Court : Gujarat
Reported in : AIR1978Guj1; (1977)GLR409
..... not the original instrument but a verified copy thereof as it was permissible to do 50 having regard to the provisions contained in section 125 of the indian companies act. so far as the copy was concerned. section 7(1) was attracted and on a copy of the document according to the revenue, duty was payable on the same footing ..... under section 7 read with section 19 was not admissible in evidence and/or could not have been acted upon or registered by any public officer unless it was duly stamped. now the registrar of companies before whom the company produced the copy of the debenture trust deed was aware of the fact that the copy required to be stamped when it was received ..... in gujarat. it appears that even so, instead of refusing to act upon it the registrar of companies registered the charge in the relevant registers maintained by ..... respect of this transaction a debenture trust deed was executed between t1je company on one hand and the bank of baroda at bombay on the other. the company approach ed the competent authority at bombay for adjudication with regard to the proper stamp duty payable thereon in accordance with the stamp act applicable to the state of maharashtra. in accordance with the adjudication stamp .....Tag this Judgment!
Court : Gujarat
Reported in : 116CompCas248(Guj)
..... be marketable in india, it would amount to reading the other provisions of the scr act 1956 in the companies act, though not meant to be incorporated at all. moreover, an anomalous position will arise, because, in the definition of 'debenture' in section 2(12) of the said act, there will be debentures, debenture stock, bonds, that are marketable anywhere but the 'other securities' which are also ..... to be the creditors within the meaning of clause (b) of sub-section (1) of section 439 of the companies act in view of the new definition of the words 'creditors' introduced in the said act of 1956. it was held that the debenture holders had a right to present the petition for winding up as recognised by the statute. (g) the decision of ..... are not noteholders. (2) even if the petitioners are noteholders, they are not debenture holders or holders of any security as contemplated by the companies act read with the securities contracts (regulation) act, 1956. (3) in any case, the petitioners are not creditors under section 439(1)(b) of the companies act as the petitioners cannot give a valid discharge but only the trustee can give ..... , in determining what is or is not a debenture within section 2(1) of the companies act, 1913, the court is not bound to hold that an instrument is a debenture, because, it is called a debenture by the company issuing it, nor to hold that it is not a debenture, because, it is not so called by the company. the court must look at the substance of .....Tag this Judgment!
Court : Gujarat
Reported in : 84CompCas230(Guj)
..... reference may may also be made to the provisions do the act, namely, section 82 to 87, part vi of the companies act deals with 'share capital and debentures'. section 82 provides that the shares and interests of the members of a company shall be movable property and can be transferred in the manner ..... provided in the articles of the company. section 84 provides for the issuance of ..... comp cas 777 (guj) bhagwati j. (as his lordship then was) was dealing with a petition under sections 397 and 398 of the companies act, 1956. the company sold the movable and immovable properties to bharat kala bhandar ltd. the case of the minority was that such sale was oppressive to the minority ..... the respective high courts for sanctioning the scheme of amalgamation and for the purpose of obtaining an order or orders under section 394 of the companies act, 1956, for carrying into effect the scheme of amalgamation. it is further stipulated that transfer of properties of mf to mil shall be ..... the provisions of section 84 of the act. article 23 provides as to how certificates of shares shall be issued and as to how the members of the company can transfer such share certificates. the entire procedure for transfer and transaction of shares and debentures is stipulated under articles 48 to 61 .....Tag this Judgment!
Court : Gujarat
Reported in : (2001)167CTR(Guj)34; 250ITR229(Guj)
..... of its registration, and (c) which is classed a or b at the last audit made under s. 84, may invest its surplus funds in such shares or debentures of any company registered under the companies act, 1956 as may be approved by the registrar. 20. rule 30. restrictions on investment. - (1) the investment under r. 29 shall not at any time exceed 5 ..... per cent of the deposit liabilities or 15 per cent of the surplus fund of the bank whichever is less. (2) the investment in shares or debentures under r. 29 ..... bank, (d) in any of the securities specified in s. 20 of the indian trusts act, 1882 (ii of 1882), (e) in shares, or security bonds, or debentures, issued by any other society with limited liability, or (f) in any co-operative bank or in any banking company approved for this purpose by the registrar, and on such conditions as the registrar may ..... such ratio is prescribed. in other words, the funds in excess of the banking resources required to be maintained under the banking regulation act and allied law such an nabard act (which are applicable only to banking companies and co-operative banks) are the excess surplus funds of the co-operative banks which may be invested by the bank as per provisions of .....Tag this Judgment!
Court : Gujarat
Reported in : 129CompCas353(Guj); 59SCL734(Guj)
..... application before this court under section 391 of the companies act, 1956 for convening meetings of the aforesaid four categories ..... of debenture holders for considering and if thought fit, to approve the ..... 391 of the companies act, 1956 for settlement of dues of four categories of debenture holders of the company. so far as the applicant is concerned, it was pointed out by the company that the applicant is covered by 4th category of debenture holders which read as 'holders of fully paid debentures holding more than 2000 debentures'. it was further submitted by the company that the company has filed an .....Tag this Judgment!
