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Judgment Search Results Home > Cases Phrase: debentures companies act Court: kerala Page 1 of about 83 results (0.019 seconds)

Dec 20 2012 (HC)

Securities and Exchange Board of India Vs. Kunnamkulam Paper Mills Ltd

Court : Kerala

..... him or any of them in favour of any other person is clear from clause (c).12. by virtue of s. 67(1) and (2) of the companies act an offer to the public to subscribe the shares or debentures is to be construed to include offer or invitation of any section of the public. section 67(1), (2) and (3) of the ..... was issued within the provisions of the companies act and the provisions of the sebi act. s.3(iii)(c) of the companies act is also relied upon to contend that the section prohibits any private company making invitation to the public to subscribe for any shares or debentures of the company. according to the learned counsel s.73 of the companies act mandates to list the securities on the ..... companies act reads as under:67. construction of references to offering shares or debentures to the public, etc.--(1) any reference in this act or in the articles of a w.a. no. 2203 o 23. company to offering shares or debentures to the public shall, subject to any provision to the contrary contained ..... in a case where the offer or invitation to subscribe for shares or debentures is made to fifty persons or more: provided further that nothing contained in the first proviso shall apply to the non-banking financial companies or public financial institutions specified in section 4-a of the companies act, 1956 (1 of 1956).] w.a. no. 2203 o 25. no doubt s .....

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Apr 25 1985 (HC)

income-tax Officer Vs. Official Liquidator

Court : Kerala

Reported in : [1985]58CompCas590(Ker); (1986)55CTR(Ker)92; [1985]155ITR510(Ker)

..... the intervention of court is perfectly valid and is not hit by section 171 of the companies act, 1913, for the reason that a secured creditor is outside the winding-up ..... 171 of the companies act, 1913, for leave of the winding-up court.6. in ranganathan v. government of madras [1955] 25 comp cas 344 ; 2 scr 374 the supreme court held that a sale effected by the receiver of the trustees of the debenture holders of a company in liquidation without ..... high court in union of india v. seth spinning mills ltd. (in liquidation) , wherein it was held that the bar under section 171 of the companies act, 1913, applies also to proceedings of the ito for assessment of penalty and the decision of the mysore high court in mysore spun silk mills ltd.'s ..... held that the expressions ' other legal proceeding ' in sub-section (1) and ' legal proceeding ' in sub-section (2) of section 446 of the companies act convey the same meaning and proceedings under both the sub-sections must be such as can appropriately be dealt with by the winding-up court. proceedings by way of ..... takes other legal proceedings for the realisation of his security, it was held that a secured creditor is also bound under section 171 of the companies act, 1913, to obtain leave of the winding-up court even though such leave would be automatically granted to him. considering the decisions in shiromani .....

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Jun 09 1982 (HC)

Commissioner of Income-tax Vs. CochIn Refineries Ltd.

Court : Kerala

Reported in : (1983)32CTR(Ker)137; [1983]142ITR441(Ker)

..... company or not. the same is the meaning given in the english companies act of 1948 (section 455). palmer ..... question that really arises for our consideration is what is a debenture. are the loans in the real sense of the term debentures the i.t. act does not define a debenture. the companies act, 1956, in section 2(12) gives an inclusive definition. it states that ' debenture ' includes debenture stock, bonds and any other securities of a company, whether constituting a charge on the assets of the ..... would state that the term securities in the definition clause is apparently used in a sense slightly in excess of its strict legal meaning.8. lindley j. observed in an early case british india steam navigation co. v. irc [1881] 7 qbd 165 :'what the correct meaning of ' debenture' is i do ..... certainly not use this term when referring to bills of exchange or other negotiable instruments, deeds of covenant and many other documents in which a company stipulates to pay a sum of money.' 12. a debenture is certainly a document which either creates a debt or acknowledges it. while it may usually be one of a series, it need not necessarily .....

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Apr 08 1988 (HC)

P.V. Chandran Vs. Malabar and Pioneer Hosiery P. Ltd. and anr.

