Transmission of shares
This query is : Resolved
02 July 2013
Does pvt ltd company requires any form for the transmission of shares in case of death o shareholder?
and what other procedure need to be complied?
and what other procedure need to be complied?
02 July 2013
Hi
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)}
No need of Form-7B (transfer form).
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)}
No need of Form-7B (transfer form).
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02 July 2013
Dated:
To,
The Board of Directors
………….. Limited 117,
Address:
Sub: Transmission of 2,500….. Equity shares held by Mr. X
Ref.: L.F. No. .............
Dear Sir(s),
I have to inform that Mr. X was holding ……2,500 Equity Shares of Rs. 10 each dully fully paid up in the company under L.F. No. ........ Details of the Equity Shares being given hereunder:
Sl. No.
Certificate No.
Dist. No No. of Shares From .….... to.....
I, hereby submit the following documents for transfer of 2,500 Equity Shares in my name:
1. Copy of Transfer Deed, if any(generally not required).
2. Copy of PAN.
3. Original share certificates.
4. Specimen signatures of mine.
Kindly consider and arrange for transfer of the above said shares in my favour as earliest and oblige.
Thanking you.
Yours faithfully
(Mr. Y……….............)
Encl.: a/a
Dated:
To,
The Board of Directors
………….. Limited 117,
Address:
Sub: Transmission of 2,500….. Equity shares held by Mr. X
Ref.: L.F. No. .............
Dear Sir(s),
I have to inform that Mr. X was holding ……2,500 Equity Shares of Rs. 10 each dully fully paid up in the company under L.F. No. ........ Details of the Equity Shares being given hereunder:
Sl. No.
Certificate No.
Dist. No No. of Shares From .….... to.....
I, hereby submit the following documents for transfer of 2,500 Equity Shares in my name:
1. Copy of Transfer Deed, if any(generally not required).
2. Copy of PAN.
3. Original share certificates.
4. Specimen signatures of mine.
Kindly consider and arrange for transfer of the above said shares in my favour as earliest and oblige.
Thanking you.
Yours faithfully
(Mr. Y……….............)
Encl.: a/a
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