Share dilemma

• I am a senior citizen. Eight months back, I received a share certificate from Nicco Uco Alliance Credit Ltd against my investment in a corporate fixed deposit with the company. On enquiry from the stock market, I came to know that the share is hardly traded. As a result, I am unable to sell the shares. Telephonic conversations with the company has yielded no result. What is the way out?

G. Dasgupta, via email

• Nicco Uco Alliance Credit Ltd is a non-bank finance company with its registered office at 2, Hare Street, Calcutta 700001, according to the latest available annual report of the company. RD Infotech is the company's share transfer agent and its office is at 7A, Beltala Road, Calcutta 700026. You are correct when you say that the shares are hardly traded on the BSE. But there is a reason why. Quarterly results disclosed by the company show that it has made an appeal before the appellate authority against the order of the Reserve Bank of India cancelling its NBFC licence. The company has further disclosed that proceedings initiated by the Serious Fraud Investigation Office against default in repayment of fixed deposit is pending before the chief metropolitan magistrate's court. The options that you may explore are (a) approach the company secretary with a written appeal for an explanation of why the fixed deposits were converted to shares, unless the company has already provided an explanation for the same and seek an exit solution (b) seek legal counsel as the matter is under investigation and proceedings are pending before the judiciary, and (c) seek specialised brokers who can strike a deal on unlisted shares or shares which are hardly traded on the bourses.

 

Transport allowance

• In assessment year 2016-17, what is the exemption limit of transport allowance for general employees and physically handicapped employees?

Amitava Dutta, via email

• Section 10(14)(ii) of the income tax act read with rule 2BB(10) clearly specifies that the transport allowance granted to an employee is capped at Rs 1,600 per month. The same allowance for an employee who is blind or orthopaedically handicapped with disability in the lower part of the body is capped at Rs 3,200 per month.

 

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