Shopper's Stop Limited - Securities and Exchange Board of India

63. If the Person aforesaid shall elect to transfer the share, he shall testify his election by executing a
transfer of the share.
64. All the limitations, restrictions and provisions of these Articles relating to the right to transfer and
the registration of transfers of shares shall be applicable to any such notice or transfer as
aforesaid as if the death or insolvency of the Member had not occurred and the notice or transfer
were a transfer signed by that Member.
65. Subject to the other provisions of these Articles, in the event of law permitting the recognition of
nominations made for the transmission of shares in the event of death of a shareholder, the
Company shall recognise the same in accordance with the applicable provisions of law.
66. In the event of there being a specific procedure for transmission of dematerialised shares in the
applicable rules, bye-laws and regulations, the said procedure shall apply.
On the death of a Member, the survivor or survivors where the Member was a joint holder, the
executor or administrator of a deceased Member or a holder of a Succession Certificate in
respect of shares of a deceased Member where he was the sole or only surviving holder shall be
the only Persons recognised by the Company as having any title to his interest in the shares and
the Company shall not be bound to recognise such executor or administrator unless such
executor or administrator shall have first obtained Probate or Letters of Administration or other
legal representation as the case may be from a duly constituted court in India. Provided that in
any case where the Board in their absolute discretion think fit, the Board may dispense with the
production of Probate or Letters of Administration or Succession Certificates upon such terms as
to indemnity, affidavit or otherwise as the Board may deem fit and register the name of any
Person who claims to be absolutely entitled to the shares standing in the name of a deceased
Member as a Member. Nothing in this Article shall release the estate of a deceased joint holder
from any liability in respect of any share, which had been jointly held by him with other Persons.
Any Person becoming entitled to a share in consequence of the death or insolvency of a Member
may, upon such evidence being produced as may from time to time properly be required by the
Board and subject as hereinafter provided, elect, either-
(iii) to be registered himself as holder of the share; or
(iv) to make such transfer of the share as the deceased or insolvent Member could have made.
The Board shall, in either case, have the same right to decline or suspend registration as it would have
had, if the deceased or insolvent Member had transferred the share before his death or insolvency.
If the Person so becoming entitled shall elect to be registered as holder of the share himself, he shall
deliver or send to the Company a notice in writing signed by him stating that he so elects.
If the Person aforesaid shall elect to transfer the share, he shall testify his election by executing a transfer
of the share.
All the limitations, restrictions and provisions of these Articles relating to the right to transfer and the
registration of transfers of shares shall be applicable to any such notice or transfer as aforesaid as if the
death or insolvency of the Member had not occurred and the notice or transfer were a transfer signed by
that Member.
Subject to the other provisions of these Articles, in the event of law permitting the recognition of
nominations made for the transmission of shares in the event of death of a shareholder, the Company
shall recognise the same in accordance with the applicable provisions of law.
In the event of there being a specific procedure for transmission of dematerialised shares in the applicable
rules, bye-laws and regulations, the said procedure shall apply.
Refusal to register nominee
67. The Board shall have the same right to refuse to register a Person entitled by transmission to any
shares or his nominee as it would have had as if such Person or nominee were a transferee
named in an ordinary transfer for registration. The Company shall not be bound to register a
transmission unless the intimation of such transmission has been delivered to the Company
under a proper transmission form duly executed by the Person entitled by transmission and
specifying the name, address and occupation, if any, of such Person along with the relative share
certificates or the letters of allotment, as the case may be. All the limitations, restrictions and
provisions of these Articles relating to the right to transfer and registration of transfers of shares
shall be applicable to any such intimation of transmission or any notice of transfer as if the
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