Dear All,
In our company Mr. X hold 10 shares as a benificial owner of ABC Limited. now Mr. X wants to transfer the 10 shares to Mr. Y as a individual capicity .
My query in that case there is a change in holding and sholud we file the form 22B or give the decalartion to company for above changes or is there apply the section 187C because now shares transfrred to Y and he is held shares in the personal capicity .
Plz suggest
Neha
No form 22B need to be filed.
Only the holder of the shares are changing and not the beneficial holder.
In ur case, no form 22B is required.
Thanks for reply but holder is also chang, Mr. X benificial Owner of ABC Limited transfer its shares to Mr. Y ( shares held in Individual Capicity not on behalf of ABC Limited)
In that case, there is only transfer of shares (routine in nature) and Section 187C in not appliacble.
Other views are welcomed.
Pls clear who is the beneficial holder and who is holding shares on behalf of whom?
Dear Shridhi,
XYZ Limited has 10, 000 shares . the shareholders are :
1. ABC Limited : 9990
2. Mr. X : 10 ( Benificial owner of ABC Limited)
Now Mr. X . wants to transfer the shares to Mr. Y in personal capicity means the new holding are:
ABC Limited : 9990
Mr. Y: 10
My question in that type of transfer section 187C does attract or not ? means Mr. X cess his holding so needs to given declaration to company for above changes or not?
no form 22B us required,
Pls note that mr.X is transferring the shares and not the beneficial interest. The beneficial interest lies with ABC Ltd. only.
On other hand, if ABC Ltd transfers its beneficial interest to somebody else, though the holder being same Mr.X, Form 22B is required.
Sec.187C deals with beneficial interest.
CAclubindia
