Legal Question in Wills and Trusts in India
US citizen living in India (business visa) with 98% shareholding in indian private ltd company died intestate ie. without will/nomination for shares. sole legal heir is mother living in the US. 1.should deceased person's shares be probated in US court or in Indian court in favour of mother? market value of shares is 2 crores. should company effect transmission of shares only after probate is obtained since legal heir certiicate concept does not exist in the US?
2 Answers from Attorneys
in this situation, as the company is situate in India, US has no jurisdiction to grant letters of administration or succession certificate regarding the shares of Indian Company. it is advisable to hire a lawyer in india who would file a petition for succession on behalf of mother and mother may not have to be present in india on each n every hearing.
Was he white American or NRI ? The answer to this question is important as the law varies and different in the situation mentioned by you in your question. Please clarify.
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