Promoter transfer
RAJESH CHOUDHARY
(Querist) 17 March 2012
This query is : Resolved
Dear All,
Please give your opinion for below given Quary--
1) ABC Limited is a listed Company.
XYZ Private Limited is a Promoter of "ABC Limited"
XYZ Private Limited wants to transfer its shares by way of gift or sale to Mr. P & Mrs. P who are the Director of XYZ Private Limited & also the promoter of ABC Limited. (Please note Mr. P is holding shares in ABC limited under the Promoter Category. However Mrs. P is not having any shares in ABC Limited but since Mrs. P is a wife of Mr. P she will fall under Promoter Group)
In case of ABC Limited:
This transaction will fall under inter se promoter transfer since both XYZ Pvt. Ltd & Mr. P both are the Promoters of the Company. Hence SAST Rugulation will come into the picture.
In Case of XYZ private Limited-
Can XYZ pvt. ltd can transfer its investment (i.e. shares held by it in ABC Limited) by way of sale/gift to its Directors Mr. P & Mrs. P.
What could be the procedural Formalities for such kind of transactions from the point of view of both the Companies.
Pleae suggest.
Thanks & Regards
Guest
(Expert) 18 March 2012
Dear Assistant Manager,
Your company's Company Secretary can easily solve your riddle. If he does not know that let the transferer hir services of some expert, as when he can promote two companies, he can easily afford professional fee for the job.
