Trasfer of shares of demat account if account holder got exp


My Elder brother got expired on 25-May-2011.He is left with his wife and 2 daughters(one of them is married).
We were two brothers. Our parents are not alive.

Elder bro has demat account having shares of worth around 10 lac. He has nominated me as nominee in his account.

Who will be the legal heir??

Who will be the owner of this account myself(nominee) or legal heir??

I have given the request for trasferred of his shares in my demate account with required documents in Aug 2011. I have come to know all shares were sole on 15-July-2011.

Demate company told that we sold on the request of broker. Broker is saying that he did this on the request of my brothers widow but i asked why u did this he is not giving any valid response and denying to help me.

As far as i know it is illegal. Demat company told that amount had been transfeered into bank account of my bro.

In bank account i m the nominee but bank person told that u have no rights as legal heirs have such rights even if bank person is not giving me account statement.

What i can do in this case. Please advice me

 

 
Reply   
 

I am not Legal Advisor, but like to know you that U were just a Nominee & Noy Shareholders.

Legal Hirers is liable to submit Death Certificate in Bank as well as withdrawl of Demate Account.

In one sense you are not liable to transfer or claim shares amount.

If i am wrong, let me correct

 

 
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PRACTICING COMPANY SECRETARY

Documents required for Transmission of Shares:In case of transmission of sharesby operation of law, it is not necessary to execute and submit transfer deed. A simple application to the company by a legal representative along with the following necessary evidences is sufficient:—

a. Certified copy of death certificate;

b. Succession certificate;

c. Probate or will if available;

d. Specimen signature of the successor.

 

 
Reply   
 

if problem still persists, I am of the view that 'M/s 5 Star Consultants' may be able to help you with proper guidance on different problems relating to the company shares. If desired, they can be contacted for solution to your problem through email at: whatsolution4me@gmail.com

 
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