Shares transmission query
This query is : Resolved
05 September 2019
"A" was a Director in a Company. He had one son and two daughter named as x, y and z. "A" made a "will" and registered with their registrar in 2013. He wrote in the will that the shares held by him in the company will be transmitted to his son "x" and daughter "y" in the ratio of 50% each. "A" expired in 2017. Now his son "x" requested the company to transmit 50% share in his name. He also submitted photocopy of will along with Death Certificate of Father and Mother. Please clarify :
1. Whether 50% share transmitted to the son "x" is or not.
2. If yes, then what the formalities should be done by the company.
1. Whether 50% share transmitted to the son "x" is or not.
2. If yes, then what the formalities should be done by the company.
05 September 2019
Companies normally ask for PROBATE. It is suggested to get PROBATE from Court and then the shares will be transferred/transmitted as per the PROBATE
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