Draft Board Resolution for Rejection of Transfer of Shares

     

As per the provisions of Section 58(1) of the Companies Act, 2013 If a private company limited by shares refuses, whether in pursuance of any power of the company under its articles or otherwise, to register the transfer of, or the transmission by operation of law of the right to, any securities or interest of a member in the company, it shall within a period of thirty days from the date on which the instrument of transfer, or the intimation of such transmission, as the case may be, was delivered to the company, send notice of the refusal to the transferor and the transferee or to the person giving intimation of such transmission, as the case may be, giving reasons for such refusal.

Draft Board Resolution for Rejection of Transfer of Shares

“RESOLVED THAT pursuant to section 58 and 59 of the Companies Act, 2013, registration of transfer of shares/debentures/bonds as per instruments of transfer lodged with the Company particulars whereof are contained in the respective Register submitted to the meeting at entries Nos….. (both inclusive) be refused for the reasons mentioned against each of the aforesaid entries and that the notice of refusal containing the aforesaid reasons be sent to the person(s) lodging the transfer/transferee and transferor.”

“FURTHER RESOLVED THAT Shri _______  (name of the persons) _____ of the company be and are hereby authorized to do all acts and take all such steps as may be necessary, proper or expedient to give effect to the aforesaid resolution.”

Related Post :

Procedure For Transfer of Shares in Public Company

Procedure for Transfer of Shares in Private Limited Company

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