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IN THE HIGH COURT OF JUDICATURE AT MADRAS
V. Parthiban, J.
B. Suresh Kumar & Others – Petitioners
Original Petition No. 306 of 2021
Decided On : 01-09-2021
Original Side Rules - Order XXV Rule 6 - Indian Succession Act, 1925 - Section 372 - Legal Heirs - Grant of Succession Certificate - Unclaimed Dividends- Petitioners are Class-1 legal heirs of deceased claimed to be entitled to equal share in Shares and Dividends held in ITC Limited, Registered Office at “Virginia House”, which are in the name of deceased - Original Petition is filed to grant Succession Certificate to 1st petitioner, with power to collect Securities and to receive unclaimed Dividends thereon and negotiate and transfer the securities specified in the Schedule - Held, Considering the averments made in the petition and the documents filed by petitioners, this Court is satisfied that petitioners have succeeded Estate of deceased - Therefore, petition is ordered as prayed for and a direction is issued to Registry, for grant of Succession Certificate to first petitioner with power to collect Securities and to receive unclaimed Dividends thereon and negotiate and transfer securities specified in schedule hereto - First petitioner is directed to render accounts once a year - Order accordingly.
JUDGMENT :
(Prayer: Original Petition (O.P) filed under Section 372 of the Indian Succession Act, 1925, read with Order XXV Rule 6 of the Original Side Rules of this Court, praying that Succession Certificate may be granted to the first petitioner with power to collect the securities and to receive unclaimed Dividends thereon and negotiate and transfer the securities specified in the Schedule hereto.
Schedule Property
| Registered Folio No.19/01907 in the name of deceased Mr.S.Babulal in ITC Limited (mentioned as Sha Babulal S.Jain in Share Certificates) | |||
| Description | |||
| Distinctive Nos. | Name, Title or Class of Security | Amount or Value of Per Security | Market Value of Security on date of Application for Certificate |
| 79503141 to 79509400 | Equity Share of ITC Limited (Bearing Share Certificate No.47530 and Nos. of Shares are 6260) | Rs.1/- | Rs.10,32,900/- |
| 2543182571 to 2543185700 | Equity Share of ITC Limited (Bearing Share Certificate No.113748 and No.of Shares are 3130) | Rs.1/- | Rs.5,16,450/- |
| 3904521003 to 3904530392 | Equity Share of ITC Limited | Rs.1/- | Rs.15,49,350/- |
| 8101843211 to 8101852600 | Equity Share of ITC Limited | Rs.1/- | Rs.15,49,350/- |
| Total accumulated Dividend for the period from 31.03.2007 to 31.03.2013, transferred to IEPF account | Rs.4,57,293/- | ||
| Total accumulated Dividend for the period from 01.04.2013 to 31.03.2020, which is held in Company | Rs.9,22,005/- | ||
| Total | Rs.60,27,348/- | ||
The market value of the Schedule property is Rs.60,27,348/-.
1. This Original Petition is filed to grant Succession Certificate to the 1st petitioner, with power to collect the Securities and to receive unclaimed Dividends thereon and negotiate and transfer the securities specified in the Schedule.
2. The petitioners have averred as follows in the petition:
| Registered Folio No. | Certificate No. | No. of Shares | Distinctive No’s. | Status of Share Certificates |
|
19/01907 | 47530 | 6260 | 79503141- 79509400 | Transferred to IEPF Account |
| 113748 | 3130 | 2543182571-2543185700 | Transferred to IEPF Account | |
| 185491 | 9390 | 3904521003-3904530392 | Transferred to IEPF Account | |
| 256721 | 9390 | 8101843211-8101852600 | Held in Company |
| Registered Folio No.19/01907 in the name of deceased Mr.S.Babulal, in which the Unclaimed Dividend from the above Shares is being transfer to IEPF (Investors education and protection Found) Account and balance held in the Company | |||
| Sl.No. | Dividend issued on | Status of Dividend | Amount |
| 1. | 31.03.2007 | Transferred to IEPF Account | Rs.29,109/- |
| 2. | 31.03.2008 | Transferred to IEPF Account | Rs.32,865/- |
| 3. | |||
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