Some shares were transferred more than 3 years back in a private limited co.the original share certificates are there but some of the transfer deeds are missing. How long share transfer deed needs to retained as per company law . Share registers etc are there. What is the remedy. Is there any time bar where one can challenge the shares transfer.
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Missing share transfer deed from private company
Replies (1)
No need to worry in this case as the transfer deeds are not valid. the reason is as under:
Section 108 provides that a company shall not register a transfer of shares of, the
company, unless a proper transfer deed in Form 7B as given in the Companies (Central
Government's) General Rules and Forms, 1956 duly stamped and executed by or on
behalf of the transferor and by or on behalf of the transferee and specifying the name,
address and occupation, if any, of the transferee, has been delivered to the company,
alongwith the certificate relating to the shares, or if no such certificate is in existence,
alongwith the letter of allotment of the shares.
As per sub-section 1A of section 108, form 7B is required to be presented before the Roc who will sign, stamp and put the date on the transfer deed. This is known as presentation. The transfer deed are required to be delivered to the company for registration within two months from the date of such presentation.
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