transfer of shares under the companies Act

ncvijaykumar (Querist) 14 May 2010 This query is : Resolved
a shareholder transfer the shares by execution of tranfer deed which is also signed by the transferee. The tranferor also expresses his intention that he relinquishes the rights attached with the shares when he executed the instrument of transfer. But the transferee fails to carry out the legal procedural formalities like getting those registered etc., Now the transferor says the moment i executed the share transfer deed and also express the intention of relinquishing all the rights attached to the shares, my duty is absolved and i cannot be held responsible for any of the procedural lapse on the part of the tranferee. is the stand of the transferor hold good as per the company law?

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Raj Kumar Makkad (Expert) 14 May 2010
Transferor is responsible for ensuring the transfer of the shares so that his future liabilities may be extinguished.

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