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| Share Transfers |
Section 108 Read with
Sec 111
When a person transfers his shares to
some other person then the transferer and the transferee have to submit a share
transfer deed along with the share certificate to the company, then the company
will register the shares in the name of transferee.
After registering the shares in the
name of transferee company will have to issue a new share certificate and the
same will be given to transferee.
If the company does not register the
shares in the name of transferee then the transferee may make a complaint to the
NCLT and the NCLT may order the company to register the transfer of shares.
If the company does not register the
shares after the order of NCLT then the NCLT may impose fine on them.
Under Section 109B any person whose
shares are transferred to some other person by law will also apply to the
company and it is known as transmission, in transmission the transferee may
also apply for registration. Application to NCLT is made under section 111.
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