Neha (Company Secretary) (41 Points)
19 June 2012Dear All,
In our company Mr. X hold 10 shares as a benificial owner of ABC Limited. now Mr. X wants to transfer the 10 shares to Mr. Y as a individual capicity .
My query in that case there is a change in holding and sholud we file the form 22B or give the decalartion to company for above changes or is there apply the section 187C because now shares transfrred to Y and he is held shares in the personal capicity .
Plz suggest
Neha
Shridhi Jain
(Company Secretary)
(1678 Points)
Replied 19 June 2012
No form 22B need to be filed.
Only the holder of the shares are changing and not the beneficial holder.
In ur case, no form 22B is required.
Neha
(Company Secretary)
(41 Points)
Replied 19 June 2012
Thanks for reply but holder is also chang, Mr. X benificial Owner of ABC Limited transfer its shares to Mr. Y ( shares held in Individual Capicity not on behalf of ABC Limited)
VIDHYA RAMPURIA
(LEGAL)
(72 Points)
Replied 19 June 2012
In that case, there is only transfer of shares (routine in nature) and Section 187C in not appliacble.
Other views are welcomed.
Shridhi Jain
(Company Secretary)
(1678 Points)
Replied 19 June 2012
Pls clear who is the beneficial holder and who is holding shares on behalf of whom?
Neha
(Company Secretary)
(41 Points)
Replied 20 June 2012
Dear Shridhi,
XYZ Limited has 10, 000 shares . the shareholders are :
1. ABC Limited : 9990
2. Mr. X : 10 ( Benificial owner of ABC Limited)
Now Mr. X . wants to transfer the shares to Mr. Y in personal capicity means the new holding are:
ABC Limited : 9990
Mr. Y: 10
My question in that type of transfer section 187C does attract or not ? means Mr. X cess his holding so needs to given declaration to company for above changes or not?
Shridhi Jain
(Company Secretary)
(1678 Points)
Replied 20 June 2012
no form 22B us required,
Pls note that mr.X is transferring the shares and not the beneficial interest. The beneficial interest lies with ABC Ltd. only.
On other hand, if ABC Ltd transfers its beneficial interest to somebody else, though the holder being same Mr.X, Form 22B is required.
Sec.187C deals with beneficial interest.
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