BOMBAY HIGH COURT
Roshan Dalvi, J.
Harsha Nitin Kokate v. Saraswat Co-op. Bank Ltd.
| Table of Content |
|---|
| 1. rights of heirs vs. nominee in shares. (Para 1 , 2 , 3) |
| 2. nomination forms and legislative intent. (Para 4 , 5 , 6 , 8) |
| 3. comparison with other laws regarding nominees. (Para 9 , 25) |
| 4. nominees acquire exclusive ownership under companies act. (Para 24 , 26) |
| 5. final decision rejecting the plaintiff's claims. (Para 27) |
1. The plaintiff married one Nitin Kokate on 3rd December, 2004. Her husband expired on 5th July, 2007. Nitin Kokate held certain shares in D - mat Account with the Depository Participant Cell of defendant No. 1. Her husband executed a nomination in the prescribed form following the prescribed procedure set out by the Depository Participant, defendant No. 1 Bank in favour of the defendant No. 3, his nephew on 11th July, 2006. The plaintiff claims an interest in the said shares as his heir and legal representative. She claims to have them sold.
2. This Suit is not concerned with the reason why she claims the sale of the shares. The plaintiff must show her legal right, title and interest in those shares. If that is shown, the plaintiff would be entitled to sell or transfer those shares or to hold them as her own.
3. The defendant No. 3 claims right, title
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