Fradulent transfer of share

Vithal. Upari (Querist) 07 January 2017 This query is : Resolved
Dear Experts,

Please clarify whats action can be taken on the company which intentionally not transferring its shares to Director :

Case Facts : Company A has paid up capital Rs. 100000. Director X and Director Y each holding shares of Rs. 50000. Now company B purchase shares of Company A of Rs. 25000 from director X of A company. So Company B has 25% shares of A Co. The resolution passed in A co for appointment as director Mr.Z in company A. Mr. Z is also director in B private limited. All this done in 2011, but it is found that company A has not transferred shares from Mr. X to company B or no any other form filled for appointment of Mr. Z as director of A Ltd., There are no record in ROC. Now what action can be taken against Company A ? Mr.X has given physical share certificate to Company B.

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