Succession certificate
SJC
(Querist) 26 March 2014
This query is : Resolved
Hi,
My mother passed away 8 years back and she had some company shares in her name and I need a succession certificate to get them in my name. My lawyer had been been doing this since last 8 years which takes hardly 6months. I am confused on this. Please help me. I heard now its is also possible to apply online. Please guide me.
Devajyoti Barman
(Expert) 26 March 2014
8 years??? For God's sake change him. You were sleeping all these years.
ajay sethi
(Expert) 26 March 2014
it takes around 6 months for issue of succession certificate
R.V.RAO
(Expert) 26 March 2014
one may equip one self with basics of succession cert. as given below .
succession cert.is issued for movable and immovable property.
shares are movable property.
how to get succession cert. is contained in sec 372 and 371 of indian succession act
371. Court having jurisdiction to grant certificate.-The District Judge within whose jurisdiction the deceased ordinarily resided at the time of his death, or, if at that time had no fixed place of residence, the District Judge, within whose jurisdiction any part of the property of the deceased may be found, may grant a certificate under this Part.
372. Application for certificate.-(1) Application for such a certificate shall be made to the District Judge by a petition signed and verified by or on behalf of the applicant in the manner prescribed by the Code of Civil Procedure, 1908, (5 of 1908.) for the signing and verification of a plaint by or on behalf of a plaintiff, and setting forth the (required ) particulars, ......
source: LCI
Dr J C Vashista
(Expert) 27 March 2014
Engage a local lawyer, your case has certain legal complications which cannot be sorted out by posting the query on this platform.
Rajendra K Goyal
(Expert) 27 March 2014
Change your lawyer and proceed.
Shares can be transferred without a succession certificate on the basis of affidavit and indemnity from all legal heirs. If legal heirs wish and disclaim / relinquish their rights same can be transferred in the name of one heir. Take up with the company.
Nadeem Qureshi
(Expert) 27 March 2014
contact another lawyer personally with all the documents,
SJC
(Querist) 27 March 2014
There are 85 company shares so indemnity and affidavit is one or multiple for different compqny. I am only legal heir. Thank u all for answers and support.
R.V.RAO
(Expert) 27 March 2014
if one has 85 company shares one need not give as many affidavits.
but in respect of each company's shares you may be asked by the respective company to give an indemnity and affidavit.
produce a cert that you are the only legal heir.
the respective companies will supply to you formats and procedures for the affidavits and indemnities.
T. Kalaiselvan, Advocate
(Expert) 27 March 2014
If the shares are in the demated form, then I think one affidavit will do, but if it is held in the physical form, then you may have to adhere to the necessary formalities. Firstly change your lawyer.
R.V.RAO
(Expert) 28 March 2014
in case of physical shares,the above procedure is ok.
But,if the companies shares are in demat form(paper less) and demat account is maintained by the depository participant (D.P), loss of physical shares does not arise.
But the queriest in case of demat shares is required to ask for a succession to his mother's shares.so he needs to inform his D.P with the death cert .and legal heir cert. and ask for succession and change of ownership ,and the querist has also to ensure that the mother's name is replaced in each co's share holders register with the queriest name .
