The Stock Gift Agreement is a crucial document used in Indian corporate practice for transferring shares without consideration, commonly utilized in family wealth planning, corporate restructuring, or charitable giving. This agreement needs to comply with various Indian regulations, including the Companies Act 2013, SEBI guidelines (for listed companies), and tax laws. It's particularly important in scenarios involving family business succession, employee rewards, or philanthropic activities. The document must address specific Indian legal requirements such as stamp duty compliance, tax implications under the Income Tax Act, and proper documentation for regulatory authorities. The agreement typically includes detailed information about the shares being transferred, representations about their unencumbered status, and the process for completing the transfer in accordance with Indian corporate law.
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1. Parties: Identification of the donor and recipient, including their full legal names, addresses, and tax identification numbers
2. Background: Context of the gift, relationship between parties, and brief description of the purpose of the agreement
3. Definitions: Definitions of key terms used in the agreement, including 'Shares', 'Company', 'Transfer Date', etc.
4. Details of Gift: Specific description of the shares being gifted, including number, class, and the company details
5. Declaration of Gift: Clear statement that the transfer is voluntary, without consideration, and intended as a gift
6. Transfer Process: Steps to be taken to effect the transfer, including documentation and regulatory requirements
7. Representations and Warranties: Donor's declarations regarding ownership, right to transfer, and absence of encumbrances
8. Tax Obligations: Acknowledgment of tax implications and responsibilities of each party
9. Governing Law: Specification that the agreement is governed by Indian law
10. Execution: Signature blocks and execution formalities
1. Board Approval: Required if the company's articles mandate board approval for share transfers
2. Regulatory Compliance: Needed if the shares are of a listed company or if SEBI regulations apply
3. FEMA Compliance: Required if either party is a non-resident Indian or foreign national
4. Nominee Details: Optional section for recipient to designate a nominee for the shares
5. Right of Revocation: Optional clause specifying any conditions under which the gift may be revoked
6. Power of Attorney: Optional authorization for completing transfer formalities
7. Dispute Resolution: Optional detailed dispute resolution mechanism beyond basic governing law clause
1. Schedule 1 - Share Details: Detailed description of shares including share certificate numbers, distinctive numbers, and folio numbers
2. Schedule 2 - Company Information: Details of the company whose shares are being transferred, including registration number and registered office
3. Schedule 3 - Transfer Forms: Share transfer forms as required by the Companies Act
4. Appendix A - Board Resolution: Copy of board resolution approving the transfer (if required)
5. Appendix B - Valuation Report: Share valuation report for tax purposes
6. Appendix C - KYC Documents: Copies of identity and address proofs of both parties
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