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Ramalingam Kalirajan5092 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Apr 30, 2024

Asked on - Sep 22, 2023Hindi

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I have purchased shares of a company in public issue in1995 in joint name of my spouse and myself. Surname of my Mrs. is given as that of mine (after marriage). The company subsequently gone into problem and was taken over by some other company in year 2000. I have no communication of these developments as I shifted my residence to a different city. Now the new company on approaching, has given new share certificate in our joint names. However, I could not open demat account as per name mentioned in the share certificate since, my spouse surname mentioned in PAN and Aadhar are as per her school / office records (prior to marriage). The company is also not responding to my request to change surname of my spouse as per PAN / Aadhar. Pl advise the course of action as I am not getting dividend nor able to sell away shares, as they are not in demat form.dem
Ans: It seems like you're facing a challenging situation regarding the ownership and management of shares purchased jointly with your spouse. Here's a suggested course of action:

Contact the Company: Make another attempt to reach out to the company that issued the new share certificates. Clearly explain the situation and provide documentation, such as marriage certificates and identification documents, to support your request for a correction in the surname on the share certificates.
Legal Advice: If the company remains unresponsive or unwilling to cooperate, consider seeking legal advice from a lawyer specializing in corporate law or securities law. They can assess your situation, provide guidance on your rights as a shareholder, and assist in taking legal action if necessary.
Update Personal Records: Meanwhile, ensure that all personal records, including PAN and Aadhar, are updated to reflect the correct surname. This will help resolve any discrepancies and ensure compliance with regulatory requirements when opening a demat account or conducting other financial transactions.
Explore Alternative Solutions: While pursuing the correction of the surname on the share certificates, explore alternative options for managing the shares. This may include finding a trusted family member or friend who already has a demat account and can hold the shares on your behalf until the surname issue is resolved.
Stay Informed: Keep yourself informed about any developments related to the company and its shares. Monitor communication channels, such as official announcements, shareholder newsletters, or the company's website, to stay updated on any changes or opportunities to address your concerns.
Remember to document all communications and efforts made to resolve the issue, as this may be useful in case of future legal proceedings or disputes. It's essential to approach the situation calmly and persistently while seeking a resolution that aligns with your rights as a shareholder.
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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