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Share transfer

Santosh Kr.Mishra (To Become a Chartered Accountant) (104 Points)

09 September 2014

My clint have hav a new company incorporated on 27th may 2014 having 2 directors.

one of them is decided to resign .2 other director were appointed on that place.

1- how i can transfer the share of old director in two new director's name.

2- What is the value of consideration ( if below FV how it is caculated no business were started yet)

3- Value of consideration paid to transferor is necessary to transfer into chq by new director.

4- What other formalities are required if any.

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5 Replies

prakash (Company Secretary) (1352 Points)
Replied 09 September 2014

Dear Santhosh,

1. First slit share certificate of outgoing director in two certificates by way of passing board resolution and than let transferor and transferees execute trafer deed in SH 4 in all respects along with stamp duty and submit the SH4 with company executed in all respects and place it before its board for approval.

2. consideration can be face value

3. payment can be made to outgoing director either in cash or by way of cheque, there are no restriction in the Act with regard to mode of payment.

4. take resignation letter from outgoing director, file form DIR 12 with ROC within 30 days of resignation and asking out director to file DIR 11 with ROC.