Rule 7 of the Companies (Share Capital and
Debentures) Rules 2014 makes detailed provision for this purpose.
Any holder of securities of a company may, at any
time, nominate, in Form SH – 13, any person as his nominee in whom the
securities shall vest in the event of his death.
Where the nomination is made in respect of the
securities held by more than one person jointly, all joint holders shall
together nominate in Form SH – 13 any person as nominee.
The request for nomination should be recorded by
the Company within a period of two months from the date of receipt of the duly
filled and signed nomination form.
In the event of death of the holder of securities
or where the securities are held by more than one person jointly, in the event
of death of all the joint holders, the person nominated as the nominee may upon
the production of such evidence as may be required by the Board, elect,
either-
(a) to register himself as holder of the securities ; or
(b) to transfer the
securities, as the deceased holder could have done.
If the person being a nominee, so becoming
entitled, elects to be registered as holder of the securities himself, he shall
deliver or send to the company a notice in writing signed by him stating that he
so elects and such notice shall be accompanied with the death certificate of the
deceased share or debenture holder(s).
All the limitations, restrictions and provisions
of the Act relating to the right to transfer and the registration of transfers
of securities shall be applicable to any such notice or transfer as aforesaid as
if the death of the share or debenture holder had not occurred and the notice or
transfer were a transfer signed by that shareholder or debenture holder, as the
case may be.
A person, being a nominee, becoming entitled to
any securities by reason of the death of the holder shall be entitled to the
same dividends or interests and other advantages to which he would have been
entitled to if he were the registered holder of the securities except that he
shall not, before being registered as a holder in respect of such securities, be
entitled in respect of these securities to exercise any right conferred by the
membership in relation to meetings of the company. The Board may, at any time,
give notice requiring any such person to elect either to be registered himself
or to transfer the securities, and if the notice is not complied with within
ninety days, the Board may thereafter withhold payment of all dividends or
interests, bonuses or other moneys payable in respect of the securities, as the
case may be, until the requirements of the notice have been complied with.
A nomination may be cancelled, or varied by
nominating any other person in place of the present nominee, by the holder of
securities who has made the nomination, by giving a notice of such cancellation
or variation, to the company in Form SH – 14.
The cancellation or variation shall take effect
from the date on which the notice of such variation or cancellation is received
by the company.
Where the nominee is a minor, the holder of the
securities, making the nomination, may appoint a person in Form SH – 14 who
shall become entitled to the securities of the company, in the event of death of
the nominee during his minority.
Form – 13 and Form – 14:
This Forms need following particulars:
Particular of Securities:
Nature of Security
Folio Number
Number of Securities
Securities Certificate
Number
Distinctive Numbers of
Securities
Particular of Nominee:
Name
Date of Birth
Father/ Mother/
Spouse Name
Occupation
Nationality
Address
E – mail ID
Relationship with
Security holder
Particulars in case of Minor
Nominee:
Date of Birth
Date of Attaining
Majority
Name of
Guardian
Address of Guardian
No comments:
Post a Comment