Can there be joint shareholding of subscriber?
This query is : Resolved
03 March 2011
Hi
My Company is getting into joint venture with other company 50:50. The company is under the process of Incorporation stage.
All forms filed
Now MD of my company wants these shares in the joint names of he and his wife.......whereas his wife is not a subscriber but 50000 shares our MD wants in joint names .... dis means he wants share certificate in joint names...how dis is possible at the time of incorporation
My Company is getting into joint venture with other company 50:50. The company is under the process of Incorporation stage.
All forms filed
Now MD of my company wants these shares in the joint names of he and his wife.......whereas his wife is not a subscriber but 50000 shares our MD wants in joint names .... dis means he wants share certificate in joint names...how dis is possible at the time of incorporation
03 March 2011
If the MD's wife is a subscriber to MOA, then it can be issued in joint names.
However it's not so. Hence you can first issue the share certiticate in the name of your MD and then get the Share Transfer form signed by him showing his name in the transferor column and his and his wife name in the transferee column. However before share transfer please check for shares lock in period, if any, as contained in the Joint Venture Agreement / AOA.
I think this is the only way.
Other experts please share your views.
However it's not so. Hence you can first issue the share certiticate in the name of your MD and then get the Share Transfer form signed by him showing his name in the transferor column and his and his wife name in the transferee column. However before share transfer please check for shares lock in period, if any, as contained in the Joint Venture Agreement / AOA.
I think this is the only way.
Other experts please share your views.
Message likes :
3 times
03 March 2011
ok..I was also thinking on these lines.... ..........But wanted to confirm once.....Thnx a lottt
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