Share Transfer Committee - Composition

[Monika Bhardwaj]

Dear All,

 

Can the Share Transfer Committee, which considers cases of demat, transfer, transmission, duplicate share certificate issuance etc. (especially of an unlisted public company) be constituted with members who are not on the board of directors of the Company? If yes, then how.

 

An early response in this regard will be highly appreciated.

 

Best Regards,

CS Monika Bhardwaj

- Gurgaon

[csarengarajan]

The share transfer committee will be constituted  among board members only.  The reason behind the same, 1) the committee minutes will be recorded in the subsequent board meetings. 2)  The idea behind constitution of committee to avoid convene board meeting every week/ fortnightly to approve the share transfers/demat etc

 

Contrary views will be solicited.

 

Regards

 

On 1/4/10, Bhanu Rekha B <bhanure...@gmail.com> wrote:

Yes, you can.

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[Vivek Hegde]

Dear Ms Monika

 

As per clause 49 composition of a committee titled “share transfer committee” is not mandatory. However composition of ‘Shareholders/Investors Grievance Committee’ is mandatory to specifically look into the redressal of shareholder and investors complaints like transfer of shares, non-receipt of balance sheet, non-receipt of declared dividends etc.

 

So for an unlisted public company if you are constituting a commitee voluntarily it can even be composed of non directors.

 

Others' views solicited.

 

Warm Regards

 

Vivek Hegde

 

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CS Vivek Hegde,B.com, ACS, CWA
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Mob: 9019756940

[Monika]

Very true Mr. Hegde.

But if we constitue a committee with non-members on the Board in case
of an unlisted company, then how the compliance with Companies (Issue
of share certificate) rules will be made. As per my understanding, the
definition of "Board" therein (which needs to approve the cases
mentioned therein) includes the committee of board of directors only
comprising of minimum 2 or 3 directors, as the case may be. Please
help me out if the interpretation is otherwise.

In case the composition of Board does not allow constitution of a
Committee thereof which can meet on regular basis to consider
shareholder's issue then if a committee of authorized officers
approves the cases of transfer / transmission / issuance of duplicate
share certificates and the minutes are ratified by Board in their
forthcoming Meeting, will this help in making the compliance (since
the shareholders' queries also need attention on regular basis be it
monthly or fortnightly)?

Learned members views are solicited.

Best Regards,
- CS Monika Bhardwaj
Gurgaon

On Jan 6, 3:10 pm, Vivek Hegde <vivekhegde1...@gmail.com> wrote:
> Dear Ms Monika
>
> As per clause 49 composition of a committee titled “share transfer
> committee” is not mandatory. However composition of ‘Shareholders/Investors
> Grievance Committee’ is mandatory to specifically look into the redressal of
> shareholder and investors complaints like transfer of shares, non-receipt of
> balance sheet, non-receipt of declared dividends etc.
>
> So for an unlisted public company if you are constituting a commitee
> voluntarily it can even be composed of non directors.
>
> Others' views solicited.
>
> Warm Regards
>
> Vivek Hegde
>

> On 1/4/10, Monika Bhardwaj <monika...@gmail.com> wrote:
>
>
>
>
>
>
>
> > Dear All,
>
> > Can the Share Transfer Committee, which considers cases of demat,
> > transfer, transmission, duplicate share certificate issuance
> > etc. (especially of an unlisted public company) be constituted with members
> > who are not on the board of directors of the Company? If yes, then how.
>
> > An early response in this regard will be highly appreciated.
>
> > Best Regards,
> > CS Monika Bhardwaj
> > - Gurgaon
>
> > --
> > Find eNewsletters of ICSI Mysore at:
> >http://www.icsi.edu/NewsEvents/enewsletters/tabid/1757/Default.aspxAND
> >www.esnips.com/web/icsimysore
>
> > You received this message as you are subscriber. To unsubscribe email to:
> > csmysore-u...@googlegroups.com
>
> --
> CS Vivek Hegde,B.com, ACS, CWA
> Company Secretary in Practice
> No. 405, 4th Block, 7th Cross
> Koramangala, Bangalore-560034

> Mob: 9019756940- Hide quoted text -
>
> - Show quoted text -

[csarengarajan]

Please note that delegation board powers to be given to committee of directors only. I don't think we can give powers to authorised officers.

 

Contrary views solicited

 

regards

 

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[Manoj Mishra]

Dear Ms. Monika,

 

Share transfer comitee shall consist of only directors as per the Companies (issue of Share Certificates) Rules, 1960. However to expedite the share transfer process/dematerialisatio/rematerialisation; board can authorise some person to take care of it except issues of new share certificates for torn/mutilated/defaced/lost/rematerialisation.

 

Thanks & best regards,

CS Manoj Mishra

09971588087  

 

 

On Mon, Jan 4, 2010 at 4:11 PM, Monika Bhardwaj <moni...@gmail.com> wrote:

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