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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Clarification on Section 187C: Joint Shareholders Not Trustees; Exclusions for Public Trusts, HUFs; Disclosure for Bank-Held Shares.</h1> The circular addresses the applicability of section 187C concerning the declaration of beneficial interest in shares. It clarifies that joint holders of shares do not form a trustee-beneficiary relationship, and the rules do not apply to shares held by public charitable trusts or Hindu undivided families. Partnerships must list all partners in the register for collective rights. Concerns about hindering stock exchange trading are dismissed, as rules apply only to completed transfers. Shares in a bank's name with rights exercised by others require disclosure, while official designations do not, as no title vests in the officials.
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