In order to claim the unclaimed or long forgotten shares, a shareholder or the legal heirs of a deceased shareholder might face many difficulties as not everyone is well aware with the legal procedures in India. You might need legal assistance in various stages for example, Assistance related with the process of filing an FIR for the process of duplicate issue of shares, Indemnity Bonds, Surety, Notarization of documents to retrieve your shares.
You might need assistance related to the court base matters such as Probate of Will or Letter of administration or succession certificate to claim the ownership of shares held by a deceased family member.
We have a pan India network of experienced advocates to assist with the legal matters.
“Probate is a judicial process whereby the will is certified under the seal of court. According to the Succession Act in India, a Probate of Will is required for transmitting the properties of the testator.
If a person dies after leaving a Will, it is termed as Testate Succession. A probate of Will is required for the transmission of property of the deceased.
One can make a probate application only after 7 days of a testator’s death.
How would we assist you?
We will communicate with Companies/RTA to check whether Probate is actually required or the Will alone would be sufficient.
We have a network of experienced lawyers who will file an application along with the copy of Will and Proof of Death with the district Court under whose jurisdiction the deceased had his place of residence.”
If a person has died intestate i.e, when he/she dies without leaving a legal will, then in such scenario, obtaining a Succession Certificate becomes necessary for legal heirs of deceased person to claim investments of deceased family member. As per The Indian Succession Act, 1925, succession certificate is issued by the competent court to the legal heirs of a deceased to establish the authenticity of the heirs and give them the authority to inherit debts, securities and other assets of the deceased.
How we assist you
Obtaining Succession Certificate
We will communicate with the Company or its respective RTAs regarding the shareholding as on date and prepare supporting documents.
We have a network of experienced lawyers who will make an application in the prescribed format with the competent Civil Court within that jurisdiction, where the deceased person was residing.
The lawyer will further handle the petition, court proceedings, court hearings which will be about two or three and do the needful to successfully obtain the Succession Certificate.
The Court and shall levy a fixed percentage of the value of the estate as its Court Fee.
According to Securities Exchange Board of India (SEBI), Capital Market Regulator in India, In case of transmission of securities held in physical form, where the market value of the said securities is over Rs. 2 lakhs per company, the same can be transmitted to the legal heir only upon production of Succession Certificate.
For securities held in dematerialized form, where the market value of the beneficiary’s deceased account is over Rs.5 lakhs, the same can be transmitted to the legal heir only upon production of Succession Certificate.
But, a recent circular of IEPF Authority states that where the value of securities is 5 lakhs or more, then the claimant/s need to obtain the succession certificate for the transmission of such securities.
Where the legal heirs have already obtained the Succession Certificate but details of some securities have not been included altogether or have been included in part and the same is required to be completely included in the Succession Certificate by the Company or RTA, the Succession Certificate has to be amendment.
If a member of a family or near relative has died intestate, his/her legal heirs should acquire a legal heir certificate to facilitate the method of transferring the assets of the deceased. This certificate is a very important document to ascertain a relationship between the deceased and his/her legal heirs. Once the death certificate is obtained from the municipal corporation, the successors can apply for this legal heir certificate to claim their right over the deceased person’s properties and dues.
The Legal Heir certificate is required in the case of transmission of shares where the value of shares are less than 5 Lakhs.
How we assist you
The applicant needs to file an application with the Tahsildar office. He can apply for the same with the District Civil Court.
Our team of experts will guide you throughout every step of getting the legal heir certificate.
In many cases of transmission, we have seen that the recovery process is stuck. The main reason for the same is dispute among the legal heirs or family members of deceased shareholder. The dispute arises because of the unavailability of a Will. Not having a clear direction regarding the share of assets is the reason for the disputes among family members. This situation requires a professional mediation to reach on a better solution. We, at The Wealth Finder have an experienced team of advisors who will assist you to remove this road block to kick start the recovery process. If you are facing such issue just connect us & we will initiate the mediation among the family members to resolve this issue and to reach on a decision which will benefit all the legal heir & family members.