• Listed shares transmission

Whether legal heir certificate issued by revenue authorities along with NOC by other legal heirs enough .

Or succession certificate is necessary 
In case if trasmission of listed shares
Asked 7 years ago in Civil Law

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4 Answers

Succession certificate is necessary for transmission of listed shares

2) mere legal heir certificate would not suffice

Ajay Sethi
Advocate, Mumbai
97637 Answers
7903 Consultations

HI

Revenue authorities are no longer permitted to issue Legal heir certificates.

Revenue authorities are permitted to issue only family member certificate.

Based on family member certificate and death certificate of the deceased person, you should apply for issue of succession certificate in the court

Procedure for applying for ''Succession Certificate'':

i) An application should be made to The District Judge under section 372 of the Act;

ii) the petitioner must sign and verify the petition;

iii) the residences of the relatives and family of the deceased must be mentioned;

iv) In case of The Hindu Succession Act (Act XXX OF 1956), the names of the heirs must be mentioned in the petition;

v) the right of the petitioner should be mentioned;

vi) Either Ordinary residence of the deceased, at the time of death, or the property of the deceased should be within the limits of the Jurisdiction of the Court concerned;

vii) the debts and securities as to which the succession certificate is applied for should be mentioned;

Hope this information is useful.

Rajgopalan Sripathi
Advocate, Hyderabad
2173 Answers
394 Consultations

A transmission of interest in shares of a company, of a deceased member of the company, made by the legal representative of a deceased member shall be considered as transmission of shares by operation of law. This transmission will be registered by a company in the Register of Members.

For statutory provisions related to Transmission of share one should refer the following sources:

1. Section 56 of Companies Act, 2013

2. Provisions given in model articles of association given in Table ‘F’ of Schedule-I

Yes Succession certificate is required.

Devajyoti Barman
Advocate, Kolkata
23358 Answers
524 Consultations

The companies insist on succession certificate, however if the other legal heirs are ready to give NOC and the claimant executes an indemnity bond besides submitting the copy of the legal heirship certificate, the shares may be transferred to the claimant as desired.

T Kalaiselvan
Advocate, Vellore
87831 Answers
2366 Consultations

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