transfer of shares.
pushpakrishna
(Querist) 01 November 2016
This query is : Resolved
a person having shares in various companies and died .
wife wants to have transmit the same in her name.
is it compulsury to have succession certificate from the court to have the same ib her name.
there is no objection from any body regarding the above.
kindly advice in a suitable manner in this regard.
thanq in advance.
adv.bharat @ PUNE
(Expert) 01 November 2016
Yes with out succession certificate you can't get it.
Your region Tahsildar office can give it to you.
If u like my solution then will u give THANKS on my LCI profile?
adv.bharat @ PUNE
(Expert) 01 November 2016
In order to transfer the share in your name you need to prove that you have legal right of it.
Rajendra K Goyal
(Expert) 01 November 2016
Succession certificate is one procedure, it takes time and a bit costly.
Wife can get set of documents from respective company / its registrar, complete the formalities and get the shares transferred.
Formal application, Heir ship certificate, indemnity bond from acceptable surety, renunciation letter from other legal heirs, affidavit, identity proofs of all executes, assets liability statements of sureties, original share certificates are basic required documents need to be submitted.
Kumar Doab
(Expert) 01 November 2016
SEBI has set threshold value for such transfer in such cases.
Get in touch with agent/company.
Kumar Doab
(Expert) 01 November 2016
The circulars , details, etc can be downloaded from other illustrated threads at:
http://www.lawyersclubindia.com/experts/Transmission-of-shares-without-probate-of-will--601546.asp
http://www.lawyersclubindia.com/forum/Transmission-of-shares-without-probate-of-will-139561.asp
http://www.lawyersclubindia.com/forum/Share-transfer-after-owner-s-death-with-no-nomination-will-137695.asp
You may pick up the relevant points.
Rajendra K Goyal
(Expert) 02 November 2016
Succession certificate is to be obtained from court.
Tehsildar office provide legal heir certificate which contains the name of legal heirs only.
Both are different. Succession certificate is generally for movable property and legal heir certificate can be used in immovable property transfer and otherwise for movable property also.
Kumar Doab
(Expert) 02 November 2016
Your issue may be solved by the documents suggested by Mr. Goyal.
ADV-JEEVAN PATIL, MUMBAI
(Expert) 02 November 2016
you can optain heir certificate from tahasildar office and complete transfer formalities . If required take help of share transfer agent.
pushpakrishna
(Querist) 06 November 2016
Thanq very much dear experts for your valuble information and advices but the Tahasildar rejected the application to legal heir certificate.once again a big thanq one and all.
pushpakrishna
(Querist) 15 November 2016
The Tahasildar rejected the application submitted by the widow giving full details for granting the legal heir certificate .then what to do dear experts.thanq.
Kumar Doab
(Expert) 15 November 2016
The tehsildar must have provided the reason.
Rajendra K Goyal
(Expert) 16 November 2016
What are the reasons of rejection?
May prey the Deputy collector office / collector office.
Can file court case to direct Tehsildar to issue LH certificate.
Have you requested the company to transfer share otherwise on absence of legal heir certificate, by submitting affidavit to the effect.
Guest
(Expert) 16 November 2016
Hi pushpakrishna,
Objection or no objection from any body, transmission depends upon the company regulations. So, it would be better to first enquire from the company concerned or send shares fro transmission to the related companies.
Act according to what objection, if any, you receive from the concerned companies. Any hit & trial method on assumptions may not work, rather can take much more time or wrong actions due to confusions of the heirs, more particularly where the nomination already exists.
Kumar Doab
(Expert) 16 November 2016
You have posted that:
"a person having shares in various companies and died .
wife wants to have transmit the same in her name.
is it compulsury to have succession certificate from the court to have the same ib her name.
there is no objection from any body regarding the above.
kindly advice in a suitable manner in this regard.
thanq in advance. "
IN your query and subsequent posts also there is NO mention of Nomination.
So how come it is decided above;;;;"more particularly where the nomination already exists."
It has already been posted above in previous posts that:
"SEBI has set threshold value"
The link provided to you contains SEBI circulars also.
Approach local counsel with all docs on record, if you want to consult in person...................
Have you consulted any counsel and shown all docs on record so far?
Kumar Doab
(Expert) 16 November 2016
Tehsildar can not decline to issue Legal heir certificate to ClassI, II..................... relatives.
You can pick up relevant points and judgments from another old and illustrated thread at:
http://www.lawyersclubindia.com/experts/Employees-compensation-act-1923-598516.asp#
Rajendra K Goyal
(Expert) 16 November 2016
May proceed as advised by the expert Kumar Doab.
Guest
(Expert) 16 November 2016
It is not understood, what relation the expert, Shri Kumar Doab, has tried to make from the following thread pertaining to compensation act of 1923 with the issue of transmission of shares, when the wife of the deceased has not applied for transmission of shares, what to say of any objection or requirement of heirship certificate from the concerned companies.
However, if the author or the widow of the deceased prefer to bear fatigue for nothing to obtain heirship certificate without asking by any company for the purpose of transmission of shares, he is free to adhere his advice.
