Transmission of un listed equity shares of the company

 Transmission is generally based on the Probate of Will, Legal Heir Certificate. In case the holder died intestate (without having a will) and his legal heirs request for the transmission of shares in their favour, the transmission may be considered on based on death certificate and affidavit cum indemnity in favour of the company, affirming that they are the sole legal heirs and in the event of any claim they will indemnify the company.  In the instant case, while the son is the legal heir, daughter in law is not the natural heir (unless there was a will or testament. Hence the transmission can be done first in favour of son. Thereafter, he can nominate his wife in the records of the company. In case his wife has name has to be included, it will be a transfer process and attract stamp duty (being a unlisted company face value or fair value can be adopted for stamp duty which is @0.25% of the value. This transaction does not need RBI approval. However, the member will be recorded as a NRI and the procedure for holding shares by NR would apply.