What is surrendered of shares? What are the provisions relating to it?

Surrendered of shares is the voluntary return of shares by a shareholder for its cancellation.

There is no provision as such for surrendered of shares. This is because surrender would result in reduction of capital.

Surrender of shares therefore requires sanction of court and can be done only when it is mentioned in the Articles.

The surrendered share may be re-issued and the procedure and provision is similar to that followed in forfeiture of share.