A and B held shares of Malar Hospitals Limited. Both of them died. How do I get the shares transmitted in my name?You should obtain a Succession Certificate/Letter of Administration of the last deceased joint holder in your favour and follow the procedure for transmission of shares.
I have already produced the attested/registered will. Since getting it probated would take a long time and money, can I avoid that procedure? You will appreciate that in order to ascertain that the will in question is the last will and testament made by the deceased, it is important that the same is authenticated/ probated by the Court. This is to protect the interest of the investors at large and to obviate any future claims/disputes on the same.
The name of a joint holder was included only for convenience by the first holder. I am the only heir. Could you transfer the shares in my name as per the will/probate?As per law, the joint holder is deemed to be having indivisible ownership of the joint property and Malar Hospitals Limited cannot ascertain as to how or why the name was included. As per the Articles of Association of the company, the surviving joint holders are the only persons recognized as having title to the shares.
Transmission of Shares without Succession certificate/Probate of willTo facilitate easier transmission of physical shares held by small investors; Malar Hospitals Limited has waived the requirement of producing Probate / Letter of Administration / Succession Certificate for shares up to 500 or shares of market value of Rs.1,00,000 whichever is lower. The legal heirs of the deceased shareholders who hold up to 500 shares or shares of market value of Rs.1,00,000 whichever is lower, need to submit the following documents for transmitting the shares in their name:
- Request for transmission.
- Notarized Copy of death certificate.
- Letter of Indemnity duly supported by a guarantee of an independent surety acceptable to the Company Secretary, made on appropriate non-judicial stamp paper.
- An affidavit on appropriate non-judicial stamp paper.
(i) No Objection Certificate from the legal heir who do not object to such transmission or
(ii) Proof about indemnity of the nominee, in case of nomination.
- Original Share Certificate.
