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    Transfer of share without subscription money

    Posted By : mahimajain / Published on : 01-Oct-2022 03:53 AM / View : 54 / Comment : 0

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    hello professionals,

    A Company soon after incorporation allotted shared to the subscribers. However the opening of bank account took time due to legal hurdles. Meanwhile the allottee, a non resident (holding 99% shares) went out of India and bank refused to open account without his presence however they agree if he transfer his shares to resident person. Is this possible to transfer such shares, which has been allotted pursuant to Incorporation of the Company but for which no subscription money is received yet?
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