https://www.taxtmi.com/caselaws?id=459754 Nomination under Section 109A of the Companies Act, 1956 and the depository framework does not confer beneficial ownership of shares or securities on the nominee to the exclusion of legal heirs. The nominee's role is limited to receiving and dealing with the securities for administrative convenience, while succession rights continue to be determined by the applicable testamentary or intestate law. The use of "vest" and the non-obstante clause protect the company or depository from rival claims but do not override a valid will or displace inheritance law. The settled position was affirmed and the contrary view disapproved. en-us Thu, 14 Dec 2023 00:00:00 +0530 Thu, 26 Dec 2024 15:09:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459754 Nomination under Section 109A of the Companies Act, 1956 and the depository framework does not confer beneficial ownership of shares or securities on the nominee to the exclusion of legal heirs. The nominee's role is limited to receiving and dealing with the securities for administrative convenience, while succession rights continue to be determined by the applicable testamentary or intestate law. The use of "vest" and the non-obstante clause protect the company or depository from rival claims but do not override a valid will or displace inheritance law. The settled position was affirmed and the contrary view disapproved. Case-Laws Companies Law Thu, 14 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459754