transmission of share

[Priti Astarag Patnaik]

Dear members,

 

can any one ,provide me the procedure for transmission of shares held in Physical form

--
with regards,

Mr. Priti Astarag Patnaik

[chakri hegde]

Dear Priti Patnaik,

I have tried to through some lights on the transmission of shares. And I have attached some Formats for your reference. Kindly go though the same.

TRANSMISSION OF SHARES:

 If a shareholder who held shares in his sole name dies without leaving a Will, his legal heirs can get the shares transmitted in their names by obtaining a Succession Certificate or Letter of Administration with respect to the shares and a true copy of the same, duly attested by the Court Officer or Notary Public, should be sent to the Company’s Registrars and Transfer Agents along with a request letter, transmission form and all the share certificates in original, for transmission in their favour.

 

However, if a shareholder who held shares in his sole name dies leaving a Will, his legal heirs can get the shares transmitted in their names by getting the Will probated by the High Court / District court of competent jurisdiction and then send a copy of the probated Will along with the relevant schedule / annexure setting out the details of the shares, the relevant share certificates in original and transmission form for transmission.

 

However, if the market value of the securities held by the deceased shareholder as on the date of application for transmission does not exceed Rs. 1,00,000/- (Rupees One lakh only), then the Registrars and Transfer Agents of the Company may, in their sole discretion, process the transmission request on the basis of the following documents:

 

-                     Transmission Form to be filled in by the Applicant

-                     Copy of the Death Certificate duly notarized

-                     Affidavit drawn up on non-judicial stamp paper of the appropriate value

-                     Form A to be filled in by the Applicant

-                     Letter of Indemnity duly executed both by the Applicant and Surety, drawn up on non-judicial stamp paper of the appropriate value

-                     Surety Form to be filled in by the Applicant

-                     No Objection Certificate from all the legal heirs

  ---------------------
With Best Wishes
Chakri G Hegde
Indo Nissin Foods Ltd
Bangalore

[SUNIL KUMAR B.G.]

Dear Mr. Priti,

 

 

I hope this attached file may help you.

 

 

Warm Regards,

 

 

Sunil Kumar B.G.

[ashutosh srivastava]

Dear Mr. Hedge

Is it mandatory to get the Will probated? pl comment

--
Ashutosh Srivastava, advocate
"Anand Sadan" 120/448, Lajpat Nagar,
Kanpur-208005
Ph. No. +91-512-2219445
Mob. No. +91-9415735365.

[Priti Astarag Patnaik]

Dear Sirs,

 

I am really very much thankfull to all of you , for the kind cooperation

Actually we have receive a letter from the widow a of deseased Sh holder regarding this

thanks,

[chakri hegde]

Dear Ashotosh,

Very good Morning......!!!

 A probate or probation means certification of a copy of the Will, under the seal of a competent Court with a grant of administration of the estate to the executor of the testator. It is an official evidence of an executor's authority over the estate of the testator. Probate granted by a competent court is conclusive evidence of the validity of a Will unless it is revoked later. The grant of the probate decides the genuineness of the Will and the executor’s right to represent the estate. It establishes the legal character of the executor over the estate.

Further, a probate is mandatory when the Will is executed by a Hindu, Christian or Parsi in the cities of Mumbai, Calcutta or Chennai.

 ---------------------

With Best Wishes
Chakri G Hegde
Indo Nissin Foods Ltd
Bangalore

On Tue, Jun 30, 2009 at 9:54 AM, ashutosh srivastava <mail...@gmail.com> wrote:

[SUNIL KUMAR B.G.]

Dear Mr. Ashutosh,

 

 

For effecting transmission of shares, the company shall inist on any one of the following documentsin addition to the death certificate

 

1. Probate of will

2. Sucession certificate issued by the court

3. letter of administration also issued by the court.

Procuring any of these documents is costly and time consuming. therefore, in case of small shareholding the board of directors may not insist on the said documents and in their absence may effect transmission in favour of the legal representative on the basis of

 

1. Affidavit from the legal representative

2. Indemnity bond from the said legal representative

3. Deed of relinguishment in favour of the legal representative.

 

To conclude, the probatory of will is not mandatory

 

 

Warm Regards,

 

Sunil Kumar B.G.

 

 

 

On Tue, Jun 30, 2009 at 9:54 AM, ashutosh srivastava <mail...@gmail.com> wrote: