https://www.taxtmi.com/caselaws?id=260161 Nomination under the Companies Act, the Depositories Act and similar enactments was held to secure valid discharge to the company or depository on payment or transmission, but not to create beneficial ownership in the nominee or displace succession rights. The nominee may receive the asset, yet holds it subject to the rights of heirs or legatees under the applicable succession law. The earlier contrary view was treated as per incuriam because it overlooked binding Supreme Court and High Court authority. The settled position confirmed that nomination is not a third mode of succession and does not vest exclusive title in the nominee. en-us Tue, 31 Mar 2015 00:00:00 +0530 Wed, 03 Jun 2015 12:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260161 Nomination under the Companies Act, the Depositories Act and similar enactments was held to secure valid discharge to the company or depository on payment or transmission, but not to create beneficial ownership in the nominee or displace succession rights. The nominee may receive the asset, yet holds it subject to the rights of heirs or legatees under the applicable succession law. The earlier contrary view was treated as per incuriam because it overlooked binding Supreme Court and High Court authority. The settled position confirmed that nomination is not a third mode of succession and does not vest exclusive title in the nominee. Case-Laws Indian Laws Tue, 31 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260161