Court : Chennai
Decided on : Dec-08-1950
Reported in : AIR1952Mad481; 21CompCas138(Mad)
..... carry interest did not alter its character. 11. section 282-b (1), companies act makes the position as regards such moneys or securities deposited by employees in pursuance of their contracts of service clear & it is provided that such moneys should be kept or deposited by the company in a special account in a scheduled bank & that no portion thereof shall ..... be utilised by the company except for the purposes agreed to in the contract of service & any director or other officer of the company contravening the provisions of that section is liable on conviction to a fine not exceeding rs. 500. since the bank ..... point raised in this application. the question that arose for consideration there was about the nature of a deposit made by a selling agent of the company's goods. the contract of agency provided for a security deposit of rs. 10500 carrying interest at the rate of 3 per cent, per annum. there was a provision in the agreement that the ..... the directors, is, in common with his co-directors, liable. it was his duty to see that the investments were made in accordance with the resolution & clauses of the partnership contract, & his not attending to it was a breach of trust to the company for which he was acting as a director; and a breach of trust in respect of which .....Tag this Judgment!
Court : Chennai
Decided on : Jan-09-1950
Reported in : 18ITR734(Mad)
..... deposit'. the transaction started as advance payment of purchase money and ultimately it was changed into security deposit for the due performance of the forward contracts of the customers. the assessees themselves decided to demand from the customers a certain amount as deposit and the amount itself was fixed by the ..... also fixed by the assessees themselves and the arrangement was to treat the amount as 'security deposit' towards the dealings relating to the forward contracts between the customer and the assessees which in plain language means that if there was a breach during the course of the dealings on the ..... the delivery of the goods towards the final payment of the purchase price. it was later altered into a deposit with reference to each contract variously described as 'contract advance fixed deposit account' and 'security deposit account.' finally, under the last of the circulars an amount roughly of 30 per cent ..... the assessees and the customers. that circular is in these terms :-'this is to inform you that we have changed the heading of your contract advance fixed deposit account into security deposit account. as such, we have transferred the amount which is to your credit in the former to ..... delivered or to be delivered for each and every time should be paid in full and this system is applicable to out future booking of contracts only.'a further circular was sent on 5th december, 1944, in which there was a further modification in the system of the dealings between .....Tag this Judgment!
Court : Mumbai
Decided on : Dec-20-1950
Reported in : AIR1952Bom37; (1951)53BOMLR754; ILR1952Bom269
..... that all public servants hold office during his majesty's pleasure on ft statutory basis as regards some offices, but allowed it to remain on a common law or implied contract basis as regards the rest. in their lordships' opinion, it was more reasonable to hold that the statutory declaration as to the nature of the tenure contained in sub-section ..... not necessary to cite authority to establish that no action in tort could lie against the grown and therefore any right of action for damages must either be baaed on contract or conferred by statute. they went on to say that the respondent had sought to establish a statutory right to recover arrears of pay by action in the civil court ..... salary must fail. the rules made under the bombay district police act, 1890, do not provide for any right to claim damages or arrears of pay. admittedly there was no contract in this ease on the basis of which the plaintiff could claim damages, and there is no statutory provision also in regard to the claim made in this respect. the .....Tag this Judgment!
Court : Allahabad
Decided on : Feb-10-1950
Reported in : AIR1950All421
..... instance. nothing was involved which might furnish an occasion for the court to exercise a discretion in favour of the defendants and in disregard of the orginal contract between the parties. i am, therefore, unable to accept the argument of the learned counsel on this point also.9. for these reasons, there is ..... the courts below, nor, i find, was there any issue on any one of these points. on the merits, i see no reason why the contract entered into by the plaintiffs with the late maharaja cannot be enforced against his successor, the present ruler. there is nothing in the provisions of the specific ..... to the maharaja as arrears of rent from plaintiff 4 which the other plaintiffs 1 to 3, undertook to pay to him under the contract of lease. there was, according to the plaint allegation, a further understanding that the lease was to take effect from the beginning of the agricultural year ..... following the contract in that behalf.2. the plaintiffs, no doubt, deposited rs. 1200/- in two instalments out of the sum of rs. 1655/- which they had ..... the suit giving rise to the present appeal was filed on 18th september 1940, for a specific performance of the contract of lease and, in the alternative for rs. 1200/- paid by the plaintiffs under the contract of lease and rs. 168/- as interest. the defendants to the suit were : the banaras state through mr. .....Tag this Judgment!
Court : Supreme Court of India
Decided on : May-05-1950
Reported in : AIR1950SC272; (1950)IIMLJ350(SC); 1SCR548
..... the other hand, its proper construction and the surrounding circumstances lead to the conclusion that the parties did not intend to do so, then, there being no express bargain, the contract to create the mortgage arises by implication of the law from the deposit itself with the requisite intention, and the document, being merely evidential does not require registration. 5. there ..... a security thereon.' that is to say, when the debtor deposits with the creditor the title deeds of his property with intent to create a security, the law implies a contract between the parties to create a mortgage and no registered instrument is required under section 59 as in other forms of mortgage. but if the parties choose to reduce the ..... contract to writing, the implication is excluded by their express bargain, and the document will be the sole evidence of its terms. in such a case the deposit and the document .....Tag this Judgment!
