Probate of will
ASHOK KUMAR
(Querist) 02 August 2012
This query is : Resolved
My mother has left a will which was executed in the presence of a lawyer,who drafted the will, and the same lawyer has witnessed the will along with two other witnesses.My Mother has shares of ICICI Bank and have applied to them to transfer the shares in my name as I am holding a Demat account.My brothers and sisters have given a no objection in the format required by the bank to transfer the shares in my name.We have completed all other formalities including an Indeminity certificate on Rs200 Non Judicial Stamp paper and also an Affidavit by Legal Heirs in their format on Rs 100 Non Judicial Stamp Paper.Both are duly Notorised as required by them and have sent the application to them to do the needful.
But now they tell me to get the will probated.In fact one of the requisites of the bank clause no 6.
"Succession Certificate / Probate / Letter of Administration A copy of the Succession certificate duly attested by Notary Public/Gazetted Officer or an order of a court of competent jurisdiction where the deceased has not left a Will. Copy of the Probate or Letter of Administration must be attested by Notary Public/Gazetted Officer"
As per this clause I need not get the will probated as a probate is required only if a will is not made or available.Can you please let me know what I can do to avoid the probate as it involves a lot of time and money and further I am supposed to pay stamp duty on the value of the shares at market value.Thanks in advance.Ashok Kumar
ajay sethi
(Expert) 02 August 2012
the shares must be quite valuable . the bank is playing safe by refusing to trnasfer shares without probate .
as per clause 6 mentioned by you only if deceased has not left a will then succession certifcate is necessary .
if he has left a will probate is must . it clearly mentions that copy of probate (judicial proof of will )must be attested by notray or officer
ASHOK KUMAR
(Querist) 18 June 2014
The same matter is still pending and the bank and NSDL are lingering on without taking a decision.Based on a reply from NSDL that Heirship certificate is not sufficient,but this will help in getting a Succession certificate from a competent court. Accordingly I have approached the court and obtained a succession Certificate after two years.
The succession certificate along with other documents were given to the ICICI BANK for doing the needful.But they are saying that all the successors need to open a demat account so that they can transfer the shares as the succession certificate has four successors and does not specifically state only me(Ashok Kumar) as the successor,for them to transfer the shares to me totally.
Our Advocate informs us that the court cannot give a succession certificate to one individual when there are other successors and cannot state any thing to suit the vim's and fancies of the client or the NSDL OR the ICICI Bank.
I have sent a letter addressed to NSDL putting forth my arguments as to why the demat cannot be opened in the other successor names along with other supporting documents which has been submitted to them for affecting the transfer.
In spite of many email reminders and also phone follow up they are not replying even after three months.
The Succession certificate clearly states that I am the representative of the other three successors and acting on their behalf and also the power of attorney holder.More over the other three successors have given a no objection certificate in the Banks format signed in their presence,Indemnity Bond,and also an Affidavit in the Banks format.
I shall be glad to know what I can do to get the NSDL/ICICI Bank to transfer the shares.Can I write to SEBI for necessary help?Please advise.
Thanks,Ashok Kumar
