Hello All, I have a query. My father died with a will. As per the will the shares are allotted my elder brother. As per the Share Transfer Agent and guideline of SEBI, we need Succession certificate (or) Probate of will (or) Letter of Administration (or) Court decree. Succession certificate is required if there is no will. In our case we have a valid and registered will. There is no dispute. I want to know how to proceed further. As per some article on internet, Probate of will is not required for Delhi. Is this true? If probate of will is not required then what procedure is required to be followed? Please advice. If probate of will is the only solution, I request you to please answer my following queries: What is the process of getting probate of will for shares? Single issuer - Amount is 250000+ How much time is it takes for entire process? What will be the total expense - Other then lawyer - Court fee etc. Thank you & Warm Regards.
1. What you require is Succession Certificate and not Probate in view of the fact that you have a legally valid will which has been registered.
2. To get the Succession certificate you have to file a case to this effect in the court.
3. The process begins by engaging a lawyer.
4. It should take around 6-8 months or thereabout.
5. There will be no expense other than the fee of your lawyer and court fee.
1) PROBATE IS NOT MANDATORY IN DELHI
2) on basis of registered will make application to company for transfer of shares
3) enclose copy of your father death certificate , NOC of other legal heirs
4) company may transfer shares and request you to furnish indemnity bond
5)if you apply for probate from court it takes around 6 months . notice is issued to all legal heirs . if they have no objection probate of will would be granted
6) court fees vary . local lawyer can guide you as to court fees payable
1) many companies insist on probate of will ion the grounds that in order to ascertain that the will in question is the last will and testament made by the deceased, it is important that the same is authenticated/ probated by the Court.
2) This is to protect the interest of the investors at large and to obviate any future claims/disputes on the same.
3) some companies have waived the requirement of producing Probate / Letter of Administration / Succession Certificate for shares up to 500 or shares of market value of Rs.1,00,000 whichever is lower.
they need to submit the following documents for transmission of shares in their name
. Request for transmission.
2. Notarized Copy of death certificate.
3. Letter of Indemnity duly supported by a guarantee of an independent surety accepted to
the Company Secretary, made on appropriate non-judicial stamp paper.
4. An affidavit on appropriate non-judicial stamp paper.
5. (i) No Objection Certificate coming out of the legal heir who do not object to such
transmission or
(ii) Proof about indemnity of the nominee, in case of nomination.
6. Original Share Certificate.
HI
1. probate is not compulsory in Delhi,However it is advised to go for probate .
2. In the absence f probate the succession certificate an be demanded then getting a succession certificate will involve time and money .
To get the probate of shares You have to take the same usual procedure of probate for which you have to file a petition u/s 276 and 278 of Indian Succession Act for probate and u/s19-1 of the court fees act you have to pay 2.5% court fee on the value of the shares.
The total expenses is court fee of 2.5%with legal fee that is of your Lawyers fee
Hi,
Probate is the only solution for will. Contact a local lawyer.
Though probate of Will is not mandatory in Delhi and the registered will shall be sufficient enough to acquire the bequeathed property by the beneficiary, in certain cases if probate has been mandated or is statutory requirement, The beneficiary of the Will has to apply for grant of probe of Will before the district court.
If there is no dispute to the Will, the other legal heirs may be impleaded as respondents/formal parties to the probate petition, once the summons served and due procedures are followed, depending on the rush and burden of the court, being no objection from any quarter, the case should be disposed within three months in the normal circumstances.
You may approach a local lawyer and discuss the issue and the get the case filed, there is no court fee based on the share value for grant of probate.
