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Death of MD of private limited
21-Nov-2023 (In Corporate Law)
Hi,
My mother's father established a Pvt. LTD. And he was MD. He purchased lands as MD of company. He appointed one of my uncle as director. My grand father died in an accident.
After that my uncle(who has become only director) appointed two others and sold the company immediately. Now, can my mother Claim her stake as legal hier.
hi.
Though your grandfather had purchased lands, the lands now belong to company.
however your mother as a legal heir is entitled to the shares owned by your grand father and stake a claim on assets of company.
your mother should approach national company law tribunal and seek remedies under companies act first and seek restraining order against company and directors and also thereafter proceed in civil court claiming ownership of properties.
so the procedure is she has to parallely claim ownership of company and also the property.
Though your grandfather had purchased lands, the lands now belong to company.
however your mother as a legal heir is entitled to the shares owned by your grand father and stake a claim on assets of company.
your mother should approach national company law tribunal and seek remedies under companies act first and seek restraining order against company and directors and also thereafter proceed in civil court claiming ownership of properties.
so the procedure is she has to parallely claim ownership of company and also the property.
Helpful?
Adv. Rajagopalan
Hyderabad | 500+ Answers
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