Inter se transfer of lock in shares

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 October 2012 Dear Experts,

During the period of lock in shares of promoters and promoters group be transferred or Not?

Plz clarify and guide me.

Regards
Nidhi Agarwal
Company Secretary

CS Amit Kumar

CS Amit Kumar (Expert)
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26 October 2012 Dear Nidhi,
As per SEBI ICDR-2009, Shares of promoters which are in lockin period can't be Trnasferred.
However it can be Transferred to Following persons Subject to following conditions.
(Reg-40)..... Subject to the provisions of Securities and Exchange Board of India (Substantial Acquisition of shares and Takeovers) Regulations, 2011, the specified securities held by promoters and locked-in as per regulation 36 may be transferred to another promoter or any person of the promoter group or a new promoter or a person in control of the issuer and the specified securities held by persons other than promoters and locked-in as per regulation 37 may be transferred to any other person holding the specified securities which are locked-in along with the securities proposed to be
transferred:
Provided that lock-in on such specified securities shall continue for the remaining period with the transferee and such transferee shall not be eligible to transfer them till the lock-in period stipulated in these regulations has expired.

Regards,
Amit Kumar