SECTION 72. POWER TO NOMINATE
[Effective from 1st April, 2014]
(1) Every holder of securities of a company may, at any time, nominate, in the prescribed manner, any person to whom his securities shall vest in the event of his death.
(2) Where the securities of a company are held by more than one person jointly, the joint holders may together nominate, in the prescribed manner, any person to whom all the rights in the securities shall vest in the event of death of all the joint holders.
(3) Notwithstanding anything contained in any other law for the time being in force or in any disposition, whether testamentary or otherwise, in respect of the securities of a company, where a nomination made in the prescribed manner purports to confer on any person the right to vest the securities of the company, the nominee shall, on the death of the holder of securities or, as the case may be, on the death of the joint holders, become entitled to all the rights in the securities, of the holder or, as the case may be, of all the joint holders, in relation to such securities, to the exclusion of all other persons, unless the nomination is varied or cancelled in the prescribed manner.
(4) Where the nominee is a minor, it shall be lawful for the holder of the securities, making the nomination to appoint, in the prescribed manner, any person to become entitled to the securities of the company, in the event of the death of the nominee during his minority.
Applicable Rules
Companies (Share Capital and Debentures) Rules, 2014
[Effective from 1st April, 2014]
Rule 19. Nomination by securities holders.—(1) Any holder of securities of a company may, at any time, nominate, in [Form No. SH.13][1], any person as his nominee in whom the securities shall vest in the event of his death.
(2) On the receipt of the nomination form, a corresponding entry shall forthwith be made in the relevant register of securities holders, maintained under section 88.
(3) Where the nomination is made in respect of the securities held by more than one person jointly, all joint holders shall together nominate in Form No. SH.13 any person as nominee.
(4) The request for nomination should be recorded by the Company within a period of two months from the date of receipt of the duly filled and signed nomination form.
(5) In the event of death of the holder of securities or where the securities are held by more than one person jointly, in the event of death of all the joint holders, the person nominated as the nominee may upon the production of such evidence as may be required by the Board, elect, either—
(a) to register himself as holder of the securities; or
(b) to transfer the securities, as the deceased holder could have done.
(6) If the person being a nominee, so becoming entitled, elects to be registered as holder of the securities himself, he shall deliver or send to the company a notice in writing signed by him stating that he so elects and such notice shall be accompanied with the death certificate of the deceased share or debenture holder(s).
(7) All the limitations, restrictions and provisions of the Act relating to the right to transfer and the registration of transfers of securities shall be applicable to any such notice or transfer as aforesaid as if the death of the share or debenture holder had not occurred and the notice or transfer were a transfer signed by that shareholder or debenture holder, as the case may be.
(8) A person, being a nominee, becoming entitled to any securities by reason of the death of the holder shall be entitled to the same dividends or interests and other advantages to which he would have been entitled to if he were the registered holder of the securities except that he shall not, before being registered as a holder in respect of such securities, be entitled in respect of these securities to exercise any right conferred by the membership in relation to meetings of the company:
Provided that the Board may, at any time, give notice requiring any such person to elect either to be registered himself or to transfer the securities, and if the notice is not complied with within ninety days, the Board may thereafter withhold payment of all dividends or interests, bonuses or other moneys payable in respect of the securities, as the case may be, until the requirements of the notice have been complied with.
(9) A nomination may be cancelled, or varied by nominating any other person in place of the present nominee, by the holder of securities who has made the nomination, by giving a notice of such cancellation or variation, to the company in [Form No. SH.14][2]
(10) The cancellation or variation shall take effect from the date on which the notice of such variation or cancellation is received by the company.
(11) Where the nominee is a minor, the holder of the securities, making the nomination, may appoint a person in [Form No. SH.13][3]specified under sub-rule (1), who shall become entitled to the securities of the company, in the event of death of the nominee during his minority.
[1] Form SH-13 substituted by the Companies (Share Capital and Debentures) Amendment Rules, 2015 vide Notification No. GSR 210 (E) dated 18th March, 2015.
[2] Form SH-14 substituted by the Companies (Share Capital and Debentures) Amendment Rules, 2015 vide Notification No. GSR 210 (E) dated 18th March, 2015.
[3] Substituted for “Form No. SH. 14” by the Companies (Share Capital and Debentures) Amendment Rules, 2015 vide Notification No. GSR 210 (E) dated 18th March, 2015.
Dear corporatelawreporter.com owner, Thanks for the great post!
Right here is the perfect web site for everyone who really wants to
find out about this topic. You realize so much its almost
tough to argue with you (not that I personally would want to…HaHa).
You definitely put a brand new spin on a topic which has been written about
for a long time. Excellent stuff, just wonderful!
