• Transfer of Name on the Share Certificate

My father passed away a year back. Leaving a nomination with 40 % shares on mothers name and 20 % shares in each of 3 children name. All three children are abroad. My mother requires to transfer her name provisionally on the share certificate. How can we add our names and what are the process involved.?
Asked 3 years ago in Property Law
Religion: Christian

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10 Answers

All the shareholders have to give their consent in order to transfer the ownership to your mother. A power of attorney can be given to a person who may appear on behalf of the children.

Rahul Mishra
Advocate, Lucknow
14108 Answers
65 Consultations

Apply to society to transfer flat in name of legal heirs asper nomination form submitted by society 

 

submit Indemnity bond if directed by society to indemnify it in case any claims are made 

Ajay Sethi
Advocate, Mumbai
97814 Answers
7927 Consultations

Assuming that the percentages mentioned refer to shares of different companies held in your late father's demat account, my advice is that the other nominees consent to transfer of shares solely in your mother's name. The DP (Depository Participant) would surely have prescribed forms for the purpose. Your mother has to necessarily open (or already have) a demat account either with that DP or elsewhere). Once the claim is settled and the shares are transferred in your mother's demat account, your mother may either transfer the shares further to the other original nominees (who also are required to hold demat accounts) or sell the shares with their consent and remit the proceeds to them.

Swaminathan Neelakantan
Advocate, Coimbatore
2972 Answers
20 Consultations

If there is a registered nomination left by the deceased member with the society then only the death certificate is required to be submitted and the society should do the needful

However please note that mere nomination does not confer any ownership title on the nominees 

In your case the nominees also happen to the legal heirs of the deceased 

So any one legal heir with the consent of the other legal heirs has to apply for an heirship certificate or a letter of administration from the Court to complete the title in the society records 

Relevant share transfer forms also have to be submitted to the society 

For this process the children who are not in India can make a power of attorney in favour of their mother or any other trusted person who can do the various formalities for transfer on their behalf 

Yusuf Rampurawala
Advocate, Mumbai
7782 Answers
79 Consultations

The share holder needs to nominate your for share from her share then you can be part of the same

Prashant Nayak
Advocate, Mumbai
33092 Answers
215 Consultations

Hi, First all of you need to obtain a Succession Certificate and once you obtain the same then you have to write a letter to the company to issue fresh certificate and include your names in the Share certificate.

Pradeep Bharathipura
Advocate, Bangalore
5617 Answers
338 Consultations

- Since, the nomination is in the name of mother and children, then after the death of father it can be claimed accordingly by the nominees . 

- You can move an application to the Registrar with an affidavit and death certificate of father for the transfer the certificate in the name of nominees. 

- Further , there may be requirement for survival certificate for the same 

Mohammed Shahzad
Advocate, Delhi
14889 Answers
226 Consultations

Dear Client,

It is advisable to write an application to the Registrar attaching the death certificate of the father and the Succession Certificate of the children with regard to the the transfer certificate. Once the process is completed, you may issue a request at the same destination for a new share certificate which would be as per the requirement.

Thank you.

Anik Miu
Advocate, Bangalore
10482 Answers
121 Consultations

As your deceased father has nominated all the four as his nominees, the share certificate can be issued by the society on the joint names by mentioning the proportionate share in respect of each individual.

You may have to apply to society in a format that would be available in the society for this.

 

If you the other three members want to transfer the entire shares to your mother's name, then you all have to give a No objection to the society in the format available with the society duly notarised, however she cannot get title to the entire property by this NOC alone, the other shareholders have to execute a registered release deed relinquishing their rights in the property after which your mother would become an absolute owner of the entire property. 

T Kalaiselvan
Advocate, Vellore
88016 Answers
2370 Consultations

Dear Sir,

She has to obtain NOC or some other document as may be suggested by concerned authority to transfer all the shares in her exclusive name.

 

Kishan Dutt Kalaskar
Advocate, Bangalore
6193 Answers
493 Consultations

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