Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

Transmission of Shares and Debentures

SS - Old - 06 - Rule - Companies Law - SS - Old - 06 - SS-6 Secretarial Standard on The following is the text of the Secretarial Standard-6 (SS-6) on issued by The Institute of Company Secretaries of India. In the initial years, adherence by a company to this Secretarial Standard will be recommendatory. In this Secretarial Standard, the Standard portions have been set in bold type. These should be read in the context of the background material which has been set in normal type and in the context .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

levant documents, alongwith the share certificates to effect transmission of Shares. In case of dematerialised holdings, the formalities for transmission of all securities can be completed by submitting the documents required by the Depository Participant. Scope This Standard applies to Transmission of Shares held by individual shareholders in physical mode. Definitions The following terms are used in this Standard with the meaning specified: Act means the Companies Act, 1956 or any statutory mo .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

t will of a deceased person is, by the appointment of the deceased, confided. Heir means any person who is entitled to succeed the property of a deceased under applicable laws. Intestate means the deceased had not made a testamentary disposition of property. Legal Representative means a person who in law represents the estate or interests of another person. Member means any person who agrees, either by subscribing to the Memorandum of Association of the company or by applying in writing, to beco .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Shares should vest in such an individual on the death of the shareholder(s) and that individual need not be a legal heir. Probate means the copy of the Will certified under the seal of a Court of competent jurisdiction with grant of administration to the estate of the deceased. Shares include debentures. Transmission means passing of property in Shares, other than by way of transfer, by operation of law consequent to the death or insolvency of the member. Will means the legal declaration in writ .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

smission signed by the legal heir(s)/Legal Representatives/claimant(s) with their specimen signature(s); (iii) Succession Certificate or Letter of Administration or Probate of Will; (iv) Original share certificate(s); (v) Orders of the Court or of competent authority, if applicable; (vi) Permission under the Foreign Exchange Management Act, 2000, if applicable. The company may require documentary evidence to prove the identity of the legal heir or other claimants, such as PAN Card, Passport, Rat .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

tative of the deceased Member. Section 109A provides for nomination by an individual in respect of his Shares. Where a Nominee has been appointed, the Shares shall vest in the Nominee on the death of the Member. As per Section 109B, on death of the shareholder, the Nominee has the option to elect either to register himself as the holder of the Shares of the deceased or transfer the Shares to any other person. The transferees need not be the legal heirs of the deceased shareholder(s). Similar rig .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

-reference to the register maintained for recording nomination. In case the Nominee is a Minor, on death of the shareholder during the minority of the Nominee, the Shares should be transmitted to the Minor under the guardianship as mentioned in the nomination form till the Minor attains majority; however, the beneficial interest will be with the Minor. In case the Shares were held by a lunatic or insolvent, the company may insist on an order of a Court of competent jurisdiction declaring such pe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the original share certificates, register the Shares in the name of the Nominee within a period of 30 days. 1.2 Where a sole shareholder who has appointed a Nominee dies, the company should on receipt of written notice signed by the Nominee accompanied by the certificate evidencing the death of the shareholder and the original share certificates with duly executed transfer deed, register the Shares in the name of any other person elected by him, within a period of 30 days. The Nominee has the o .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ompanied by the certificate evidencing the death of the shareholder and the Probated Will, register the Shares in the names of those persons who are entitled to the Shares as per the Will within a period of 30 days. The Board may at its discretion waive the requirement of probating the Will on production of other satisfactory evidence about the genuineness of the Will. 1.4 Where a sole shareholder who has not appointed a Nominee, dies intestate, the company should on receipt of written request f .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

a sole shareholder who has not appointed a Nominee dies intestate, the company should on receipt of written request from the legal heir, accompanied by the certificate evidencing the death of the shareholder and the Succession Certificate or Letter of Administration together with duly executed transfer deed, register the Shares in the name of any other person elected by him, within a period of 30 days. The legal heir has the option to register himself as the holder of the Shares of the deceased .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

r appointed a Nominee, the company should on receipt of written notice signed by the Nominee accompanied by the certificate evidencing the death of all the joint shareholders, register the Shares in the name of any other person elected by him, within a period of 30 days. Where joint holders have jointly appointed a Nominee, Shares shall vest in the Nominee, only in the event of death of all the joint holders. Where Shares are held in joint names, on death of any of the holders, the company shoul .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

accompanied by the certificate evidencing the death of the shareholder and the Probated Will, register the Shares in the names of those persons who are entitled to the Shares as per the Will within a period of 30 days. The Board may at its discretion waive the requirement of probating the Will on production of other satisfactory evidence about the genuineness of the Will. The legal heir has the option to register himself as the holder of the Shares of the deceased or transfer the Shares to any .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

olders died intestate without appointing a Nominee, the company should on receipt of written request from his legal heir accompanied by the certificate evidencing the death of the shareholder and the Succession Certificate or Letter of Administration, together with duly executed transfer deed, register the Shares in the name of any other person elected by him, within a period of 30 days. 2.6 Where Shares are held in joint names and all the shareholders die simultaneously and no Nominee has been .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he company should on receipt of written request from any of the legal heirs of the first named shareholder accompanied by the certificate evidencing the death of all the shareholders and the Succession Certificate or Letter of Administration, register the Shares in the name of the legal heirs of the first named shareholder within a period of 30 days. In the case of Shares held jointly, the Articles of the company recognize the first named person as the shareholder for the purpose of receiving no .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version