NOMINEE CHANGE

[Biswaranjan parida]

Dear Professional,

 My company is a wholly owned subsidiary company(Unlisted public company) , 100 % held by the Holding company and there are 6 nominee shareholders,who hold 1 share each with joint shareholding with the Holding  company . 

One of the nominees  has been deceased ,who holds 1 share.

How to change the nominee shareholding  ?

ISSUE - 

1. Is it a transfer case or transmission case?

2. Is Board resolution sufficient for this 

3. Whether SH - 4 need to file ( if it is a transfer case)

NOTE -  ALL SHARE ARE HOLD BY PHYSICAL MODE BECAUSE THE COMPANY IS A WOS ,NO NEED TO FILE PAS-6.

(EXEMPTION PROVIDED BY MCA)

Our PCS told us that  it is neither Transfer nor Transmission.It is just change of nominee but share certificate need to be issue.

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kind Regards ,

Biswaranjan Parida Company Secretary, Shardlow India Limited 9114338110 | 9124233811 | www.shardlow.in parida...@gmail.com | Huzur Garden ,Sembiam

[ankit tater]

It would be tantamount to transfer as you will have to enter the new shareholder in the register of members and new folio will have to be created for the same. Existing register cannot be altered. Also, you will have to get MGT - 4 and MGT-5 from the registered and beneficial owner respectively and file MGT-6 with the Registrar.

Regards, 

Ankit Tater 

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[Biswaranjan parida]

I have one doubt regarding this,

In MGT-4 and 5, there is some enclosure requirement. .One of them is an instrument or document under which the beneficial interest is created, transferred, or changed.

Which document is consider for the same ( Instrument/ document under which the beneficial interest is created/ transferred/ changed.)

if it is amount to transfer                   -   I can't  enclose SH-4 ( because transferor has been expired )

if it is amount toTransmission           -   I Can't enclose share transmission form (because it require  a will )

How to deal with this matter ?

 pls find the attachment.

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[ankit tater]

Hello,

In this case, you need to attach the ID proofs of registered owner and beneficial owners only. There is no change in the beneficial interest - beneficial owner is Company for both the registered holders.

Further, if you want to attach proof of transmission, the Board Resolution or board noting would suffice. 

Regards, 

Ankit Tater 

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[Biswaranjan parida]

Thank you

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