A promoter of a company transfers his shares to another

Solution

Section 47 of the Companies Act, 2013 deals with "Restriction on transfer of securities". The section provides that notwithstanding the provisions of the Constitution, no public company having a share capital shall register a transfer of shares in the company unless a duly stamped transfer deed is lodged with the company along with the certificate of title or other evidence of ownership. The section further provides that a company shall not register a transfer unless certain conditions are met, including proper documentation and the absence of stop transfer orders. Section 45 addresses types of shares, Section 46 addresses rights of shareholders, Sections 48-49 address transmission and transmission of shares, but Section 47 specifically prescribes transfer regulations.