Transmission of Shares

Transmission of Shares

Q1 : In case of joint holdings, in the event of death of one shareholder, how do the surviving shareholder(s) get the shares in his/their names?

Ans : The surviving shareholder(s) will have to submit a request letter supported by a notarized copy of the death certificate of the deceased shareholder and the relevant share certificates to our  RTA, M/s. Karvy Computershare Private Limited, Plot No. 17 – 24, Vithalrao Nagar, Madhapur, Hyderabad - 500 081, Andhra Pradesh.

 

Q2 : If a shareholder who held shares in his sole name dies without leaving a will. How can his legal heir/s (either husband/wife/son/daughter, etc.) get the shares transmitted in their names?

Ans : Firstly the legal heirs have to obtain a Succession Certificate or Letter of Administration with respect to the shares and a true copy of the same, duly attested by the Court Officer, or Notary should be sent to our RTA, M/s. Karvy Computershare Private Limited along with a request letter along with all the share certificates in original, for transmission in their favour.

Q3 : If the deceased family member who held shares in his/her own name (single) had left a will, how do the legal heir/s get the shares transmitted in their names?

Ans : The legal heirs will have to get the will probated by the Court of competent jurisdiction and then send a copy of the probated will, along with relevant schedule/annexure setting out the details of the shares, the relevant share certificates in original and transmission form for transmission.

Q4 : A and B held shares of PI Industries Ltd. Both of them died. How do I get the shares transmitted in my name?

Ans : 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.

Q5 : I have already produced the attested/registered will. Since getting it probated would take a long time and money, can I avoid that procedure?

Ans : 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.

Q6 : 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?

Ans : As per law, the joint holder is deemed to be having indivisible ownership of the joint property and PI Industries Ltd 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.

Q7 : Transmission of Shares without Succession certificate/Probate of will ?

Ans : To facilitate easier transmission of physical shares held by small investors; PI Industries Ltd has waived the requirement of producing Probate / Letter of Administration / Succession Certificate for shares up to 100 or shares of market value of Rs.1,00,000 whichever is lower. The legal heirs of the deceased shareholders who hold up to 100 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:

1. Request for transmission.
2. Notarized Copy of death certificate..
3. Letter of Indemnity duly supported by a guarantee of an independent surety acceptable to the Company Secretary, made on appropriate non-judicial stamp paper.
4. An affidavit on appropriate non-judicial stamp paper.
5. (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.
6. Original Share Certificate.

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