Court : Delhi
Reported in : 122CompCas536(Delhi); 2004(72)DRJ329; 47SCL631(Delhi)
..... also classified under the heading ''secured loans'' in the balance sheet as per schedule vi to the companies act, the debenture holders would have a pari pasu charge on the fixed assets of the company along with that of the term lenders and, thereforee, the debenture holders would also come within the ambit of the expression ''lenders''. consequently, there was no necessity of having a ..... regulation) act would also corroborate the aforesaid position. in that view of the matter, it is held that the debenture holders are only secured creditor . in the light of the decision of the supreme court in national ..... either within the ambit of the secured creditors nor within the ambit of debenture holders in the light of the facts of the present case. it is, however, necessary to mention that by order passed on the petitions filed by the petitioners under section 391(1) of the companies act meetings were ordered to be held of the equity shareholders and the preference ..... a y compromise or arrangement in respect of debentures, meetings are to be held. the aforesaid submission is found to be without any credence in view of the ratio of the aforesaid decision of the supreme court. a reading of the provision of section 2(12) along with section 2(45aa) of the companies act along with section 28 of the securities (contract .....Tag this Judgment!
Court : Monopolies and Restrictive Trade Practices Commission MRTPC
Reported in : (1994)81CompCas341NULL
..... there is ample authority in support of the proposition that shares, stocks and debentures are distinctly different concepts. section 2(12) of the companies act defines debenture as: " 'debenture' includes debenture stock, bonds and any other securities of a company, whether constituting a charge on the assets of the company or not." in sellar v. charles bright and co. ltd.  ..... the 'allotment' of shares or debentures." 18. the provisions of the companies act also support the same view. a debenture is issued to a debenture holder in accordance with sections 72 and 73 of the companies act and thereafter under section 113 of the companies act, 1956, a certificate of debenture is issued. before a certificate of debenture is issued a charge has to ..... be created and the certificate of registration endorsed on the debenture certificate in accordance with section 133 of the companies act. a debenture certificate in its deliverable state ..... be kept in a separate account in accordance with the provisions of the companies act. at this stage, the question of selling or trading in the debentures cannot possibly arise. till the debentures are, therefore, actually allotted, the question of the company having issued debentures as transferable property does not arise as the debentureholder does not have any .....Tag this Judgment!
Court : Rajasthan
Reported in : (2004)186CTR(Raj)59; 269ITR461(Raj)
..... a trust is required to set for the purpose of securing repayment of debentures by the company.34. in this connection, section 117 of the companies act ordains that after the commencement of the companies act, the debenture-holder will not be having any voting rights at any meeting of the company, whether generally or in respect of particular classes of business. thus, ..... of the original issue of debentures. the same principle has been adopted by the companies act, 1956, governing the debenture issue in india, which we shall advert to ..... of care and diligence required of him as trustee. apparently while making provisions for issue of debentures for raising the funds, the companies act envisaged that debentures may be both having charge on the company's assets or not having charge against the company's assets. but by making provision under sections 118 and 119 made to ensure that whether ..... overcome these procedural difficulties, section 90 of the companies act of england confers power to reissue the debentures so repaid unless the company has manifested an intention to cancel them and extinguished the security of which the debentures have been issued. the provision of the companies act of england enables the company to reissue the debentures and can be read as an implied condition .....Tag this Judgment!
Court : Mumbai
Reported in : (1986)88BOMLR649; 68CompCas300(Bom)
..... to inspect these documents. prima facie, there seems to be some substance in the contention of the first defendant company. the right of a debenture-holder of inspecting the company's records is extremely limited. under section 209, sub-section (4), of the companies act,1956, the books of account and other books referred to in that section can be inspected by the directors of ..... section 163, sub-section (2) of the companies act, the register of members, register of indexes of debenture-holders, copies of all annual reports together with copies of certificates and ..... to present a winding-up petition as creditors under section 82 of the english companies act, 1862.19. in both these cases, a debenture-holder was held not to be a creditor of the company on the basis of covenants contained in the debenture certificate which was issued to him by the company. there are a number of cases, however, where english courts have construed ..... the company. under section 209a, the said books can be inspected by the registrar of companies or by an authorised officer of the central government. under section 118 of the companies act, 1956, a debenture-holder has been given a right to inspect the debenture trust deed and to obtain a copy of it. under .....Tag this Judgment!
Court : Andhra Pradesh
..... of the banks/financial institutions, for the financial assistance extended by them in the form of subscription of the debentures issued by the borrower company, in view of section 117-b of the companies act which requires the borrower-company to appoint a debenture trustee before it issues debentures, and to create a security interest in their favour for due repayment of the amount due on redemption ..... the terms and conditions of their issue. the aforesaid provisions of the companies act, 1956 requires the company, which issues debentures, to appoint one or more debenture trustees before it issues debentures. it is because of the mandate of section 117-b of the companies act are debenture trustees required to be appointed to protect the interests of debenture holders, and for creation of security interest in their favour. these ..... of any kind whatsoever upon property created in favour of any secured creditor, and includes any mortgage, charge, hypothecation or assignment. a debenture trust deed was executed between the petitioner company and the 1st respondent, (ilandfs trust company limited, a company incorporated by ilandfs limited under the companies act, 1956). clause 1(h) thereof defines mortgaged properties to mean the immovable and movable properties of the .....Tag this Judgment!
