Nomination or legal heir who will be the owner

Its duty of the Nominee to allocate the assets of the deceased to his legal heirs, as per their rights.

Practically, Companies transfer shares in the name of Nominee, unless any objection/s.

Shares shall vest in the name of Nominee. It can not vest in the name of Legal heir. Kidnly refer Section 72 of Companies Act, 2013.

In general, for everything (bank balance, immovable property, movable assets), assests shall vest in the name of legal heir. However, only in case of securities governed under Companies Act, the securities shall vest in the name of Nominee. There was a judgement by High Court in this regard. I will shall you the link as soon as I find it.

Really thank you for the info,can u share me the link of the judgement.

is it also the same when companies act 1956 was in force

Hi 

can u share the link of judgement

Please note that nominee is just a trustee who gets property on behalf of the legal heirs.  Companies Act does not deal with law relating to legal heirs (e.g. Hindu Succession Act) and provisions of Companies Act cannot over-ride Hindu Succession Act.  Refer Bombay High Court judgement dated 31.3.2015 in the case of Jayanand Jayant Salgaonkar.

Thank you Agrawal Sir for latest case law. I was refering to earlier caselaw i.e. 'Smt. Sarbati Devi v Smt. Usha Devi'

Dear Rakesh, you can refer this Article.

https://thefirm.moneycontrol.com/story_page.php?autono=1386156

Actually Shares had been transferred in the name of nominee in 2012.now can the legal heir claim the shares according to latest judgement.

Thank you mr.agarwal for the information

the shares are in joint holding and first holder is died without leaving any will, Nominee is the wife of second holder  then what will be the situation

probable solution is Nominee will be added in place of first holder adn would be entitled to the share of 50% holding as in joint holding

is this correct

plaese guide