Court : Kerala

Reported in : [1990]69CompCas164(Ker)

..... to order its affairs in as best a manner as its constituents deem fit. this is more particularly so in this case, since the company concerned is a private limited company. 10. section 108 of the companies, act deals with transfer of shares and debentures. that section reads : '108. transfer not to be registered except on production of instrument of transfer. --- (1) 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 ..... that the application for transfer was liable to be rejected due to non-compliance with the procedural formalities and in view of the provisions contained in section 108 of the companies act, 1956. 16. there was some considerable argument as to whether the evidence disclosed the unsuitability of the applicant to be registered as a transferee of the shares, ..... his application for transfer of shares was rejected. no reasons were stated for rejecting the application. the appellant, therefore, filed an application under section 155(2) of the companies act, seeking rectification of the share register. he contended that clause 40 of the articles of association enabling rejection of the application for registration of transfer did not apply to .....

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Oct 27 2006 (HC)

Damien Subsidies and Kuries Ltd. Vs. Jose Pulicken

Court : Kerala

Reported in : [2007]137CompCas288(Ker); (2007)2CompLJ479(Ker); [2007]77SCL178(Ker)

..... ) to relieve the company from any obligation to take notice of equitable interests in its ..... in his name. the respondent stated that the company law board has rightly directed transfer of the share in his favour. section 153 of the companies act states that no notice of any trust, express, implied or constructive shall be entered on the register of members or of debenture holders. the object of section is : (1 ..... -petitioner and to issue duplicate certificate after registering the transfer.2. the respondent herein filed a petition under section 111 of the companies act, 1956, seeking a direction to the company to enter his name in the register of members. the petitioner stated that hie has purchased one share held in the name ..... and persons. it is also receiving dividends and all other benefits in respect of the abovesaid share from damien subsidies and kuries ltd., the appellant-company. it is also the beneficiary of the share which belongs to the trust since 1957 and no other person has valid right to transfer the abovementioned ..... whose name is on the register. lord esher m. r., in the same has put it as follows (page 618):the law has given the company the right to say, 'we do not care whether you are a cestui que trust or not; if you are, we have a right to .....

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Apr 05 2004 (HC)

Mammen Vs. Commissioner of Gift Tax

Court : Kerala

Reported in : [2004]269ITR167(Ker); 2004(2)KLT914

..... of any property other than cash will be determined in accordance with the provisions of schedule iii to the wealth tax act, that under the scheme formulated by the finance act, 1992, shares and debentures in companies are not liable to levy of wealth tax, that the finance act, 1992 by way of consequential amendment omitted part c of schedule iii to the wealth tax ..... the act as no mode has been specified for determining the value of these shares and debentures and that finance act, 1993 has revived part c of schedule iii to the ..... wealth tax act in schedule ii to the act to overcome this difficulty. it is ..... act which specified the mode for valuation of these shares and debentures in companies, that the deletion of these rules has created difficulties under .....

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Apr 05 2004 (HC)

Dr. K.C. Mammen Vs. Commissioner of Gift Tax

Court : Kerala

Reported in : (2004)190CTR(Ker)153

..... act, 1992 by way of consequential amendment omitted part c of schedule iii to the wt ..... act which specified the mode for valuation of these shares and debentures in companies; that the deletion of these rules has created difficulties under the act as no mode has been specified for determining the value of these shares and debentures and that finance act, 1993 has revived part c of schedule iii to the ..... wt act in schedule ii to the act to overcome this difficulty. it is further ..... the said amendment was explained, it is stated that schedule ii to the act provides that the value of any property other than cash will be determined in accordance with the provisions of schedule iii to the wt act; that under the scheme formulated by the finance act, 1992, shares and debentures in companies are not liable to levy of wealth-tax; that the finance .....

