• Unauthorized share transfer - I am one of the legal heirs

1.	That the company M/s. Prakash & Prakash Builders (1971) Private Limited came into existence in the year 1972. The founder members of the company are as follows:- 
(a)	Late Om Prakash Dhamija;
(b)	Late Nita Prakash Dhamija;
(c)	Late Rajendra Prakash Dhamija;
(d)	 lateVidyavanti Dhamija;
(e)	 lateVikram prakash Dhamija;
(f)	Smt Premalatha Dhamija;
(g)	 SmtMeenakumari Dhamija; 
(h)	 SmtRaj Kumari; 
(i)	 SmtBimala Devi;
(j)	Uma Singh;
(k) Santi Lal Bajaj

2.	That Mr. Om Prakash, (my father) and Rajendra Prakash Dhamija (my uncle) were the founder directors of the said company. 
3.	That R.P. Dhamija died in the year 1978 leaving behind his wife Mrs. Sarala Dhamija and minor children Mr Rajesh Dhamija And Naveen Dhamija then aged 14 years and 7 years. At the time of my uncle’s death, Mr. R.P. Dhamija held 1580 shares of the company. After his death, 790 bonus shares were allotted in his name. Till 1989 the shares of Late R P Dhamija was reflecting in the shareholder register of the company.
4.	It is pertinent to mention here that after the demise of Mr. R.P. Dhamija, all the allotted shares (1580+790) standing in the name of Mr. RP Dhamija were transmitted in the name of Mr. Om Prakash Dhamija
5.	That on 18th May 1999 OP Dhamija died intestate leaving behind his wife Mrs. Nita Prakash Dhamija, Mr. Vikram Prakash Dhamija and I. On 2nd November 2014 Mrs. Nita Prakash Dhamija died intestate leaving behind two sons namely Vikram Prakash Dhamija and I. Later, on 18th July 2017 Vikram Prakash Dhamija died intestate leaving behind his wife Mrs. Jyotee Dhamija and his son Mr. Aditya Om Prakash Dhamija aged 14 years and daughter Khushi Dhamija aged 10 years. 
6.	It appears from the website of the MCA portal that major and/or substantial portion of my parents’ share (Mr OP Dhamija and Nita Prakash Dhamija) were transferred in the name of Vikram Prakash Dhamija. It is assumed that these transfers of shares were during the year 2000 and 2015. 
7.	It is not clear as to how the allotted shares were transferred in the name of my brother Mr Vikram Prakash Dhamija without having my consent. Please be informed I being one of the successors of my parents have equal right in respect of the allotted shares held in the name of my parents namely Om Prakash Dhamija and Nita Prakash Dhamija. To my best knowledge and belief I never authorized any person to transfer my shares to anybody nor have I given NOC in this regard. In other words, at no material point of time, I have forfeited, waived or/and extinguished my legitimate right in any manner whatsoever.
8.	It may also be noted that the shares held in the name of my aunties namely Premalatha Dhamija (429 +215 shares), Meenakumari Dhamija (440+220 shares) and Raj Kumari (299 +150 shares) respectively were also transferred in the name of Mr OP Dhamija
Asked 5 years ago in Business Law

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15 Answers

1) issue legal notice to company as to on what basis were the shares were transferred in name of Vikram 

2) ask company to furnish copy of documents on basis of which share transfer has taken place 

 

3) of your signatures have been forged file police complaint of cheating , criminal breach of trust, fabrication of documents against your brother 

 

4) take legal proceedings to set aside fraudulent transfer 

Ajay Sethi
Advocate, Mumbai
94511 Answers
7484 Consultations

5.0 on 5.0

1.Yes, you can claim equal share in your parents property. 

2.you can raise your claim by initiating a partition suit in City Civil Court. 

Mohammed Mujeeb
Advocate, Hyderabad
19299 Answers
32 Consultations

4.7 on 5.0

On demise of your father your mother was the sole beneficiary 

 

2) was application made for probate of will of deceased father ? 

 

3) on mother demise intestate her shares would devolve on you and your brother 

 

4) on brother demise his share would devolve on his wife and children 

Ajay Sethi
Advocate, Mumbai
94511 Answers
7484 Consultations

5.0 on 5.0

See you need to take record by way of filing RTI or through online portal of MCA the transfer of shares, since there was will and the mother in life transfer share to brother then in that case you don't have right but in case after her demise without will shares were transferred same can be challenged and you can demand equal shares held by mother on demise.

Shubham Jhajharia
Advocate, Ahmedabad
25514 Answers
179 Consultations

5.0 on 5.0

Since after father mother was owner by way of will in her life she has full authority to transfer so kindly check the record of such transfer.

Shubham Jhajharia
Advocate, Ahmedabad
25514 Answers
179 Consultations

5.0 on 5.0

There's a little contradiction in your statements (pasted below).

>>In paragraph 5, you've mentioned "That on 18th May 1999 OP Dhamija died intestate leaving behind his wife Mrs. Nita Prakash Dhamija, Mr. Vikram Prakash Dhamija and I"

>>In the follow-up you mention "mr o p dhamija has left a registered will with two witnesses which says all my assets moveable or imvoveable may be given to my wife with full powers".

