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2010 (7) TMI 273 - HIGH COURT OF BOMBAYBeneficial owner - whether deity is an artificial person and, therefore, there is no prohibition in law if Demat account is operated in the name of a deity? Held that:- The trustees can always apply in their individual capacity as trustees for opening of such an account however not in the name of deities. We agree with the submissions of learned senior counsel Mr. Dwarkadas that such type of Demat account cannot be allowed to be operated in the name of deity which not only requires signature while opening of the account but it also requires day-to-day monitoring of transactions in connection with trading in shares. We do not find any arbitrariness in the action of respondent No. 2 for not permitting the petitioner to open such an account. The trustees can always open an account in their individual name without bringing the Gods and Goddesses into picture. The instant Petition, in our view, is thoroughly misconceived and is accordingly, dismissed. Rule discharged.
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