Claiming rights after willfully transferring shares

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 January 2013 In a Private limited company can an individual after having transferred their shares to other share holders for a consideration justified by the company's auditors and in accordance with the Articles of Association claim after 2 years a right to the current value of their shares by claiming that they transferred their shares when the company was a liability company and currently is profitable? Please provide your expert views.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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16 January 2013 If the transfere transferred the shares as pledge which means no valid consideration was paid and the shares are not transferred for ever it is only for a limited period and after the resonable period is over then the transferer can re-call the shares by paying the original consideration plus something to claim his shares back.