Legal heir in case of deceased shareholder

Sathyan Avinash (Querist) 12 September 2012 This query is : Resolved
Dear Experts,

Kindly advice me upon the following case:

Mr. A holds 50,000 equity shares in a Private Limited Company.

He has not made use of any nomination facility.

He is a Bachelor and his parents ceased long ago.

Now suddenly Mr. A deceased and my query is to whom his shares would be transmitted?

He has only a married sister.

Please clarify me on the status of his shares.

To whom these shares shall vest?

Whether the married sister can claim succession to his shares ?

Thank you in advance.

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ajay sethi (Expert) 12 September 2012
since he is a bachelor and has no other legal heirs his sister can make application for transmission . since shares areounf 50,000 and must be quite valuable insist on succession certifcate

Anirudh (Expert) 12 September 2012
Mr. Sethi is absolutely correct.
The sister has to first apply for and obtain Succession Certificate from the Court.

Sathyan Avinash (Querist) 12 September 2012
Thank you Dear Experts for the early reply.

To be frank with you, I knew from this post only that even a Sister can apply for succession certificate.

Thank you,

With Regards,

Sathyan Avinash.

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