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ganesh kakani (1)     31 December 2010

transmission of shares

my uncles was died before 5 month and they have purchased some shares of infotech ltd.and they take nominee as my aunty ,now she has a need of money and wanted to sale these share what procedures she has to follow,please reply as early as possible.



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 3 Replies

peehu (no)     31 December 2010

in case of death of the owner,a nominee can sell the shares without being registered as a member of the company by execution of a transfer deed...

peehu (no)     31 December 2010

death certificate is also needed to be submitted

Asha Pole (Legal)     31 December 2010

Incase of nomination

  Where a sole shareholder dies by appointing  a Nominee dies, a written notice signed by the Nominee accompanied by the certificate evidencing the death of the shareholder and the original share certificates with duly executed transfer deed, should register the Shares in the name of any other person elected by him, within a period of 30 days.   

The Nominee has the option to elect either to register himself as the holder of the Shares of the deceased or transfer the Shares to any other person. For this purpose, the Nominee should give notice of his intention.

Where no nominee is appointed

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.

The legal heir has the option to register himself as the holder of the Shares of the deceased or transfer the Shares to any other person.

Now since 30 days have elapsed please check with the company incase of any further formalities

 

 


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