issue of duplicate share certificate
Heaven 2011
(Querist) 09 March 2010
This query is : Resolved
Respected all,
One shareholder Mr X holding 50 equity shares jointly with Mr Y has lost the share certificates and lodged the FIR with the local p.S. But the detail of the shares were not properly described in the FIR. Further he is unable to bear the cost of advertisement in newspaper and requested us to waive the requirement. He is ready to give the indemnity bond. And he has stated the above facts in his letter sent to the company. On the basis of the indemnity bond and that FIR can we instruct our shatre transfer agent (STA)to issue the duplicate shares. Would it be a sufficiuent evidence that the shares are in fact lost shares? Section 84 of the Companies Act 1956 read with Companies(issue of share certificates)Rulers 1960 which made it mandatory for news paper (public)declaration, has imposed the entire liability over the Company and the STA for any dispute arise out of such transaction. What shall we do? Kindly advise.
Regards,
Kumar Thadhani
(Expert) 09 March 2010
Yes some company had made mandatory for shareholder to give advertisement for loss of shares andin order to issue duplicate shares. ConviceSTA AND the Company Secretary to resolve this problem.