Guest
(Expert) 16 November 2016
The statement of expert, Shri Kumar Doab, "Tehsildar CAN NOT DECLINE to issue Legal heir certificate to ClassI, II..................... relatives," seems to be doubtful as if he intends to convey that the Tehsildar is compelled to issue a legal certificate in all the circumstances, even if the applicant is not eligible to get such certificate.
Anyway, for realising or transmission of securities (share certificates) a succession certificate is compulsory.
Kumar Doab
(Expert) 16 November 2016
>>> In my 1st and 2nd post I have provided the link to threads that contain formats/forms by regulator SEBI.
You have not posted that 'Nomination Exist', in your posts.
However It is not understood, from what/which relation the expert, Shri P.S.Dhingre, has posted his magnifying view that ::: ";"more particularly where the nomination already exists."':::: a phone call/email/letter etc by author to him, or by him to author?
Moreover even after pointing out that the author has not posted that Nomination exists................the expert, Shri P.S.Dhingre, has not corrected himself...................not regretted the error, and on the contrary, has started asking about my relations.
What is it?
Another prank?
>>> I am posting the truth that neither the author has been asked by me to send any personal message not the author has sent any personal message to me.
Having posted that what relation the expert, Shri P.S.Dhingre, has seen?
Does latest version of formats/forms by regulator SEBI, provide any thing additional?
>>> In addition to relation that has been blamed on me, some other pertinent points require explanation.
---Company is not regulator and does not and cannot frame regulations.
SEBI is regulator for business of equity shares like RBI is for Banks etc.
I reject to accept company as regulator, even if the expert, Shri P.S.Dhingre, has decided to make the company regulator. Needless to mention neither the expert, Shri P.S.Dhingre, nor me or anyone else has any vested power to appoint or remove the company regulator.
Moreover company has appointed agent.
The agent shall send the matter to company.
In case of dispute the matter is sent to CLB (Company Law Board).
The matter is not sent to court.
From what and which relation the expert, Shri P.S.Dhingre, has made company the regulator?
Kumar Doab
(Expert) 16 November 2016
In my 1st and 2nd post I have provided the link to threads that contain formats/forms by regulator SEBI.
The statement of expert expert, Shri P.S.Dhingre::::: "Anyway, for realising or transmission of securities (share certificates) a succession certificate is compulsory."::: is erroneous.
Once again::: Company is not regulator and does not and cannot frame regulations.
SEBI is regulator.
SEBI has not issued any guideline to my limited knowledge::: that lays that "Anyway, for realising or transmission of securities (share certificates) a succession certificate is compulsory."....................
Kumar Doab
(Expert) 16 November 2016
Attention may be paid once again to an old and illustrated thread;
http://www.lawyersclubindia.com/experts/Transmission-of-shares-without-probate-of-will--601546.asp
http://www.lawyersclubindia.com/forum/Transmission-of-shares-without-probate-of-will-139561.asp
http://www.lawyersclubindia.com/forum/Share-transfer-after-owner-s-death-with-no-nomination-will-137695.asp
and treatment, words, phrases, statements , conclusions, etc ::: in particular of the expert, Shri P.S.Dhingre be carefully gone thru.
He has discouraged time and again with his unwarranted, dictum's.
His advise was wrong and although the thread was concluded with relief to author without litigation, the expert, Shri P.S.Dhingre was still annoyed as his popular self.
Guest
(Expert) 16 November 2016
The following reference posted by Shri Kumar Doab are simply misleading, as the case neither relate to unprobated will, nor nomination. Moreover, Mr. Kumar Doab, while addressing his post to the author, has already acceded that "You have not posted that 'Nomination Exist', in your posts." Further, Mr. Kumar Doab is requested to re-read my statement and try to interpret the same properly, as my statement was, "Act according to what objection, if any, you receive from the concerned companies. Any hit & trial method on assumptions may not work, rather can take much more time or wrong actions due to confusions of the heirs, more particularly where the nomination already exists." I expected him to properly interpret the sentences, as he claims to be a language editor.
MISLEADING LINKS referred by Mr. Doab:
http://www.lawyersclubindia.com/experts/Transmission-of-shares-without-probate-of-will--601546.asp
http://www.lawyersclubindia.com/forum/Transmission-of-shares-without-probate-of-will-139561.asp
http://www.lawyersclubindia.com/forum/Share-transfer-after-owner-s-death-with-no-nomination-will-137695.asp
Guest
(Expert) 16 November 2016
Has I mentioned anywhere that the company is a regulator? Mere mention of "company regulations" in my reply, does not necessarily mean regulations made by the company.
Further, when Mr. Kumar Doab has termed my opinion as erroneous, when he stated, "The statement of expert expert, Shri P.S.Dhingre::::: "Anyway, for realising or transmission of securities (share certificates) a succession certificate is compulsory."::: is erroneous."
I REALLY WONDER AT HIS ADVICE! IF HE INTENDS TO SCUTTLE DOWN MY STATEMENT, HE MAY BETTER HAVE QUOTED PROVISIONS OF LAW/REGULATIONS AGAINST MY OPINION.
His reply seems to be full of mere jealousy not any kind of legal advice.