Court : Chennai
Reported in : AIR1957Mad169; 25CompCas378(Mad)
..... the companies act for declaring any transfer by the company to the debenture holders to be void.but that will not conclude the issue. the government, the workers and other creditors are free to file any petition uades section ..... in favour of the validity of the security regarding the mylapore immoveable property and other similar immoveable properties of the tramway company, not registered under the companies act, by urging that they should be deemed to be registered under the companies act by the debenture deed, ex. d. 9, having been registered.this will not help him, as these immoveable properties were, not the properties of ..... . the learned advocate general wanted us to reserve also the right of the government to agitate the question of fraudulent preference, by the tramway company, in favour of the debenture-holders under section 231 of the companies act. mr. o. t. g. nambiar pointed out that neither the government nor the workers nor any other creditors had brought any petition under section 231 of ..... this court, to which one of us was a party, has held that regarding a floating charge created over the assets of a company other creditors got preferential payment over the debenture holders under section 230(2) of the companies act only it at the moment of the winding up it is still a floating charge, and that once a receiver is appointed by .....Tag this Judgment!
Court : Chennai
Reported in : 228ITR697(Mad)
..... to acquire some species of property, which would bring an income to the investor'. 16. sec. 2(12) of the companies act defines 'debenture' as under : 'debenture includes debenture stock, bonds and any other securities of a company, whether constituting a charge on the assets of the company or not' 17. at page 1366 (sic) 'investment' is defined as under : 'the expression means the laying out of ..... 's laws of england, it is stated that the term 'debenture' is always associated with a company of some kind and at the most debentures are securities given by companies. sec. 2(12) of the companies act states that 'debenture' includes debentures stock and any other securities of a company whether constituting a charge on the assets of the company or not. 22. if the interest is on loans and ..... assessee-bank is compelled to make investment of certain percentage in the approved securities and direction was given under the banking companies act to show such investments under the head 'investments' in the balance sheet. therefore, of necessity the assessee-bank invested in debentures issued by the co-operative land mortgage bank. therefore, from the point of view of the assessee purchasing the .....Tag this Judgment!
Court : Kolkata
Reported in : AIR1945Cal37
..... the property is required and there is nothing making it compulsory to give any further details of property, so that there is nothing in the registration under the companies act of these debentures which would inform any person exactly what the immovable property was that was charged. it should be remembered that under the provisions of section 109 a ..... 'a general description of the property charged' (i. e., what is required to be registered under the provisions of the companies act). i must mention here that there was no debenture trust deed accompanying the issue of these debentures. in the debenture deed itself the only reference to the property charged is its undertaking for all, its property whatsoever, and wheresoever present and ..... 500 and paid for them. with the money realised from the issue of these debentures the company paid for the machinery it had installed. the debentures were duly registered under section 109, companies act, but they were never registered under the provisions of the registration act (act 16) of 1908. the company after working for a time got into financial difficulties and a winding up order ..... , enquire at the local registry whether there were any charges created on the land. if registration under the companies act of debentures of floating charges is in bombay and is sufficient he would find nothing in the local registry under the registration act. he might, therefore, on searching and finding nothing lend the money only to discover later before the money .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Allahabad
..... of the liability to the depositors shall be invested or depositors of the commercial bank, paper of the government company or public sector bank or public financial corporation or any other company incorporated under the companies act. the appellant company has invested any debentures in accordance with the provisions of section 6 of the r.n.b.c. directions. these investments are ..... section 372 it is slated that investments would be deemed to include debentures. a debenture has been defined under the companies act section 2(12) to include debentures/bonds and any other securities of a company where constituting a charge on the assets of the company or not. the treaties on the companies act by ramaiya, 14th edition (1998) on page 32 draws a distinction ..... interest on loans and advances. under the companies act also, section 370 deals with loans and advances and section 372 deals with investment. section 212 of the companies act defines debentures to include debentures, bonds and in all the securities. section 13(c) read with section 13(b) and section 193 of the companies act also make a distinction between the loans and ..... advances and investments in securities and debentures.11.9 in view of above discussions, we are .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2002)82ITD749(Mum.)
..... on the part of the borrower to return it with or without interest.12. para 6 of the order is devoted to explain how debenture is a loan or advance. again, the treatise of a ramaiya on companies act is referred to at length. supreme court decision in india cement ltd. v.cit (1966) 60 itr 52 (sc) is referred to kerala high ..... of the matter cannot be altered by a mere method of accounting; based on the above discussion, cit(a) observed that showing debentures etc. under the head "investment" in view of the provisions of the companies act or banking regulation act cannot be relevant for the purpose of determining the scope of expression "loans and advances" under section 2(7) of the interest-tax ..... by the cit(a) that the definition of debentures etc. in companies act or other act is not relevant for the purpose of considering the expression "loans and advances" under the interest-tax act.9. in para 4.3 it is stated that companies act is not pari materia with interest-tax act. hence, proforma in schedule vi of the companies act is not at all relevant to consider the ..... legal principles. next, it is stated that the expression "loans and advances" is neither defined in the interest-tax act nor in any other taxing statute. the definition of the term "debentures" given in companies act, though is meant for the purposes of that act, but even that definition does not exclude debenture from the expression "loans and advances" mentioned in section 2(7) of the .....Tag this Judgment!