---------- Forwarded message ----------
From: Ramachandran Mahadevan ramachandran.mahadevan@gmail.com
The legal position of a nominee has always been accepted to be that of
an 'agent' or
'trustee' and nomination is not considered to be a kind of
testamentary succession.
Nomination did not operate as a third kind of succession which could
be styled as a
statutory testament. A nominee could not be treated as being
equivalent to an heir
or legatee. The Bombay High court has recently differentiated the
position of nominee
as laid down by Supreme Court, by citing a difference in the language
of applicable
law, and has ruled that " on the death of the share holder, the
nominee would become
entitled to all rights in the shares to the exclusion of all other persons".
--
From: Ramachandran Mahadevan ramachandran.mahadevan@gmail.com
The legal position of a nominee has always been accepted to be that of
an 'agent' or
'trustee' and nomination is not considered to be a kind of
testamentary succession.
Nomination did not operate as a third kind of succession which could
be styled as a
statutory testament. A nominee could not be treated as being
equivalent to an heir
or legatee. The Bombay High court has recently differentiated the
position of nominee
as laid down by Supreme Court, by citing a difference in the language
of applicable
law, and has ruled that " on the death of the share holder, the
nominee would become
entitled to all rights in the shares to the exclusion of all other persons".
--
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