16 March 2009
A pvt Ltd. Co has formed in 2006, In MOA 3 subscribers are there with 25:25;50% shareholding ratio. Practically share certificates are not issued till date,now another 2 persons dont want to isuue share certificate to that third person(who is having 50% shareholding).
Sec 270 shall not apply to a Pvt.Co.
Now Is it possible that issue 100% share certificate to only 2 persons.
16 March 2009
NO, SINCE IN MOA 3 SUBSCRIBERS WERE HOLDING THE SHARES AMOUNTS TO DEEMED ALLOTMENT. HENCE EITHER SHARE CERTIFICATE IS TO BE ISSUED TO THIRD PERSON ALSO OR ELSE HIS SHARES SHALL BE TRANSFERED BETWEEN REMAINING TWO AND FORM NO.7B SHALL BE EXECUTED
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