Government Savings Certificate Act, 1959

The deceased holder of several National Savings Certificates (NSC) died, and his widow and daughter sought a succession certificate under s.370 of the Indian Succession Act for the debts and securities, including the NSCs where the deceased had nominated his brother and step‑brother as nominees. The trial court exclude…

The testator, Jayant Shivram Salgaonkar, died leaving fixed deposits and mutual fund securities for which he had nominated certain family members under Section 109A of the Companies Act, 1956 and Bye‑law 9.11.1 of the Depositories Act, 1996. The nominees claimed that the nomination gave them absolute beneficial ownersh…

The appellants purchased Kisan Vikas Patras (KVPs) in joint names and, relying on an agent named Rukhsana, handed the certificates to her for transfer. Rukhsana encashed the KVPs at a different post office and received Rs. 25,54,000 in cash, which she kept. The appellants filed a consumer complaint; the NCDRC dismissed…