06 February 2019
No, Ownership of money is not of the Company but that of legal heair of the deceased deposit holder or successor of that person. The Company is obliged to pay such successor/ legal heair, on production of proof of succession in property of that deceased person i.e. will, or probate and death certificate.
06 February 2019
If the lender is a Company/PFAS/LLP then the others directors, partners have to be paid. If that was a sole proprietorship firm then the legal heir will be eligible to receive the repayment.