Transfer of shares

Subject : Trasfer of shares after the demise in case of absence of  will and successor's certificate .

I would like to know that in case a person passed away without a will.  There are few shares worth Rs. 20+ lacs or more in the personal name of the deceased. Since in view of absence of will  and successor's certificate, please  advice how can the shares be transferred in the name of the legal heir. where all the people in the family are in favour of the transfer of shares to the legal heir. 

Kindly advice 

No, the transfer is not permissible as the same are held by a Private Limited Company. The same shall have to be surrendered and while you apply for transfer of the same in your name.

No, your shares not tranferable.

According to the section 3(1)(iii)a of the Companies Act, 1956 provides that the Articles of private company shall restrict the rights to transfer the company's shares.

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Miami Beach Florida Real Estate

dear Tanu, 

the shares will be transferred in your name the process is called transmission of shares... the documents the company will ask from you are:

Transmission of Shares should be effected by the company on receipt of 

intimation of death of a Member and on production of necessary documents, 

such as - 

 (i) Death certificate; of deceases

 (ii) Request for transmission signed by the legal heir(s) / Legal  Representatives /claimant(s) with their specimen signature(s); 

 (iii) Succession Certificate or Letter of Administration or Probate of Will; 

 (iv) Original share certificate(s); 

 (v) Orders of the Court or of competent authority, if applicable;

however if he has named you as nominee then just by submitting death certificate and your request for transmission shares will be registered in your name.

lastly Where a sole shareholder who has not appointed a Nominee dies intestate, the company should on receipt of written request from the legal heir, accompanied by the certificate evidencing the death of the shareholder and the Succession Certificate or Letter of Administration together with duly executed transfer deed, register the Shares in the name of any other person elected by him,within a period of 30 days.

Further if you dont have succesion certificate the you can get it by filing a petition in the civil court for the same.

regards

Shraddha