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Judgment Search Results Home > Cases Phrase: debentures companies act Court: andhra pradesh Page 1 of about 110 results (0.071 seconds)

Dec 10 2015 (HC)

M/s. Deccan Chronicle Holdings Ltd. Vs. ILandFS Trust Co. Ltd. rep. by ...

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 .....

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Nov 22 2005 (HC)

In Re: Spartek Ceramics India Ltd. Rep. by Its Group Deputy General Ma ...

Court : Andhra Pradesh

Reported in : 2006(1)ALT589; [2007]7SCL548(AP)

..... to certain creditors excluding uti. on that ground the scheme entails rejection. the uti constitutes a different class of secured creditors since it is a debenture holder as per section 117c of the companies act. therefore, the petitioner company cannot hold a single meeting of all the creditors since uti constitutes a different class among the secured creditors. the uti granted earlier a reschedule ..... , however, been not pressed later because of the clear case of the petitioner company.12. point no 1: obviously unlike the other secured creditors uti is a debenture holder. section 117c of the companies act mandates that where a company issues debentures, it shall create a debenture redemption reserve for the redemption of such debentures to which adequate amounts shall be credited from out of its profits every ..... to know whether there are any classes amongst the secured creditors. as discussed hereinabove, merely because section 117c of the companies act mandates a reserve to be created and funds are to be deposited in that reserve for redemption of the debentures, the debentures holder will not constitute as a separate class from among the secured creditors. the debts of the other secured creditors .....

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Nov 23 1995 (HC)

Central Bank Executor and Trustee Co. Ltd. Vs. Magna Hard Temp Ltd.

Court : Andhra Pradesh

Reported in : [1997]89CompCas40(AP)

..... g. bikshapathy, j. 1. the petition is filed under section 633(2) of the companies act, 1956, seeking a declaration that the petitioner is not liable for any loss or consequences to the respondent or the debenture holders as trustee for the debenture holders, and (b) for a direction to the respondent to pay a sum of rs. 40,000 towards remuneration due from 1986 ..... the debenture holders. therefore, it is submitted by the respondent that there are no bona fides in the application filed by the petitioner and the same is liable to be dismissed. 4. a counter-affidavit is also filed by the registrar of companies. it is the case of the registrar that the company had committed certain irregularities and violated the provisions of the companies act ..... . learned counsel has not been able to place any decisions or provisions under which the petitioner who has agreed to act as agents and trustees are the officers of the company. even though it is specifically contained in the offer of debentures that the petitioner company has agreed to act as an agent and trustee, it could not be called as an officer of the ..... remuneration from 1986 onwards with interest. 3. a counter-affidavit was filed by the respondent company stating that the petition is not maintainable under section 633(2) of the act. further, it was stated that the petitioner was requested to act as a trustee and agent for the debenture holders and that it proposed to give the first charge on the fixed assets of .....

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Dec 18 1995 (HC)

Andhra Pradesh State Financial Corporation Vs. Electrothermic (P.) Ltd ...

Court : Andhra Pradesh

Reported in : [1996]86CompCas402(AP)

..... . explanation. - in this clause, the expression 'the amounts outstanding on such debentures or loans' shall mean the principal, interest and other charges payable on such debentures or loans as at the time when the amounts are sought ..... pari passu charge holder in whose favour the statutory charge is created by the proviso to section 529(1) of the companies act, 1956.' section 529a of the companies act has put the workmen's dues as well as debts due to secured creditors to the extent such debts rank under clause ..... debts due to the secured creditors, as defined in clause (c) of sub-section (3) of section 529 of the companies act.' 15. section 529a and section 530 of the companies act, 1956, speak of overriding preferential payments and preferential payments in a winding up. section 530 says, 'subject to the provisions ..... the factors to be taken into consideration for the purpose of arriving at such rateable distribution. under the amended portion of section 529 of the companies act, the following factors are required to be taken care of (a) that the liquidator should be enabled to enforce the charge of the ..... on such debentures or loans into stock or shares of the industrial concern and may also subscribe to stock or shares of the industrial concern increases its subscribed capital by the issue of further stock or shares in accordance with, and subject to, the provisions of section 81 of the companies act, 1956 .....

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Jul 29 1959 (HC)

T.V. Krishna Vs. Andhra Prabha (Private) Ltd. and anr.

Court : Andhra Pradesh

Reported in : AIR1960AP123; [1960]30CompCas437(AP)

..... came and the company had to be wound, up. after satisfying the debentures, there was not sufficient money to pay the ordinary creditors. in the ..... carry on business in the name of the company with limited liability contrary to the trade intent of the companies act of 1862 and to get preference over other creditors of the company by procuring a first charge on the assets by means of such debentures and that the creditors were unaffected by ..... to his wife and children one each.in part payment of the purchase money, debentures forming floating security were issued to saloman and these shares gave him the power of voting and all the requirements of the companies act were observed. the business was conducted for a while. then, bad times ..... validity of the certificate, even assuming that the conditions of registration were not fulfilled.32. the same concept underlies section 35 of the indian companies act. this section gives legislative recognition to the dicta of the judicial committee in ilr 40 cal 1 extending the conclusiveness of the certificate to ..... other arrange in eats.on appeal, the house of lords reversed that judgment. the learned law lords could not subscribe to the rule stated by the court of appeal 'that the act .....

