Transfer of shares

This query is : Resolved

c.bakshi (Querist)
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01 March 2013 Gud afternoon all,

i have a query
"a shareholder in the public company due to death does not remain to be member of the company, now his legel representative wish to become the shareholder of the company and had proper declaration sanctioned and approved by the court that he is the only legal representative of the deceased shareholders, whare the company refuses to do so because they are demanding succession certificate now what action undertaken by the shareholder so as to get the membership in the company?

CA Mahavir Shah

CA Mahavir Shah (Expert)
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01 March 2013 When nomination is not made and shares are held in single name only than Succession Certificate is must.

But many companies are allowing affidavit in lieu of Succession Certificate if Market Value of shares is less than 20000.