Other circumstances where shares or debentures may be Transmitted

Other circumstances where shares or debentures may be Transmitted

If any person becomes entitled to the share or debenture held by any shareholder or debenture-holder because of his death, being insolvent or otherwise under the prevailing law, and that person so acquiring the title or on whom the title is so devolved makes an application accompanied by an evidence thereof, to the company, in such format and accompanied by such fees as prescribed, the company shall transmit such share or debenture to him/her.

               Provided, however, that notwithstanding that a share has not yet been transferred to the successor so acquiring the title, if an instrument of transfer of the share held by the previous shareholder and of his/her other rights over such share is executed by /her his heir established under the prevailing law, such transfer shall be deemed to have transferred to such successor.