Court : Mumbai
Decided on : Feb-13-2009
Reported in : 2009(4)BomCR823; 2009(111)BomLR1366; 2009BusLR315(Bom); 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 .....Tag this Judgment!
Court : Mumbai
Decided on : Mar-16-2009
Reported in : 2009(5)BomCR383; 2009(111)BomLR1197; 91SCL372(Bom)
..... to have decided the application under section 163. section 163 of the companies act reads and under:163. place of keeping, and inspection of registers and returns.- (1) the register of members commencing from the date of the registration of the company, the index of members, the register and index of debenture holders, and copies of all annual returns prepared under sections 159 and ..... blatant lies. i have considered the request of the petitioner's counsel but i find as per section 621 the offences against the companies act to be cognizable only on the complaint made by the registrar of companies/shareholder of the company or a special officer so permitted by the central government. this bench has no such power. however, the petitioner if he feels ..... , and copies of certificates and other documents referred to in subsection (1) shall, except when the register of members or debenture holders is closed under the provisions of this act, be open during business hours (subject to such reasonable restrictions, as the company may impose, so that not less than two hours in each day are allowed for inspection) to the inspection-(a ..... ) of any member,or debenture holder, without fee; and(b) of any other person, on payment of [such sum as may be .....Tag this Judgment!
Court : Mumbai
Decided on : Feb-25-2009
Reported in : 152CompCas609(Bom); 92SCL376(Bom)
..... , i have not dealt with some of the questions of law raised by mr. dwarkadas including under sections 84, 111 and 402 of the companies act as well as certain questions of fact. mr. dwarkadas argued quite forcefully and cited several judgments inter alia, in support of his contention that the ..... arrangements between the other respondents and the appellant and that therefore the petitioner has 'reasons to believe' that the transactions are violative of the companies act and the fera. the petitioner further states that it is crucial to understand the money laundering involved in the present case.there is no evidence ..... 1 scc 212, where it was held:35. we have now to deal with the question of scope of appeal filed under section 10f of the companies act by prathapan in the high court.36. section 10f refers to an appeal being filed on a question of law. the learned counsel for the appellant ..... failed to transfer 200 shares in the petitioner's name, the petitioner admittedly took no steps under section 111 of the companies act or otherwise to compel the company to do so. apart from the legal effect of the petitioner having failed to do so, this conduct would at ..... (iv) ** ** **(vt) acting upon and/or giving effect to any transfer, allotments or agreements including the arrangement arrived at/entered into between respondent no. 1-company (herein the respondent no. 2-company) and respondent no. 5 in connection with and/or in relation to the convertible debentures issued to respondent no. 5 and .....Tag this Judgment!
Court : Mumbai
Decided on : Mar-20-2009
Reported in : 2009(111)BomLR1631; (2009)226CTR(Bom)13; 180TAXMAN178(Bom)
..... appeal before c.i.t. (a). c.i.t. (a) by its order was pleased to observe that the business of the appellant consists of trading and investment in shares, debentures, bonds, mutual funds and other securities pursuant to its memorandum of association. the tribunal considering the arguments was pleased to place reliance on the order of the delhi bench in ..... then sets out that even if the question (i) is answered in favour of the assessee nevertheless the explanation specifically refers to purchase and sale of shares of any other companies and does not refer to losses suffered on account of book valuation. our attention is invited to section 43(5) which reads as under;-speculative transaction' means transaction in which ..... this section for more than (four) assessment years immediately succeeding the assessment year for which the loss was first computed. explanation.-- where any part of the business of a company (other than a company whose gross total income consists mainly of income which is chargeable under the heads 'interest of securities', 'income from house property', 'capital gains' and 'income from other sources ..... there is no dispute in respect of its language wherein it uses the following expression:the amending act has added an explanation to section 73 to provide that the business of purchase and sale or shares by companies which are not investment or banking companies or companies carrying on business of granting loans or advances will be treated on the same footing as a .....Tag this Judgment!
