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

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

05, Aug 2024

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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Recovering Forgotten Shares: Aditya's Journey to Reclaim His Inheritance

Recovering Forgotten Shares: Aditya's Journey to Reclaim His Inheritance

05, Aug 2024

Aditya Sharma's father, the late Shri Rajesh Sharma, had been a prudent investor, meticulously building a portfolio of physical shares over the years. However, after Rajesh's passing, Aditya found himself in a predicament - he had no idea where his father's share certificates were, let alone how to go about reclaiming them.

"It was a challenging task," recalls Aditya. "I knew my father had investments in various companies, but I had no idea where the physical share certificates were kept. I didn't know where to start."

Determined to recover his rightful inheritance, Aditya reached out to the team at Share Samadhan, a leading provider of share recovery services based in Delhi. "The moment I explained my situation, they understood the gravity of the problem and assured me that they would guide me through the entire process," says Aditya.

The Path to Recovery

The Share Samadhan team began by meticulously combing through Rajesh's financial records, piecing together a list of the companies in which he had invested. "It was no less than a complex puzzle," added Aditya. "But the team at Share Samadhan was relentless in their pursuit, leaving no stone unturned."

Once the list of companies was compiled, the next step was to initiate the process of share recovery. "The team at Share Samadhan helped me navigate the intricate procedures required to claim the shares," explains Aditya. "They assisted me in filing the necessary applications, obtaining the required documentation, and coordinating with the respective companies."

The 1st Step of Getting a Duplicate Share Certificate:

Aditya Sharma's journey to reclaim his late father Rajesh Sharma's investment portfolio was dealt with by the expert team at Share Samadhan. First, they guided Aditya through the intricate process of obtaining duplicate share certificates for the physical shares his father had invested in over the years. This involved Aditya filing the necessary police complaint and obtaining the required documentation, including the indemnity bond and succession certificate. Share Samadhan then coordinated with the respective companies to initiate the duplicate issuance procedure, which included publishing the mandatory newspaper advertisements and obtaining the companies' approvals. Within the stipulated 36-working-day timeline, Share Samadhan ensured that Aditya received the Letter of Confirmation for the shares, which he then promptly deposited with his depository participant for dematerialization.

The Final Step:

With the duplicate share certificates in hand, Share Samadhan then expertly guided Aditya through the transmission of shares process following his father's passing. They assisted Aditya in obtaining the necessary legal documents, including the succession certificate from the court, as the value of the shares exceeded ₹5 lakhs. Share Samadhan then coordinated with the respective companies to initiate the transmission procedure, ensuring Aditya submitted the required application forms and supporting documents. Throughout the process, the team ensured compliance with all regulatory requirements, including publishing the mandatory newspaper advertisements. With their diligent efforts, Aditya was able to seamlessly transfer the ownership of his late father's shares to his name, reclaiming his rightful inheritance valued at over ₹6 crores.

 The Treasure Trove

To Aditya's surprise, the shares his father had invested in over the years amounted to a substantial sum. "When the team at Share Samadhan finally provided me with the details, I was astounded," he says. "Didn’t know that my father had such a portfolio that the value of the shares would be in the crores!"

The breakdown of the recovered shares was as follows:

- Reliance Industries: 5,000 shares valued at ₹2.5 crores

- Infosys: 3,000 shares valued at ₹1.8 crores

- HDFC Bank: 2,500 shares valued at ₹1.2 crores

- Tata Consultancy Services: 1,800 shares valued at ₹90 lakhs

"I couldn't believe my eyes," Aditya exclaims. "It was like uncovering a treasure trove that had been hidden away for years. The team at Share Samadhan had truly worked wonders in helping me reclaim my rightful inheritance."

Overcoming the Complexities

The process of share recovery, however, was not without its challenges. "The team at Share Samadhan guided me through the intricate procedures required to claim the shares," says Aditya. "From obtaining the necessary documentation to coordinating with the various companies, they ensured that every step was executed flawlessly."

One of the key hurdles was the requirement to obtain a succession certificate, a legal document that certifies the rightful heir to the deceased's assets. "The team at Share Samadhan assisted me in navigating the legal system and obtaining the succession certificate," Aditya explains. "Without their expertise, I would have been lost in the maze of paperwork and bureaucracy."

A Happy Ending

After months of diligent work, Aditya's persistence paid off. "The team at Share Samadhan worked tirelessly to ensure that every detail was taken care of," he says. "They kept informing me every step of the way, and their commitment to my case was truly remarkable."

Aditya' with his possession can finally breathe a sigh of relief. "It's like a weight has been lifted off my shoulders," he says. "Thanks to the team at Share Samadhan, I've been able to reclaim my father's legacy and secure my financial future."

Aditya's story is a testament to the power of determination and the importance of seeking expert guidance. "If it weren't for the team at Share Samadhan, I would have never been able to uncover this hidden treasure," he concludes. "Their expertise and dedication have truly made all the difference."

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