Beneficial owner dies
Pallavi Moonka (company sectretary) (112 Points)
03 June 2016
What should be done by the company when the beneficial owner of shares die? Kindly Reply ASAP
4 Replies
Yogesh Tirthani
(Student)
(292 Points)
Replied 03 June 2016
A beneficial owner is a person who enjoys the benefits of ownership even though title is in another name. Now in this case if beneficial owner deis then company will transfer all the benefits to the registered or title holder of the shares.
Pallavi Moonka
(company sectretary)
(112 Points)
Replied 03 June 2016
Could you please cite the provisions. More over there is a section that talks about change in beneficial interest - Section 89.
Yogesh Tirthani
(Student)
(292 Points)
Replied 03 June 2016
If a person holding beneficial interest dies, the procedure for transmission of Shares... So Kindly revise your article as you have mentioned wrongly by whom the MGT 4 & 5 should be file.. it should be the other way round..
Rajnesh Gautam
(Company Secretary)
(62 Points)
Replied 04 June 2016
registered shareholder need to file MGT-4
Beneficail owner need to file MGT-5
and company need to file MGT-6 to the ROC within 30 days of change.
please refer section 89(3) and form MGT-6
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