SEBI (SAST)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 December 2010
My company is a listed company. the promoter shareholding was 72%. one of the individual promoter had died and his shares had gone to his wife, who is already into the promoter group.
The wife of the deceased promoter had transferred a portion of those shares to her daughter (minor child) and mother-in-law.
The mother-in-law is already into the promoter group holding shares. All the shares in question are in physical form.
My query is:-
1. whether to show the minor daughter under promoter group or not?
2. what should be the shareholding of the mother-in-law? whether the transferred shares be clubbed and shown under promoter quota or the transferred portion be shown separately under individual (non-promoter) group?
3. whether on such a transfer, the promoter shareholding be shown as reduced?
Please suggest and explain the law relating to this.
regards.
The wife of the deceased promoter had transferred a portion of those shares to her daughter (minor child) and mother-in-law.
The mother-in-law is already into the promoter group holding shares. All the shares in question are in physical form.
My query is:-
1. whether to show the minor daughter under promoter group or not?
2. what should be the shareholding of the mother-in-law? whether the transferred shares be clubbed and shown under promoter quota or the transferred portion be shown separately under individual (non-promoter) group?
3. whether on such a transfer, the promoter shareholding be shown as reduced?
Please suggest and explain the law relating to this.
regards.
23 December 2010
The sale to daughter will be within the promoter group. Please file the necessary Report under the SAST with the SEBI.
The mother-in-law' shares should be clubbed with her existing holding in promoter group.
No. There will be no change in the promoter group shareholding.
The mother-in-law' shares should be clubbed with her existing holding in promoter group.
No. There will be no change in the promoter group shareholding.
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