sample case 9
PROBLEM
- We have a client who is the nephew of the deceased Shareholder.
- This particular case is peculiar. Our client’s Aunt, Mother’s Younger Sister, Was the shareholder.
- His Aunt was married to a man as the second wife. She has no children.
- Her husband’s first wife has children.
- Due to some reason, there is family dispute and the first wife’s sons were not in talking terms with the second wife.
- There were lots of shares invested in the name of second wife for which husband is the nominee. He is also no more.
- The second wife spent the last few years of her life with her sister and sister’s son.
- Our client has all the shares which constitutes a mini fortune.
- Our client wanted to apply for a Succession Certificate and then transfer all the shares to their family.
SOLUTION
- We appraised the client that he is not eligible to apply for a Succession Certificate. Though he is a secondary successor to his aunt, by law the first wife’s children are the primary successors.
- Not convinced, he checked up legal positions with a firm of Advocates and they gave the same opinion. here upon he wanted to know what can be done.
- We suggested a settlement route with the children of first wife. We thought, it is the moral route available. They are the legal heirs, while our client has more moral rights to claim the Legacy of Aunt. Further our client has all the details to claim the wealth. The legal heirs as per law do not even know the existence of this wealth.
- We then, represented out client and met with the legal heirs.
- Let us not get into the details and let’s just say we were not given a red carpet welcome initially.
- Along the way, they asked whether we knew all the details and whether we can claim it for them. We have the details. No. We will not claim it for you. It is unethical and unprofessional.
- We explained that without the data, not even 35% can be recovered by other agencies, since the data is not available in the public domain and as such it is better to have an amicable settlement before IEPF takes it all.
- We are glad to say, now we are very close to settlement and the project will be underway soon, after making water tight agreements between both parties
Please write to us with any doubt. Reach out to us in any form. We will get back to you within two business days.”
Other Case Studies
Case Study 1Case of the missing son |
A reasonably wealthy business man in a tranquil little town in Tamil Nadu had invested in a few blue chip companies.
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Case Study 2Case of the expired Succession Certificate Holder. |
Original shareholder was a government servant. He invested most of his surplus savings in shares of various companies. He expired in the year 1998, leaving behind his wife and her mother, he also had a sister
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Case Study 3Case of Missing Details. |
Out client is a house wife and the only legal heir of her father. Father had another son. He too expired without any legal heirs.
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Case Study 4Prioritizing succession certificate |
Share holder migrated to the US in the late 1980s, He invested shares in a blue-chip company. Just one share is valued at Rs 1.50 crores,
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Case Study 5Care of joint shares |
Original share holder expired and has left a very large estate, Shareholder died intestate (without leaving a will) and he left behind his son and wife as legal heirs.
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Case Study 6Case of suspense account |
The shareholder was never in India. He is a foreign service officer and he got posted everywhere in the world. He, during his youth, invested in a blue-chip company.
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Case Study 7Nomination or will – which one is supreme? |
Our client is the son of the shareholder. He had a will in his favour, bequeathing certain shares.
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Case Study 8case of Divorce and Settlement |
Shareholder is the mother of our client. Our client was married to a woman whom he divorced and he has no children.
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Case Study 10Harshad Mehtha and Securities Scam |
Our client had unclaimed shares in a blue chip company. During the days of paper share trading he wanted to sell some shares and handed them over to a sub broker in Trichy, TamilNadu
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Case Study 11Transmission of shares with respect to Charitable Trusts |
There was a successful Businessman in the city of Chennai. He brought various shares in his own name and in the name if his wife. In addition, there were lot of Real Estate Properties too.They had no children.
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Case Study 12Joint Shareholding and both Shareholders are dead |
A shrewd senior level employee in a major industrial house invested in shares largely through IPO or first issue as it was called n 1980’s and 1990’s. These investments turned into sizeable value today
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