Transfer of shares of deceased director.
yatharhpan
(Querist) 08 March 2015
This query is : Resolved
Dear sir,
We have a pvt.ltd.Company. Me and my brother and dad are the directors. My father passed away few days back. My first mother who expired in 2005 was also one of the directors. My mother shares got transferred in two son’s name.
What happens to dads shareholding? Can we get his shares transferred in our name? My dad married twice after my mother expired. His second wife died before him and his third wife is alive.
There is also minor shareholding in my sister’s name.
Minute book showing transfer of shares of expired mother is missing/not prepared. My dad has not left any Will.
I want to safeguard interest of we two brothers and do not no want to let his third wife or my sister let in and demand shareholding.
Please advice in this regard.
I will be highly obliged for any suggestions and comments.
Best regards,
DPan
Anirudh
(Expert) 08 March 2015
The shares in the name of your mother could not have been taken by both of you brothers without giving an equal share i.e. 1/3rd to your sister. That is an illegal transmission. This problem will haunt you at any and every point of time.
Similarly, since your father had not left any WILL, you will not be able to deny the rightful and legal share of your sister and your step mother.
ajay sethi
(Expert) 08 March 2015
agree with Mr anirudh
