Dear Sir,
We are a Private Limited non Listed Company
In house Director had resigned in 2002 and signed share Transfer Deed and even amount was paid by cheque ....
Now before Company Law Board it was pointed out that Share Transfer Deed is not stamped hence even if signed by the Transferee is not valid on account of no stamp/ Since S-108 of Company Act is not compiled Hence Such Transfer Deed has no meaning and Transfer is not made validly.
Since Form of Share Transfer Deed was purchased from the market and had no knowledge about any such stamp.
I say it is merely procedure mistake and Share Transfer Deed cannot be thrown only because it has no stamp in view of section 108 of Company Act 1956.
Can any Expert give us any judgment on this point as not having stamp on Share Transfer Deed is a curable defect and such mistake is procedural therefore, on this Basis Share Transfer Deed cannot be Thrown Out. S-108 of Company Act is Important which say it is a mandatory.
Please assist
With Regards
Uday Kumar
Advocate
9810868162
