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2013 (1) TMI 8 - HC - Companies LawAdministration of the estate - Appointment of joint administrators for estate left by deceased - Putting the estate for the time being in the custody of three independent persons - Who would act as Joint Administrators pendente lite in and over all the estates of the deceased – For making inventory of the estate and take possession of the same except the properties which are under possession of the Joint Special Officer for the time being - They will take all lawful steps for general Administration of the estate left by the said deceased - They will take steps in accordance with law for their participating in all the meetings of Shareholders of the companies and also take all lawful steps as shareholders in accordance with law Issue: - Powers of the Committee of APL - Exercise of nature of rights relating to the shares which form major part of the estate Held that:- Nothing prevents them to exercise all the rights, powers and privileges incidental to the ownership of the shares and stocks except that of distributing such estate to the legatees/beneficiaries which is required to be finally determined by the Court. As representative of the shareholder they can always apply to the company to subscribe for such shares in their capacity “as representative of the deceased in the estate” and not as owners in their own names. In order to enjoy privileges incidental to the ownership of the shares an application will have to be made to the company as required by law to record their names in the Register of members and the companies will have to consider such an application in accordance with their Articles of Association and the provision of law which governs the same. Parties for the purpose of administration of the estate having agreed to appointment of 3 Member Committee as Joint Administrators they shall be entitled to exercise of the rights and powers of General Administrators over the estate of the deceased other than the right of distributing such estate and we, therefore, direct them i) to prepare and file an inventory of the assets of the estate and appraisal of the value of such assets and ii) to take over possession of the assets of the estate in the manner provided under the law considering the nature of the property. a) From Receivers and Special Officers appointed by the Probate Court; b) From Executor’s legal heirs; c) From the present Institution and companies as the case may be Receivers/Special Officers appointed by the Probate Court will on handing over the assets out of the estate of the deceased for which they were appointed will stand discharged on their submission and settlement of accounts by the Court.
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