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 : Allahabad
Reported in : AIR1962All101; 32CompCas925(All)
..... not so far as this particular point was concerned.15. learned counsel for the appellant also relics on proviso (iv) to section 109 (1) of the companies act (1913) which states that 'the holding of debentures entitling the holder to a charge on immovable property shall not be deemed to be an interest in immovable property.' this argument seems to ignore the width ..... description of the property charged is quite enough.6. in the present case it is the admitted case of the parties that the third series of debentures were re-'gistered as required by sections 109 and 110 of the companies act (act vii of 1913). on behalf of the appellants it is argued that a floating charge is a statutory charge under the ..... nor was any registration effected in theoffice of the sub-registrar as required under the indian registration act. the company, however, registered with the registrar, joint stock companies, the particulars of this series of debentures on the 18th of april, 1952, under section 109 of the indian companies act. in view of this situation the liquidator moved an application in the high court before the ..... behalf of the appellants learned counsel advanced two arguments before us. the first argument was that the third series of debentures, having been registered under section 109 of the indian companies act 1913, were not required to be further registered under the indian registration act. the second argument advanced by him was that, in any case, the declaration prayed for should not have .....Tag this Judgment!
Court : Allahabad
Reported in : AIR1963All12; 33CompCas905(All)
..... under the circumstances enumerated in section 47 of the provincial insolvency act by virtue of what was provided by section 229 of the indian companies act. section 229 of the indian companies act (act of 1913, for that is the act with which we are concerned) provides as follows:- 'in the winding up of an insolvent company the same rules shall prevail and be observed with regard to ..... and on behalf of the appellants. it is no doubt true that it was admitted that thakur kedar nath singh was an attorney of the appellants. the debenture holders register of the company records that 20 debenture scrips of rs 5,000/- each with interest coupons, which had been issued, were delivered to and were taken by thakur kedar nath singh on behalf ..... put this matter for decision' in these, words: 'the main point that requires to be elucidated is what has happened to the debenture scrips and' interest coupons which were apparently issued by the company for this second series of debentures-in 1950.' raja sharda narayan singh and rani shashi prabha kumari stepped into the witness-box to saythat they never received these scrips ..... , the official liquidator never challenged the assertion of the appellants that they were deben--ture-holders, for indeed, at one stage, the official liquidator was prepared to pay up those debentures. the question with which the official liquidator became later concerned, as we pointed out earlier, was raised subsequently, and the question that was raised was in regard to only the .....Tag this Judgment!
Court : Allahabad
Reported in : AIR1959All247
..... apparent that such registration is not intended to inform any person as to what the immoveable property is on which the charge is created.the purpose of the registration of debentures, charges and mortgages under the companies act is to give notice to persons dealing with the com-pany of the encumbrances on the properties of the ..... situate.thus in the absence of registration under the provisions of the indian registration act such a person cannot get any information of the charge that might be claimed by a debenture holder.i am therefore of opinion that the registration of the debentures under section 109 of the companies act does not adequately inform any person who may have to deal with any particular ..... was issued of this petition and the petition was opposed both on behalf of the company as well as on behalf of these debenture holders. it is contended that registration under section 109 of the companies act is all that is needed under the law and as the issue of debentures was intended to create only a floating charge on all the assets of the ..... the office of the sub-registrar under the indian registration act.the company however appears to have registered with the registrar joint stock companies the particulars of this third series of debentures on the 18th april 1952 under section 109 of the indian companies act 1913 and it further appears that a printed form of the debentures of this series along with the condition under which they .....Tag this Judgment!
Court : Allahabad
Reported in : 79ITD56(NULL)
..... 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 mandatory; ..... of section 372 it is stated 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 between ..... and 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 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 of .....Tag this Judgment!
Court : Allahabad
Reported in : AIR1964All558
..... charge the debts mentioned in lists iv and vi of the official liquidator have, with one exception, been found by the learned company judge to be covered by section 230(1), indian companies act. the payment or these debts cannot be resisted by the holders of debentures creating a floating charge.22. learned counsel for the appellant contends that the trust deed whereunder the ..... debentures of the second series were issued, did not create a floating charge but had created a sort of hybrid charge.23. in governments ..... 230 indian companies act section 230(1). indian companies act. 1913 enumerates various kinds of debts due from the company in liquidation sub-section 2(b) of the aforesaid section is as follows:'the foregoing debfs shall ................ so far as the assets of the company available for payment of general creditors are insufficient to meet them, have priority over the claims of holders of debentures under any .....Tag this Judgment!
