Division of shares among the deceased's children - ...
Companies Law
April 8, 2024
Division of shares among the deceased's children - Interpretation of will - To be treated as part of her "movable properties" or not - The High Court upheld the CLB's interpretation that the shares in question fell within the purview of "movable properties" bequeathed by the will. The court observed that despite the absence of explicit mention of the shares, the will's intention to equally distribute all movable and immovable properties among the deceased's children was clear. - The court found the allotment of additional shares in the appellant companies to one of the children (represented by the appellants) to be done without proper authority, violating the provisions of the Companies Act. It deemed the CLB's decision to cancel this allotment as justified.
View Source
