Consider the following situation:
Mr. X purchased shares of Reliance Industries Ltd.(RIL) in 1979.
In years 1980,1983 and 1997 RIL declared bonus.
The bonus was not received by Mr. X. He died in year 2000 and his shares were transfered to his daughters in year 2002. Daughters adopted illegal method to transfer shares in their name to avoid stamp duty and legal formalities.
My query is whether daughters can claim the bonus shares which were not received by Mr. X? The shares are still in paper form i.e. they are not dematerialised.
Please qoute relevant section of the relavent act.
Thanks in advance
Ketan Shah
CAclubindia
