A Company has two directors having 5000 shares each, now the Directors transfer 4999 each from their holding to a Company and it wishes to make the Company a wholly owned subsidiary. What procedure is required for the same? Please reply
1 Replies
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 18 November 2014
Option-I:
Transfer remaining 2 shares also in the name of the holding company and take action u/s 187(1) of CA 2013 read with Rule 14 of Companies (Meetings of Board & its Powers) Rules 2014.
Option-II:
Transfer remaining 2 shares in joint names of the holding company as the first holder and someone else as the second holder.
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