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Mar 14 1961 (HC)

Andhra Pradesh State Road Transport Corporation Vs. Income-tax Officer ...

Court : Andhra Pradesh

Reported in : [1963]47ITR101(AP)

..... the corporation and held that it was not a company within the meaning of the indian companies act nor does it come within the purview of section 2(5) of the indian companies act, but since it is an independent body carrying on the business of road transport and had the power to issue shares and debentures to the public if it needs further funds for ..... profits are computed by the assessee. the learned solicitor-general has given an apt illustration of this principle by reference to the provisions of the indian companies act applicable to private limited companies. in the income-tax act, under section 23a, the income-tax officer has the power to pass an order to pass an order deeming entire profits whether declared, and, on that ..... basis, assess the private limited company to income-tax. it is of no avail to say that the companies act or the memorandum or the articles of association of the company has provided for specific deductions in respect of depreciation, buildings, reserve fund and other expenditure which was permissible under ..... the act or the constitution of the company. it may be a sound policy to build up reserves or to pay to .....

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Jul 16 2002 (HC)

K. Sreenivasa Rao Vs. Regional Director, Securities and Exchange Board ...

Court : Andhra Pradesh

Reported in : 2002(5)ALD100; 2002(4)ALT565; [2003]116CompCas238(AP)

..... 111-a of the companies act which deals with the rectification of the registers of members and specific jurisdiction is vested with the company law board.111-a(1) in this section, unless the context otherwise requires, 'company' of section 111 of this act. (2) subject to the provisions of this section, the shares of debentures and any interest therein of a company shall be freely transferable ..... investor or the securities and exchange board of india, if the transfer of shares or debentures is in contravention of any of the provisions of the securities and exchange board of india act, 1992 (15 of 1992) or regulations made thereunder or the sick industrial companies (special provisions) act, 1985 (1 of 1986) or any other law for the time being in force, ..... : provided that if a company without sufficient cause refuses to register transfer of shares within two months from the date on which ..... within two months from the date of transfer of any shares or debentures held by a depository or from the date on which .....

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Apr 25 2002 (HC)

K. Sreenivasa Rao Vs. Regional Director, Securities and Exchange Board ...

Court : Andhra Pradesh

Reported in : [2002]112CompCas327(AP)

..... provided for under section 111a of the companies act. sub-section (3) of the same reads as under :-- '111a. rectification of register on transfer.--(i)' (2) * * (3) the company law board may, on an application made by a depository, company, participant or investor or the securities and exchange board of india, if the transfer of shares or debentures is in contravention of any of the ..... the sick industrial companies (special provisions) act, 1985 (1 to 1986), or any other law for the time being in force, within ..... two months from the date of transfer of any shares or debentures held by a depository or from the date on which ..... provisions of the securities and exchange board of india act, 1992, (15 of 1992), or regulations made thereunder or .....

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Jan 23 2008 (HC)

Ghanta Infrastructures Ltd., a Company Incorporated Under the Provisio ...

Court : Andhra Pradesh

Reported in : 2008(2)ALT611

..... loan or advance granted or any debentures or bonds subscribed or any guarantees given or letters of credit established or any other credit facility extended by any bank or financial institution.section 2(m) defines 'financial institution' as:(i) unless the context otherwise requires a public financial institution within the meaning of section 4a of the companies act, 1956 (1 of 1956);(ii ..... by such securitisation company or reconstruction company for the securitisation or reconstruction, as the case may be; or(iii) any other trustee holding ..... is created.section 2(1)(zd) of the act defines 'secured creditor' as:unless the context otherwise requires, secured creditor means any bank or financial institution or any consortium or group of banks or financial institutions and includes-(i) debenture trustee appointed by any bank or financial institution; or(ii) securitisation company or reconstruction company, whether acting as such or managing a trust set up .....

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Aug 30 1961 (HC)

Vizagapatnam Sugars and Refinery Ltd. Vs. Commissioner of Income-tax, ...

Court : Andhra Pradesh

Reported in : [1963]47ITR139(AP)

..... of the said agreement and in consideration of the promises and in consideration of the negotiating for procuring the subscription of the said debentures the company hereby agree to pay to the said motishaw commission at the rate and on the basis of four annas on the sale of every ..... at any time. the question was whether the 5 per cent. interest paid to b on these debentures by the company could be deducted from its income under section 12(2) of the income-tax act. it was pointed out by the supreme court that :'... the transaction was voluntarily entered into in ..... the working capital of the company. in issuing the debentures the company incurred rs. 12,924 by way of expenses towards purchase of stamp paper for the trust deed, underwriting commission and registration and lawyers fees. the question was under section 10(2) (xv) of the income-tax act as a deduction. the ..... to raise the loan was a capital expenditure and was not therefore deductible under section 10(2) (xv). it was further held that :'the raising of money by debentures or mortgage ..... learned judges held that the expenditure of rs. 12,924 incurred by the company .....

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