Shares Issued to Third Party at Payee's Request Not Considered Debt; Transferable and Eligible for Dividends.

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....Initiation of CIRP - The payment received for shares, duly issued to a third party at the request of the payee as evident from official records, cannot be a debt, not to speak of financial debt. Shares of a company are transferable subject to restrictions, if any, in its Articles of Association and attract dividend when the company makes profits. - SC....