Court : Mumbai
Decided on : Jan-22-2009
Reported in : (2009)226CTR(Bom)551; 183TAXMAN159(Bom)
..... and articles of association of the assessee show their main object as under:to purchase, acquire, hold, sell, invest, dispose and otherwise deal in shares, stocks, debentures, stock, government securities, bonds, units of any company or other authority supreme municipality or local.the assessee held the funds which were utilized for acquiring shares by way of investment as well as by way ..... circumstances of the case the hon'ble itat is justified in allowing the interest on the borrowed fund under section 36(1)(iii) of the income-tax act, 1961, when the share of the group company which was acquired was not shown as stock-in-trade but as investment?(b) whether in view of facts and circumstances of the case the hon ..... interest on the ground that primary object of acquiring shares was not to earn dividends but to acquire controlling interest in the company. as such assessing officer disallowed the claim under section 36(1)(c) of the income-tax act.3. in an appeal preferred before the cit (appeals), the learned cit(a) bifurcated the interest on pro rata basis between investment ..... of madras v. g.j. coelho :  53 itr 186 the supreme court was dealing with the deduction claimed under section 5(e) of the madras plantations agricultural income-tax act, 1955. while considering the issue the court was pleased to observe that in principle there is no distinction between interest paid on capital borrowed for the acquisition of a plantation .....Tag this Judgment!
Court : Mumbai
Decided on : Jul-29-2009
Reported in : 2009(111)BomLR3543
..... or interest in any newspaper in which any advertisement relating to the affairs of the zilla parishad may be inserted; or(iii) holding a debenture or being otherwise concerned in any loan raised by or on behalf of the zilla parishad; or(iv) being professionally engaged on behalf of ..... an interest in it till the goods are paid for? and (2) were these contracts fully executed so far as moolji sicka and company's part was concerned? the parties are not agreed about this, so it will be necessary to examine their letters in detail to determine ..... such an application was not tenable and observed that respondent no. 3 could have prayed to respondent no. 1 under section 40 of the act for a declaration that the petitioner had incurred disqualification, after entering in office. respondent no. 3 accordingly filed fresh application in view of liberty ..... ....(m) ....(n) ....1a. a person who at any time during the term of his office is disqualified under the maharashtra local authority member's disqualification act, 1986 for being a councillor shall cease to hold office as such councillor.(2) notwithstanding anything contained in sub-section (2),-(a) ....(aa) ....(b) ..... 1 - the divisional commissioner, nagpur division, nagpur, under section 40 read with section 16(1)(i) of the maharashtra zilla parishads and panchayat samitis act, disqualifying the petitioner from holding the office of councillor and consequently that of president, zilla parishad, chandrapur.2. facts, which are material for deciding .....Tag this Judgment!
Court : Mumbai
Decided on : Feb-21-2009
Reported in : 2009(111)BomLR1509; 152CompCas43(Bom)
..... proposed scheme of amalgamation was based on an invalid scheme in view of the fact that the same is in violation of section 73 of the companies act. it is submitted that the shares of sil though were required to be listed on the stock exchanges as per the provisions of the law ..... thousand rupees); and for the purpose of this sub-section any liquidator of the company and any trustee of a deed for securing the issue of debentures of the company shall be deemed to be an officer of the company.:provided that a person shall not be punishable under this sub-section if he shows ..... meeting may obtain copies of such a statement as aforesaid.(2) where the compromise or arrangement affects the rights of debenture-holders of the company, the said statement shall give the like information and explanation as respects the trustees of any deed for securing the issue of the ..... debentures as it is required to give as respects the company's directors.(3) where a notice given by advertisement includes a notification that copies of a statement setting forth the ..... supply the necessary particulars as to his material interests.(5) every director, managing director, 1[***] or manager of the company, and every trustee for debenture holders of the company, shall give notice to the company of such matters relating to himself as may be necessary for the purposes of this section; and if he fails .....Tag this Judgment!
