In a recent landmark judgment, the Supreme Court, in the case of Shakti Yezdani vs JJ Salgaonkar, conclusively clarified that the act of nomination concerning shares in a company does not confer unequivocal legal ownership of the shares upon the nominee.
This decisive ruling effectively dispels the previous ambiguity and uncertainty surrounding this matter, particularly in light of the Bombay High Court’s earlier decision on the impact of share nominations. The Supreme Court’s pronouncement establishes a clear legal precedent, delineating the limits of the nomination’s statutory testament, thus resolving any lingering questions on the matter.
Our Partner, Narendra Dingankar, expresses his views in the article published in The Hindu Business Line.
Read the complete article here https://lnkd.in/gByC7ZA8 #PioneerLegal #LawAtPL #ShareNomination #StatutoryTestament #LegalPrecedent #ShareOwnership
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Advising large multinational and domestic clients in structuring, documenting and negotiating complex commercial transactions, more particularly, those relating to mergers and acquisitions in private and public markets, corporate restructuring schemes, strategic alliances, joint ventures, transactions relating to real estate acquisition, development, letting out etc., commercial contracts with third parties, such as suppliers, customers, collaborators, agents, distributors, manufacturers, franchisees, etc. Advising various private equity funds and venture capital investors in relation to setting up of funds, fund constitution documents, investor documents, preparing and negotiating investment agreements and consummating investments, issues/disputes arising from investment documents. Advising various prominent promoters of businesses on issues relating to succession planning, family arrangements, creation of private trust structures, testamentary documents, such as Wills and preparation of related documents.