Court : Kerala
Decided on : Jun-09-1982
Reported in : (1983)32CTR(Ker)137; 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  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 .....Tag this Judgment!
Court : Kerala
Decided on : Oct-01-1982
Reported in : 58CompCas543(Ker)
..... with justification, be equated to the assignment of the shares themselves. it is not as though the simple process of a transfer of shares, and the concomitant procedure under the companies act and under the articles of association in relation to such transfer of shares, were not known either to p.k. mohammed or to the second defendant who is party no ..... . b-26 share register. according to the court below, due to that circumstance, the plaintiffs could not be treated as parties to the contract and to the provisions of the companies act or the articles in ext. b-8.15. even on the hypothesis that the sale was, therefore, defective on the ground that no notice was issued to the second-plaintiff ..... of the testator, judged by the surrounding circumstances, was that the plaintiff should do his best to get back all moneys sunk by the testator in these companies, whether in the form of shares, debentures or loans, and that he should be entitled to receive one-fifth of the whole amount which he succeeded in so recovering.'21. the term 'net profits ..... ' occurring in the codicil referred to above were considered by the learned judge and he observed (at p. 413 of  1 ch):' what can a gift of 'net profits' in a limited company .....Tag this Judgment!