Class 1 legal heir - mother

If the shares are currently in the name of the your deceased husband, then the will of your mother in law shall have no effect now.

>>> Owner can dispose the estate that he/she owns in his/her life time by a valid deed, in anyone's favor. 

Last wish of the testator as in WILL, is supreme.

Mother is ClassI legal heir and owner of inherited estate.

She can dispose the estate that he/she owns in her life time by a valid WILL.

>>> Succession opens on date of death of owner.

On date of death the mother of your deceased husband was alive.

>>> However in case of Equity shares; unlike other estate, the nominee is sole owner after death of  owner of shares.

If valid nomination exists, then nominee is not to devide the equaity shares amongst ClassI legal heirs/legal hiers/successors.

Who was owner of equity shares?

Respected Sirs,

With due respect to everybody, I have seen an article related to present query, it may be helpful in getting decisions:

https://www.mondaq.com/india/x/406588/wills+intestacy+estate+planning/Nominee+Shareholders+Have+No+Right+Of+Inheritance+Says+The+Bombay+High+Court

India: Nominee Shareholders Have No Right Of Inheritance Says The Bombay High Court

Last Updated: 23 June 2015

Article by Phoenix Legal

In an erudite judgment by Mr. Justice G.S. Patel, the Bombay High Court in Jayanand Jayant Salgaonkar vs. Jayashree Jayant Salgaonkar has held that a nominee of shares and securities of a company merely holds the securities in trust, and as a fiduciary on behalf of any claimants under the laws of succession.

The court was compelled to analyse the question of law since it appeared that an earlier decision of the Bombay High Court in Harsha Nitin Kokate vs. The Saraswat Co-operative Bank Limited & Ors.1 (Kokate) was in direct conflict with the views of the Supreme Court of India on the subject. The decision in Kokatehas been held as incorrect by the court in the present case and in doing so, have reversed the understanding of the rights of a nominee shareholder.In an erudite judgment by Mr. Justice G.S. Patel, the Bombay High Court in Jayanand Jayant Salgaonkar vs. Jayashree Jayant Salgaonkar has held that a nominee of shares and securities of a company merely holds the securities in trust, and as a fiduciary on behalf of any claimants under the laws of succession.