Upgrad LLM

heirs unknown


There's a company X. It  got merged with a company Y. Now the person who was a shareholder in X has to get replica no. of shares in Y. Now the company comes to know that the shareholder is dead. Is there any legal provision which talks about such condition. The deceased person hasn't left any will or something. The allotment is necessary. Also, if we send a legal notice and there's a family dispute, what are we supposed to do? Also, in case the legal heir comes after 10 years to claim the shares after settling family disputes, what should be done?

 
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practicing advocate

co., has to give the shares to legal heirs of the deceased or inaccordance with the court decree if any.

 
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lawyer

i think  company can allot shares as named in heirs certificate if heirs can submit other  option can take bond for  future liability from heirs who come forword to take shares , allot them 

 
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dear disha mam, 

what do you exactly mean by future liability?

the legal heirs are unknown and there has been no such adress that could be used for sending a legal notice for allotment of shares. the nominee wants to transfer those shares in name of the deceased only. 

the situation is problematic and a bit wierd.but pls provide some suggestion.

 
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Advocate

Sir 

you can also file an interpleader suit  prayibg therein that the rightful heir be declared as  real allotee  of the shares  and in  default  the state as allotee by escheat , such a suit  should be filed in the representative  form  through public notice 

Regards 

 
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