Shares

Querist : Anonymous (Querist) 05 October 2011 This query is : Resolved
My father having 2742 shares in ltd company. The entire shares were in electronic form with Reliance capital. He expired on 25-04-2011. In demat account he had made my brother has nominee. My brother says the hole are mine. we are only two brothers, and no sisters.How can I get equaly with my brother. I had already written a request to holding company. But no reply from there. plz advice me how can get equal share.

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ajay sethi (Expert) 05 October 2011
did your father leave behind a will ? or did he die intestate?

if your father has made your brother a nominee then shares would be transferred in his name in the nominee demat account on furnishing death certificate / indemnity bond .

if value of shares are more than 1 lakh generally succession certicate / letters of administartion /or probate is insisted upon

ajay sethi (Expert) 05 October 2011
A reading of Section 109(A) of the Companies Act and 9.11 of the Depositories Act makes it abundantly clear that the intent of the nomination is to vest the property in the shares which includes the ownership rights thereunder in the nominee upon nomination validly made as per the procedure prescribed, as has been done in this case.”

since your father has made your brother a nominee in view of section 109 a of companies act he is the legal heir to the shares

Sailesh Kumar Shah (Expert) 05 October 2011
I endorse the opinion of Shri Ajay Sethi.

R.Ramachandran (Expert) 05 October 2011
The Views of Mr. Sethi are absolutely correct.

prabhakar singh (Expert) 05 October 2011
In your case, unfortunately there can not be a view other than those expressed by Mr. Sethi.

Raj Kumar Makkad (Expert) 05 October 2011
Only your brother is entitled to retain those shares under section 109 of Companies Act and you cannot be included as co-owner/co-sharer therein

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