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Judgment Search Results Home > Cases Phrase: debentures companies act Court: karnataka Page 1 of about 98 results (0.017 seconds)

Jul 06 2007 (HC)

Astrazeneca Pharma India Limited, a Company Incorporated Under the Com ...

Court : Karnataka

Reported in : [2008]141CompCas296(Kar); (2008)2CompLJ72(Karn); [2010]97SCL51(Kar)

..... an affidavit on 30.3.2007 giving up the prayer for dispensing the creation of a debenture redemption reserve and they have undertaken to comply with section 117(c) of the companies act and create a debenture redemption reserve fund for redemption of such debentures and all adequate amounts would be credited to the said account from out of the profits ..... redemption of such debentures, to which adequate amounts shall be credited, ..... , under section 117(c)(1) of the act, where a company issues debentures, it shall create a debenture redemption reserve for the ..... amount proposed to be utilized by the company exceeds the amount prescribed under the aforesaid rules. further it is stated that the bonus debentures issued out of reserves of the company is against the provisions of section 77 of the companies act, 1956 as subscription to securities issued by the company are funded from the company's sources. lastly it was contended that .....

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Aug 17 1987 (HC)

Chief Controlling Revenue Authority Vs. Manager, State Bank of Mysore ...

Court : Karnataka

Reported in : AIR1988Kant1; [1988]64CompCas167(Kar); ILR1987KAR2919; 1987(3)KarLJ458

..... the company, whether constituting a charge on the assets of the company or not; 'from the above, it is obvious that the meaning is still ..... of the document under reference and then proceed to construe it with reference to the provisions of the companies act, 1956, the indian trusts act, 1882, and the act.15. the bank is the sole author of the trust; it describes itself as the debenture-trustees. it refers to the trust being in favour of and for the benefit of holders for ..... the next questions we should ask ourselves are what is a debenture-trust and who is a debenture-trustee ?9. section 118 of the companies act, 1956, provides that any trust deed for securing any issue of debentures shall be forwarded to the holder of such debentures or any member of the company at his request within seven days of the making of the ..... created on the same day presumably after the debentures had been issued and paid for.6. in order to appreciate the arguments advanced to further the contentions, it is necessary to understand the meaning of the terms, debenture, debenture-trust and debenture-trustee.'debenture' is denned as follows in the companies act, 1956 :'2(12) 'debenture' includes debenture stock, bonds and any other securities of .....

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Apr 16 2010 (HC)

Reserve Bank of India a Statutory Corporation Established Under the Re ...

Court : Karnataka

..... were sent independently to each of the equity shareholders, secured creditors (banker's of the company), secured creditors (debenture holders) and unsecured creditors (deposit holders) of the company, together with a copy of scheme of compromise and arrangement and the statement as required under section 393 of the companies act. notice of the meeting was also advertised in two daily news papers, viz., 'vijaya times ..... 393 r/w. section 394a of the companies act, 1956, praying for sanctioning of the scheme of compromise and arrangement so as to be binding on the company, its equity shareholders, creditors viz., debenture holders and its deposit holders.2. tulunadu finance & developments ltd., (the company) was incorporated on 2nd february 1985 under the provisions of companies act, 1956. the company filed an application under section 45-ia ..... of the reserve bank of india act, 1934 (hereinafter referred to as ' the rbi act' for short) dated 24.6.1987 .....

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Mar 04 2014 (HC)

The Bank of New York Mellon Vs. Cranes Software International Limited

Court : Karnataka

..... act. as the bonds issued were not debentures, the procedure set out under the above provision has not been followed. the ..... bonds were said to have been issued under section 81(1a). it is contended that debentures are a fiction of the companies act and are required to be stamped under the indian stamp act. 1899, whereas the bonds are not. under the securities and exchange board of india (debenture trustees) regulations, 1993, the debenture trustee must be a scheduled bank, a public financial institution, an insurance ..... for the first time, in the rejoinder seeks to describe itself as a debenture trustee, to overcome the fact that it is not a creditor. that the bonds issued by the respondent are not debentures under the provisions of the companies act and hence the petitioner cannot claim as a debenture trustee. that a convertible debenture is usually issued under section 81(3)(b) of the .....

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Sep 11 2015 (HC)

The Bank of New York Mellon, London Branch, By its Constituted Attorne ...

Court : Karnataka

..... or the bond holders, as clause 20.2 is for the benefit of trustee/bondholders only. the right of the trustees of the debenture holders to file a winding up petition has been given under section 439 of the companies act. as such, it cannot be disputed that, in the facts of the present case, the winding up petition filed by the trustee ..... , as the liability to pay any amount to the appellant is in dispute. in the light of response given by the company to the statutory notice issued under section 433/434 of the companies act for winding up of the company, wherein the company has accepted its liability, as well as considering the admission of such liability in the balance sheet, it cannot be said ..... interest due in march, 2010, then on 12.08.2010, a statutory notice for winding up under section 433, read with section 434, of the companies act, 1956, was issued by the appellant, calling upon the company to pay the interest amounting to 1,050,000 (euro one million and fifty thousand) which was the total of the amount of interest payable on ..... ) of section 2 defines courtto mean the court having jurisdiction under the act, with respect to that matter relating to that company, as provided in section 10'. sub-section (2) of section 439 provides that any trustee/s having been appointed in respect of the debentures, and the trustee for holders of debentures, shall have a right to file a petition for winding up .....

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Mar 11 1985 (HC)

Karnataka Forest Plantations Corporation Limited Vs. Commissioner of I ...

