Transmission Of shares

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 June 2010 whether minor is liable to pay any amount on partly paid up shares,which he has obtained on death of his father?

Rasesh

Rasesh (Expert)
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26 June 2010 In my view, the guardian of the minor is liabile to pay the unpaid amount on partly paid up shares out of the property of the minor under his custody. Failing which, the shares would be liable to remain unpaid and also forfeited, if considered so by the company.

Querist : Anonymous

Querist : Anonymous (Querist)

28 June 2010 Sir
When a minor is elected as nominee,in such case the shareholder has to appoint guardian along with minor?

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Querist : Anonymous

Querist : Anonymous (Querist)

28 June 2010 x(share holder)holding partly paid up shares and elected nominee his child(Minor).X died on DD/MM/yy and x and his child(minor)does not have any proerty.
My question is:-1)Now wheter company can transfer in the name of minor.
2)In what way now the company will recover remaining amount on shares

Querist : Anonymous

Querist : Anonymous (Querist)

28 June 2010 Hi sir,
In case of transfer it is mentioned that minor is no where liable if he acquires any patly paid up shares and in such case only transferor liable to pay the remaining amout.
Now my question is:-How minor can be made liable in case of transmission.

Ankur Garg

Ankur Garg (Expert)
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28 June 2010 A minor cannot transmit the shares like a major person bcoz as per company law a minor cannot be a shareholder of a company and can only transmit shares through a guardian.

So you are requested to observe the first reply of expert Rasesh which is correct.

Thanks

Querist : Anonymous

Querist : Anonymous (Querist)

29 June 2010 Whether minor can become a share holder through transmission?In such case whether is liable to pay any money on partly paid up shares which he has acquired through tansmission from his personal propery?

Rasesh

Rasesh (Expert)
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30 June 2010 Minor cannot become shareholder. His guardian can become shareholder with benefitial rights in favour of the minor.

The guardian can pay the unpaid amount out of the property of the minor.

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