Transmission of shares

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ACS VINIT GOYAL (Querist)
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10 August 2019 If a Company Shareholder died and according to his will his shares will be distributed in his two daughter in equal proportion.
In that Case, we will Cancel the Old Share Certificate and issue two share Certificates in favour of his two daughter under the same distinctive numbers ??

CS M Pota

CS M Pota (Expert)
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31 August 2019 Dear Vinit,
First of all it is here presumed that the Will is along with Probate if yes, the following steps need to be taken in my view:
1) check that presently the shares are held by the deceased in Joint name or single name if held in joint name then the name of the joint hoder is any one or both of his doughter or else.
2) If held in single name of the deceased then closed the Old Folio number of the decesed with note in the folio that how the folio is closed with date and open TWO new folio numbers with note that how the the share comes from and the original share certificate will be cancelled and Two share certificates of the distinctive numbers covering as mentined in the old share crtificare like(old share certficate no. 00001 is for 100 shares and distictive no. is 1 to 100 then new share certificate one will be for 50 share with distitive no.1 to 50 and other will be for 50 shares with distinctive no.51 to 100 will be issued).
3) If shares are held in the Joint name by the deceased with both or any of his doughter do the above said same procedure either closed the old folio number and open TWO new folios or open ONE new Folid as per your practice and follow the steps as said in above 1.

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