23 Dec 2023 4:34 AM GMT
The Supreme Court has held that the non-obstante clause in both Section 109A(3) of the Companies Act, 1956 & Bye-law 9.11.7 of the Depositories Act, 1996, does not exclude the legal heirs from their rightful claim over the securities, against the nominee.The sole purpose of the non-obstante clause is to allow the company to vest shares upon the nominee to the exclusion of any other...