Noc from legal heirs in case of shares held in physical mode

You will have to act as per the directives of the Registrar & Transfer Agents of the said company. They will provide you the necessary process and format.

NOC has nothing to do, so far as the company shares are concerned. Different procedure works for shares, whether the shares are singly held or jointly held, with or without nomination/ will, besides the value of shares and procedure of different companies. You have not stated anything on that aspect.

Better discuss in detail to arrive at some purposeful opinion. However, in general there is no substitute for succession certificate, if obtained from a competent court of law.

NOC comes in place when the number of legal heir's are more than 2. This is because the shares can be owned / transmitted to max of 2 individuals ONLY. Hence in case if there are more number of legal heirs OR in case if all Legal Heirs wish to transfer the shares to only 1 of the Heir's then they will have to issue an NOC in the prescribed format in a NJS duly Notarised.