My mother had bought shares in various companies from the secondary market with my money. The shares were registered in her name, with my name not mentioned as the nominee. These are physical shares and not in demat form.
Now that she has passed away without a will, my brother and I are the sole legal heirs left. My brother has no objection to relinquishing any claim to these shares.
I read about this kind of situation a little bit and it seems a succession certificate might be required, but the process of obtaining this from the courts seems quite lengthy. My question is, preferably with least trouble and cost as well as maximum speed, how can I get all those shares transferred to my name in demat form? I would also like to include both my sons as nominees at the same time. Please advise.
It is true that Companies used to insist Succession Certificate from Competent Court but the very purpose of Nomination is to avoid such lengthy procedure, and if a nomination is registered you are legally entitled to submit a claim form, death certificate in original duly attested and after hearing you may send original certificate. First make an attempt without assumptions and then come back if you experience any difficulty.
Hence had your name been nominated you would have become owner without need to any NOC/Relinquishment from your brother.
I fully understand that, Mr. Doab. Unfortunately it was not done and hence all the trouble I have to face now, which is why I came here for preliminary advice in the first place. No point discussing what should have been done in the past, is there? This experience is also why I want to properly nominate both my sons once the shares are in my name. Are multiple nominees allowed?
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 etc may solve your issue.