Share transfer

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 December 2013 I have some shares which i purchased from "director" of a pvt limited company by paying the amount in cheque(I was employee of the company then). Afterwords, I resigned the company. This is not SWEAT equity, it is direct share transfer from one of "the director" to "me". It is NOT share transfer from "the company" to "me".

There is no other document which i signed except the share transfer form. The AoA has a clause as follows
"Any person who has been allotted the shares by virtue of his being an employee shall, on ceasing of the employment, transfer the shared to person the board my decide."

Do i need to return the shares, if yes what is the process ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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29 December 2013 Dear Friend,

You need to discuss the matter with the directors of the company. Prima facie you sound correct that the shares were not in the capacity of employee. So you need to approach the company to ensure that your name is added in the register of shareholders.