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Case Study on Legal Heir Certificate – Transmission of Share & IEPF Claim

05, Aug 2024
Case Study on Legal Heir Certificate – Transmission of Share & IEPF Claim

Ankit Agarwal, a client, approached us with the task of transmitting shares inherited from his late father, Shyam Agarwal. These shares, worth over a crore, had also been moved to the Investor Education and Protection Fund (IEPF). Initially, we assumed it would be straightforward to assist Ankit in claiming these shares. Our team at Share Samadhan believed that with effort, we could easily proceed with the transmission.

Understanding Ankit's Needs

During our first meeting, Ankit expressed his desire to transfer his father's shares directly to his Demat account. He assured us that his mother, Mrs. Shanthi Agarwal, and his two sisters, Mrs. Prachi Jalan and Mrs. Sanjana Vaidya, had no objections to his claim and would provide No Objection Certificates (NOCs).

We promptly prepared a service agreement and began collecting essential documents, including the Legal Heir Certificate and the share certificates in Ankit's possession. It seemed we were on a clear path to resolution.

The Unexpected Challenge

However, upon examining the Legal Heir Certificate, we discovered an unexpected complication. The certificate listed a fifth heir, Mrs. Mansi Agarwal, Shyam's mother. Ankit explained that the certificate had been issued 12 years ago, after Shyam's death, when Mansi Agarwal was still alive. There was a layer of complexity to the transmission process after she had passed away.

Twisted Heirship

The presence of Mrs. Mansi Agarwal on the Legal Heir Certificate meant that, upon her death, her share of Shyam's estate would be inherited by her legal heirs. Mansi Agarwal and her husband had seven children, 4 of whom had already passed away, leaving behind a total of 15 children  who were legal heirs(Mansi Agarwal's grandchildren):

- Late Priti (3 children)

- Late Kamla (1 child)

- Ms. Babita (alive)

- Late Prajakta (8 children)

- Lakhsman (alive)

- Late Shyam (3 children, including Ankit Agarwal)

- Pankaj (alive)

The Emotional Turmoil

The realization of this complex family web brought an emotional dimension to the case. Ankit Agarwal, already grieving his father's loss, now was in need of either obtaining NOCs from all 18 legal heirs or sharing a portion of the shares with them. The weight of understanding these family dynamics added a personal and emotional challenge to what was initially perceived as a straightforward process.

Moving Forward

Ankit had to consider the implications of involving his extended family, who may have varying degrees of attachment and interest in the shares. The decision was not merely a legal one but also deeply personal, requiring sensitivity and understanding.

Success Through Persistence

After 2 long years of persistent effort, Ankit Agarwal successfully obtained all the necessary NOCs from the 18 legal heirs. Our team at Share Samadhan meticulously went through the legal complexities and family dynamics, ensuring that every detail was addressed with care and precision.

Finally, we were able to recover all the investments and transfer the shares to Ankit's Demat account. This outcome was a testament to our expertise and dedication. Professional companies like Share Samadhan can achieve such results within 2 years, whereas if Ankit had attempted this process on his own, it could have taken more time and involved much greater frustration and headache.

Our Commitment

At Share Samadhan, we pride ourselves on our ability to handle even the most intricate cases with efficiency and empathy. We are committed to delivering timely and effective solutions for our clients, ensuring that they receive every penny due to them without unnecessary delays. Ankit Agarwal's successful recovery of his father's shares is a shining example of what can be accomplished with the right professional support.

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