When the holder of shares is no more or has been declared lunatic or insolvent or incase the holder of shares is a company, and it has wound up then transmission of shares takes place according to the operation of law.
There is no transfer deed executed, and the transferee will be given the rights to the shares, and the transmission is recorded only when the transferee gives proof of entitlement to the shares. The shares of a public company are freely transferable and the transfer takes place between the transferor (one who transfers) and the transferee (one who receives), unless the company has a valid reason to disallow the same. The shares of a private limited company are not transferable subject to certain exceptions. A transfer deed is executed for the transfer of shares