Transmission of shares refers to the process through which ownership of shares is automatically transferred from a deceased shareholder to their legal heir, nominee, or legal representative. Unlike a transfer of shares, which is a voluntary act between a buyer and a seller, transmission is an involuntary process that arises by operation of law.
Involuntary Process: Occurs due to death, insolvency, or lunacy of a shareholder.
No Consideration Required: Unlike transfer, no monetary consideration is involved.
Legal Right: The legal heir or nominee acquires rights over the shares by virtue of succession or nomination.
Requires Documentation: Submission of supporting legal documents is mandatory.
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