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Judgment Search Results Home > Cases Phrase: debentures companies act Court: mumbai Page 1 of about 526 results (0.086 seconds)

Mar 20 2001 (HC)

Life Insurance Corporation of India Vs. Joint Cit

Court : Mumbai

Reported in : (2002)74TTJ(Mumbai)624

..... on the part of the borrower to return it with or without interest.12. para 6 of the order is devoted to explain how debenture is a loan or advance. again, the treatise of a ramaiya on companies act is referred to at length. supreme court decision in india cement ltd. v. cit : [1966]60itr52(sc) is referred to kerala high ..... of the matter cannot be altered by a mere method of accounting.based on the above discussion, commissioner (appeals) observed that showing debentures, etc., under the head 'investment' in view of the provisions of the companies act or banking regulation act cannot be relevant for the purpose of determining the scope of expression 'loans and advances' under section 2(7) of the ..... the commissioner (appeals) that the definition of debentures, etc. in companies act or other act is not relevant for the purpose of considering the expression 'loans and advances' under the interest tax act.9. in para 4.3 it is stated that companies act is not pari materia, with interest tax act. hence, proforma in schedule vi of the companies act is not at all relevant to consider ..... an expression under the taxing statute. according to the commissioner (appeals), it is immaterial whether securities and debentures are shown as investments by the assessee itself or under the directions of some authority or under the provisions of statutes like companies act or banking regulation act.10. in para 4.4, commissioner (appeals) after referring to certain judicial pronouncements observes that :(i) .....

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Aug 22 1986 (HC)

Narotamdas Trikamdas Toprani Vs. Bombay Dyeing and Manufacturing Co. L ...

Court : Mumbai

Reported in : (1986)88BOMLR649; [1990]68CompCas300(Bom)

..... to inspect these documents. prima facie, there seems to be some substance in the contention of the first defendant company. the right of a debenture-holder of inspecting the company's records is extremely limited. under section 209, sub-section (4), of the companies act,1956, the books of account and other books referred to in that section can be inspected by the directors of ..... section 163, sub-section (2) of the companies act, the register of members, register of indexes of debenture-holders, copies of all annual reports together with copies of certificates and ..... to present a winding-up petition as creditors under section 82 of the english companies act, 1862.19. in both these cases, a debenture-holder was held not to be a creditor of the company on the basis of covenants contained in the debenture certificate which was issued to him by the company. there are a number of cases, however, where english courts have construed ..... the company. under section 209a, the said books can be inspected by the registrar of companies or by an authorised officer of the central government. under section 118 of the companies act, 1956, a debenture-holder has been given a right to inspect the debenture trust deed and to obtain a copy of it. under .....

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Mar 20 2001 (TRI)

Lic of India Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)82ITD749(Mum.)

..... on the part of the borrower to return it with or without interest.12. para 6 of the order is devoted to explain how debenture is a loan or advance. again, the treatise of a ramaiya on companies act is referred to at length. supreme court decision in india cement ltd. v.cit (1966) 60 itr 52 (sc) is referred to kerala high ..... of the matter cannot be altered by a mere method of accounting; based on the above discussion, cit(a) observed that showing debentures etc. under the head "investment" in view of the provisions of the companies act or banking regulation act cannot be relevant for the purpose of determining the scope of expression "loans and advances" under section 2(7) of the interest-tax ..... by the cit(a) that the definition of debentures etc. in companies act or other act is not relevant for the purpose of considering the expression "loans and advances" under the interest-tax act.9. in para 4.3 it is stated that companies act is not pari materia with interest-tax act. hence, proforma in schedule vi of the companies act is not at all relevant to consider the ..... legal principles. next, it is stated that the expression "loans and advances" is neither defined in the interest-tax act nor in any other taxing statute. the definition of the term "debentures" given in companies act, though is meant for the purposes of that act, but even that definition does not exclude debenture from the expression "loans and advances" mentioned in section 2(7) of the .....

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Jul 24 1957 (HC)

Madanlal Fakirchand Dudhediya Vs. Changdeo Sugar Mills Ltd. and ors.

