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Judgment Search Results Home > Cases Phrase: debentures companies act Court: chennai Page 1 of about 306 results (0.036 seconds)

Apr 18 1956 (HC)

State of Madras Vs. Madras Electric Tramways (1904) Ltd. and anr.

Court : Chennai

Reported in : AIR1957Mad169; [1955]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 .....

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Aug 29 1996 (HC)

Commissioner of Income Tax Vs. Lakshmi Vilas Bank Ltd.

Court : Chennai

Reported in : [1997]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 .....

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Nov 20 1931 (PC)

The Madras Central Urban Bank Ltd. and the Madras City Co-operative Ba ...

Court : Chennai

Reported in : AIR1932Mad474; (1932)62MLJ720

..... sense and that in effect the words 'incorporated company' in section 17 of the bills of sale act meant only a company incorporated under the companies act. one reason which he gave for his interpretation that 'incorporated company' in that section meant only a company incorporated under the companies act was that by the provisions of the companies act the debentures of such a company had to be registered in a register which ..... of such incorporated companies to be registered again under ..... was open to any creditor for examination, and therefore there was no necessity for the legislature to require the debentures .....

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Jul 16 1917 (PC)

The Thodapuzha Rubber Company Limited Vs. the Registrar and Assistant ...

Court : Chennai

Reported in : (1918)ILR41Mad307

..... it was allotted to him as expressly stated not for cash but in consideration of the surrender of his debenture and the rights which he held under it. there is admittedly no case in the books upon section 25 of the english companies act, 1867, or the more recent sections, which precisely covers this point. bat i am glad to see that the ..... , while the same remains in force and upon giving previous notice in writing, be entitled to surrender this debenture and receive in consideration thereof one fully-paid ordinary share of its. 100 of the ..... trotter that an allotment by the appellant company of a fully-paid-up share to a debenture-holder in exchange for his debenture pursuant to a condition in the debenture is an allotment of a share as fully paid up otherwise than in cash within the meaning of section 104(1)(b) of the indian companies act, 1913. the debenture deed provides the registered holder hereof shall ..... same view is taken by sir francis palmer with regard to a clause in the debenture which is practically in the same terms, in part iii of the eleventh .....

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Sep 24 1954 (HC)

M.K. Ranganathan and anr. Vs. Govt. of Madras, Represented by the Secr ...

Court : Chennai

Reported in : AIR1955Mad331

..... the floating charge. in this connection reference was also made to section 129, indian companies act which enacts: 'whore 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 power vested in him in that behalf by the mortgage deed or the debenture trust deed as the case may he, without the sanction of the court could be avoided as falling under either section 171 or 232, indian companies act. the correlation between sections. 171 and 232, indian companies act lias been brought out in the- judgment of the federal court in -- 'governor ..... identical with that in the english enactment in a case where the receiver appointed by. the debenture-holders had taken possession of the security and said: in my judgment, sub-section 4(b) of section 264 (corres-i ponding to section 230(2)(b), indian companies act) only operates if at the moment of the winding up there is still floating a charge ..... created by thecompany and it only/gives the preferential creditors a priority over the claims of the debenture holders in any property which at that moment of time is comprised in or .....

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Feb 02 1995 (HC)

Commissioner of Income Tax Vs. Ashok Leyland Ltd.

Court : Chennai

Reported in : [1995]216ITR26(Mad)

..... r. 1 of the second schedule and should be taken into account in computing the capital of the company for the purpose of the companies (profits) surtax act, 1964.' 20. in cit vs . peico electronics & electricals : [1987]166itr299(cal) , the calcutta high court held that the debenture redemption reserve in the said case fulfilled the test of a reserve because (a) the reserve had ..... in holding that the sum of rs. 51,00,000 standing to the credit of debenture redemption reserve should be taken into account in the capital computation for levy of surtax under the companies (profits) surtax act, 1964?' 2. the assessee is a public limited company. it created a debenture redemption reserve of money in a sum of rs. 51 lakhs but while completing the ..... to the terms and conditions of issue of such debentures, they are not redeemable before the expiry of a period of seven years from ..... , or under sub-s. (3) of s. 34 of the it act, 1961; (iii) its other reserves as reduced by the amounts credited to such reserves as have been allowed as a deduction in computing the income of the company for the purposes of the india it act, 1922, or the it act, 1961; (iv) the debentures, if any, issued by it to the public provided that according .....

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Apr 07 1994 (HC)

Kothari Industrial Corporation Ltd. Vs. Lazor Detergents (P.) Ltd. and ...

