Transmission of shares from deceased person to legal heir with no nominee and stock price less than

This query is : Resolved 

06 April 2024 My late father has 4 legal heirs. He has 10 physical share certs. I am the claimant. I understand the share transmission procedure. Among several forms, there is Appendix D Affidavit( as per Kfintec) which needs to be submitted by all legal heirs. I would like to know if same form can be used for several companies or it has to be one form for each company. The form does have provision to list out several companies.
In case the above is acceptable, then can we submit photocopies of the affidavit to all companies ? Or a true copy?
With 4 legal heirs and 10 companies, the number of affidavit is huge. How can we avoid so many documents?

11 July 2024 In the scenario where your late father has 4 legal heirs and there are 10 physical share certificates across multiple companies, you are correct in understanding that the transmission procedure typically involves submitting an Appendix D Affidavit for each legal heir for each company where shares need to be transmitted. Here are some considerations and possible solutions to manage the process efficiently:

1. **Using Appendix D Affidavit for Multiple Companies**:
- The Appendix D Affidavit generally allows for listing multiple companies where shares are held. This means you can mention all 10 companies in a single affidavit if they are all part of the transmission process.
- Each legal heir needs to submit a separate affidavit, but they can list all the companies (where shares are held) in that single affidavit.

2. **Submitting Photocopies or True Copies**:
- Ideally, each company may require an original affidavit. However, some companies may accept a true copy of the affidavit instead of an original. A true copy is a photocopy of the original affidavit certified by a notary or gazetted officer.
- Contact the respective companies or their registrars (like Kfintec) to confirm their specific requirements regarding submission of affidavits. Some companies may accept scanned copies if they have an online submission process, but this varies.

3. **Efficiency Measures**:
- To reduce the number of documents:
- Coordinate with all legal heirs to prepare the affidavits simultaneously to streamline the process.
- Prepare a checklist of required documents and ensure each affidavit is complete and accurate.
- Use digital formats where possible. Some companies may accept scanned copies through their online portals or email, reducing the need for physical copies.
- Consult with the registrars or transfer agents (like Kfintec) to explore options for bulk submission or any specific requirements they have.

4. **Legal Advice and Assistance**:
- Given the complexity and legal implications involved in share transmission, it is advisable to seek legal advice to ensure compliance with all procedural requirements and to minimize potential delays or errors.
- Legal professionals can also assist in coordinating with the companies and ensuring that all necessary documentation is prepared correctly.

By carefully organizing and coordinating the submission of affidavits for share transmission across multiple companies, you can streamline the process and reduce the administrative burden associated with handling numerous documents. Always verify specific requirements with each company or registrar to ensure compliance and efficient processing of your claim.

12 July 2024 Thank you for detailed response. Most of the RTA are Kfintech and they said they will not accept multiple companies in one form. So have to take the long cumbersome process. Hope SEBI will make it simple.




You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries