Succession Certificate for Shares
8 months ago
My grandfather held some shares without nominee. In 2018, my mother applied for a succession certificate in order to claim and settle these shares. The court granted the succession certificate to my mother, who was recognized as the legal heir. This decision was reached through mutual agreement among the family members, including your uncle, aunt, and their children. The district court in Uttar Pradesh (UP) issued this succession certificate.With the succession certificate in hand, my mother then submitted it to the respective companies to claim the shares. Unfortunately, mother passed away in 2021 due to COVID and the process of settling the shares has not yet been completed.
Now, the question is whether I need to apply for a new succession certificate with the legal heirs of my mother or grandfather's legal heirs ?
If the head or a family member passes away, the next direct legal heir of the deceased such as wife/ husband/son/daughter/mother can apply for the Succession Certificate.
When the grandfather's shares devolve upon your mother through a Succession Certificate issued by the UP District Court, on her demise before the settlement of shares, then all the surviving legal heirs or beneficiaries are equally entitled to claim the share in the said movable asset (shares pending for settlement) of your deceased mother. In such a situation, the legal heir(s) when no nominee has been registered for the demat account, will have to approach the depository participant (that is, the demat account provider such as a broker or a bank) with the transmission request form and the relevant documents. In the case of small shareholders transmission and Transfer may be considered and affected by the Company without obtaining a succession certificate. The Board of Directors shall ensure that sufficient evidence has been produced by the legal heirs. A number of other documents such as legal heirship certificate, nominations and death certificates may be procured, as an alternative to a succession certificate, for the purpose of establishing an inheritance or aiding in the transfer of assets from the deceased. It is comparatively easier to obtain these documents. A succession certificate is required for the movable assets if the indemnity bond is not sufficient. For the succession certificate, the court fee has to be paid only on the current market value of shares. If the value is less than Rs. 5 lakh, a legal heir certificate may meet the purpose and resolve the issue. So, in the prevailing situation, you need to contact/approach the depository participant (DP) that is, the demat account provider such as a broker or a bank for further clarification and tentative steps to be taken for settlement of the shares.
Legal Action for Postponing Wedding
Marriage - married my sister with all the rituals
OBC NCL certificate
Marriage problem
Court marriage