Court : Mumbai

Reported in : AIR1958Bom491; (1958)60BOMLR254; ILR1958Bom250

..... serious obstacle to the contention that sub-section (1) is only an enabling provision permitting the companies to pay commission out of capital. so far as the companies act is concerned, debentures are not a capital of a company. as palmer has said in his company precedents, the word 'debenture' is employed to describe an instrument under seal evidencing a debt. the essence of a ..... that being so, mr. munshi says that a prerequisite for attracting the provisions of section 76 of the companies act, 1956, is the existence of an agreement for subscribing for shares or debentures or an agreement for procuring subscriptions for shares or debentures. the agreement dated 22-4-1941 being not an agreement of that nature, section 76 would not apply ..... for the reasons given in the previous part of this judgment, that debenture is an instrument under seal evidencing a debt. it is ..... 2 of the capital issues (continuance of control) act are 'in this act.' therefore, the definitions of 'securities' and of the expression 'issue of capital' as contained in the capital issues (continuance of control) act would not govern the meaning of the term 'debenture' as it occurs in the companies act, 1956. so far as the companies act, 1956, is concerned, i have already stated, .....

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Mar 20 2001 (TRI)

Life Insurance Corporation of Vs. Joint Commissioner of Interest

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... on the part of the borrower to return it with or without interest.12. para 6 of the order is devoted to explain how debenture is a loan or advance. again, the treatise of a ramaiya on companies act is referred to at length. supreme court decision in india cement ltd. v.cit (1966) 60 itr 52 (sc) is referred to kerala high ..... of the matter cannot be altered by a mere method of accounting. based on the above discussion, cit(a) observed that showing debentures, etc. under the head "investment" in view of the provisions of the companies act or banking regulation act cannot be relevant for the purpose of determining the scope of expression "loans and advances" under section 2(7) of the income-tax ..... by the cit(a) that the definition of debentures, etc. in companies act or other act is not relevant for the purpose of considering the expression "loans and advances" under the interest-tax act.9. in para 4.3 it is stated that companies act is not pan materia with interest-tax act. hence, proforma in schedule vi of the companies act is not at all relevant to consider the ..... legal principles. next, it is stated that the expression "loans and advances" is neither defined in the interest-tax act nor in any other taxing statute. the definition of the term "debentures" given in companies act, though is meant for the purposes of that act, but even that definition does not exclude debenture from the expression "loans and advances" mentioned in section 2(7) of the .....

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Feb 28 1935 (PC)

Fanny Skinner Vs. the Bank of Upper India Limited

Court : Mumbai

Reported in : (1935)37BOMLR625

..... act, while not indicating any view one way or the other on that point, their lordships ..... had no charge upon the immovable property of the bengal bank. the board accepted and acted upon the admission but they definitely refrained from holding that in the case of a company it was necessarily true, that a debenture charging immovable property and registered under the indian companies act must in order to have complete effect be registered also under the indian registration ..... many instances by the deposit of the title deeds of immovable property. the debentures had neither of them been registered under the indian registration act, 1908, though both had been duly registered pursuant to section 109 of the indian companies act, 1913 it was contended in these circumstances that the debenture holders, the imperial bank, as a result of liquidation, were entitled ..... treated the case as one in which it must, as between the parties, be assumed that the debentures created no charge upon any .....

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Jul 17 1991 (HC)

Raymond Synthetics Ltd. and Others Vs. Union of India and Others

Court : Mumbai

Reported in : 1992(1)BomCR133; [1992]73CompCas1(Bom)

