Transfer shares of a deceased to the legal heirs

I need to know how to transfer shares of a deceased to the legal heirs.

My father has died without a will.
He was holding shares worth less than Rs.20 thousand in a co.
The heirs include his wife (i.e. my mother), and 3 children (including me)
Now, we all are willing to give NO-OBJECTION in favour of our mother for the shares to be transferred in her name.
How do we go about it ? what all documents need to be prepered ??

In further, the shares are not deposited in the CDS but is in certificate form.
We received a letter from the company today regarding the Dematerialization of listed securities advising to shareholders to take steps to lodge their shares in the CDS before 30th June 2012.

Please guide us
Thank you
Sara.

Transmission of Securities in the event of death of an Account Holder
In the event of a death of an Account Holder, Securities held by such Account Holder shall be transmitted to his/her legal heirs.
For this purpose a request to transmit such Securities shall be made in
the prescribed form/s, through the respective Participant/s.

@sara_toko: I sincerely suggest that you get in touch with a reliable stock broker and seek his advice on how to get the shares transferred in your mother's name.

Antonym wrote:Transmission of Securities in the event of death of an Account Holder
In the event of a death of an Account Holder, Securities held by such Account Holder shall be transmitted to his/her legal heirs.
For this purpose a request to transmit such Securities shall be made in
the prescribed form/s, through the respective Participant/s.

@sara_toko: I sincerely suggest that you get in touch with a reliable stock broker and seek his advice on how to get the shares transferred in your mother's name.

Since, the shares have not been deposited with the CDS as yet you have to meet the company secretary of the respective company/s with the originals of certificates and the death certificate. Necessary forms can be collected from the company secretary to transfer the shares. Once the transfer is done the new owner can deposit the same with the CDS through any of the participants (broker company).

Thank both Antonym and K.Haputantri for the replies, but still I couldn't complete the share transfer.

The letter I received from the company was stated to contact "P W Corporate Secretarial (PVT) LTD" regarding any further information on lodging shares in the CDS. I have met this officials several times during the past two months. First they asked me to fill share transfer form and hand over along with it the original share certificate, certified documents and affidavits to them to transfer the shears to my mother's name. And they told me that they will pay the stamp duty and do the necessary work. Once this is done they said they will give me a call and inform me the amount to be settled to them (for the stamp duty they pay on behalf of me) and once the share transfer to my mother's name happened then I could provide them the filled CDS3 form.

A month passed, I didn't receive any call from them. So again I checked the states with them and told them that it is near the deadline given in the letter to lodge shares in CDS. Then they told me that the rules have changed regarding Transfer shares of a deceased to the legal heirs and again I need to fill different forms. This I did. And once again they told me that they will do the necessary work and call me back within two to three days. Since they didn't call back, I call a week later. They haven't submit the forms yet and said they will do it in the coming week.

I have this feeling that these people are just keep ignoring the work. Can someone tell me how long this type of work will take? What will happen to the shares since still they are not lodge in the CDS and we do not have the original share certificate with us (as we hand over it with the transfer forms to P W Corporate Secretarial (PVT) LTD) ?

Please guide us
Thanks you
Sara.

sara_toko wrote:Thank both Antonym and K.Haputantri for the replies, but still I couldn't complete the share transfer.

The letter I received from the company was stated to contact "P W Corporate Secretarial (PVT) LTD" regarding any further information on lodging shares in the CDS. I have met this officials several times during the past two months. First they asked me to fill share transfer form and hand over along with it the original share certificate, certified documents and affidavits to them to transfer the shears to my mother's name. And they told me that they will pay the stamp duty and do the necessary work. Once this is done they said they will give me a call and inform me the amount to be settled to them (for the stamp duty they pay on behalf of me) and once the share transfer to my mother's name happened then I could provide them the filled CDS3 form.

A month passed, I didn't receive any call from them. So again I checked the states with them and told them that it is near the deadline given in the letter to lodge shares in CDS. Then they told me that the rules have changed regarding Transfer shares of a deceased to the legal heirs and again I need to fill different forms. This I did. And once again they told me that they will do the necessary work and call me back within two to three days. Since they didn't call back, I call a week later. They haven't submit the forms yet and said they will do it in the coming week.

I have this feeling that these people are just keep ignoring the work. Can someone tell me how long this type of work will take? What will happen to the shares since still they are not lodge in the CDS and we do not have the original share certificate with us (as we hand over it with the transfer forms to P W Corporate Secretarial (PVT) LTD) ?

Please guide us
Thanks you
Sara.

P W Corporate Secretarial (PVT) LTD may be the compnay Secretary to the respective company. In theory, two things have to be done by them in this instance;
(1) Issue of new share certificates in the name of the new owner.
(2) Depositing the same in the new owner's CDS account.

According to the latest procedure both will be done almost simultaniously. They will deposit the shares in your CDS account. No certificates will be sent to you. Make sure you open a CDS account in the name of the new owner & give its number to them. As you have handed over the certificate to the Company secretray you don't need to warry over the deadlines.

Sara_toko,

Sorry about your Father death. As you say your father died without a will there might be a complication as these people maybe need a letter of distribution first. Meaning a possible court case to resolve to distribute amongst you'll.

However as you are planning to give full consent to your Mother it is an interesting situation. Did you mention to company or broker that there was no will? Did they say it is okay . Anyway fist the shares will need to be deposited to your father cds account. Did he have a CDS account.

Also did your Father give a nominee for the shares by chance? if so maybe things will be easier.

sara_toko wrote:I need to know how to transfer shares of a deceased to the legal heirs.

My father has died without a will.
He was holding shares worth less than Rs.20 thousand in a co.
The heirs include his wife (i.e. my mother), and 3 children (including me)
Now, we all are willing to give NO-OBJECTION in favour of our mother for the shares to be transferred in her name.
How do we go about it ? what all documents need to be prepered ??

In further, the shares are not deposited in the CDS but is in certificate form.
We received a letter from the company today regarding the Dematerialization of listed securities advising to shareholders to take steps to lodge their shares in the CDS before 30th June 2012.

Please guide us
Thank you
Sara.

Sorry to hear about the loss.
Try the following link may be helpful.
http://www.cds.lk/account-holders/deceased-account-holders.html