16 February 2011
Mr.X is a director of abc pvt. ltd. co. (unlisted). He is having 95% of the shares. Now he want to issue 500 shares to a new member. But the new shares are to be issued from x's share only thereby not increasing the suscribed capital. Wht is the procedure for that?
16 February 2011
If Company does not want to do the fresh allotment, then simply 500 shares of Mr. X would be transferred to the new shareholder. The procedure relating to transfer will be followed.
16 February 2011
1 – Check and Ensure that your Articles of Association does not prohibit Transfer of Shares.
2 - Communicate your intention to transfer your shares to the company in writing.
3 - Company notifies the fellow members, about the availability of Shares, Its Price and the Time Limit till which it is available for transfer. The Price is generally determined by the Directors or the Auditors of the Company
4 – If none of the fellow members have come forward to purchase, you can transfer the shares to an outsider by issuing Form 7B
5 – The Company holds a board meeting and approved such transfer (Resolution Format) issues Share Certificate to the Transferee
CAclubindia
