What is the procedure for Transmission of shares in case of a death of foreign Shareholders ??
4 Replies
Ankur Garg
(Company Secretary and Compliance Officer)
(114778 Points)
Replied 23 February 2010
Please find below general procedure for transmission of shares
(i) The survivors in case of joint holding can get the shares transmitted in their names by production of the death certificate of the deceased holder of shares. The company records the particulars of the death certificate and a reference number of recording entry is given to the shareholder so as to enable him to quote such number in all future correspondence with the company.
(ii) If a member of a company dies and he leaves after him a will or letter of administration then the survivors shall get a copy of 'will' certified under the seal of a Court of competent jurisdiction. The certified copy of the will is called a 'probate' and it shall be forwarded to the company.
(iii) If a member of a company dies without leaving a will, then succession certificate issued by a Court of competent jurisdiction shall be submitted to the company.
(iv) In case a member of a company becomes bankrupt, the official receiver shall produce documentary evidence of his appointment from a competent Court.
Right to dividend, rights shares and bonus shares to legal representative shall be kept in abeyance
Regards
Ankur Garg
(Company Secretary and Compliance Officer)
(114778 Points)
Replied 23 February 2010
Please find below a useful file for transfer and transmission of shares. Hope this file would be off some help.
Best Regards
Attached File : 16 transfer and transmission of shares.pdf downloaded: 297 times
Richa
(cs final)
(26 Points)
Replied 23 February 2010
Is there any provision for FEMA which has to be complied with as well?
Ankur Garg
(Company Secretary and Compliance Officer)
(114778 Points)
Replied 23 February 2010
Well richa am not very sure about FEMA provisions. Let's wait for other opinions.
Recent Topics
- Interest free loans from directors in private limi
- Section 194T
- Paying GST on Residential House Construction
- Gst credit ledger input
- Income Tax Filing after Portal Deadline
- LTCG u/s 54 -Time Period Related
- Clarification -GST registration
- TDS on commercial bus insurance payment
- Do we need Environmental Clearance certificate for
- GST Rate confussion
Related Threads
CAclubindia
