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Judgment Search Results Home > Cases Phrase: debentures companies act Court: kolkata Page 1 of about 352 results (0.025 seconds)

Apr 13 1943 (PC)

K. Roy and Bros. Vs. Ramanath Das and ors.

Court : Kolkata

Reported in : AIR1945Cal37

..... the property is required and there is nothing making it compulsory to give any further details of property, so that there is nothing in the registration under the companies act of these debentures which would inform any person exactly what the immovable property was that was charged. it should be remembered that under the provisions of section 109 a ..... 'a general description of the property charged' (i. e., what is required to be registered under the provisions of the companies act). i must mention here that there was no debenture trust deed accompanying the issue of these debentures. in the debenture deed itself the only reference to the property charged is its undertaking for all, its property whatsoever, and wheresoever present and ..... 500 and paid for them. with the money realised from the issue of these debentures the company paid for the machinery it had installed. the debentures were duly registered under section 109, companies act, but they were never registered under the provisions of the registration act (act 16) of 1908. the company after working for a time got into financial difficulties and a winding up order ..... , enquire at the local registry whether there were any charges created on the land. if registration under the companies act of debentures of floating charges is in bombay and is sufficient he would find nothing in the local registry under the registration act. he might, therefore, on searching and finding nothing lend the money only to discover later before the money .....

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Jun 13 1968 (HC)

Calcutta National Bank Ltd. (In Liquidation) Vs. Rangaroon Tea Co. Ltd ...

Court : Kolkata

Reported in : AIR1969Cal578

..... be issued and not executed. in the travancore cochin case it was said that since shares, stocks, bonds and debentures under the companies act were issued and the word 'issue' was used in relation to shares in various sections and in s. 109 of the companies act the word used was 'created' and not the word 'issued', 'instruments executing or creating charge' in the defence ..... of the illegality under rule 94-a of the defence of india rules the plaintiff appellant did not have the mortgage registered in accordance with section 109 of the indian companies act.- 39. for these reasons, i am of opinion, that the contentions advanced on behalf of the appellant fail. the judgment is affirmed. the appeal is dismissed. the order as to ..... covered by the exemption order under the defence of india rules was not sustainable. fifthly the mortgage was void by reason of want of registration under section 109 of the companies act. the learned judge was pleased to dismiss the suit with costs.7. i shall first deal with the question as to whether the mortgage transaction was of ranjit bose or ..... to establish such a case of exemption.38. the last question was whether the transaction of mortgage satisfied the requirements of registration under section 109 of the companies act. if the transaction was of the company and if there was no registration under section 109 the result would be that any person who fails to register it would rank as unsecured creditor. this .....

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Mar 01 1957 (HC)

In Re: Calcutta Stock Exchange Association Ltd.

Court : Kolkata

Reported in : AIR1957Cal438,61CWN448

..... , is only a measure of abundant caution and no more.18. the reason is this section 75 of the companies act, 1956, comes within part iii of the companies act, 1956, dealing with 'prospectus and allotment and other matters relating to issue of shares and debentures' and occurs in the sub-heading of 'allotment' covering the group of sections from sections 69 to 75. ..... section 69 of the companies act appearing in that context and dealing with prohibition of allotment unless minimum subscription has been received opens with the words 'no allotment shall ..... the statute makes a marked difference between the first or the original allotment and the subsequent allotments. that will be clear from sub-section 7 of section 69 of the companies act, 1956, which specifically excludes practically the whole of the operation of that section except the provision stipulating the minimum 5 per cent. of the nominal amount of share on ..... the only kind of forfeiture with which the statute was expressly dealing with. it therefore means exclusion of all kinds of forfeiture from the operation of section 75 of the companies act. the fact that other kinds of forfeiture are permissible by suitable articles of association specially framed to have that effect is after all the result of a construction and inference .....

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Jan 27 1944 (PC)

Commissioner of Income-tax, Bengal. Vs. Chowringhee Properties Ltd.

