Clarification on claim over shares of company after death of MD

nder Company law, when the managing director has passed away and when the father who is not a director and his name is not mentioned either in Articles and Memorandum. Can he claim for purchase of shares when legal heirs and directors are wife and daughter. The fathers name is mentioned in legal heir certificate obtained from local board namely "legal heir certificate" from Register of birth and deaths, local corporation, municipality. Who are the legal heir who can claim the share of Managing Director upon his death Sir, Please clarify. the procedure that the wife or daughter who are not only legal heirs but also on the board of directors must follow Thanks 

Answers (1)

292 votes

Father is not a legal heir and he cannot claim any share belonged to the deceased son, though his name found in the legal heirship certificate. I presume that the deceased is a Hindu, As per Hindu Law, mother, children and wife alone are the legal heirs of a Male. The Mother, wife and Children are equally entitled to the estate of deceased male member as per section 8 of the Hindu Succession Act. If the deceased executed any Will, then the estate goes as per the Will. Basing the Legal Heir certificate, the father cannot claim anything. The wife an Daughter are very much entitled to get the shares transferred in their name.

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