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POSTED BY ON February 12, 2014 2:32 pm COMMENTS (4)
Hi
My grandfather has held some shares since 1980s. (Some of these were debentures and equity warrants as well which got converted into equity shares as well over the years). We have records showing dividends received until year 2000 but no records since then.
The shares are in the form of share certificates format and have never been dematerialized. My grandfather is currently residing overseas and in poor health condition in the last stage of his life.
We wish to sell these shares ASAP and in the quickest possible manner during his lifetime since things are likely to get more complicated after he dies. He doesnt even have a PAN card at present, and only a savings bank account in India.
Since we are also residing overseas, getting these paperwork done as well takes a lot of time and hassle. Can someone advice what would be the quickest action plan to be able to sell off these shares and get the returns.
Regards
Rokhan
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Dear Ashal, in that case, even I can purchase the shares (or have a relative do that like you suggest) but the share certificates are in my grandfather’s name.
Will I be able to get it converted to my name? Or dematerialized to my account? Any proof of purchase required or process to be followed for the transaction to be considered valid?
Dear Rokhan, let your friends come forward. Other issues can be sorted out one by one. For off market transactions, brokers are not required.
Thanks
Ashal
Hi Ashal
Can they purchase without going through a broker? If they have to go through a broker, wouldnt the question of PAN card and trading account / demat, everything come in?
Dear Rokhan, please check with some of your friends who are in India and interested to purchase these shares offline. That’s the easiest way to do the things.
Thanks
Ashal