TRANSMISSION
1. I am holding shares which were in the name of my relative who died without a will. The shares were held in his/her single name. What is the procedure for transfer of these shares to my name?

You may follow one of the following two procedures.

(a) Transmission with legal documents

If market value of the shares in question is more than Rs 2.5 lacs you will need to produce the following documents to the R&T Agent:

  • Transmission form
  • Succession Certificate/Letter of Administration/ Probate of Will
  • Original share certificates
  • Death certificate attested by a Bank Manager

Click here for a format of the Transmission form

 

(b) Transmission without legal documents

In terms of Article 57 of Articles of Association of the Company, the Board of Directors is competent to permit a transmission of shares without insisting on legal documents upto a specified limit. The Company’s Board of Directors may deem fit to exercise this discretion, in certain cases, provided the value of shares involved does not exceed Rs 2.5 Lacs. The Company may not choose to offer this privilege in certain doubtful cases, and may insist on completion of full legal formalities for claiming the shares of the deceased shareholder, which includes production of the Probate or Letters of Administration or Succession Certificate.

The documents to be submitted for this purpose are:

  • Indemnity Bond cum Affidavit on stamp paper of Rs. 300/-
  • Original share certificates
  • Death certificate attested by a Bank Manager

Click here for a format of the Indemnity Bond cum Affidavit

R&T Agent will check all the documents and transfer the shares in your name. If there is any query, the Agent will send an objection and guide for completion of the procedure.

 

2. I am holding shares which were in the name of my relative who died leaving behind a will. The shares were held in his/her single name. What is the procedure for transfer of these shares to my name?

The procedure is the same as above. However in case the shares are worth more than Rs 2.5 lacs, a probate of the will needs to be submitted instead of the Succession Certificate/Letter of Administration/Court Order. The legal heirs will have to get the will probated by High Court/District Court of competent jurisdiction.

In case the shares are worth upto Rs 2.5 lacs, the Company may accept the transmission request without a probate; instead and Indemnity and Affidavit as indicated at Answer 1 (b) above needs to be submitted.

 

3. In case of joint holdings, in the event of death of one shareholder, how do the surviving shareholders get the shares in their names?

The surviving shareholders will need to submit a letter supported by a photocopy of the Death Certificate of the deceased shareholder attested by a Bank Manager and the relevant share certificates.

On receipt of the same, the R&T Agent will delete the name of the deceased on the share certificate.

 

4. Shares of the Company were held in joint names. Both joint holders died some time ago. How do I get the shares transmitted in my name?

Please follow the procedure as indicated at Question 1 with respect of the shareholder who was the last to die.

 

5. I have already produced the attested/registered will. Since getting it probated would take a long time and money, can I avoid that procedure?

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 investors at large and to obviate any future claims/disputes on the same.

However, if the market value of shares is less than Rs 2.5 lacs, the Company’s Board of Directors may deem fit to permit a transmission of shares without insisting on legal documents, in certain cases. In case the Company offers this privilege, you can complete the formality of Transmission without legal documents

Click here for a format of the documents to be submitted in this regard.

 

6. 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 the Company 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 recognised as having title to the shares.