The Hon’ble Bombay High Court in the case of Jayanand Jayant Salgaonkar and Ors. Vs. Jayashree Jayant Salgaonkar and Ors.[1]authoritatively clarified the position of law in relation the position and rights of a nominee of holdings under various statutes and their bearing on the normal process of succession upon the death of the nominator in holding that owing to the fact that these statutes, namely, the Companies Act, 1956; Banking Regulations Act, 1946; Depositories Act, 1996; etc. are purposed to deal with commercial and regulatory aspects of their respective fields and cannot hamper the laws and rules of succession forming the part of personal laws of an individual as the…