Thanks very nice blog!
You made some decent points there. I checked on the net to learn more about the issue and found most people will go along with your views on this website.
Today, I went to the beach with my children. I found a sea shell and gave
it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She put the shell
to her ear and screamed. There was a hermit crab inside and
it pinched her ear. She never wants to go back!
LoL I know this is completely off topic but I had to tell someone!
Way cool! Some extremely valid points! I appreciate you writing this article and the rest of the website is really good.
This paragraph presents clear idea in favor of
the new people of blogging, that truly how to do blogging.
I do not even know how I ended up here, but I thought this post was great. I do not know who you are but certainly you’re going to a famous blogger if you are not already ;) Cheers!
Greate article. Keep writing such kind of information on your page.
Im really impressed by your blog.
Hello there, You have done an excellent job. I will definitely
digg it and individually recommend to my friends. I’m confident they’ll
be benefited from this site.
What’s up to all, the contents existing at this site are actually awesome for
people knowledge, well, keep up the nice work fellows.
Thanks for giving your ideas. I might also like to say that video games have been actually evolving. Modern tools and enhancements have made it simpler to create genuine and enjoyable games. These kind of entertainment games were not that sensible when the actual concept was first being experimented with. Just like other styles of technological innovation, video games also have had to progress as a result of many ages. This itself is testimony for the fast continuing development of video games.
Hey very cool website!! Guy .. Excellent .. Superb ..
I’ll bookmark your web site and take the feeds also?
I’m satisfied to seek out numerous useful info right here in the submit,
we want develop more strategies on this regard, thanks for sharing.
. . . . .
One thing I have actually noticed is that often there are plenty of myths regarding the lenders intentions when talking about property foreclosures. One delusion in particular is that often the bank desires your house. The lending company wants your hard earned dollars, not your own home. They want the bucks they lent you along with interest. Keeping away from the bank is only going to draw a new foreclosed realization. Thanks for your post.
Fantastic beat ! I wish to apprentice while you amend your website, how could i subscribe for a blog site? The account helped me a acceptable deal. I had been a little bit acquainted of this your broadcast provided bright clear idea
Excellent post. I was checking continuously this blog and I am impressed! Extremely useful information specifically the last part :) I care for such info much. I was seeking this particular information for a very long time. Thank you and good luck.
hi!,I like your writing very much! share we communicate more about your article on AOL? I require a specialist on this area to solve my problem. May be that’s you! Looking forward to see you.
I’d personally also like to mention that most people who find themselves with no health insurance are generally students, self-employed and people who are unemployed. More than half with the uninsured are really under the age of 35. They do not sense they are requiring health insurance because they’re young and also healthy. Its income is normally spent on property, food, and entertainment. Some people that do go to work either whole or not professional are not supplied insurance via their jobs so they go without with the rising expense of health insurance in the usa. Thanks for the thoughts you write about through this blog.
What’s Happening i am new to this, I stumbled upon this
I have discovered It absolutely useful and it has aided me out loads.
I hope to contribute & aid other customers like its aided me.
Great job.
Aw, this was a really nice post. In idea I would like to put in writing like this moreover ? taking time and precise effort to make a very good article? however what can I say? I procrastinate alot and in no way appear to get one thing done.
Hello there, You’ve done an excellent job. I will certainly digg it and personally suggest to my friends. I am confident they will be benefited from this web site.
You ought to take part in a contest for one of the best blogs on the internet. I am going to highly recommend this blog!
That is the correct weblog for anyone who wants to find out about this topic. You notice a lot its virtually laborious to argue with you (not that I actually would want?HaHa). You undoubtedly put a new spin on a topic thats been written about for years. Great stuff, simply great!
Thanks for these tips. One thing I additionally believe is credit cards presenting a 0 rate often lure consumers in with zero interest, instant endorsement and easy on the net balance transfers, but beware of the top factor that can void that 0 easy streets annual percentage rate and as well as throw anybody out into the poor house fast.
Thanks for the ideas you have contributed here. Something else I would like to express is that laptop or computer memory requirements generally increase along with other advancements in the know-how. For instance, any time new generations of processor chips are made in the market, there is usually a related increase in the dimensions demands of both computer memory along with hard drive room. This is because the software operated by simply these processors will inevitably rise in power to take advantage of the new technologies.
Does your blog have a contact page? I’m having trouble locating it but, I’d like to send you an email. I’ve got some ideas for your blog you might be interested in hearing. Either way, great blog and I look forward to seeing it develop over time.
I’m not sure where you’re getting your information, but good topic.
I needs to spend some time learning more or understanding more.
Thanks for wonderful info I was looking for this information for my mission.