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Indian Law/Can I claim equity equity shares and bank account by filing inventory proceeding in Goa

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Question
QUESTION: My brother and his wife resided in Goa. They had no children. My brother expired before his wife(no siblings). There is no will.  They had in joint names equity shares in 10 companies and a bank account in Mumbai.

I am the only heir .Can claim these assets by filing for inventory proceedings in Goa?

Please advise.

ANSWER: In the event of death of one of the joint-owners of property like investment,Bank Accounts etc.,the oqnershipo automatically passes to the servivor.Therefore, you have no merit in filing a suit to claim these assets.However, you may consult a lawyer for apprpriate action in the matter.

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QUESTION: In this case there is no survivor as both of them have passed away. My brother died first followed by his wife. His wife had no other siblings and her parents are expired.

I am the only heir on my brothers side. So can i claim these assets(shares and bank account in mumbai by filing for inventory proceedings in Goa?

Answer
If a person dies without making any WILL,then the properties left by him will be distributed equally amongst his legal heirs preferably to class-I e.g. his  wife/children and otherwise to class-II e.g. his father/mother/own brothers /sisters etc. by the court as per the provisions of The Hindu Succesion Act,1956.However, an application is to be made to the court for the purpose.

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Arun Kumar Maitra

Expertise

Contract Law,Companies Act,Sale of Goods Act,Partnership Act,Negotiable Instument Acts,Constitution of India,Arbitration Act,Consumer Protection Act,Maternity Act,Payment of Gratuity Act,Payment of Bonus Act,Shops & Establishment Act etc.The answer to the grievance of the particular online query depends on the facts of the particular case and law applicable to it.However,my comments relating to the various queries raised through the "All Experts" should not be treated as legal advices and should not at all be relied upon.I do not accept any responsibility for them.They will only give you some ideas about the probable merits of your cases.Ultimate actions/decisions in the matter may please be taken in consultation with the Legal Experts in the relevant fields.My purpose of giving the comments is to increase my own knowledge on the subjects and share it with others.It is purely of academic interest to me. I strongly feel the more knowledge we share,the more we shall be able to learn because there is neither any age nor any end to learning.

Experience

I have experience of dealing with matters relating to holdings of board/general meetings,maintenance of statutory registers,filing of necessary returns with the RoC,obtaining licenses for import,replies to Parliament Questions,dealing with the Parliamentary Committees,appearing before various courts to defend my employers,filing affidavits/counter -affidavits,preparing written statements/re-joinder,giving advice to management on complicated legal issues,preparation,drafting and vetting of contracts etc. I have more than 35 years of experiences to deal with the Company Law and Other Commercial Laws of leading Organisations in the country both in Public as well as Private Sectors.

Organizations
Member,Inst. of Chartered Accountants of India Member,Inst. of Company Secretaries of India; Member,Bar Council of India Member,All India Management Association Member,Delhi Management Association Ex. Vice-Chairman,Durgapore Chapter of the I.C.A.I. Expert ,CA Club India Expert ,Lawyers Club India Expert,AllExperts Ex. Faculty ,I.C.S.I as well as I.C.W.A of India Retd. Co. Secy. & G.M.(Law)/NFL(A Mini-Ratna A Schedule Central P.S.U.),New Delhi Ex.V.P.(Secretarial Dept.),Jaiprakash Associates Ltd. Ex. Co. Secy.,MAMC(A Govt. of India Enterprise),Durgapore

Publications
Nil.

Education/Credentials
M.Com;LL.B;A.C.A;A.C.S.

Awards and Honors
Obtained ''A'' Grade Certificate in the Parliamentary Procedure from the Secy. General of Parliament in 1994-95.It was in connection with a training course conducted by the BPE for PSU Executives.

Past/Present Clients
I am presently working as a Company Secretary in Old World Hospitality Pvt. Ltd.located in Delhi.It is engaged in Hospitality Industry.It has Units in India and abroad.It has been given the responsibility to look after operation & Management of ''India Habetat Centre'' located at Lodhi Road,New Delhi.

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