Court : Gujarat
Reported in : (2002)177CTR(Guj)176
..... second appeal, the tribunal accepted the contention, of the assessees on the following two grounds :(i) the interest income in question was in respect of the debentures issued by the company which was not established by a central, state or a provincial act.(ii) secondly, the tribunal held that even if section 18(1)(ii) was applicable to non-government or non-public ..... the interest receivable by him on any security of the central government or of a state government, or on debentures or other securities for money issued by or on behalf of a local authority or a company ............'section 18(1) of the 1961 act which was in force for the relevant assessment year under consideration read as under :'18. (1) the following amounts ..... be entitled to be excluded from the provisions of section 18(1)(ii) of the act.14. we, accordingly hold that the. interest on debentures issued by all companies, whether or not established by a central, state or provincial act, is liable to be computed as income under the head 'interest on securities' as per the provisions of section 18(1)(ii) of the ..... of the case, the tribunal is right in law that the interest on debentures issued by companies other than local authority, company or corporation established by a central state or provincial act is not liable to be computed as income under the head 'interest on securities' ?2. whether interest on debentures in all circumstances is liable to be considered income only when received by the .....Tag this Judgment!
Court : Gujarat
Reported in : 211ITR788(Guj)
..... redeemed. there is no provision for reducing the capital in cases of purchase by the company of its own debentures which is not barred under the provisions of the companies act, 1956. the debentures were not redeemable within a period of seven years. they were purchased and later sold at profit to the unit trust of india which indicates that they were transferable. this ..... is not a case of redemption of the debentures. the fact that the company had bought the debentures would not mean that the debentures were not issued to ..... the public. the debentures bore the stamp and character of having been at one time issued to the public. in this view of the ..... r.k. abichandani, j.1. the tribunal, ahmedabad bench 'b' has referred for the opinion of the high court under s. 18 of the companies (profits) surtax act, 1964 r/w s. 256(1) of the it act, 1961, the following questions : '1. whether, the tribunal has not erred in law and on facts of the case in holding that capital employed could not be .....Tag this Judgment!
Court : Gujarat
Reported in : 260ITR532(Guj)
..... second appeal, the tribunal accepted the contention of the assessees on the following two grounds :(i) the interest income in question was in respect of the debentures issued by the company which was not established by a central, state or a provincial act. (ii) secondly, the tribunal held that even if section 18(1)(ii) was applicable to non-government or non-public ..... the interest receivable by him on any security of the central government or of a state government, or on debentures or othersecurities for money issued by or on behalf of a local authority or a company:..' 20. section 18(1) of the 1961 act which was in force for the relevant assessment year under sdfconsideration read as under : '18, (1) the following amounts ..... be entitled to be excluded from the provisions of section 18(1)(ii) of the act. 23. we accordingly hold that the interest on debentures issued by all companies, whether or not established by a central, state or provincial act, is liable to be computed as income under the head 'interest on securities' as per the provisions of section 18(1)(ii) of the ..... the case, the appellate tribunal is right in law that the interest on debentures issued by companies other than local authority, company or corporation established by a central, state or provincial act is not liable to be computed as income under the head 'interest on securities' ? 2. whether interest on debentures in all circumstances is liable to be considered income only when received by the .....Tag this Judgment!
Court : Gujarat
Reported in : 147CompCas31(Guj); 97SCL221(Guj)
..... no. 97 of 2006 was moved by icici bank limited before this court to obtain permission under section 446 of the companies act, 1956 to continue with the debenture trustee suit no. 434 of 2003 pending before the bombay high court. as per the order dated 01.08.2006 passed by this court, it was represented by the official ..... , such discretion should not be exercised in favour of the person who is guilty of non-compliance with the mandatory provisions of the companies act, 1956.16. mr. thakore has further submitted that under the amended provisions of the companies act, 1956, the court would give due regard to the views of the secured creditors. icici bank limited apprehends serious prejudice not only to ..... order dated 01.08.2006 has observed that the official liquidator is the custodian of the property of the company in liquidation once the order of winding up is passed and will exercise the powers as enumerated under section 457 of the companies act, 1956. the official liquidator has not moved any application seeking any assistance of the applicant and, therefore, the applicant ..... if the official liquidator gets an assistance from the applicant in representing the company's case before any court, authority or forum. it is true that provisions of the companies act do vest all powers and authorities in the official liquidator and he alone can represent the company in liquidation, but the act nowhere debars the promoters, shareholders or guarantors from rendering proper and effective .....Tag this Judgment!
Court : Gujarat
Reported in : (1998)2GLR1222
..... . 3 and 4 will get a relief as they have nothing to do with accused no. 7-company which floated the issue. section 73 of the companies act deals with allotment of shares and debentures to be dealt with in stock exchange. assuming that, no shares have been allotted to the complainant, ..... charged by the board with responsibility of complying with the provisions of the companies act or a company that does not have any of the officer specified over here, then director or directors, who may be specified by the board ..... are not shown to be falling into any of the aforesaid categories, obviously, they cannot be held answerable for the alleged offence under the companies act. merely because they are directors, they cannot be held responsible. there are two more provisions in section 5 indicating that a person may be ..... of the parties joined, but also because of the factual background which they share in different complaints allegedly constituting the offence under either the companies act or under the indian penal code.2. as many as 19 accused came to be joined in different complaints in respect of which, in ..... who may or may not be the plaintiff in the civil suit, the fact remains that, that is the responsibility of accused nos. 3 and 4. they have connection with accused no. 1 company .....Tag this Judgment!