Court : Mumbai
Decided on : Jun-29-2009
Reported in : 94SCL35(Bom)
..... majority of the equity shareholders and unanimously by the secured and unsecured creditors, present petition has been moved by the transferee company for sanction of the scheme of amalgamation under section 391/394 of the companies act on 6-4-2009. the petition was admitted on 9-4-2009 and fixed for final hearing on 8-5-2009. ..... and unanimously by the secured creditors (including debenture holders) and unsecured creditors of the petitioner company, present and voting at the respective meetings. significantly, the regional director and the registrar of companies have also consented for approving the proposed scheme. ordinarily, in this backdrop, the court would readily ..... in relation to the scheme were kept for inspection of the shareholders and creditors of the petitioner company upto the date of meetings. in the meeting of the equity shareholders, secured creditors (including debenture holders) and unsecured creditors of the petitioner company convened on 4-4-2009, the scheme was approved with overwhelming majority of the equity shareholders ..... secured creditors held on the same day on 4-4-2009, it was attended by 39 secured creditors (including debenture holders) either personally or by proxy or by authorized representative. out of them 38 secured creditors (including debenture holders) having aggregate outstanding value of rs. 5878 crore and constituting 100 per cent in number representing 100 per .....Tag this Judgment!
Court : Maharashtra State Consumer Disputes Redressal Commission SCDRC Mumbai
Decided on : Oct-01-2009
..... . therefore, complainant was unable to make balance payment of allotment money. complainant wrote several letters, but company did not respond to the complainants letters. therefore, according to the complainant, even after payment of entire call moneys in time, o.ps. did not convert debentures into the shares and redeemed the amount of rs.10,593/- of rppl and rs.5,190 ..... shukla, advocate for the respondents. perused the record. according to the respondents, appellant/org. complainant is not a consumer within meaning of section 2(1)(d) of consumer protection act, 1986. appellant has not hired any services for consideration, for that matter purchased any goods from the respondents for consideration, with services or goods have found to be defective. it ..... existed between appellant and the respondents. therefore, this cannot be called as a consumer dispute. appellant is not a consumer within definition of section 2(1)(d) of consumer protection act, 1986. honble national commission in the case of morgan stanley mutual fund v/s. kartik das, (1994) 2 ctj page-385, held that such investors being merely prospective investors ..... were not consumers and not entitled to such reliefs under the consumer protection act, 1986. admittedly, appellant has applied for conversion in the year 1995 and filed consumer complaint in the year 2001 i.e. after six years without filing any delay condonation application .....Tag this Judgment!
Court : Mumbai
Decided on : Mar-24-2009
Reported in : 152CompCas375(Bom); 91SCL387(Bom)
..... director has been shown to be invalid.the division bench held as under:the official liquidator relied upon article 181 which is couched in the same words as section 86, companies act, 1913, by which we are governed in these applications. this article, widely worded as it is, supports his contention that in spite of the disqualifications of the directors the resolutions ..... ultra vires and of no effect. it was found that the directors not having acquired the qualification shares had indeed ceased to be directors under section 85 of the indian companies act, 1913. consequently, the resolutions allotting the shares and making a call for the money were passed in a meeting in which there was no quorum.the official liquidator relied upon ..... of directors shall not be less than three or until otherwise determined by a general meeting, more than twelve, excluding the debenture director if any.if the two directors had vacated office there were only two directors of the transferee company.34. mr. mehta submitted that the directors have not vacated office under section 283(1)(h). he further submitted that one ..... lever ltd. : air1995sc470 . in paragraph 58, the supreme court held as under:58. in the facts of this case, considering the overwhelming manner in which the shareholders, the creditors, the debenture-holders, the financial institutions, who had 41 per cent shares in tomco, have supported the scheme and have not complained about any lack of notice or lack of understanding of .....Tag this Judgment!