2010 (10) TMI 80

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..... r the sole beneficiary, vested with all the rights of the sole depositor. - CIVIL APPEAL NO. 1684 OF 2006 - - - Dated:- 6-10-2010 - AFTAB ALAM AND R.M. LODHA, JJ. Swetank Shantanu, Satyajit Patra, Karan Chawla and Ajay Kumar Talesara for the Appellant. Sanjay Goswami, H.K. Balajee, A.S. Bhasme and Arvind Kumar Gupta for the Respondent. JUDGMENT 1. Heard counsel appear .....

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..... ount or in regard to the articles that might be lying in the bank locker held by their deceased mother. 4. The submission is quite fallacious and is based on a complete misconception of the provision of the Act. Sub-section (2) of section 45ZA, reads as follows : "45ZA. (2) Notwithstanding anything contained in any other law for the time being in force or in any disposition, whether testamen .....

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..... ar as the depositor s account is concerned. But it by no stretch of imagination makes the nominee the owner of the money lying in the account. It needs to be remembered that the Banking Regulation Act is enacted to consolidate and amend the law relating to banking. It is in no way concerned with the question of succession. All the monies receivable by the nominee by virtue of section 45ZA(2) would .....

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