Raji, was holding 1,10,000 equity shares in Mahanav Industries Ltd. After Raji's death, her legal heir Raman applied for transmission of the shares in his name while the application for Succession Certificate was pending

The given situation is similar to the case in Rajkumar Devraj & Anr. v. Jai Mahal Hotels Pvt. Ltd. Others (CLB) CA. No. 133 of 2006 in C.P. No. 30 of 2006 . In this case, a shareholder dies and his heirs apply for transmission of shares while their application for succession certificate was pending before the Civil Court. The legal heirs alleged illegal allotment of shares by respondent to themselves, reducing the legal heirs to minority. It was held that the legal heirs are entitled to file a petition alleging oppression and mismanagement. Yes, Raman will be entitled to file a petition against the illegal allotment of equity shares in accordance with the abovementioned case. The Company cannot allot the shares to someone else as the succession certificate is pending in Civil Court.