Court : Karnataka

Reported in : (1986)53CTR(Kar)308; [1985]156ITR275(KAR); [1985]156ITR275(Karn)

..... all relied on by sri sarangan, the facts in brief were these : eastern investments limited, an investment company under an arrangement with one of its major shareholders reduced its share capital and issued him debentures with the approval of the high court under the companies act, paid out interest to that shareholder and claimed that as deduction under s. 12(2) of the 1922 ..... act as paid out wholly and exclusively for earning its income which was negatived by the i.t. authorities ..... being an investment company, if it borrowed money and utilised the same for its investment on which it earned income, the interest paid by it on the loans will clearly be a permissible deduction under section 12(2) of the income-tax act. whether the loan is taken on an overdraft, or on a fixed deposit or on a debenture makes no difference ..... held by a third party, the interest payable on the same would be an allowable deduction in calculating the total income of the assessee company. what difference does it make if the holder of the debentures is a shareholder there appears to be none in principle in view of the fact that no suggestion of fraud is made in respect of the .....

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Oct 05 1983 (HC)

Commissioner of Income-tax, Karnataka Vs. Master Raghuveer Trust

Court : Karnataka

Reported in : (1984)40CTR(Kar)163; [1985]151ITR368(KAR); [1985]151ITR368(Karn)

..... sb ltd. was amalgamated with the industrial credit & development syndicate ('icds') as per the scheme approved by this court under s. 394 of the companies act, 1956. consequently, the assessee received equity shares, advance call deposit certificates, debentures and redeemable bonds in the icds of the total value of rs. 235 for every unit of rs. 100 of the face value of the ..... position, if under a scheme of amalgamation approved by the high court under s. 394 of the companies act, a shareholder receives some shares or some shares coupled with some debentures and bonds from the amalgamated company equivalent to the agreed value of his shares in the amalgamating company mr. srinivasan, counsel for the revenue, urged that the transaction involved in the scheme of amalgamation ..... struck off from the register as required under s. 394(1)(iv) of the companies act. the question to be considered herein is whether there was a transfer of a capital asset within the meaning of s. 2(47) of the act and, if so, whether the assessee got shares, debentures and redeemable bonds from the icds as consideration for that transfer. 10. section ..... the sb ltd. had become useless or valueless and the sb ltd. was struck off from the register under s. 394(1)(iv) of the companies act. and thirdly, the assessee, as a member of the amalgamating company, the sb ltd., was entitled to some shares, bonds, etc., from the icds. this is neither in satisfaction of its rights nor as a consideration .....

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Feb 05 1997 (HC)

T.P.G. Nambiar and Others Vs. the Ragistrar of Companies, Karnataka, B ...

Court : Karnataka

Reported in : 1998(3)KarLJ612

..... under sections 17 and 291 punishable under section 629 of the act on the allegation that the company had been doing business of an investment company, such as acquiring shares, debentures and securities and dealing in the same. the directors of the company exceeded the power vested in them under section 291 of the act by embarking upon business which were not authorised by the memorandum ..... under section 17 and also an order being passed. but as on 31-3-1991 the company was having investments in shares and debentures amounting to rs. 2,670.73 lakhs which was far in excess of the limit laid down under section 372 of the act.19. the learned counsel submitted that the amendment was allowed and brought into effect from 17 ..... to alter the objects clause of its memorandum of association only on 23-1-1991 to provide specific objects enabling the company to acquire and deal in shares, debentures and other securities. as on 31-3-1991 the ..... of association of the company. the company filed a petition under section 17 of the act before the company law board, madras, .....

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Dec 17 1991 (HC)

Commissioner of Income-tax Vs. Motor Industries Co. Ltd.

Court : Karnataka

Reported in : 1991(3)KarLJ68

..... on the assets of the company or not.' 6. the contention that goes that goes to the root of ..... contended, secondly, that debentures were not loans and that the case of the assessee did not, therefore, fall within rule 1(v). in this respect, he drew our attention to the definition of 'debentures' in section 2(12) of the companies act. debentures are there defined in inclusive terms thus : ''debenture' includes debenture stock, bonds and other securities of a company, whether constituting a charge ..... borrowals can be either converted into debentures or not. it is well-known that a debenture-holder is a creditor of the company as distinct from a shareholder. the debenture is a document creating an acknowledged debt (ghosh on company law). while, in the income-tax act, 1961, the question is whether a loan covered by debentures should not be treated as a ..... of the commissioner of income-tax (appeals) by holding that the value of debentures issued in favour of financial institutions represented borrowings from these institutions and that they fulfilled the requirements of the provisions of rule 1(v) of the schedule to the companies (profits) surtax act, 1964 ?' 2. the relevant assessment year is 1975-76. 3. in .....

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Feb 09 2011 (HC)

Miss Aarti Mukund Pardhanani D/O Sri M.B.Pardhanani. Vs. M/S Mac Charl ...

Court : Karnataka

..... court in these petitions.3. heard arguments on both the side and perused the entire petition papers.4. under section 108 of the indian companies act, 1956, a company shall not register the transfer of shares or debentures of the company unless a proper instrument of transfer duly stamped and executed by or on behalf of the transferor and by or on behalf of transferee ..... has been delivered to the company along with the certificate relating to the shares or debentures therefore. the requirement under section 108 of the companies act, 1956 is that the instrument of transfer should be duly stamped and that the same should be delivered to the ..... company. the provisions contend in section 108 of the companies act are mandatory in nature. on the face of it if the company is satisfied that an entry in ..... respondents 2 and 3 and to show the name of petitioners as the owner of equity shares of the company.2. the first respondent is a public limited company incorporated under the companies act, 1956 on 28.9.1979. the object of the first respondent company is 10 carry on the business of hotel, restaurant etc. petitioner in co.p.no. 109/1987 and the .....

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