No legal heir available for shareholder - remedy with the co
This query is : Resolved
31 October 2013
Dear All,
In the event of death of Shareholder & there are no legal heirs for the aforesaid shareholder. For the Past more than 8 years dividend is being transferred to Investor Education Fund. Company is aware that there are no legal heirs for the shareholder.
What remedy is available to the company for these shares as in near future also there will be no claimant for these shares ever.
Can we cancel these shares or what to do for these shares ?
Please advice
In the event of death of Shareholder & there are no legal heirs for the aforesaid shareholder. For the Past more than 8 years dividend is being transferred to Investor Education Fund. Company is aware that there are no legal heirs for the shareholder.
What remedy is available to the company for these shares as in near future also there will be no claimant for these shares ever.
Can we cancel these shares or what to do for these shares ?
Please advice
31 October 2013
As per my knowledge, after expiry of 7 years you are not eligible to hold dividend in company account. It should be mandatory transferred to IEPF.
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25 November 2013
Dear Ajay,
I agree with you that Dividend is to be transferred to IEPF, but When I know that shareholder is dead & there are no legal heirs to him, what is to be done for the shares held by the deceased shareholder who does not have any claimant for his shares ?
I agree with you that Dividend is to be transferred to IEPF, but When I know that shareholder is dead & there are no legal heirs to him, what is to be done for the shares held by the deceased shareholder who does not have any claimant for his shares ?
25 November 2013
If you aware of it before end of 7 years then you contact the shareholders and tell them to claim their divided in time.
25 November 2013
Dear Ajay,
The SHAREHOLDER IS DEAD & I AM AWARE OF THE FACT that he does not have any LEGAL heir to claim ORIGINAL SHARES..
What does company DO with such SHARES who does not have any claimant after death of the original shareholder
Please understand my query..
The SHAREHOLDER IS DEAD & I AM AWARE OF THE FACT that he does not have any LEGAL heir to claim ORIGINAL SHARES..
What does company DO with such SHARES who does not have any claimant after death of the original shareholder
Please understand my query..
25 November 2013
In that case such dividend amount will transfer in IEPF.
As per my view, a company does not have any right on such shares or dividend.
As per my view, a company does not have any right on such shares or dividend.
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