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Apr 06 2006 (HC)

Vishalakshi Vs. Bank of India

Court : Kerala

Reported in : AIR2006Ker255; 2006(2)KLT488

..... government or of a state government;(b) any bond, debenture, or annuity charged by act of parliament (of the united kingdom) on the revenues of india;(c) any stock or debenture of, or share in, a company or other incorporated institution:(d) any debenture or other security for money issued by, or on ..... 57/hd. dated, trivandrum, 31st january 1958in exercise of the powers conferred by sub-section (ql) of section 388 of the indian succession act, 1925 (act xxxix of 1925), and in supersession of all previous notifications investing courts of subordinate judges with power to exercise the functions of a district judge ..... debts or securities or with the grantee of the succession certificate. (vide section 381), a succession certificate issued under part x of the act is liable to be revoked for any of the following grounds:a) that the proceedings to obtain the certificate were defective in substance.b) ..... and extended certificatein the court of to a.b.whereas you applied on the...day of...for a certificate under part x of the indian succession act, 1925, in respect of the following debts and securities, namely: debtsserial no. name of debtor amount of debts, description andincluding interest, date ..... appearing for the appellant. assailing the impugned order the learned counsel for the appellant submitted that sections 30 and 192 of the indian succession act will indicate that a succession certificate can be granted in respect of immovable properties as well.3. we are afraid that we find ourselves .....

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Aug 18 1998 (HC)

Commissioner of Income Tax Vs. Travancore Titanium Products Ltd.

Court : Kerala

Reported in : (1999)151CTR(Ker)386

..... of the capital employed in the business. 'keeping the aforesaid broad distinction in mind, court considered how the two concepts are defined and dealt with in the companies act, 1956. after referring to the definitions of 'provision' and 'reserve' occurring in cl. 7(1)(a) and (b) and cl. 7(2) ..... cannot be determined with substantial accuracy is a provision : (see william pickles accountancy, second edri., p. 192; part ih, cl. 7, schedule vi to the companies act, 1956, which defines provision and reserve).'again, the supreme court had occasion to consider the distinction between . provision' and 'reserve' in vazir sultan tobacco co. ltd ..... of the matter. the balance sheet drawn up by the assessee as showing the profits was prepared in accordance with the provisions of the indian companies act. these provisions also support the conclusion as to what is the true nature of a reserve shown in a balance sheet. '12. again the ..... meaning of schedule ii, r. 2(1). ',the constitution bench then referred to the provisions of ss. 131(a) and 132 of the indian companies act, the form of balance sheet and also regulation 99 of the 1st schedule and with reference to the said provisions the bench further observed as follows ..... to such reserves as have been allowed as a deduction in computing the income of the company for the purposes of the indian it act, 1922 (11 of 1922), or the it act, 1961 (43 of 1961)1-(m the debentures, if any, issued by it to the publicprovided that according to the terms and .....

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Aug 18 1998 (HC)

Commissioner of Income-tax Vs. Travancore Titanium Products Ltd.

Court : Kerala

Reported in : [1999]239ITR240(Ker)

..... employed in the business.'19. keeping the aforesaid broad distinction in mind, the court considered how the two concepts are defined and dealt with in the companies act, 1956. after referring to the definitions of 'provision' and 'reserve' occurring in clause 7(1)(a) and (b) and clause 7(2) ..... cannot be, determined with substantial accuracy is a provision : (see william pickles' accountancy, second edition, p. 192 ; part iii, clause 7, schedule vi to the companies act, 1956, which defines provision and reserve).'18. again, the supreme court had occasion to consider the distinction between 'provision' and 'reserve' in vazir sultan tobacco co. ..... the matter. the balance-sheet drawn up by the assessee as showing the profits was prepared in accordance with the provisions of the indian companies act. these provisions also support the conclusion as to what is the true nature of a reserve shown in a balance-sheet.'15. again the ..... of schedule ii, rule 2(1).'14. the constitution bench then referred to the provisions of sections 131(a) and 132 of the indian companies act, the form of balance-sheet and also regulation 99 of the first schedule and with reference to the said provisions the bench further observed as ..... reserves as have been allowed as a deduction in computing the income of the company for the purposes of the indian income-tax act, 1922 (11 of 1922), or the income-tax act, 1961 (43 of 1961) ; (iv) the debentures, if any, issued by it to the public : provided that according to .....

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