AP SINGH (student) 02 July 2011
Some body has in possession of share certificates for the value of approx 5 lacs which he has found some where. Original shareholder is not traceble. Can the person keeping in possession of shares obtain succession certificate from the court? As in the case of immovable property the adverse possessior can claim ownership after 12 years but what would the situation in the case of movable property like shares.
Shaulabh Shah (advocate) 02 July 2011
Hi...
No one can become owner for anyone"s property by getting it from somewhere.... The succession certificate is not avaible to everyone who posses the property....
And importantly, by span of 12 year no one can become the owner of share's.... There is other things to consider is rights, company policy, sebi, demat account, so, check your legal thought.....
RAKESH PIPRODIA (ADVOCATE) 03 July 2011
Share Certificate can be of two types i.e. Tradable and Non Tradable. As far as someones share certificate been found CANNOT be transfered in your name legally.
For your knowledge there are many other reasons like,
a) the holder may have already applied for the duplicate shares.
B) If the primary holder is deceased, then the secondary holder fits the bill.
c) in case there is no secondary holder or joint holder, than the registerd nominee shall get the said shares.
d) if there is nonomination done, then the legal heirs have to prove for the succession.
But by no way you can become the successor of these shares, better you return the said shares back to the registered office of the company or the share transfer registry office.
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