Dear All Corporate Professionals outthere, need your opinion on this:
Transfer & Transmission provisions are covered u/s 56 of CA,2013 and u/s 108,109,110,111,113 in CA,1956.
For transmission of shares of deceased, which is by operation of law, we follow the provisions and procedure of sec 111 of CA,1956, and that specified in CA, 2013. Its a procedure which normally every person follows.
Ex: If A (deceased person) died, his legal heir, say B (deceased's son) would get the shares of his dad. The procedure is something like, submitting a death certificate, Legal heir certificate, Affidavit, Indemnity bond, Application for transmission, etc.,
But however, my question now is: Say if A (deceased person) is dead, and his Legal Heir Son B, doesnot want to want to follow the normal procedure of Transmission, and instead of going through all those formalities, wants to Transfer to another person, say C (who is not a legal heir & a 3rd party).
So, without following all those transmission procedures, can the shares of deceased be transferred directly to C, with C giving the consideration to B, and registering C as a member in the Registers of Company.??
If yes, what would be the procedures? which laws shall be referred to, if any.
I hope you all get my question correctly.
Need your reply at the earliest. Thanks in advance.
