Share transmission
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 September 2012
Dear Sirs,
there is a public limited co. formed in 2007 having 7 shareholders. this year 1 of the shareholders (holding 10% shares)died. Now his shares has to be transferred to another existing share holder.The company is not listed anywhere.
1. what is the procedure to be followed?
2. As it is a case of transmission, what other aspects to be seen here?
there is a public limited co. formed in 2007 having 7 shareholders. this year 1 of the shareholders (holding 10% shares)died. Now his shares has to be transferred to another existing share holder.The company is not listed anywhere.
1. what is the procedure to be followed?
2. As it is a case of transmission, what other aspects to be seen here?
24 September 2012
Hi
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)}
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)}
24 September 2012
Hi,
Please keep in mind that the minimum number of members of public company should not be less than 7.
Please keep in mind that the minimum number of members of public company should not be less than 7.
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