S.K. Sachdeva (EXECUTIVE ENGINEER) 09 October 2011
My brother in law expired, 53 years in June, 2011.
He is left with his wife, one son (became adult in July, 2011 i.e. after death), one daughter (21 years).
He has 3 elder brothers. Father, 96 years is alive.
He and his wife had seperate Demat accounts in a bank (Same bank).
The present value in each account is more than 8 lacs.
Pl. intimate who is the legal heir.
Is it only his wife
or wife, son and father.
Or the brothers have any right.
Pl. intimate the formalities.
P.L.R. Marak (Advocate) 09 October 2011
S.K. Sachdeva (EXECUTIVE ENGINEER) 09 October 2011
Thanks. We verified from the Bank. There is no nominee registered in his Demat account.
K. GOPALAKRISHNAN (ADVOCATE) 10 October 2011
Dear Sachdeva,
The outstanding amount being 8 lacs each in the demat account, you are required to apply for Succession Certificate in the High Court. On production of the Succession Certificate, the Bank would allow you to withdraw the amounts from such account.
S.K. Sachdeva (EXECUTIVE ENGINEER) 10 October 2011
Sir, cash is not lying in the bank. Rather the value of the shares as per the current rate is about Rs. 8 lacs. Still, the succession certificate is required?
K. GOPALAKRISHNAN (ADVOCATE) 10 October 2011
For transferring or selling of stocks or shares of a deceased person, it is mandatory to obtain succession certificate from the High Court. You have to file a Original Petition in the Original Side of the High Court and to affix requisite in the form of court fee into the Court and the process will conclude about 6 months to 1 year depending upon the strength of your counsel.
© 2024 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
