Issue of duplicate shares
Siddhant Midha
(Querist) 27 June 2016
This query is : Resolved
Before issue of Duplicate shares an advertisement has to be given in a news paper for entertaining any objections. Is there any specific number of days that should be mentioned in the advertisement during which the public is allowed to raise any objection with regard to transfer of Duplicate Share Certificate? If Yes which regulation specifies it?
Hemant Agarwal
(Expert) 28 June 2016
1. It is a routine & standard practice to issue a "Fifteen days" "public notice" (via Published notices, in local newspapers). However this is fraught with false claims and highly unreliable, and does not absolve the company /society of any futuristic legal disputes, amongst true/false claimants.
2. The other SAFEST option /alternative is to procure a duly executed "irrevocable indemnity bond", with appropriate clauses, which suffices all futuristic legal purposes and absolves the company/society relating to claims or liabilities.
Keep Smiling .... Hemant Agarwal
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Siddhant Midha
(Querist) 28 June 2016
Thank you sir. The information provided was really helpful.
Regards
Siddhant Midha
Rajendra K Goyal
(Expert) 28 June 2016
Academic query, state material facts.
What type of shares are you referring?
Siddhant Midha
(Querist) 28 June 2016
Equity Shares of a Limited Company holding a value of above Rs. 10,000.
My basic query was whether a minimum period of day have been prescribed under any SEBI rule or Company Law Rules. Since what I had been coming across was that a 15 days notice is given to the public to raise any objections in the advertisements issued in the news paper.
So I wanted to clarify if this is prescribed under any law or rule that a minimum 15 days notice has to be given.
Hemant sir has very clarified my doubt stating that it is standard practice.
Regards
Kumar Doab
(Expert) 28 June 2016
We are happy that you are satisfied from advise of Expert Mr. Hemant Agarwal.
