In case of joint holdings, in the event of death of one shareholder, how do the surviving shareholders get the shares in their names?
A.
In case of death of any joint shareholder, an application has to be made to the Company along with a certified copy of the Death Certificate. The Company shall on receipt of the death certificate along with a request letter and all share certificates, delete the name of the deceased shareholder and return the share certificate(s) duly endorsed in favour of the remaining shareholder(s).
Q.
If a shareholder holding shares in his sole name dies without leaving a will, how can his legal heir/s (either husband/wife/son/daughter) get the shares transmitted in their names?
A.
In such a situation it is very difficult to prove the ownership of estate of the deceased member. Following documents along with the share certificate(s) need to be submitted to the Company for transmitting the shares:-
Request for transmission in writing
Certified copy of the Death certificate
Certified copy of any one of the following:
Letter of Administration from court, if applicable
Succession Certificate, if applicable
Title Claim, if required and
No Objection from the other legal heirs, if any.
The Company may however also consider transmission of shares without receiving any of the documents mentioned at 'C' above on receipt of an Indemnity Bond on stamp paper of Rs. 200 and an Affidavit on stamp paper of Rs. 20.
