nooral (Business analyst/CS/Consultant) (51 Points)
02 February 2010
Dear Friends,
Please Advice me in the following points.
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 02 February 2010
Kindly appreciate regarding point 1 as per my understanding stamping before the date of issue of share certi. may be objectionable and a bit strange because you you are stamping the deed to tran. the share for which no certificate issued. But there is no legal restriction as such.
Certificate issued by the co. to Mr. A may later be issued to Mr. B after complying the tran formalities. Likewise same certificate tran. in favour of Mr. B may again be issued to Mr. C after complying the tran formalities and so on. In that case entries are made on the back side of share certificate.
Regards
Mitali Agarwal
(Company Secretary)
(638 Points)
Replied 03 February 2010
Regarding Point 1, I completely agree with Ankur Sir.
Regarding Point 2, I think that Mr. Nooral is trying to ask that if 3 shareholders transfer their shares in favour of 1 person, then whether only 1 share certificate can be issued to that transferee?
I think that this can be done if the Co. passes BR to issue new certificates in place of transferred shares and destroys the old certificates and new certificates are issued "in lieu of certificate Nos.________"
Views of Ankur Sir and other members are solicited.
kirti arora
(CS, CA IPCC)
(45 Points)
Replied 03 February 2010
Regarding Point 1
In my view its not possible that you stamp the share transfer deed before the date of issue of share certificate i.e. we can exlain it as that when u dont have something how can u sell that before that. this is not violation of the Act now there is any section which govern that part but transfer could not be registered.
Regarding Point 2
if A,B,C transfer there share in favour of z, in my opinion company itself cant issue one certificate to z by passing a board resolution. it is the sole discrition of shareholder (z) that he would apply to company regaridng isssue of one share certificate then company can consider it and issue the one.
views of other members are also solicited
nooral
(Business analyst/CS/Consultant)
(51 Points)
Replied 03 February 2010
Thanks a ton ankur,mitali,kirti,
Mitali is correct. I am facing the problem as I mentioned above and I am not clear whether to issue one certificate or several based on transaction. One more issue when original share certificate got split and same got transferred one should follow original share certificate sequence number or split share certificate sequence number.
Mitali Agarwal
(Company Secretary)
(638 Points)
Replied 03 February 2010
In share transfer, the company need not issue new share certificates.
The share transfer, as posted by Ankur Sir, is recorded on the back of the share certificate being transferred.
When share certificates are splitted, then new certificate nos. are allotted to the certificates being issued and old are cancelled. When the splitted shares are transferred then transfer is recorded on their back.
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 03 February 2010
Dear Nooral,
Regarding your query no. 1 i think your query is related to the date of Transfer deeds i.e. date on which it is issued or presented to the prescribed authority......
Shares can be transfered on that transfer deeds because of section 108(1A) provides for the time of 12 months and 2 months for listed and unlisted companies. Deeds can be 12 months old in case of listed companies and 2 months in case of unlisted companies as on the date of presentation it to the company.
Regarding query no. 2
First of all company must transfer the certificates in the name of Transferee. Then, on request, consolidate the holding and issue a fresh consolidate certificate.
CS Snehal
(Compliance Manager)
(346 Points)
Replied 03 February 2010
If the Folios are different as A, B, C will have different folios; then the company cannot transfer the said shares in a consolidated manner. Transfer details shall be put at the back side of the said certificates.
Then Z (shareholder) can ask for consolidation of the same.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
