What is the Punishment for personation of shareholder? What is the Refusal of registration and appeal against refusal? Section 57 and 58 of Indian Companies Act 2013

Punishment for personation of shareholder and Refusal of registration and appeal against refusal are defined under Section 57 and 58 of Indian Companies Act 2013. Provisions under these sections are:

Section 57 of Indian Companies Act 2013 "Punishment for personation of shareholder"

If any person deceitfully personates as an owner of any security or interest in a company, or of any share warrant or coupon issued in pursuance of this Act, and thereby obtains or attempts to obtain any such security or interest or any such share warrant or coupon, or receives or attempts to receive any money due to any such owner, he shall be punishable with imprisonment for a term which shall not be less than one year but which may extend to three years and with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees.

 


Section 58 of Indian Companies Act 2013 "Refusal of registration and appeal against refusal"

(1) 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.

(2) Without prejudice to sub-section (1), the securities or other interest of any member in a public company shall be freely transferable:

Provided that any contract or arrangement between two or more persons in respect of transfer of securities shall be enforceable as a contract.

(3) The transferee may appeal to the Tribunal against the refusal within a period of thirty days from the date of receipt of the notice or in case no notice has been sent by the company, within a period of sixty days from the date on which the instrument of transfer or the intimation of transmission, as the case may be, was delivered to the company.

(4) If a public company without sufficient cause refuses to register the transfer of securities within a period of thirty days from the date on which the instrument of transfer or the intimation of transmission, as the case may be, is delivered to the company, the transferee may, within a period of sixty days of such refusal or where no intimation has been received from the company, within ninety days of the delivery of the instrument of transfer or intimation of transmission, appeal to the Tribunal.

(5) The Tribunal, while dealing with an appeal made under sub-section (3) or subsection

(4), may, after hearing the parties, either dismiss the appeal, or by order-

(a) direct that the transfer or transmission shall be registered by the company and the company shall comply with such order within a period of ten days of the receipt of the order; or

(b) direct rectification of the register and also direct the company to pay damages, if any, sustained by any party aggrieved.

Punishment for contravention of Section 58 by refusing transfer of shares

(6) If a person contravenes the order of the Tribunal under this section, he shall be punishable with imprisonment for a term which shall not be less than one year but which may extend to three years and with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees.

What is Global depository receipt? What is Offer or invitation for subscription of securities on private placement? Section 41 and 42 of Indian Companies Act 2013

SHARE CAPITAL AND DEBENTURES

What are the kinds of share capital? Section 43 of Indian Companies Act 2013

What is the Nature of shares or debentures? What is Numbering of shares? What is  Certificate of shares? Section 44, 45 and 46 of Indian Companies Act 2013

What is Voting rights? What is variation of shareholders rights? Section 47 and 48 of Indian Companies Act 2013

Calls on shares of same class to be made on uniform basis. Company to accept unpaid share capital, although not called up. Section 49 and 50 of Indian Companies Act 2013

What is Payment of dividend in proportion to amount paid up? What is Application of premiums received on issue of shares. Section 51 and 52 of Indian Companies Act 2013

What is Prohibition on issue of shares at discount? What is the procedure for Issue of sweat equity shares? Section 53 and 54 of Indian Companies Act 2013

What is the rule for Issue and redemption of preference shares? Section 55 of Indian Companies Act 2013

What are the conditions for Transfer and transmission of securities? Section 56 of Indian Companies Act 2013

What is the Punishment for personation of shareholder? What is the Refusal of registration and appeal against refusal? Section 57 and 58 of Indian Companies Act 2013

What is Rectification of register of members and punishment for violation? What is Publication of authorised, subscribed and paid-up capital? Section 59 and 60 of Indian Companies Act 2013

 

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