URGENT - REMISSION OF SHATES OF DEMISED PERSON

Dear Friends,

I am taking over a private limited company, were the list of shareholder contains a person who held 11 nos. of equity shares. The said person demised early in the year 2001 and the problem being the demised person has no legal hier. Now since I am taking over the company is not willing to take over those shares as well. As such I seek your advise on this at the earliest..............Is there any provison for transferring such shares in the powers of the managing director......if yes please guide me to the reference provison or case law.....

Waiting eagerly for your responses

Thanks & Regards

CA. Ritesh Agarwal