Transfer in case of finance company

Dear All,

Please clarify the below mentioned query or give your views on the same:

One of the finance company has given loan to any person and against which they pledge the shares with the Company. Now that person defaults in repayment of his loan and the Finance Company has invoked the pledge and get the shares transferred in his own name. Suppose the shares are transferred in the name of the Finance Company on 21/09/12 and the market value of the shares as on this date is Rs. 50/- and after that they hold the shares for 15 days. After 15 days they sold these shares, now at this date the value becomes Rs. 60/-.

Now my question is:

a) Finance Company should write off the loan on 21/09/2012 i.e. on the date of transfer of shares or on the date of receipt of payment of shares.
b) If loan is written off on the date of transfer of shares then Rs. 10 will be Capital Gain / Business income.

Please reply.

Thanks in Advance

CA. Rinkal Bansal