11. Instrument of transfer.-
(1) An instrument of transfer of securities held in physical form shall be in and every instrument of transfer with the date of its execution specified thereon shall be within sixty days from the date of such execution.
(2) In the case of a company not having share capital, provisions of sub-rule (1) shall apply as if the references therein to securities were references instead to the interest of the member in the company.
(3) A company shall not register a transfer of partly paid shares, unless the company has given a notice in to the transferee and the transferee has given no objection to the transfer within two weeks from the date of receipt of notice.
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It is clarified that since transaction relating to transfer of shares is a contract between two or more persons/ shareholders, any share transfer form executed before 1st April, 2014 and submitted to the company concerned within the period prescribed under relevant section of the Companies Act, 1956 needs to be accepted
by the companies for registration of transfers. In case any such share transfer form, executed prior to 1st April, 2014, is not submitted within the prescribed period under the Companies Act, 1956, the concerned company may get itself satisfied suitably
with regard to justification of delay in submission etc. In case a company decides not to accept the share transfer form, it shall convey the reasons for such nonacceptance within time provided under section 56(4)(c) of the Act vide Circular 19/2014 dated 12 June 2014. To view the clarification,Click Here
by the companies for registration of transfers. In case any such share transfer form, executed prior to 1st April, 2014, is not submitted within the prescribed period under the Companies Act, 1956, the concerned company may get itself satisfied suitably
with regard to justification of delay in submission etc. In case a company decides not to accept the share transfer form, it shall convey the reasons for such nonacceptance within time provided under section 56(4)(c) of the Act vide Circular 19/2014 dated 12 June 2014. To view the clarification,Click Here
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