Hello -
We are closing a Privately held Private Limited company. For that we needed all shareholders to sign off. One of the 20+ years shareholders holding 1 out 10000 shares when asked to sign was surprised that
(1) They had shares
(2) They were never issued this with their consent (old days people just used to add names)
(3) They don't believe they own these shares and ever paid for them
The shares have nominal value today of Rs 10/- per share. For closing we need all shareholders consent but they won't sign SH4 /or anything else so we are thinking to ask them to surrender these shares for reasons stated above. Is that the only option we have or we can do it differently? Since we have to do this before March 31, quick responses are really appreciated.
Please also share the process for surrender we need to follow or any other mechanism.
Thank you!
CAclubindia
