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Suri.Sravan Kumar (senior)     10 April 2010

succession

what is the procedure to transfer co's shares in the name of the wife when her husband died.



Learning

 3 Replies

N RAMESH. (Advocate Chennai. Formerly Civil Judge. Mobile.09444261613)     10 April 2010

    In case of death of the sole holder,,(in your case after death of husbnd)   the legal heir(s) or legal representative(s) of the deceased must request the DP (Depository Participant, an agent of the depository) to transmit the balances lying in the Client account of the deceased to the account of the legal heir(s) or legal representative(s).

For this, the legal heir (s) or the legal representative(s) of such securities must submit an instruction called the "transmission form" to the DP alongwith the following documents:

a. A copy of the death certificate duly notarised
b. A copy of the Succession certificate duly notarised or an order of a court of competent     jurisdiction where the deceased has not left a Will; or
c. A copy of the Probate or Letter of Administration duly notarised.
However, if the legal heir(s) or the legal representative(s) express inability to produce either of the documents mentioned under (b) and (c) above, and the market value of the securities held in each account of the deceased as on the date of application for transmission does not exceed Rs. one lakh, then the DP will process the transmission request on the basis of the following documents:
a. Transmission form;
b. Copy of the death certificate duly notarised;
c. Letter of Indemnity duly supported by a guarantee of an independent Surety acceptable     to the DP, made on appropriate non judicial stamp paper;
d. An Affidavit made on appropriate non judicial stamp paper; and
e. No Objection Certificate(s) from all the legal heir(s) who do not object to such     transmission.
The DP will ensure that the documents submitted by the legal heir(s) or the legal representative(s) are in order and will then effect a transfer of the balances to the Client account of the legal heir(s) or the legal representative(s).

After effecting the transmission, the DP will close the account of the deceased.

Suri.Sravan Kumar (senior)     11 April 2010

the share certificate is not in demat mode.

George (Software Engineer)     21 April 2010

Ramesh,

In a similar scenario, I have the legal heir certificate with me. (Issued by Thahasildar based on the report by Village officer. This was published in the govt. gazate for one month). This is completely issued in regional language (Malayalam).


My question is

1) Whether Legal heir certificate and succession certificate are the same? If not how to get a succession certificate?

2) Can i use the legal heir certificate issued in regional language to transfer the shares.


Thanks in advance.


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