..... in terms of the prospectus. this averment was necessary in view of the provisions of sub-section (1) of section 73 of the companies act which demands that every company intending to offer shares or debentures to the public for subscription by the issue of prospectus shall before such issue make an application to one or more recognised stock exchanges for permission ..... stock exchange is required to be turned down in view of the provisions of sub-section (4) of section 73 of the companies act. sub-section (4) prescribes that any condition requiring or binding any applicant for shares or debentures to waive compliance with the requirements of section 73 shall be void. it is, therefore, obvious that even assuming that the ..... examining the submissions advanced by shri nariman, learned counsel appearing on behalf of the company, it is necessary to set out the relevant provisions of section 73 of the companies act to appreciate the claim made in the petition. '73. (1) every company, intending to offer shares or debentures to the public for subscription by the issue of a prospectus shall, before such ..... banks in regard to application moneys for issue of shares, debentures, etc., and utilisation thereof. the circular recites that earlier the banks were advised that the company should not be permitted to utilise the subscription moneys for any purpose other than those specifically mentioned in section 73(3a) of the companies act. the circular then recites that it is permissible for the .....

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Apr 21 1964 (HC)

In Re: the Sholapur Spinning and Weaving Co. Ltd.

Court : Mumbai

Reported in : (1964)66BOMLR793; 1965MhLJ130

..... be negatived.9. mr. mody for the petitioner has, in this connection, pointed out that section 439 of the companies act, 1956, containing provisions as to applications for winding up, in sub-section (2) thereof provides:a secured creditor, the holder of any debentures (including debenture stock) whether or not any trustee or trustees have been appointed in respect of such and other like ..... debenture stock certificates do not contain any direct covenants with the stockholders to pay the ..... of debenture stock constituted by trust deed in the ordinary form, under which the ..... in re olathe silver mining company (1884) 27 ch. d. 278. in the latter case, the english court held that the holder of some of the debentures, the interest on which was overdue, was entitled to petition for the winding up of the company. the principle that emerges from these cases has been clearly stated in 'buckley on the companies acts' (p. 465):a holder .....

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Nov 23 1944 (PC)

Emperor Vs. Laxman Bharmaji

Court : Mumbai

Reported in : (1945)47BOMLR660

..... . on a consideration of the nature and conditions of these patron bonds we are clearly of opinion that they are really debentures within the meaning of section 2(1), clause 13(c), of the indian companies act. in section 2(1), clause (4), of the act, a debenture is said to include debenture stock, but nowhere is to be found a legal definition of the word ..... company and becomes a public company liable to fulfil the obligations imposed upon a public company by the act and the rules. one of such obligations, from which ..... 'debenture.' in levy v. abercorris slate and slab co. (1837) 37 ch. d. 260 chitty j. defined a debenture as 'any document which either creates a debt or ..... bonds and to take steps to carry out the terms of the scheme of those bonds. being a private limited company, it cannot issue an invitation to the public to subscribe for any shares or debentures, and according to section 2(1), clause (13)(c), of the indian companies act, if it issues such invitation to the public, it ceases to be a private .....

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Feb 13 2009 (HC)

Hindustan Foods Ltd. Vs. the Deputy Commissioner of Income-tax

Court : Mumbai

Reported in : 2009(4)BomCR823; 2009(111)BomLR1366; 2009BusLR315(Bom); [2009]178TAXMAN247(Bom)

..... appeal. the cit(a) found that the amount of unclaimed matured debentures cannot be treated as an income of the assessee in view of section 205c of the companies act and as per the said provision, the said matured debentures shall not form part of the fund unless such amount has remained unclaimed ..... whether the tribunal was justified in law in holding that redemption of redeemable debentures, issued in 1988 was due in 1995 and thereafter it became income of the appellant, despite the proviso to section 205c of the companies act, according to which the liability of the assessee has not ceased?3. ..... the appellant-assessee borrowed money from the public byway of secured loan through the instruments 14% redeemable debentures and as per the terms of the issue, the ..... 'investor education &protection; fund' as per the companies act. the assessee has utilized this money as its own money in its trading activity. till date this money was utilized by the assessee. thus the assessee not only failed to trace the debenture-holders to payback the money but also not transferred ..... argument only on the ground that the claim is not barred by limitation and in this respect, he has relied upon section 205c of the companies. act. section 205c reads as under:[205c. establishment of investor education and protection fund. (1) the central government shall establish a fund to be .....

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