LawRato

How to split company and property between legal heirs


25-May-2023 (In Civil Law)
Religion : hindu Background : my father in law expired six months back. He had lived with 1 wife, 2 sons and 1 girl. He owned (proprietor) a registered pump service company and also had properties on his personal name and company name. After his death we had got the legal hiers certificate (varisu certificate) from state govt stating his wife, 2 sons and 1 daughter as his legal hiers. Question 1: does the legal hiers certificate claim the hier only for the property in his personal name? Or does it also claim hier for the company he owned as a proprietor and property in the company's name? Question 2: since the registration certificate of the company he owned as proprietor stands cancelled after his death. If any one of the legal hiers register a new company in same brand name, what will happen to the property and machinery that was in the company name? Will those automatically transfer to the new owner who registered same brand name?
Answers (2)

Answer #1
603 votes
Your queries are complex and unless we meet and discuss, it is not possible to give a clear advice. Once you get the legal heirship certificate then we can transfer the property. If you are in Chennai and need any further assistance then you can contact me.
Answer #2
701 votes
The legal heirs are the legal owners of the said company. Since it is a Proprietary concern the legal heirs are eligible for running the company. The legal heirs can make a partnership agreement or give release to any one of them to run the company and the department will allow to run in the same title. Same procedure for all the properties in company's name. For further details contact.

Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.

Report abuse?

Comments by Users

No Comments! Be the first one to comment.

"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."