Share depository account of huf
Bharati Agarwal
(Querist) 25 April 2016
This query is : Resolved
There was a Share Depository A/c in the name of Sunil Kumar Agarwal HUF in which Mr Sunil Kumar(Husband) was Karta and myself Bharati Aharwal(wife) and Sony and Lovely(Two Major Unmarried Daughters) were coparcenors/members.Mr.Sunil Kumar(Husband-Karta) demised without any will. We have re-constituted the HUF with myself Bharati(Surviing eldest female & wife) as Karta and my two daughters as members.The depository service says to open a new Depository account in my name as karta and to provide either,(01) succession certificate(02) Registered Partition Deed or(03) Registered Family Settlement Deed for transmission of shares held in earlier account to new account.
We have decided to formulate a Family settlement Deed in which the earlier HUF shall remain active/alive with re-constitution as above and the 25% share of my husband(the ex-karta)shall devolve in equal proportion among my mother-in-law, myself and my two daughter.My mother in law has agreed to relinquish/throw her right over 1/4th of 25% share of her son to the newly constituted HUF and also myself and my two daughters shall also keep their 1/4th share of 25% of m husband into the newly constituted HUF, thereby the newly re-constituted HUF shall remain owner of entire share holding of earlier HUF with myself as karta and my two daughters as members/coparcenors. As a substantial amount is to be spent on Stamp duty towards registration, I seek your expert advise that the arrangement so proposed by us mutually to be converted into a Registerd Family settlement shall hold good for the purpose and the Depository service would /should have no problem to accept it. Actually the Depository service is very shaky and is not able to reply in clear terms for the ways and means and is dealing very whimsically which has cast a doubt among us whether the proposed settlement shall hold good in law and shall be enforceable?
Kindly throw light over the subject as your opinions earlier has proven as challenging to authorities and binding on them.
Please help....
Kumar Doab
(Expert) 25 November 2016
SEBI as a regulator provides clear guidelines.
The agent follows it.
Write to depository about proposed Registered family Agreement and ask them to confirm.
Rajendra K Goyal
(Expert) 25 November 2016
Author,
Please inform whether this old query has been resolved?
Please revert if any further question on the query exist.
Bharati Agarwal
(Querist) 25 November 2016
Sir, please see my reply made today on this wall.....
