Renunciation of shares in right issue

This query is : Resolved

Akshita Goyal (Querist)
Follow

20 November 2014
Can an Existing Shareholder Renounce his shares to any other person/Non Member or only to a Existing Shareholder under new Companies Act, 2013?

Can a person partially accept and partially renounce the shares offered in Right issue by a pvt. Company?

Please guide on the above queries..

Thanks.
Akshita

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
Follow

25 November 2014 1. Unless the articles of the company otherwise provide, the offer aforesaid shall be deemed to include a right exercisable by the person concerned to renounce the shares offered to him or any of them in favour of any other person; and the letter of offer shall contain a statement of this right;

2. Yes provided AOA & Letter of offer shall contain a statement of this.