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Judgment Search Results Home > Cases Phrase: debentures companies act Court: delhi state consumer disputes redressal commission scdrc new delhi Page 1 of about 13 results (0.035 seconds)

Oct 22 2007 (TRI)

Cimmco Birla Ltd. Vs. Anil Sethi

Court : Delhi State Consumer Disputes Redressal Commission SCDRC New Delhi

..... who were issued debentures at the agreed rate of interest are entitled to get an amount in terms ..... was no contract between the parties while issuing the debentures that in case company goes into liquidation or becomes sick the consumer shall not be entitled to any amount except through proceedings under company act or receiver or official liquidaotor. the remedy under sick company act is an independent remedy available to a company and not to the consumer and moreover the persons ..... of contract between the parties. where the company becomes defunct or sick, it is not attributable to ..... seek compensation for the deficiency of service or for unfair trade practice for mental agony, harassment, etc, neither the provisions of the companies act are applicable nor provision of section 22(1) of the sick industrial companies (special provisions ) act, 1985 are applicable. 8. in this regard, following decision of supreme court are noteworthy and are as under: iii. scope of .....

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Mar 20 1995 (TRI)

Usha (India) Ltd. Vs. Manjul Kishore

Court : Delhi State Consumer Disputes Redressal Commission SCDRC New Delhi

..... accept the same. there is no dispute about the fact that the complainant was issued 14%, fully convertible debentures of rs. 100/- each. the phrase 'debenture' has not been defined in the consumer protection act. in common parlance it means an instrument issued by a company acknowledging the debt of a specific amount and undertaking to pay interest thereon at fixed rate till the ..... amount is repaid or converted into shares. normally by debentures a charge is created by way of security on the assets of the company. thus the amounts raised by way of debentures by a company are deposits by the debenture-holders with the company. the phrase 'service' has been defined in the act and it inter-alia means service of any description which is made ..... available to potential users and includes the provision of facilities in connection with banking, financing etc. etc. the payment of money to the company on the basis of ..... debentures in our view, amounts to deposit of the money with the company. thus when debentures are issued by .....

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Nov 09 1995 (TRI)

Tate Timken Limited Vs. Smt. Veena Gupta

Court : Delhi State Consumer Disputes Redressal Commission SCDRC New Delhi

..... maintainability against the opposite party, appellant herein. 2. the appellant is a public limited company incorporated on 13.6.87 under the companies act, 1956. the company had its registered office at calcutta. the company made a public issue of shares and partly convertible debentures in terms of prospectus dated 13.6.91 and also issued advertisement inviting applications for ..... the said public issue. various applicants sent applications for the allotment of shares/partly convertible debentures (pcd) to the petitioner company at ..... paid by them towards the purchase price of the shares and debentures refunded to them by the company. the company contended before the state commission by way of preliminary objection that persons who had merely applied for the allotment of shares/debentures were not ??consumers under the act since un-allotted shares were not ??goods ? for which any ..... the complainants were not consumers entitled to seek relief under the act, that no arrangement of hiring of service existed between them and the revisional petitioner company and that no question of unfair trade practice could arise since by offering to the public shares and debentures the company was not engaging in any trading activity. the preliminary objection .....

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Jan 19 1998 (TRI)

Mandeep Singh and anr. Vs. Thapar Agro Mills Ltd.

Court : Delhi State Consumer Disputes Redressal Commission SCDRC New Delhi

..... , the question raised was whether the alleged non- issue of shares and debentures for which the petitioner applied fell within the purview of the act. for the reasons which need not be repeated, this decision was also not relevant for deciding the question in hand. 7. on the contrary, the companies act makes it penal if the shares lodged for transfer are not transferred ..... singh. mandeep singh, complainant, lodged share certificate no. 102052 for 50 equity shares with the respondent on 28.11.1991 for transfer in his favour. under section 113 of the companies act, the shares were required to be transferred within a period of 60 days. however, the shares were received duly transferred only on 31.8.1992. further grievance of the complainant ..... on 30th december, 1994 and me said dividend was payable within 42 days as required under section 207 of the companies act. the company, however, failed to send the dividend which had not been received till the filing of the complaint. it was in these circumstances that the complainant claimed compensation amounting to rs. ..... . unless the shares are transferred, they would cease to be tradeable. this is a service which is required to be performed by the company; issuing the shares and deficiency therein squarely falls within the purview of the consumer protection act. there are numerous decisions of various state commissions. we would refer only to a couple of them. in n. madu ram financial .....

