Transfer of Shares from Resident to Non Resident

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

13 June 2010 Hi everyone,

I wanna ask a specific query regarding transfer of shares from a resident individual (transferor/seller) to a non resident individual(transferee/buyer). The transferor received the remittance in the month of March and files an FCTRS form with an AD-I Category Bank. Bank Acknowledges the receipt of Form FCTRS in the Month of May (within a prescribed period of 60 Days) and also files a copy of Form FCTRS with the Company in order to record the transfer of Shares.

Please suggest me what will be the date of Actual Transfer on which the Shares will be deemed to be transfer:-
A. The date on which the Resident individual receives money from Non-resident.
B. The Date on which the AD-I category bank gives an acknowledgement for receipt of Form FCTRS.
C. the Date on which the transferor contacts the Company to record the transfer of shares.
D. The date on which the AD-I category Bank files the Details of the FCTRS Forms received during the moth with the RBI and RBI processed the application.
E. Any other date.

Kindly provide any legal referrence with the answer in order to enable to me to discuss the issue with my seniors.

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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13 June 2010 The date on which the shares were actually transfered by the company.

Querist : Anonymous

Querist : Anonymous (Querist)

16 June 2010 Dear Sir,

In the above query of mine the shares have been transfered by the Resident Individual (a shareholder of the company) to another shareholder.

The above mentioned shares are not been issued by the company.

If you can provide me any legal supporting for your answer then it will be very helpfull for me.

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