Court : Kolkata

Reported in : [1944]12ITR434(Cal)

..... a loss and taken into account in the assessment.learned counsel, on behalf of the commissioner of income-tax, conceded that, under the provisions of section 127 (1) of the companies act, the purchase by the company of rs. 7,35,000 debentures did not extinguish them but they were kept alive for the purpose of re-issue and at all times the ..... of income-tax, there are two questions raised. the are :-question 1. - whether in the facts and circumstances of the case the debentures have been kept alive for the purpose mentioned in section 127, clause (3), of the indian companies act.question 2. - if the answer to the first question should be in the affirmative, whether interest was due and payable in respect ..... happening of any event enabling enforcement. in those circumstances the deposit by the company of the debentures with the bank was an exercise of the power given to it by section 127 (1) of the companies act and amounted to the re-issue to the bank of the debentures which the company had redeemed but which had been kept alive by virtue of the above section ..... dealt with by section 127(1) of the companies act. it provides, so far as is material, that when a company has redeemed any debentures previously issued it shall have power to keep the debentures alive for the purpose of re-issue and to re-issue the debentures either by re-issuing the same debentures or by issuing other debentures in their place and upon such re-issue .....

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Jan 27 1944 (PC)

Commissioner of Income-tax Vs. Chowringhee Properties Ltd.

Court : Kolkata

Reported in : AIR1945Cal53

..... the commissioner of income-tax, there are two questions raised, they are:question 1. -- whether in the facts and circumstances of the case the debentures have been kept alive for the purpose mentioned in section 127, clause (3), companies act. question 2. -- if the answer to the first question should be in the affirmative, whether interest accrued due and payable in respect of ..... as a loss and taken into account in the assessment.5. learned counsel, on behalf of the commissioner of income-tax, conceded that, under the provisions of section 127(1), companies act, the purchase by the company of the rs. 7,35,000 debentures did not extinguish them but they were kept alive for the purpose of re-issue and at all times the ..... the happening of any event enabling enforcement. in those circumstances the deposit by the company of the debentures with the bank was an exercise of the power given to it by section 127(1), companies act, and amounted to the re-issue to the bank of the debentures which the company had redeemed but which had been kept alive by virtue of the above section. the ..... created is dealt with by section 127(1), companies act. it provides, so far as is material, that when a company has redeemed any debentures previously issued it shall have power to keep the debentures alive for the purpose of re-issue and to re-issue the debentures either by reissuing the same debentures or by issuing other debentures in their place and upon such re-issue the .....

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Mar 18 1930 (PC)

imperial Bank of India Vs. Bengal National Bank Ltd.

Court : Kolkata

Reported in : AIR1931Cal223

..... the undertaking, properties, assets and interests, present an 1 future, including the uncalled capital of the borrowing bank. these debentures were duly registered under the companies act with the registrar of joint stock companies, but neither debenture was registered under the registration act of 1908 and it is this circumstance which gives rise to question in the present case. on 28th april 1927 the ..... taken from the english companies act and has reference solely to the purposes of section 109, though it may well be that cases ..... by a company is not to be deemed to be an interest in immovable property merely by reason that it comprises or takes effect over debentures held by the company and that such debentures constitute a charge on immovable property;of the company issuing the same. the proviso is ..... subsequent sections. i do not think it has reference to debentures considered as transfers but only as the subject-matter of a transfer. but if a mortgage debt is not an actionable claim, nothing would seem to depend upon the decision of this point. again, proviso. 4, section 109, companies act, seems merely to mean that a mortgage or charge granted .....

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Feb 09 1971 (HC)

Commissioner of Income-tax Vs. Nawn Estate Private Ltd.

Court : Kolkata

Reported in : [1972]86ITR300(Cal)

..... consider various provisions in various other statutes. for instance, in section 87f of the indian companies act, 1913, 'an investment company' has been stated to be a company 'whose principal business is the acquisition and holding of shares, stocks, debentures or other securities'. there are similar provisions in the new companies act as well. mr. mukherjee also referred us to some of the provisions of the excess ..... . in the finance acts of 1937 and 1952 also these expressions ..... profits tax act, 1940, wherein, as we have indicated, the expression 'holding of investments or other property' has been used .....

