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What are the companies act provision applicable on Inter Se Promoter Transfer

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Hello,

Can anybody tell me if my company's one promoter whose holding is 29.07% is going to sell their entire holding to another promoter whose holding is 29.08%, then it is necessary to held AGM/EGM for doing this kind of transactions or only BM is sufficient under companies act 2013 and what are the other sections levied on this transaction under companies act, 2013???

Inter-se promoter transfer: SEBI regulations govern such transfers; review Companies Act meeting requirements and consult company secretary. Inter se transfer of promoter shareholding implicates meeting and approval procedures under the Companies Act, 2013 but is governed by SEBI regulations; professional advice from a Practising Company Secretary is recommended to determine compliance and the interplay between SEBI requirements and Companies Act meeting rules. (AI Summary)
Corporate Laws / SEBI / LLP
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DR.MARIAPPAN GOVINDARAJAN on Mar 6, 2015

SEBI regulations will be applicable in this case. Please got the advice of Practising Company Secretary for this purpose.

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