jack (business) 04 June 2009

Father has an illegitimate child? Company property

Hello

I have recently come to know that my father has an illegitimate child. Everything we own is on the companys name and i am the majour shareholder with nothing on my fathers name.

I want to safegaurd my property. Can company property be inherited by an illegitimate child??

Is there anything i can do to safegaurd it ?

thanks

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NANDKUMAR B.SAWANT.,M.COM.LL.B.(MUMBAI),ADVOCATE

MOBILE.09325226691,09271971251

e.mail.adv.nbsawant@yahoo.co.in

e.mail.nandkumarbs@sify.com

REGARDING THE ILLEGITIMATE CHILD KINDLY NOTE THAT

1.THERE IS STRONG POSSIBILITY THAT THE ILLEGITIMATE CHILD MAY CLAIM SHARE IN THE PROPERTY OF FATHER.

2.YOU HAVE NOT MENTIONED WHETHER YOUR FATHER ALIVE OR NOT.

3. KINDLY OPEN A SEPERATE BANK ACCOUNT IN YOUR OWN NAME AND WITHRAW THE AMOUNT IN YOUR OLD ACCOUNT BOTH INDIVIDUAL ACCOUNT AND ALSO JOINT ACCOUNT WITH YOUR FATHER.THEN DEPOSIT THE SAID AMOUNT IN YOUR NEW ACCOUNT .KINDLY DO NOT TRANSFER ANY AMOUNT FROM OLD ACCOUNT TO NEW ACCOUNT.IF POSSIBLE CHANGE THE BANK AND PLACE OF BANK ALSO.

2.TAKE PRECAUTIONS THAT THE DETAILS OF YOUR SHARE CERTIFICATES ARE NOT DISCLOSED TO ANY ONE ELSE.OTHER THAN YOU AND YOUR TRUSTED FAMILY MEMBERS.SO THAT THE OTHER PERSON CANNOT CLAIM THE SHARE IN THE SAME.

3.IF POSSIBLE TRY TO CREATE THIRD PARTY INTEREST IN THE PROPERTY OR SHARES BY CREATING MORTGAGE OR LIEN OF THE BANK AND GET MAXIMUM POSSIBLE LOAN FROM THE BANK ON THE MORTGAGE OF SAID SHARE CERTIFICATES .YOU ARE A WISE BUSINESSMAN YOU CAN UTILISE THE SAID LOAN AMOUNT FOR COMPANY OF ANY PROJECT WHOLLY OWNED BY YOU AND YOUR TRUSTED FAMILY INCLUDING WIFE.OR ANY OTHER PERSON.

KINDLY SEND THE DETAILS SO THAT I CAN GUIDE YOU PROPERLY. KINDLY NOTE THAT IT IS UP TO YOU TO DECIDE AND SELECT THE WAY OUT.

IN CASE YOU NEED ANY FURTHER HELP KINDLY SEND DETAILS I WILL PROFESSIONALY GUIDE YOU PROPERLY

WISHING YOU AND YOUR FAMILY BEST REGARDS.

THANKING YOU

YOURS SINCERELY

NANDKUMAR B.SAWANT.M.COM.LL.B.(MUMBAI),ADVOCATE

J K Agrawal (Advocates) 04 June 2009

It is important that how did you got shares? If your father is alive and shares with you is as self earned you need not to do any thing. You are absolute owner of shares. If you got the shares in inheritance then again you need not do any thing as you are not the absolute owner of shares and your brother can claim it any time.

I think there is no short cut to overcome the problem.