In the unfortunate event of a shareholder's demise, the jointholder(s), if any,
of the shares are entitled to have the shares transmitted to their names on production
of an attested copy of the death certificate of the deceased. If there is no joint
holder of the shares, the legal heirs have to produce the following documents:
- Attested copy of the death certificate of the shareholder.
- If a Will is available, it has to be Probated. If not Probated, a succession certificate
In the absence of a Probate and a Succession Certificate, the following documents
have to be produced:
- A legal heirship certificate issued by the local Tahasildar detailing the legal
heirs to the deceased.
- An indemnity bond from the legal heir who claims title to the shares.
- An affidavit from the legal heir who claims title to the shares.
- A no-objection-certificate from other legal heirs to transmit the shares in favour
of one or more among them, whether singly or jointly, who are claiming title to
the shares, with signatures of the other legal heirs duly attested by a notary public.
And, of course, the original share certificates are required for effecting the transmission.
The above procedure for transmission will not be applicable if a nomination has
been made by the shareholder.