Huf death of karta
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 February 2013
"A" is a closely held company , one of the meember is HUF, the karta of the HUF has died recently, the shares are to be transferred in the indivdual name of his son,
Query : Can we do this?
What is the procedure?
Query : Can we do this?
What is the procedure?
18 February 2013
Hi
It will be considered as transmission of shares on death of shareholder.
Requirement of documents/evidence for transmission of shares
Where title of shares comes to vest in another person by operation of law, it is not necessary to execute and submit transfer deed. A simple application to the company by a legal representative along with the following necessary evidence is sufficient:-
1. Certified copy of death certificate
2. Succession certificate
3. Probate
4. Specimen signature of the successor.
However the requirement of these certificate is not essential and depends on various circumstances of the case. Where the succession certificate has been granted in respect of shares, the company can not insist on the production of probate or letter of administration, the certificate affords full indemnity to company.{Thenappa Chettiar v. Indian Overseas Bank Ltd.(1943)}
It will be considered as transmission of shares on death of shareholder.
Requirement of documents/evidence for transmission of shares
Where title of shares comes to vest in another person by operation of law, it is not necessary to execute and submit transfer deed. A simple application to the company by a legal representative along with the following necessary evidence is sufficient:-
1. Certified copy of death certificate
2. Succession certificate
3. Probate
4. Specimen signature of the successor.
However the requirement of these certificate is not essential and depends on various circumstances of the case. Where the succession certificate has been granted in respect of shares, the company can not insist on the production of probate or letter of administration, the certificate affords full indemnity to company.{Thenappa Chettiar v. Indian Overseas Bank Ltd.(1943)}
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