Succcesion ceertificate

Consult a lawyer with details. You shall be required to file a petition under hindu succession act seeking letter of administration or succession certificate in the court of senior civil judge (Vary from state to state). If required consult with details. Sidharth Srivastav, 9811776422

Originally posted by : JAYASEELANANANDAN
	sir my father expired 20 years ago. he had 20 lakhs rs worth of physical share certificates now we want to change name  for tha t we had produced legal heir certificate bur registrar demanding succession certificate pls tell us procedure  to get legal heir certificate how much we have to spent to get it

You have already got the legal heir certificate...

Your query is slightly confusing. Do you have a Legal Hier certificate? Now regarding obtaining a Legal Hier certificate / Succession certificate please follow other experts who have already replied.

Coming to the Physical share certificates, there is now a long road ahead as you now will have to approach all the companies (Registrar & Transfer Agents) and will have to fullfill a Share Transmission process. It requires Legal Heir Certificate/Succession Certificate/Will. In the absence of the same the process is quite cumbersome as then you will have to produce Indemnity, Sureity , Letter of Disclaimer (in case if you have more number of siblings), Signature attestation from your Bank etc etc. Also note that common Share Transmission process and supporting documents will NOT work. you will have to submit different set of documents for each of the company. Hence, first analyse the shares what you have, see the net worth of the shares and only those shares who are offering returns, please follow the Share Transmission process. On an average it takes 30-45 days. Better to talk with your DP or an Financial Expert who can guide you in this matter.

Shares of how many companies you are holding in the name of your father?

Yes you have to produce succession certificate. Consult local lawyer and if you are in Mumbai you can contact me.

yes sir we from very pooor family we cannot pay court fee we are daily coolies shares was alloted to father while working in the company 20 years back

Just follow the instructions of Registrar and Share Transfer Agent of the company to get your shares transmission of shares in the name of the legal successor.

ioc company had given letter of succesion regarding share transfer isssued under employee allotment

Sir, 

i have the same problem. My father died without leaving a will. And we discoveredthe shares through unclaimed dividend as actual share was lost. Value is 30 L, and my mother, the claimant is 85 yrs old. So we did not want to go for probate or succession certificate as lawyer said it was a lengthy process. The legal heir certificate took me 2 years and after submitting that, NOCs from all other heirs and details from guarantor, advertisement in newspaper. Now they are asking me to submit PAN card copies for my two sisters who are residents of USA and U.K. My sisters have lived outside for 35 years do not earn in India nor need to pay taxes. So can someone here tell me which clause of Company Act requires this. ROC is of no help, nor ministry of Corporate Affairs.

thanks

Originally posted by : Kumar Doab
	Originally posted by : JAYASEELANANANDAN sir my father expired 20 years ago. he had 20 lakhs rs worth of physical share certificates now we want to change name  for tha t we had produced legal heir certificate bur registrar demanding succession certificate pls tell us procedure  to get legal heir certificate how much we have to spent to get it  You have already got the legal heir certificate...

IT=@ Kumar Doab,

When the author very well knew that he has already got legal heir certificate, what is the relevance of a vague post without any advice by Mr. Kumar Doab to the author of the problem, as that states merely, "You have already got the legal heir certificate...?"

Apparently, the quthor of the problem did not ask the experts to let him know, what he has already got!

As such there is no provision or law under the Companies Act-1956 which empower company to demand PAN of an individual. In such case the NRI requires to execute affidavit giving details of his/her details of identity and its account detais etc.duly attest by notary of Indian Embassy and the same shall be submitted to the comapny in lieu of PAN.  

Dear Shri Sidharth Srivastav,

So far as the company law is concerned, you are correct in your obsertvation. But, with respect to the transmission of shares the question of PAN comes in the context of taxation laws due to transfer of wealth of the deceased and proper accounting for that. The need of PAN Card for NRIs, OCI or PIOs can arise only when they have taxable income in India. But, here it is a case of transmission of shares in the name of wife of the deceased, not in the name of NRIs/OCIs/PIOs, themselves. Form 60 in lieu of PAN is accepted from those who are not liable to file tax in India as they either have no income or their income is below the allowed tax free threshold. So, it is merely a formality to fulfill the requirement of taxation laws. But, where the NRIs/OCIs/PIOs don't possess the PAN Card due to having no taxation liability in India, they can fill in the Form 60 in liew of PAN Card.

But, there is no ban for the NRIs/OCIs/PIOs to apply for a PAN Card, as having a PAN Card does not necessarily need to file an ITR, if no income is there. But, PAN Card, if got can help such NRIs/OCIs/PIOs even for any further finance/ wealth related transactions or opening of Bank accountys in future also.

@TM,

In your case, along with the legal heir certificate, you may submit Form 60 duly filled and signed by your sisters and an affidavit that they do not have any PAN Card, there being no earning in India for the last so many years.