 

So ideally going by your follow-up, your father Mr. OP Dhamija, expired leaving behind a Will making your mother the sole successor for all his assets.

Also you mention that "It is assumed that these transfers of shares were during the year 2000 and 2015". Since your father expired in 1999, the shares held in his name were transferred to your mother as per his Will. Now since your mother expired in 2014, she might have made another Will in your brother's name, or might have transferred during her lifetime or your father would have added some condition in his will whereby the assets would be transferred to  your brother after your mother.

 

These are some of the possibilities that you might have to consider. Since these are company shares, you should be able to get a record of them all.

 

Sandeep Prakash
Advocate, Bangalore
308 Answers
2 Consultations

5.0 on 5.0

Also, consider going through all the General Body meeting report of the company during these period and see if any decision was taken in this behalf.

Sandeep Prakash
Advocate, Bangalore
308 Answers
2 Consultations

5.0 on 5.0

1) See you have not mentioned how many shares has been transferred in the name of Vikram P Dhamija in the year of 2000 and 2015. 

 

2) Kindly have chart about total how many shares were available on your parents name, because when both your parent died after that within 6-8 months of timeshares has been transferred on Vikram's name.

 

3) Whatever shares are on your parents name they must have rights to sale, transfer, gift etc the movable property . First get befircuted all shares details in that your share ratio, along with each parents sharing ratio and vikram's sharing ratio.  calculate how many share has been transfer on vikram's name. If only your parents share has been transferred then they have full rights to whosoever they can gift or sale their shares ratio.

Ganesh Kadam
Advocate, Pune
12910 Answers
253 Consultations

4.9 on 5.0

Its illegal you can compliant to Police, MCA and file a complaint in the court for the same. This is a fraud.

Prashant Nayak
Advocate, Mumbai
31796 Answers
175 Consultations

4.1 on 5.0

1. On what basis the shars of late Rajendra Prakash Dhamija were transferred in favour of your father  Mr. Om Prakash, since deceased?

 

2. However, if the said transfer was conducted legally then the legal heirs of your late father will inherit his shares of the Company.

 

3. First of all be sure that you have not given any NOC or signed any document in transferring your share to your brother.

 

4. If you are sure then first of all lodge a police complaint alleging that your share of the Company inherited from youyr father has fraudulently been transferred by your late brother being aided by his children in his name and also lodge a complaint to the ROC.

 

5. Thereafter file a partition suiot claiming your share of your parents's moveable and immoveable assets including the said shares of the Company.

Krishna Kishore Ganguly
Advocate, Kolkata
27191 Answers
726 Consultations

5.0 on 5.0

1. If your father, since deceased, had willed all his shares of the Company in favour of your mother, then you shall have to be sure that your mother has not transferred the shares in favour of your late brother.

 

2. However, in the above case, if no probate was availed from the Court by your mother, the said will of your father, since deceased, will not be considered as valid and you can claim your share of your father's share of the Company along with your late brother.

Krishna Kishore Ganguly
Advocate, Kolkata
27191 Answers
726 Consultations

5.0 on 5.0

1. If your father, since deceased, had willed all his shares of the Company in favour of your mother, then you shall have to be sure that your mother has not transferred the shares in favour of your late brother.

 

2. However, in the above case, if no probate was availed from the Court by your mother, the said will of your father, since deceased, will not be considered as valid and you can claim your share of your father's share of the Company along with your late brother.

 

Krishna Kishore Ganguly
Advocate, Kolkata
27191 Answers
726 Consultations

5.0 on 5.0

when your parents were alive, they were entitled to transfer their shares to any person of their choice

however on their demise intestate, their shares would devolve on their legal heirs

so on demise of your father, his shares would go to his legal heirs who are his widow and children (i assume his mother predeceased him)

when the widow dies subsequently, her 1/3rd share will go to her legal heirs as per s.15 of Hindu Succession Act - who are widower and children

so the two children (you and your brother) each had 1/3rd share in the shares on demise of your father

later when your mom passed away, her 1/3rd devolved on her sons

therefore you and your brother now have each 50% share in the company shares

thus the shares could not have been transferred to your brother without your specific consent/NOC and in absence of a succession certificate 

you need to challenge that transfer by filing a suit/ NCLT case against the legal heirs of your deceased brother and the company 

also you will have to prove your father's Will in order to claim absolute rights over the company shares 

if the shares held by your aunties were transferred in their lifetimes then it is fine. However after their demise, such shares cannot be transferred without a valid succession certificate obtained from court 

Yusuf Rampurawala
Advocate, Mumbai
7483 Answers
79 Consultations

5.0 on 5.0

You being one of the legal heirs or successors in interest to your father's estates/assets, are entitled to an equal share in the properties left behind by him.

You first ascertain the shares through company's books and then fight for your rights by filing a petition  seeking partition and possession of your legitimate shares in the said properties.

T Kalaiselvan
Advocate, Vellore
84709 Answers
2172 Consultations

5.0 on 5.0

Upon intestate death of your mother the properties shall devolve equally among all her own legal heirs which includes you also in it.

You may fight for your rights through court if there is no possibility for an amicable settlement/solution.

T Kalaiselvan
Advocate, Vellore
84709 Answers
2172 Consultations

5.0 on 5.0

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