In the event of death of Shareholder & there are no legal heirs for the aforesaid shareholder. For the Past more than 8 years dividend is being transferred to Investor Education Fund. Company is aware that there are no legal heirs for the shareholder. What remedy is available to the company for these shares as in near future also there will be no claimant for these shares ever. Can we cancel these shares or what to do for these shares ? Please advice
31 October 2013
As per my knowledge, after expiry of 7 years you are not eligible to hold dividend in company account. It should be mandatory transferred to IEPF.
I agree with you that Dividend is to be transferred to IEPF, but When I know that shareholder is dead & there are no legal heirs to him, what is to be done for the shares held by the deceased shareholder who does not have any claimant for his shares ?
The SHAREHOLDER IS DEAD & I AM AWARE OF THE FACT that he does not have any LEGAL heir to claim ORIGINAL SHARES.. What does company DO with such SHARES who does not have any claimant after death of the original shareholder
CAclubindia
