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.
CAclubindia
