Transmission of shares - Board Meeting
This query is : Resolved
16 September 2010
Dear Expert,
Please advise..
There are equity shares in the name of my mother and HUF of my father in a public ltd co (my father was promoter director in co). My mother & father both have expired. But I do not have probate yet. Co had asked for probate for transmitting shares in my name. So in the board meeting if 2 out of 3 directors (there are total 3 directors: 1 chairman & 2 directors in co) favor that shares be transmitted without probate, is it acceptable. or chairman can deny on this
Please advise..
There are equity shares in the name of my mother and HUF of my father in a public ltd co (my father was promoter director in co). My mother & father both have expired. But I do not have probate yet. Co had asked for probate for transmitting shares in my name. So in the board meeting if 2 out of 3 directors (there are total 3 directors: 1 chairman & 2 directors in co) favor that shares be transmitted without probate, is it acceptable. or chairman can deny on this
18 September 2010
if majority director agree than transfer can be effected without probate.
Also for safer side Board of Directors can get indemnity from u in case there will be any issue later on.
Also for safer side Board of Directors can get indemnity from u in case there will be any issue later on.
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