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Mar 06 1996 (TRI)

Chairman Sterlite Industries (India) Ltd. Vs. Deepak Gupta

Court : Delhi State Consumer Disputes Redressal Commission SCDRC New Delhi

..... not transferred the tcds in favour of the complainant and his mother so far let alone doing so within the statutory limit laid-down in the companies act. this clearly amounts to deficiency in service and, accordingly, we find no merit in the appeal which is dismissed with further costs of rs. 500/-. a copy of this order ..... have heard mr. k.p. gupta, authorised agent for the respondent and have carefully gone through the records. in the reply filed by the transfer agents of the appellant company, the fact of lodgement of the debenture for transfer alongwith necessary transfer deeds etc. had not been disputed. with regard to the payment of the call money, the complainant furnished to the ..... observed that it could not be said with a fair amount of certainty that complainant would have sold the scrips when the market price rose from 665 to 690 per debenture. in the absence of concrete evidence, a rough and ready method was adopted and the complainant was awarded interest @ 15% p.a. on the sum of rs. 36,000/- invested ..... facts giving rise to this appeal are that mr. deepak gupta, complainant, purchased 100 fully convertible debentures of sterlite industries (india) ltd., arrayed as opposite party @ rs. 360 / - from the secondary market and lodged the debentures alongwith duly executed transfer deeds etc. with the aforesaid company in two lots of 50 fcds each on 30.1.1994 and 10.4.1994 for transfer .....

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Sep 12 1997 (TRI)

Vishwa Ranjan Vs. Managing Director, Arihant Industries Ltd.

Court : Delhi State Consumer Disputes Redressal Commission SCDRC New Delhi

..... loss and harassment to the complainant. 4. the following table sets out the amount due on account of redemption money in respect of the debentures in question.installmentdue onactually paid1st installment30.9.199515.12.19952nd installment30.9.19963.2.1996with regard to interest the admitted position is as under :interest ..... complainant has preferred this appeal. we have heard the appellant in person and mr. raman k. soo company secretary of the respondent company and have carefully gone through me records. 2. in the reply filed in the course of the appeal it was admitted in para ..... pay the redemption money as also the interest which had been agreed from 1.4.1994 onwards according to the terms and conditions of the debentures. the case was contested by the opposite party. interalia, objection regarding lack of territorial jurisdiction was raised. district forum-ii upheld the objection ..... on the ground that the opposite party company had no office in delhi and no part of cause of action had arisen within the jurisdiction of this commission. aggrieved by the order, the ..... view of the said admission the fora at delhi had jurisdiction in view of the provisions of section 11(2)(a) of the consumer protection act. 3. the next grievance of the appellant is that the payment as redemption money, on the one hand, and as interest, on the other .....

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Dec 12 1996 (TRI)

M.N. Gandhi Vs. M/S. East India Hotels Ltd.

Court : Delhi State Consumer Disputes Redressal Commission SCDRC New Delhi

..... 100/- each. these were due for redemption on 18.3.93. the case of the complainant before the district forum was that original debentures certificates were furnished to the company on 24.6.93 under registered post for payment on the due date as also for transfer of shares as requested in the letter ..... 18.8.93, and that redemption proceeds had to be paid only on surrender of the original debenture certificates at the registered office of the company. the date taken for issue of refund warrants for the purposes of debenture holders was 20.7.1993. 3. on a consideration of the material placed before it, ..... 24.6.93 bearing registration number 4331 dated 24.6.93. from the above evidence, it stands established that the complainant had sent the original debenture certificates well before the recorded date and the same were delivered in the office of the respondent. the fact that necessary action thereon was not taken ..... two grievances, (i) that they were entitled for interest from 18.8.93 to 22nd sept.,1993, (ii) the op having failed to transfer the debentures as requested in the letter dated 24.6.93, resulting in the loss of tax planning and exposed the complainants to the risk of being prosecuted under ..... the income tax act. 2. the plea on behalf of the op was that neither the communication dated 24.6.93 nor the original debenture certificates had been received by the op. however, on receipt of reminder dated 1.8 .....

