Transfer of shares in private limited co.

This query is : Resolved

Pooja (Querist)
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23 January 2012 Dear Sir/Madam,

In a private limited company one of the director has Deceased, now in this company the no of shares of Deceased Director need to transfer to another director. is this possible?(according to the restriction of Sec 3(1)(iii) regarding transfer of share in private limited)?? if yes then what will be the procedure?? and what documents to be file with ROC?

Thanks in advance

Jiten Gupta

Jiten Gupta (Expert)
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23 January 2012 As per my view::

In case of transfer, the transfer deed should be duly files and signed by transferor and transferee. But here in ur case Transferor is not alived so following process shall be taken into account::

In case of Shares held by Deceased Shareholders, Shares are Transmitted to the Legal heirs of Such Deceased Shareholders.

once this is done, Legal heirs can transfer the shares to anyone provided that all Members' consents are accorded and also follow provision contained in AOA.

Pooja

Pooja (Querist)
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23 January 2012 Sir,

how will to intimate ROC? regrdng transmission of shares??

Jiten Gupta

Jiten Gupta (Expert)
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23 January 2012 No need to intimate ROC in case of Transfer and Transmission.

Charu Srivastava

Charu Srivastava (Expert)
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24 January 2012 agree with expert.

The shares of the deceased shall go legal heir or nominee of the deceased through transmission not to the other director.

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