NHAI bonds
S.SAMBATHU (RETIRED) (98 Points)
13 September 2019
What are the legal rights over the bonds purchased, for the first applicant,second applicant..so on.
2 Replies
Kapadia Pravin
(17264 Points)
Replied 13 September 2019
As far as interest is concerned , it will be in first holder's name.
in normal circumstances , maturity amount is automatically credited to bank details of first holder's account.
However when a question of legal rights over bonds are concerned, all first second third holder will be JOINT holders and all have equal rights.
in normal circumstances , maturity amount is automatically credited to bank details of first holder's account.
However when a question of legal rights over bonds are concerned, all first second third holder will be JOINT holders and all have equal rights.
Suresh Thiyagarajan
(Student)
(3986 Points)
Replied 14 September 2019
1. NHAI bonds allow to have joint applicant in holding the bonds.
2. Payment in relation to interest and maturity (end of 5 years) will be paid to the first applicant. All other communications will be addressed to the first applicant's address given in the application form.
3. With respect to legal rights all the joint holders shall have equal rights over the bond.
Please correct me if the above solution has an alternative view.
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