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Aug 01 2000 (TRI)

C.B. Aggarwal Vs. Central Bank of India

Court : Delhi State Consumer Disputes Redressal Commission SCDRC New Delhi

..... time deposit account (fixed deposit account) at the time of opening the account with the respondent bank for the purpose of issue of stock investment for investing in shares/debentures of various companies and as the appellant chose to open a savings bank account with the appellant, he was entitled only to interest as applicable to the savings bank account deposits, which ..... above finding has dismissed the complaint filed by the appellant with costs. 5. feeling aggrieved, the appellant has preferred the present appeal, before this commission under section 15 of the act. notice of the appeal was issued to the respondent, who has entered appearance through its advocate. 6. we have heard the appellant and the learned counsel for the respondent at ..... , janakpuri, new delhi. 2. the facts, relevant for the disposal of the present appeal, lie in a narrow compass. the appellant had filed a complaint under section 12 of the act before the district forum and, in that complaint, the main grievance of the appellant was regarding non-payment of proper interest by the respondent. it was stated by the appellant ..... lokeshwar prasad, president: 1. the present appeal, filed by the appellant, under section 15 of the consumer protection act, 1986 (hereinafter referred to as ??the act) is directed against order dated 2nd june, 1995, passed by district forum-i, in complaint case no. 1789/93, entitled shri c.b. aggarwal v. the manager, central bank of .....

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Aug 08 2000 (TRI)

Santosh Kumari Vs. the Chairman, M/S. Ispat Alloys Ltd. and Others

Court : Delhi State Consumer Disputes Redressal Commission SCDRC New Delhi

..... it was clearly mentioned in the option form that unless the same is delivered at or reaches the correct address within the appointed time, the company would proceed to allot equity shares in lieu of convertible debentures. it was further stated by the respondent nos. 1 to 3 that the option form of the appellant did not reach the respondents by the ..... 2.1993 as well as admission by the respondents regarding receipt of the said letter, that the option containing the request of the appellant, to convert her convertible debentures into non-convertible debentures must have reached in time, in the absence of anything to the contrary on record and as such the respondents have been deficient in not complying with the option ..... brief, the facts, relevant, are that the appellant had filed a complaint under section 12 of the consumer protection act, 1986 (hereinafter referred to as ??the act), stating therein that the appellant/complainant was the holder of 100 part b secured fully convertible debentures of m/s. ispat alloys limited (respondent) @ rs. 160/- each. in the month of december, 1992, the appellant ..... received a letter of option dated 24.12.1992 alongwith consent form, from the respondents for conveying her consent for conversion of part b 14% convertible debentures .....

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Apr 09 2000 (TRI)

Canbank Mutual Fund Vs. R.N. Mittal and Another

Court : Delhi State Consumer Disputes Redressal Commission SCDRC New Delhi

..... number of schemes, floated by canbank and as such was authorised to handle all the work relating to the said schemes including redemption of shares, debentures etc. it was further averred by the shareholders, in their respective complaints, filed before the district forum that in june, 1991, canbank had floated ..... of bombay v. municipal corporation of the city of bombay, reported as air 1951 sc 469. in case m/s. moti lal padampat sugar mills company limited v. the state of uttar pradesh (supra), their lordships of the honble supreme court while considering the doctrine of promissory estoppel have held : ?? ..... and the doctrine of promissory estoppel would probably give rise to a cause of action before a civil court but not under the consumer protection act. even otherwise the said plea has been raised for the first time, in appeal. 10. furthermore, the plea of the shareholders that relying ..... the shareholders to claim the benefit on the grounds of promissory estoppel so as to afford it a cause of action for compensation under the act. the facts of the decisions relied upon by the shareholders, mentioned above, are on an entirely different footing from the facts of the present ..... the respondents, shri r.n. mittal and eight others (hereinafter referred to as ??the shareholders) had filed separate complaints under section 12 of the act, before the district forum, averring that, canbank was carrying on the business of floating mutual fund schemes and managing them in accordance with the terms .....

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