Who will get share in equities, if owner dies without a will?
08-Mar-2023 (In Wills / Trusts Law)
My mom and father expired without leaving a legal will in my mom's demat account i am the nominee my sister and brother in law are asking for share in equities who is the owner of equities nominee is my sister eligible for shares in equities as there is no will.
Dear Client,
As you said there is no Will of your mother. And assuming that she was the only sole holder for her demat account and there is no other joint holder for equity shares of her.
As you said you are the only nominee to her equity share, then in this case you are the only owner for the equity shares of her.
As notwithstanding anything contained in any other law or any testamentary deposition or otherwise, in respect of the shares, where a nomination has been made in accordance with the provisions of Companies Act, 2013, on the death of the shareholder, (or in case of joint holdings, on the death of all the joint holders), the Nominee shall become entitled to the rights in relation to such shares held by the deceased shareholder(s), to the exclusion of all other persons unless the nomination is revoked.
As you said there is no Will of your mother. And assuming that she was the only sole holder for her demat account and there is no other joint holder for equity shares of her.
As you said you are the only nominee to her equity share, then in this case you are the only owner for the equity shares of her.
As notwithstanding anything contained in any other law or any testamentary deposition or otherwise, in respect of the shares, where a nomination has been made in accordance with the provisions of Companies Act, 2013, on the death of the shareholder, (or in case of joint holdings, on the death of all the joint holders), the Nominee shall become entitled to the rights in relation to such shares held by the deceased shareholder(s), to the exclusion of all other persons unless the nomination is revoked.
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