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2019 (11) TMI 1170 - AT - Companies LawMaintainability of petition - Oppression and mismanagement - whether the 1st Respondent/ Petitioner is not a shareholder? - eligibility in terms of Section 244 of the Companies Act, 2013 - HELD THAT:- The right arising out of an instrument does not vest with nominee automatically on the death of the original holder of the instrument. Nominee does not mean that the amount or the share belongs to the nominee. On the death of the holder of the instrument, the amount/ share vests with the legal heirs, the nominee merely holds the amount/ share herein till the matter of vesting is decided in favour of the legal heirs. In view of the decision of the Hon’ble Supreme Court in WORLD WIDE AGENCIES PVT. LTD. AND VERSUS MRS. MARGARAT T. DESOR AND ORS [1989 (12) TMI 245 - SUPREME COURT] whereby the Hon’ble Supreme Court affirmed the decision of the Hon’ble Delhi High Court, we hold that the application under Sections 241, 242 & 244 of the Companies Act, 2013 was maintainable at the instance of Mr. Pankaj Oswal (1st Respondent) otherwise also, in view of the matter that his claim relating to the shares of Late Mr. Abhey Kumar Oswal which is pending in a suit before the Court of Competent Jurisdiction, we hold that this is a fit case for waiver under sub-section (4) of Section 244 of the Companies Act, 2013 and for that the application under Sections 241, 242 should be heard on merit. Appeal dismissed.
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