Court : Chennai

Reported in : [1994]81CompCas669(Mad)

..... with effect from january 17, 1986, the transfer of shares and debentures be it of a public company or a deemed public company or a private company whether the securities were listed or unlisted were to be governed only by section 108 of the companies act. by amendment of the companies act by the companies (amendment) act, 1974, sections 108a to 108h were introduced which imposed restrictions on ..... instruments of transfer were not proper or have not been duly stamped and executed in contravention of section 108(1) of the companies act which mandate that a company shall not register a transfer of shares in or debentures of the company unless a proper instrument of transfer duly stamped and executed by or on behalf of the transferor of equity shares has been ..... . section 22a(3) thus modifies the scope of section 108 of the companies act which does not give any discretion to the company under section 108(1) of the act. the company in terms of the companies act even at the threshold shall not register a transfer of shares or debentures of the company unless a proper instrument of transfer duly stamped and executed by or on ..... which has taken place inasmuch as section 108(1) of the companies act has been violated read with section 2(11) and section 12 of the indian stamp act. the appellant contended before the company law board in its application that the appellant-company had resorted to a rights issue of partly convertible debentures (pcds) by letter of offer dated october 15, 1992, to .....

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Feb 13 1996 (HC)

Commissioner of Income Tax Vs. M.Ct.M. Corporation Pvt. Ltd.

Court : Chennai

Reported in : (1997)138CTR(Mad)83; [1996]221ITR524(Mad)

..... , the syndicate bank ltd. was amalgamated with the industrial credit & development syndicate (icds) as per the scheme approved by the court under s. 394 of the companies act, 1956. consequently, the assessee received equity shares, bonds, debentures, etc., in the icds for the shares held by the assessee in the syndicate bank ltd. for the asst. yr. 1974-75, the assessee claimed exemption ..... extinguishment of any right belonging to the assessee in the transferor-company. therefore, it is not necessary to go into the question of considering the exemption provided under s. 47(vii) of the act in the matter of levying capital gains tax on the allotment of debentures along with shares in favour of the assessee. while referring the question suggested ..... the case of the assessee while shares and debentures were allotted to the assessee while two companies were amalgamated and inasmuch as the identity of the transferor-company get lost in amalgamation, there is no question of transfer or ..... consideration of the transfer of the share, or shares in the amalgamating company, he cannot get the benefit of s. 47(vii).' therefore, according to learned standing counsel in the amalgamation if the bonds and debentures are transferred, the assessee cannot get benefit under s. 47(vii) of the act. inasmuch as we came to the conclusion that there is no transfer in .....

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Feb 10 2012 (HC)

The Commissioner of Income Tax Vs. Ms New Ambadi Estates P. Ltd.

Court : Chennai

..... of a company which in turn would mean that it would represent contribution of the shareholder towards the share capital ..... mr t.m. sen and mr c. chandrasekhar, the distinction between shares and debentures has been stated thus: debentures distinguished from:(a) shares. although shares and debentures belong to the same genesis yet they have distinct and different characteristics. the companies act, 1956 deals with the issue of debentures in the same manner as it deals with the issue of shares, but the similarity ends ..... of the company. on the other hand, a debenture is an instrument of debt executed by the company acknowledging its receipt to repay the same at a ..... and bears no comparison. the incidents of debenture certificates as seen from our discussion above are different from the incidents of share certificates and hence bear no comparison. therefore, there is no equation between shares and debentures except as referred to above.24. share has been defined in section 2(46) of the companies act to mean a share in the share capital .....

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Sep 27 1995 (HC)

Maxwell Dyes and Chemicals Private Ltd. and Another Vs. Kothari Indust ...

Court : Chennai

Reported in : [1996]85CompCas111(Mad)

..... or any rules made thereunder or in pursuance of the provisions contained in any debenture or ..... any meeting of the company or at any meeting of any class of members of the company or at any meting of any creditors of the company held in pursuance of the companies act ..... be voted upon by the shareholders. 57. in regard to the argument of mr. mohan parasaran that investigation had been ordered under the companies act by the central government, the respondents have specifically denied the same. they also further said that the central government has not addressed any letter ..... attorney so authorised. any person may act as proxy whether he is a member or not. (b) a corporate body (whether a company within the meaning of the act or not) may, if it is a member or a creditor or a debenture holder of the company by the resolution of its board ..... of directors or other governing body, authorise such person as it thinks fit to act as its representative at .....

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