1) your father can apply to HC for issue of succession certificate
2) enclose aunt death certicate
3) the schedule should mention details of shares held in sister name
4) succession certificate takes around 6 months
Share transfer/ name deletion of a deceased person
My Mom, Dad & Aunt ( Dad's Sister-deceased) are joint holders of a listed company. My Aunt's death certificate is not in proper name and she had no relative except my Dad ( i.e her brother). Company is refusing to transfer share or delete the name as correct name is not mentioned on death certificate. We don't have any Pan card / Ration card for my aunt. Can this be resolved by getting a succession certificate from the court if my Dad is ready to provide the required indemnity to the company. If not then what is the alternate process to be adopted. Can you please guide.
Asked 7 years ago in Business Law
12 Answers
This is my response to you:
1. You can also obtain a Legal Heir certificate;
2. Correct the name of your aunt on the death certificate;
3. If the issue is still not resolved then file for succession certificate;
4. Legal heir Certificate should work for you because succession certificate is made for property transfer.
hello,
the name can be corrected on the death certificate by giving an affidavit wrt her correct name stating therein her correct name, her name in various other records ie educational certificates, succession certificate, etc.
regards
1. The anomaly of spelling of name is not a big issue for which the name can not be struck off from the register of RCO.
2. Now if the Company refuses to do so then you can file necessary application before the NCLT for deletion of name
3. Before that you can request the company once again by making an affidavit with regard thereto.
4. there is no need for succession certificate only for deleting her name from the register of ROC.
1. you will have to apply for a succession certificate from the court
2. the holder of succession certificate can then apply to the court to transfer the share of your aunt to the names of the other two holders such that they hold 50% share each in the shares of the listed company
3. without succession certificate, the company will not be able to do the share transfer
1. Try filing a Affidavit with relevant documentary evidences and an irrevocable indemnity bond. The company may accept it and clear the transfers.
2. IF the above does not work, then file for succession certificate for the property of the deceased. This will be also legitimate for income tax purposes.
Keep Smiling .... Hemant Agarwal
Dear Client,
Succession certificate is only way out. All your father required to prove in court brother sister relationship than being class II legal heir, S C will issue in his name.
As the shares are jointly in the name of ( 3 holders) my Aunt, Dad & Mom. Do we still need Succession Certificate (SC) because company law states that in the event of death of first holder , shares are transferred in the name of remaining shareholder. also can SC provided in correct name ( as Death certificate is issued in maiden name), While shares are in post marriage name .If yes what documents are required for succession certificate.
Asked 7 years ago
If death certificate is in maiden name succession certificate would be issued in same name only
2) for SC you need death certificate
3) schedule of shares standing in her name
4) pay the court fees
5) SC takes around 6 months
First of all you can apply for succession certificate in respect of the successors of your deceased aunt to succeed her assets through court competent.
Once the court is declaring the successor in interest then this issue cannot be disputed by the company, if they do so then it may be considered as contempt of court.
The supporting documents to show the maiden name and the name after marriage should be produced.
Though this is joint holding, the share of the deceased joint holder will devolve on his/her own legal heirs, hence succession certificate is mandatory.
You are right
As per Regulation 23 in Table F to Schedule I of the companies act, 2013, if shares are held jointly, then on demise of any joint shareholder, the interest of the deceased in the joint shareholding, will go to the surviving joint shareholers
Many apologies for my earlier response
Is the name of husband written on the DC?
If yes then you can relate the maiden name of deceased appearing on DC with the post marital name of the deceased having husband's name
Do you have marriage certificate of the deceased reflecting the maiden name and name of husband of the deceased?
Section 2(68)(ii) of the Companies Act, 2013 in case of a private limited company joint shareholders are considered as one member.
Regulation 23 of Table F in Schedule I to the Companies Act, 2013; provides that on the death of a member of a company, the survivor or survivors, where the members was a Joint holder and his legal representatives , where he was the sole holder , shall be the only person(s) recognised by the company as having any title to his interest in the shares.
No instrument of transfer in necessary in case of transfer of share in the name of Joint Shareholder.
Since Legal Representative/ Heir of a deceased Joint Shareholder has not right and interest in share held in Joint Shareholding and also he/she cannot claim that the shares will be registered in his/her name.
In this case, SC will be required to legal heirs and not to joint holders.
Show them provision if not convince, complain to registrar company to law board. ,