Query:-
Company Incorporated by Indian directors. For eg. X and Y. X holding 9998 shares and Y holding 2 shares.
Nw Mr Y want to resign and his shares is transfered to new NRI Directors A and B equally. Also 9990 shares of Mr. X transfer to one foreign Company. In that case wt are the procedure and legal formalities.
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Transfer of shares
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Procedure :
Obtain the transfer deed as may be prescribed in form SH 5
iNSTRUMENT OF TRANSFER IS NOT REQUIRED IN CASE SHARES ARE TRANSFERED BY DIRECTOR ON BEHALF OF OTHER BODY CORPORATE
Get the share transfer deed executed either by transferor and by the transfree in accordance with section 56 and also as per Article of Association of Company
Transfer deed should bear the stamp pf appropriate value, i.e 25 paisa for every 100 rupees of the value of share or part there of.
check that stamp affixed should be cancelled at time or before signing transfer deed.
The signature of transfer and transfree must be witnessed in share transfer deed by giving his signature, name and address.
Attach neccessary share certificate along with allotment letter and give it to Company
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