Aura Ltd. has received a request from Joe, one of the legal representatives of a deceased member James, for transmission of 1000 equity shares. Meanwhile Jennie, the spouse of James, being a joint holder along with James

Transmission of shares Article 23(i) of Table F of Schedule I of the Companies Act, 2013 provides that on the death of a member, the survivor or survivors where the member was a joint holder, and his nominee or nominees or legal representatives where he was a sole holder, shall be the only persons recognised by the company as having any title to his interest in the shares. Accordingly, In case of Transmission of share, the Company Secretary should check whether: The shares have been transmitted to the legal representative of the deceased shareholder in the case of death of a sole shareholder; and In the case of joint holdings only to the survivor(s). Transmission of share is effected upon the production of succession certificate or probate or letter of administration or indemnity duly signed by the legal heirs of the deceased or as per procedure stipulated by the board and / or Article of Association. In the present case, James was the deceased member who held 1000 Equity shares along with Ms. Jennie, being as joint holder and the only survivor and for the transmission of share they were two claimants: Mr. Joe, the legal representative of the deceased member Ms. Jennie, the spouse of the deceased member who is also the joint share holder of 1000 along with the deceased member. Thus, in view of above, the shares shall be transmitted in favour of Ms. Jennie, being the survivor of shares held by her jointly with the deceased member of the company subject to the fulfillment of other applicable conditions.