Transmission of shares
Querist : Anonymous
Can anybody tell me , that if the shareholder dont have any legal heir behind him , then to whom his shares to be transmit after his death ? what is the procedure ?
Procedure for transmission of shares
(i) The survivors in case of joint holding can get the shares transmitted in their names by production of the death certificate of the deceased holder of shares. The company records the particulars of the death certificate and a reference number of recording entry is given to the shareholder so as to enable him to quote such number in all future correspondence with the company.
(ii) If a member of a company dies and he leaves after him a will or letter of administration then the survivors shall get a copy of 'will' certified under the seal of a Court of competent jurisdiction. The certified copy of the will is called a 'probate' and it shall be forwarded to the company.
(iii) If a member of a company dies without leaving a will, then succession certificate issued by a Court of competent jurisdiction shall be submitted to the company.
In your case, any relative proving through documents can get shares registered but if any person is not there after, then it will be decide on the will of death shareholders.
Querist : Anonymous
please let me know the procedure of transmission.
The above reply is relating to procedure for transmission of shares.
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