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Querist : Anonymous

Querist : Anonymous (Querist)

08 December 2012 Please Correct me if i am wrong: that Share Transfer deeds are to be preserved permanently

Ajay Mishra

Ajay Mishra (Expert)
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08 December 2012 Hi

Yes, it is to be preserved permanently. For this no time period is defined.

Querist : Anonymous

Querist : Anonymous (Querist)

08 December 2012 Thanks Sir

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Querist : Anonymous

Querist : Anonymous (Querist)

08 December 2012 sir please let me know about the penalty in company law if share transfer deeds are lost from the records of Company.

Ajay Mishra

Ajay Mishra (Expert)
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10 December 2012 Hi

You may lodge FIR against the lost and make a record for the same for company purpose.

Querist : Anonymous

Querist : Anonymous (Querist)

10 December 2012 ok sir did u mean to say that we have to again make the transfer deeds after lodging FIR and retain the copy of FIR

Ajay Mishra

Ajay Mishra (Expert)
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10 December 2012 Hi

No, you just make an FIR that with details of transfer deed as you have mentioned in Register of Transfer the details of as earlier given in transfer deed.

Querist : Anonymous

Querist : Anonymous (Querist)

10 December 2012 And if the Company do not lodge any FIR and records are lost then what are the consequences of it or penalty in Companies Act if someone came for inspection

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Ajay Mishra

Ajay Mishra (Expert)
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10 December 2012 Hi

You will face penalty under the Companies Act,1956.

Querist : Anonymous

Querist : Anonymous (Querist)

10 December 2012 ya Sir what is that penalty which Section?

Ajay Mishra

Ajay Mishra (Expert)
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10 December 2012 As given under section 108 of the Companies Act, 1956 along with your company's articles on the same matter.

Querist : Anonymous

Querist : Anonymous (Querist)

10 December 2012 Sir the penalty is not given in the said section.

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Ajay Mishra

Ajay Mishra (Expert)
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10 December 2012 Read section Section 150 deal with maintenance of Register of members that includes maintenance of transfer deed.

Querist : Anonymous

Querist : Anonymous (Querist)

10 December 2012
(1) Every company shall keep in one or more books a register of its members, and enter therein the following particulars:—

(a) the name and address and the occupation, if any, of each member;
(b) in the case of a company having a share capital, the shares held by each member, 1[***] 2[distinguishing each share by its number except where such shares are held with a depository] and the amount paid or agreed to be considered as paid on those shares;

(c) the date at which each person was entered in the register as a member; and

(d) the date at which any person ceased to be a member:

Provided that where the company has converted any of its shares into stock and given notice of the conversion to the Registrar, the register shall show the amount of stock held by each of the members concerned instead of the shares so converted which were previously held by him.

(2) If default is made in complying with sub-section (1), the company and every officer of the company who is in default, shall be punishable with fine which may extend to 3[five hundred rupees] for every day during which the default continues.

This is Section 150 sir i no where found in the section penalty for not maintaining records for transfer