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Mar 27 1979 (HC)

John Paterson and Co. (India) Ltd. Vs. Promod Kumar Jalan

Court : Kolkata

Reported in : [1983]53CompCas255(Cal)

..... mr. nag also rightly commented that the register of debentures which is now being produced, is a suspicious document and does not appear to be a book kept under section 152 of the companies act, 1956, by a limited company, but has been brought into existence for the purpose of ..... @ 18% per annum failing which my client will file application for your winding-up. this notice is being served upon you under section 434 of the companies act, 1956. yours faithfully, (sd.) a.p. agarwalla.' 'annexure 'b' john paterson & co. (india) limited. 96, garden reach road,calcutta ..... 18% per annum failing which my client will file application for your winding-up. this notice is being served upon you under section 434 of the companies act, 1956. yours faithfully, ' 'regd. a/d.a/239/78 6th sept., 1978. john paterson & co. (i.) ltd.,103-a, ..... this application. it may be noted here that, in fact, the matter was adjourned after hearing for some time to enable the parties to settle the matter on the basis that the petitioning creditor is the holder of 170 debentures ..... debenture certificates to the petitioning creditor but subsequently it appears that nothing happened and the matter could not be settled in that manner and was to be fought out on the legalistic basis inspired by the said decision of megarry j., which was decided entirely on different facts.8. mr. nag also referred to section 58a(4) of the companies act .....

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Aug 28 1970 (HC)

Calcutta Safe Deposit Co. Ltd. Vs. Ranjit Mathuradas Sampat

Court : Kolkata

Reported in : AIR1971Cal78,[1971]41CompCas1063(Cal)

..... be deemed to be the creditors within the meaning of clause (b) of sub-section (1) of section 439 of the companies act, 1956. this new definition of the word 'creditors' has been introduced by the 1956 act and accordingly the debenture holders' right to present a petition for winding up has been recognised by the statute.24. accordingly, in my opinion there is ..... 278. the said division bench also relied on the principle set out in a passage in buckley on the companies act. the said passage appears in the 13th edition at page 464 as follows :'but where the obligation to debenture holders was direct by the company to pay the bearer, the bearer could present a petition.'22. the principle can best be understood if ..... debentures stock-holders from the case of the bearer debenture holders. the petitioners being the debentures stock holders their stock was created by the trust deed of november 29, 1904 ..... some of the stock holders for non-payment of interests the same was opposed by the holders of 1,00,0001 prior lien debentures and their trustees, first on the ground that the petitioners were not the creditors witbin section 82 of the companies act. 1862, and secondly, on the merits. in delivering his judgment swinfen eady j. distinguished the case of the .....

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Nov 28 1991 (HC)

Commissioner of Income-tax Vs. Tungabhadra Industries Ltd.

Court : Kolkata

Reported in : (1992)108CTR(Cal)233,[1994]207ITR553(Cal)

..... as under :'5(a) repurchase and reissue of debenture.--the company shall have the right to repurchase the debentures and reissue them from time to time in accordance with the provisions of section 121 and other applicable sections, if any, of the companies act, 1956, and upon such reissue, the person entitled to the debentures shall have and shall be deemed always to have ..... , the same rights and priorities as if the debentures had never been redeemed. but in the case of repurchase of debentures, no premium is payable. we are, therefore, unable to ..... from the date of allotment. it is true that the company shall have the right to reissue debentures which are repurchased by it from time to time in accordance with the provisions of section 121 and other applicable sections of the companies act, 1956, and upon such reissue, the person entitled to the debentures shall have, and shall be deemed always to have had ..... had the same rights and priorities as if the debentures had never been redeemed.' '5(b) buy-back of debentures.--without prejudice to the rights reserved hereunder the company undertakes to repurchase the debentures at par value plus accrued .....

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