Share transfer
This query is : Resolved
03 January 2012
Whether Equity Shares held by a member of private limited company who is expired, can be transferred to his son though there is no WILL made by the deceased member. Can such Shares of deceased member be transferred to his three son in equal proportion?
Please friends & experts provide your expertise knowledge. In hope ur response.
Please friends & experts provide your expertise knowledge. In hope ur response.
04 January 2012
Generally Transfer and Transmission of Shares in a Pvt Ltd Company is governed by AOA. In Case AOA does not have any provision for transmission procedure would be as follows:
In case there is no will left by deceased shareholder then u can transfer the shares among three sons in equal proportion.
1. It is called Transfer by Operation of Law i.e. Transmission of Shares.
2. No Transfer Deed Shall be Executed so no need to pay any Stamp Duty.
3. A Simple application shall be made by Successor with the following Documents to the Company:
A) Death Certificate
B) Specimen Signature of Successors
C) Probate (But not applicable in ur Case as there in no will left by Deceased Share Holder)
D) Succession Certificate issued by Court
In case there is no will left by deceased shareholder then u can transfer the shares among three sons in equal proportion.
1. It is called Transfer by Operation of Law i.e. Transmission of Shares.
2. No Transfer Deed Shall be Executed so no need to pay any Stamp Duty.
3. A Simple application shall be made by Successor with the following Documents to the Company:
A) Death Certificate
B) Specimen Signature of Successors
C) Probate (But not applicable in ur Case as there in no will left by Deceased Share Holder)
D) Succession Certificate issued by Court
04 January 2012
agree with jitendra...
05 January 2012
Hello Jitendra Sir,
Thank You very much for your valuable advice.
Will you please send me format of such application and format of board resolution for allotment of such shares to the successor members of the company at my mail ID: rajeshviradiya@ymail.com, if available with you?
Thank You very much for your valuable advice.
Will you please send me format of such application and format of board resolution for allotment of such shares to the successor members of the company at my mail ID: rajeshviradiya@ymail.com, if available with you?
05 January 2012
Make a simple application on a plain paper to BOD of Company.
Resolution will be as:
RESOLVED THAT "Pursuant to the section 108 and 109B of Companies Act 1956 and other applicable provisions of this act or any other Act in force, the Application received in respect of Shares Bearing Distinct No's from___ To____, are alloted to the Successor of Deceased Shareholder Mr. _________of Company in the Following Way:
Name Distinct Nos
1)
2)
3)
FURTHER RESOLVED THAT Share certificates will be issued to the above successors under the common seal of the company in presence of Mr__________
FURTHER RESOLVED THAT Mr.__________ and Mr. _____________ , Director of Company are hereby authorised to sign SC with authorised signatory Mr._____.
Other views are also welcomed.
Resolution will be as:
RESOLVED THAT "Pursuant to the section 108 and 109B of Companies Act 1956 and other applicable provisions of this act or any other Act in force, the Application received in respect of Shares Bearing Distinct No's from___ To____, are alloted to the Successor of Deceased Shareholder Mr. _________of Company in the Following Way:
Name Distinct Nos
1)
2)
3)
FURTHER RESOLVED THAT Share certificates will be issued to the above successors under the common seal of the company in presence of Mr__________
FURTHER RESOLVED THAT Mr.__________ and Mr. _____________ , Director of Company are hereby authorised to sign SC with authorised signatory Mr._____.
Other views are also welcomed.
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