I don't think so. Even if you treat them as deemed shareholders, how will you be able to allot shares to foreign resident if the Company has not yet received money for it. As you also know that alloting shares to Non-resident requires reporting to RBI.
In normal situation (resident shareholder), your view of deemed shareholder may be correct. But in case of non-resident, without receiving money, it would be very difficult to allot shares to them becasue you need to comply with FDI reporting and rules.
As per my opinion, you can not transfer such shares unless you comply with all the procedures properly. However, kindly wait for others' views if they have different opinion. Thanks