pleased to observe
that,
37
O.S.No.4770/2012
" Section 45ZA(2) of Banking Regulation Act merely
puts the nominee in the shoes ... succession. All the monies
receivable by the nominee by virtue of section
45ZA(2) would, therefore, form part of the estate of
the deceased depositor
Bank of India, Shalimar Bagh, Delhi as per
the provisions of Section 45ZA of the Banking Regulation Act, 1949, after the
cancellation of nomination
Amendment of section 45ZE. In the Banking Regulation Act of 1949, in section 45ZE, forsub-section (1), the following sub-section shall be substituted, namely ... section (1) of section 45ZA or sub-section (1) of section 45ZC or sub-section (1) of section 45ZE, the nomination shall be effective only
restricting any transfer of rights to a
non-blood relative. Similarly, under Section 72 of the Companies Act,
2013, holders of shares and debentures ... shall be
paid in the event of his death. Even under Section 45ZA of the
Banking Regulation Act, 1949, nomination for payment of depositors
that, all the monies receivable by the nominees by virtue of Section
45ZA(2) would form part of the estate of the deceased depositor ... wherein it has been held that Section
45ZA(2) merely puts the nominee in the shoes of the depositor after his death and
clothes
whom any payment is
made under this section."
(emphasis supplied)
17. Thus, bare reading of this Section
discloses that nomination for payment of money ... deposits held in
para No.5 as under;
"5. Section 45ZA(2) merely puts the
nominee in the shoes of the depositor after
Devender Kumar Talwar and Others5 , has while interpreting subsection
(2) of Section 45ZA of the Banking Regulation Act, 1949 has held that
nominee only steps ... owner of the money lying therein as
follows:
"5. Section 45ZA(2) merely puts the nominee in the shoes of the
depositor after
creates beneficial interest,
subject to the provisions of sub-section (2) of Section 8 of the Act. "
20. In the decision in Ram Chander ... with regard to the scope of Section
45ZA of the Banking Regulation Act, the Apex Court held in paragraph 5 that :
"Section 45ZA
nomination
form whereby Rajammal nominated the plaintiff as per Section 45ZA of
the Banking Regulation Act, 1945 and Rule 2 (1) of the Banking
Companies
nominee of the said account in terms of Section 45ZA of the
Banking Regulation Act, 1949 and the Master Circular on Customer
Service in banks ... signature on the form.
18. The defendant no. 1 relied upon Section 45ZA of the Banking
Regulation Act, 1945 read with Master Circular dated
