12 September 2012
Dear Experts, Kindly advice me upon the following case:
Mr. A holds 50,000 equity shares in a Private Limited Company. He has not made use of any nomination facility.
He is a Bachelor and his parents ceased long ago. Now suddenly Mr. A deceased and my query is to whom his shares would be transmitted? He has only a married sister. Please clarify me on the status of his shares. To whom these shares shall vest?
Whether the married sister can claim succession to his shares ?
13 September 2012
Yes the shares can be transmitted to his married sister as well. She has to submit an affidavit and indemnity bond along with the death certificate and succession certificate.
CAclubindia
