What are the statuory compliences in the event of death of a share holder

Thanks for referral in addition to what is stated by MS_Pi i like to add some more details.

1.whether hindu, muslim will depend upon the applicable act.

2.provisions under the partnership deed are relevant.

3.Article of association is relevant.

1. If there is no will, Legal Heir Certificate is required. This is normally issued by the Tehsildar of that area. All the leagl heirs are entitled to a share in the property. Based on the leagal heir certificate and death certificate, the shares can be transferred to the beneficiaries.

2. Same procedure to be applied for Partnership Firms also, unless there is a provision to the contrary. Normally all firms will have such provisions that upon the death a partnership, he ceases to be a partner. His legal heirs can claim the share of his investment and profits if any credited to his account.

3. As a share holder follow procedure (1). The Company will have to elect a new MD after convening a Board meeting. It is the directors' and shareholders choice. It is not automatically transferrable.