Our client was married to a woman whom he divorced and he has no children.
Mother, the original shareholder died leaving behind a sizeable fortune in the form of Unclaimed Shares and Dividends.
Since our shareholder had no issues and he was sufficiently wealthy otherwise, he did not initially plan to convert the shares.
Our team, based on the data available approached the shareholder. He was very reluctant, initially. We impressed upon him that, the shares will slip to IEPF and It would be all the more difficult to get them back.
Granted he did not need the money, instead of wasting it, the money can be put to use for some charitable purpose.
Next major problem that he had was fees. Before us, there were other agencies that approached him and quoted King’s ransom as fees.
Considering our fees structure, which is very transparent, he decided to work with us.
The trouble was he did not take succession certificate, but just a court decree.
Court Decree said that he is the Successor to the Shareholder, his mother.
There was also a settlement deed with the divorced wife to the effect that, she has received all that is due to her.
Based on these, we applied to the registrars and it was promptly rejected. Not before a month, of course!
We then took a legal opinion from a Corporate Lawyer and approached the company directly under a copy to the registrar.
We had argued that, the requirements of Succession Certificate means only a Court Order authenticating a person and that once the credentials are proved there should be no bar for the company to accept the application on merit
There upon we visited the company and met with their Investor Service Officials and got an approval.
The company referred the application to the registrars and instructed them to consider the application on merit.