If any person becomes entitled to the share or debenture holed 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 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 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 has executed by /her his heir established under the prevailing law, such transfer shall be deemed to have transferred to such successor.