U/s 187??
RAJESH CHOUDHARY
(Querist) 17 March 2012
This query is : Resolved
Dear All,
Please help me to solve the following query:
Company A Pvt Limited, which is the promoter & Share holder of Company of H Pvt Limited. While incorporating H Pvt Limited as 100% subsidiary .A Pvt Limited had made Mr.X as the nominee share holder, who holds 1 equity share on behalf of the A Pvt Limited as minimum Two subscribers are required for incorporating Private Limited Company.
Now A Pvt Limited wants to sell all i.e. 100% shares in H Pvt Limited Company to V Pvt Limited Company and to AD Private Limited Company in ration of 1:1, my query is whether Section 187C will be attracted when Mr.X will transfer 1 Equity Share to V Private Limited Company, as MrX. is just an nominee share holder and A Pvt Limited Company has beneficial powers.
As per section 187(c) Whenever there is a change in the beneficial interest in such shares the beneficial owner shall, within thirty days from the date of such change, make a declaration to the company in such form and containing such particulars as may be prescribed.
In the above mentioned case nominee holder ( Mr.X) is selling 1 equity share to V Pvt Limited, beneficial share holder of this 1 equity is with A Pvt Limited Company . So now is Nominee Share holder (Mr.X) , Beneficial share holder (A Pvt Limited) is liable to give declaration under Section 187c and further is H Pvt Limited liable to File Form 22B with ROC.
Please note that share will be sold to V Pvt Limited and V Pvt Limited is not going to nominate any nominee share holder, it will purchase share in its own name.
Please reply.
Guest
(Expert) 18 March 2012
Dear Assistant Manager,
Your company's Company Secretary can easily solve your riddle.
