Indian Kanoon - Search engine for Indian Law

18. He further submits that no such restrictions exist in other comparable statutory provisions governing nominations. He submits that there is no restriction under the Indian Succession Act, 1925 or the Hindu Succession Act, 1956, restricting any transfer of rights to a non-blood relative. Similarly, under Section 72 of the Companies Act, 2013, holders of shares and debentures of a company can nominate a person to whom the shares and debentures would vest on the demise of the holder of shares or debentures. Under Section 39 of The Insurance Act, 1938, a policyholder may, when effecting the policy or at any time before the policy matures for payment, nominate the person or persons to whom the money secured by the policy shall be paid in the event of his death. Even under Section 45ZA of the Banking Regulation Act, 1949, nomination for payment of depositors' money, the depositor or, as the case may be, all the depositors together may nominate, in the prescribed manner, one person to whom in the event of the death of the sole depositor or the death of all the depositors, the amount of deposit may be returned by the banking company. He submits that, therefore, there is no rational basis for imposing a more restrictive regime under the Act.