As per law, the joint holder is deemed to be having indivisible ownership of the joint property and Brawn Pharmaceuticals Limited cannot ascertain as to how or why the name was included. As per the Articles of Association of the company, the surviving joint holders are the only persons recognized as having title to the shares.
Transmission of Shares without Succession certificate/Probate of will
To facilitate easier transmission of physical shares held by small investors; Brawn Pharmaceuticals Limited has waived the requirement of producing Probate / Letter of Administration / Succession Certificate for shares up to 500 or shares of market value of Rs.1,00,000 whichever is lower. The legal heirs of the deceased shareholders who hold up to 500 shares or shares of market value of Rs.1,00,000 whichever is lower, need to submit the following documents for transmitting the shares in their name:
Request for transmission.
Notarized Copy of death certificate..
Letter of Indemnity duly supported by a guarantee of an independent surety acceptable to the Company Secretary, made on appropriate non-judicial stamp paper.
An affidavit on appropriate non-judicial stamp paper.
No Objection Certificate from the legal heir who do not object to such transmission or Proof about indemnity of the nominee, in case of nomination.
Original Share Certificate.