the father of the auditor holds shares in pvt co. on his death can shares be transmitted to auditor
2 Replies
Jaideep
(Service)
(1368 Points)
Replied 19 April 2011
For transmission The legal heir(s) should obtain a Succession Certificate or Letter of Administration with respect to the shares and send a true copy of the same, duly attested, alongwith a request letter, transmission form, and the share certificate(s) in Original, to the Company’s R&TA for transmission of the shares in his / their name(s).
Since the transmission is by operation of law, neither consideration for transfer nor
stamp duty is required on instruments for transmission.
However, Auditor can not hold shares of the Compnay, it come under one of the disqualification.
Regards
Jaideep Pandya
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 19 April 2011
No, it would cause disqualification for the Auditors.
"No person shall be entitle to be appointed as Auditor of the Company if he is holding any security (instrument which carry voting right) of that company."
If the shares get transmitted in his name, he shall be deemed to have vacated his office of Auditors.
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