam Siddiqui

Company Secretary

93 Points Posted on 03 October 2012

Please read the section 12(1), 49(3) with 187C carefully. The purpose of keeping a nominee ( in case of private co) is to maintain the minimum no. of shareholders prescribed u/s 12(1).

Your query is not very clear. Please specify whether target company is a pvt co or public? And what exactly is the shareholding of another company?

If its a pvt co, you cannot revoke that nomination and make 100% shareholding to a single shareholder. Take Declaration from Ostensible Owner in form-I (i.e. Director holding one share) and from Beneficial Owner in Form II (Holding Company)within 30 days of approval of transfer (from the date of Board Meeting of Subsidiary) and file form 22B (By the Subsidiary) within 30 days of receipt of Forms I and II. This form 22B shall be filed to ROC.