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I have a query pertaining to the Companies act
11-Sep-2023 (In Corporate Law)
A Company soon after incorporation allotted shared to the subscribers. However the opening of bank account took time due to legal hurdles. Meanwhile the allottee, a non resident (holding 99% shares) went out of India and bank refused to open account without his presence however they agree if he transfer his shares t a resident person. Is this possible to transfer such shares, which has been allotted pursuant to Incorporation of the Company but for which no subscription money is received yet?
Dear Client: 1) Many banks are opening an account with foreign shareholder and director. I have done that recently. 2) Subscription money for shares need to be paid up before any transfer of share can take place. Let me know if you need any further support to handle this?
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Adv. Dinesh Jotwani
Delhi | 25+ Answers
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That NOn resident you have mentioned is the 99% share holder as per you question but before commenting further it is very important to examine company memorandum of understanding and article of association.
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Adv. Sumeet Mandal
Delhi | 25+ Answers
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