Statutory formalities on death of a Share Holder cum MD

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 July 2011 I will be grateful if any one can clarify the following issues

1. Who will get inherited the share capital of the deceased share holder(Wife, Son, Married Daughter) if no will was preapred by him.

2. Will it make any difference if the situation is of a Partner ship Firm

3.What are the statuory compliences have to be complied with as his role was of a share holder and Managing director.

Thanking You in advance

U S Sharma

U S Sharma (Expert)
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20 July 2011 1. all legal heirs has to get "letter of administration" from city court, and later "letter of succession"

2. same as above

3. same as above

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partners / directors has to pass a resolution in this regard for nomination of new share holder / partner in place of deceased, subject to professional capacity of the legal heirs, priority always goes to wife 1st, then major son.