nomination

Mr. X. held certain shares in dematerialized account with a depository. Mr. X executed nomination in the prescribed form following the prescribed procedures in favor of his nephew (Mr Y). Upon the demise Mr. X, wife of Mr. X (say Mrs. X) filed a suit claiming an interest in those shares as a legal heir and representative. The Bombay High Court interpreted provisions of Section 109A of the Companies Act (Nomination of Shares), the Depositories Act and the bye law 9.11 of.. Full Article

The Supreme Court (SC) has clarified the nominee of a depositor in a bank does not get ownership of the money in the account after death of the depositor. The nominee gets exclusive right to receive the money lying in the account. It gives him all th Full Article

Investors spend time on their investments, mostly on the selection of options for their portfolio. However, little attention is paid to another area of equal importance, the paperwork related to the investment. Inadequate attention to this area can lead to a situation where the entire investment is stalled. The several details that need completing can range from just completing the nomination form in the investment to ensuring the bank account details are given to the in.. Full Article

The prospectus of any insurance product should state the scope of benefits, the extent of insurance cover and in an explicit manner explain the warranties, exceptions and conditions of the insurance cover and, whether the product is participating (with-profits) or non-participating (without-profits). The allowable rider or riders on the product shall be clearly spelt out with regard to their scope of benefits, and in no case, the premium relatable to all the riders put t.. Full Article

In exercise of the powers conferred by clauses (zb), (zc), (zd), (ze), (zf), (zg), (zh), (zi) and (z.j) of sub-section (2) of Section 55 of the Special Economic Zones Act, 2005 (28 of 2005) read with Section 31, the Central Government hereby makes the following rules, namely :— Full Article