Court : Rajasthan
Decided on : Jul-28-1950
Reported in : AIR1951Raj50
..... principal in saving limitation.'2. i respectfully agree with the view taken in this judgment and hold that the word 'detor' connotes not only the person who contracted the debt but also his son in his capacity as his legal representative and, therefore, is liable to pay the debt, that is, the person against ..... the word 'debtor' was intended to connote not only this person who contracted the debt but his legal representative and in the case of a debt charged on land the parson who derived title from him; in short the person ..... to pay.' so far as the part payment of principal is concerned, the section specifically says, 'the debtor.' literally construed, it would mean the person who contracted the debt. we do not think that the legislature intended by the use of the word 'debtor' to have that restricted interpretation. it would seem to us that ..... , the son could by no means be said to be the debtor. if any payment is made by the son during the lifetime of the father, who alone has contracted the debt, since it is not a payment by the debtor, it cannot save limitation. sukumari gupta v. dhirendra nath, a. i. r. (28) 1941 cal ..... is in any way different from. the term debtor as it occurs in para. 2 of that section. in the case of a debt which was originally contracted by the father, on the death of the latter, the son becomes substantially the debtor and is therefore, 'the person liable to pay the debt,' these .....Tag this Judgment!
Court : Allahabad
Decided on : Oct-27-1950
Reported in : AIR1951All155
..... which the amount to be advanced, rate of interest, and the nature of the security are arranged, and their lordships think that when such negotiations result in a mortgage contract, the mortgage contract can be correctly described as made in the course of the transaction.'they accordingly held that in order to determine the principal under section 14 (4), encumbered estates act ..... purposes of determining the principal the court shall treat as principal any accumulated interest which has been converted into principal at any statement or settlement of account or by any contract in the course of the transaction made before the first day of january, 1917, but shall treat as interest any accumulated interest which has been converted as aforesaid at ..... purpose of determining the principal, the court shall treat as principal any accumulated interest which has been converted into principal at any statement or settlement of account or by any contract in the course of the transaction made before 1-1-1917, but shall treat as interest any accumulated interest which has been converted as aforesaid at any such statement, ..... purposes of determining the principal the court shall treat as principal any accumulated interest which has been converted into principal at any statement or settlement of account or by any contract in the course of the transaction made before the 1st january 1917, but shall treat as interest any accumulated interest which has been converted as aforesaid at any such statement .....Tag this Judgment!
Court : Allahabad
Decided on : Nov-22-1950
Reported in : AIR1951All541
..... by the defendant. this being the position, the arbitration clause in the agreement cannot bind the plaintiff firm.11. learned counsel for the defendant has argued that by accepting the contract and supplying ghee to the defendant according to it, the plaintiff ratified the arbitration clause. there is nothing on the record to show that the plaintiff ratified the arbitration clause ..... of the plaintiff firm, no proof of such authority is forthcoming. mr. walter dutt on behalf of the defendant placed before us a pamphlet known as 'conditions of contract governing department of supply contracts' published in 1942. clause 21 of those terms provides for arbitration. as the preface of this pamphlet shows, it was issued to indicate the terms and conditions on ..... in progress.' 5. in reply the plaintiff contended that the defendant had not specified in its application the dispute which according to it can be referred to arbitration under the contract. it asserted that the matter cannot be referred to arbitration inter alia for the reason that on a correct interpretation of the arbitration clause the disputes between the parties were ..... and any reference as aforesaid the assessment of the costs incidental to the reference and award respectively shall be in the discretion of the sole arbitrator.5. work under the contract shall if reasonably possible continue during the arbitration proceedings, and no payment due to or payable by the purchaser shall be withheld on account of such proceedings.6. the .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Mar-14-1950
Reported in : AIR1950SC15; 1SCR30
..... qualification of the word 'purchaser' in the plaintiffs' letter was otiose and therefore should be struck out and the plaintiffs had not performed the contract until they had introduced a person who actually completed the purchase. it was held that the expression 'a purchaser who is able and willing ..... which it might be proper to insert in conditions in reference to the title, that is sufficient authority to the agent to sign a contract for the sale of the property for the price stated in the instructions, without making any provisions whatsoever as to title. in considering whether ..... the property being free from encumbrances and in respect of the guarantee about title indicate that the agent was given authority to make a binding contract. in a bare authority conferring power on a broker for introducing a customer, these stipulations would ordinarily find no place. the words 'to ..... title as to which various special stipulations, which might be of particular concern to the owner, may have to be inserted in a concluded contract relating to such property. the parties therefore do not ordinarily contemplate that the agent should have the authority to complete the transaction in such ..... and lastly, the commission note may be understood as requiring the appellant to find such a purchaser without authorising him to conclude a binding contract of sale but making commission contingent upon the consummation of the transaction. as stated already, the first of these interpretations was rejected by the .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Nov-30-1950
Reported in : AIR1951SC9; 1951(0)KLT35(SC); 1SCR792
..... open to the appellants to invoke the arbitration clause, as the bengal jute mill company and not the appellants were the real party to the contract and the appellants had acted as mere brokers. the appellants asserted in reply that the allegation made by the respondents in regard to there ..... the bengal chamber of commerce. on the 6th february, 1947, the tribunal of arbitration made an award to the effect that the due date of contract had been extended by mutual agreement up to the 31st july, 1946, and accordingly the respondents should pay to the appellants a sum of rs ..... a letter to the appellants pointing out that the extension of time had not been intimated within the 5th working day as provided in the contract and therefore the contract was automatically cancelled. after this letter, some further correspondence followed between the two parties, and finally a bill of difference amounting to rs ..... according to such rules the arbitration shall be conducted.' 4. it is common ground that the respondents, delivered 2,256 maunds of jute under the contract, but the balance of 2,744 maunds could not be delivered within the stipulated period, and, by mutual agreement, time has extended up to the ..... day sold by your order and for your account to the undersigned, etc.' the word 'undersigned' admittedly refers to the appellants, and, at the end of the contract, below their signature, the word 'brokers' is written. on the same day, a 'brought note' (exhibit b) was addressed by the appellants to the .....Tag this Judgment!