Court : Allahabad
Reported in : AIR1931All59a
..... the trust of india ltd. we are clearly of opinion that the plaintiff's cause of action as a holder of debentures in pursuance of the composition scheme sanctioned by the high court on 2nd june 1915 under section 153, companies act, remains unimpaired. the original rights of the parties under the fixed deposit dated 1st march 1910, became replaced by the rights ..... drew up a composition scheme this scheme was sanctioned by this court under section 153, companies act' on 2nd june 1915. in pursuance of this scheme an option was given to the creditors either to accept fully paid up preference shares in the bank or to take debentures of the bank carrying interest at the rate of 41/2 per cent per annum ..... having exercised the option to accept preference shares on or before 5th january 1917 they became entitled to hold debentures from the bank carrying interest at the rate of 4i per cent per annum according ..... their rights to preference shares in the bank and were entitled to debentures only.9. no notice of these proceedings were given to the heirs of syed zaffar husain. but the composition scheme appears to have been sanctioned by this court in due process of law under section 153, companies act. it was therefore binding upon the heirs of syed zaffar husain. not .....Tag this Judgment!
Court : Allahabad
Reported in : 79ITR235(All)
..... facts clearly point to the truth of the assessee's version that he was liquidating his investments, in government securities, as well as in preference and equity shares and debentures issued by various companies, with a view to invest, principally, in tata ordinary.11. the view taken by the income-tax authorities that the transactions in shares carried on by the ..... by him.10. on an analysis of the above figures the following facts stand out clearly. the assessee was at the beginning investing his money in government securities, debentures and preference shares of limited companies which are, normally, not purchased by a dealer in shares and securities. the fact that the assessee sold away the shares of messrs. associated cement co. ..... , the assessee was advised that for the purpose of investment tata ordinary shares were the best, and acting upon such advice the assessee gradually liquidated his holdings of government securities, debentures and preference shares of other companies with a view to invest the amounts in tata ordinary shares. thus, by the assessment year 1960-61, the assessee held tata ordinary shares of ..... relevant to the assessment years 1954-55 and 1955-56, the assessee had purchased mostly government securities and debentures of standard vacuum refineries co. ltd. and of burmah shell refineries ltd. the assessee had also preference shares of tata iron and steel company and titagurh paper mills ltd. in the next following year, relevant to the assessment for 1956-57, .....Tag this Judgment!
Court : Allahabad
Reported in : AIR1938All609
..... the case before the court was not one of winding up and that the company has not in fact been wound up. that may he so, but section 129, companies act, states as follows:where either a receiver is appointed on behalf of the holders of any debentures of a company secured by a floating charge, or possession is taken, by or on behalf of ..... those debenture-holders of any property comprised in or subject to the charge, then, if the ..... the same.8. now it is clear that the debenture-holders have a fixed charge under their debentures on the property in schedules 2, 3 and 4 and they have a floating charge on the other assets of the company. we consider therefore that the priority to the wages of workmen given by the companies act would only be in this case in regard to ..... the other assets of the company in clause 5 on which .....Tag this Judgment!
Court : Allahabad
Reported in : AIR1969All1
..... additional penalties to that which the legislature has specifically enacted.'it was held that the mere omission to register the debentures, without concealment, did not invalidate the debentures. this decision clearly makes out that the effect of the prohibitions contained in the companies act must be held to be limited to the penalties provided for a breach of those prohibitions. the claim of a ..... is supposed to be that no director can be allowed to derive any benefit from a debenture which he has obtained by lending money to the company of which he is a director, because he has disobeyed or permitted to be disobeyed the provisions of the companies act in some respect or another, the proposition is so wide as to become on the face ..... director of the company who had advanced money to the company was upheld notwithstanding the fact that the debentures issued on the basis of that advance had not been registered in ..... footing.6. in (1887) 12 ac 371, the validity of debentures issued to a director of a company, which had not been registered in accordance with the requirements of section 43 of the act, came up for consideration before the house of lords. lord halsbury, in his judgment, observed that the statute (companies act), for very obvious reasons, in constituting a code for the regulation .....Tag this Judgment!