Hello,
My dad used to to work in Force Motors.(Earlier known as Bajaj Tempo)
He had purchased 300 shares (todays value - 4 lakhs approx) under Employee quota in 1986 and he retired 10 years ago. He has no contact with anyone from the company .
Now the thing is that my father says these shares can only be sold to other employees (which are priced way below market value) or can be transferred to immediate family members.They cannot be sold on open market. He says many employees had tried but failed to demat those shares.
The Share Certificate which i have attached contains the following wording :
"Second "A" equity shares not transferrable upto 23rd december 1990.Subject to restrictions on transfer"
So, I want to transfer these shares to his demat account so that we can sell if we need to. what would be the correct way to proceed.
One thing i would like to add is dad receives dividend electronically every year to his bank account.I am based in Pune.
Link of Share Certificate : https://drive.google.com/file/d/1giYA6XWwpfDtvIzdm7WNnBIkr9uaOtYu/view?usp=sharing
On page 2 of the pdf you can read the wording i mentioned above
CAclubindia
