Court : Allahabad
Reported in : AIR1938All609
..... the case before the court was not one of winding up and that the company has not in fact been wound up. that may he so, but section 129, companies act, states as follows:where either a receiver is appointed on behalf of the holders of any debentures of a company secured by a floating charge, or possession is taken, by or on behalf of ..... those debenture-holders of any property comprised in or subject to the charge, then, if the ..... the same.8. now it is clear that the debenture-holders have a fixed charge under their debentures on the property in schedules 2, 3 and 4 and they have a floating charge on the other assets of the company. we consider therefore that the priority to the wages of workmen given by the companies act would only be in this case in regard to ..... the other assets of the company in clause 5 on which .....Tag this Judgment!
Court : Rajasthan
Reported in : 94CompCas507(Raj)
..... prayed for by the complainant. it was further submitted that if the complainant did not get her debentures only because of this reason, it could not be said that the company gave a false or untrue statement punishable under section 63 of the companies act. the court below wrongly interpreted the provisions and passed the impugned order by way of taking cognizance ..... g. mukherji, c.j.1. the petitioners are the directors of larsen and toubro limited incorporated under the indian companies act, 1913. they came out with a public issue of 2,06,66,664 -- 12.5 per cent, fully convertible secured debentures of rs. 300 each and invited the general public to subscribe in their public issue, vide their prospectus dated ..... company did not bother to send her the allotted debentures for reasons best known to the accused persons. she ..... had a number of folios in reliance industries ltd., she offered for allotment of debentures by filing two separate applications and thus she applied for allotment of twenty debentures and paid application money of rs. 1,500. the company under the provisions of companies act, 1956, was duty bound to deliver her debenture certificates within three months from the date of allotment. but the .....Tag this Judgment!
Court : Chennai
Reported in : AIR1918Mad680; 42Ind.Cas.674; (1917)33MLJ474
..... it was allotted to him as expressly stated not for cash but in consideration of the surrender of his debenture and the rights which he held under it. there is admittedly no case in the books upon section 25 of the english companies act 1867 or the more recent sections, which precisely covers this point. but i am glad to see that the ..... , while the same remains in force and upon giving previous notice in writing, be entitled to surrender this debenture and receive in consideration thereof one fully paid ordinary share of es. 100 of the ..... trotter that an allotment by the appellant company of a fully paid up share to a debenture-holder in exchange for his debenture pursuant to a condition in the debenture is an allotment of a share 'as fully paid up otherwise than in cash' within the meaning of section 104(1)(b) of the indian companies act, 1913. the debenture-deed provides ' the registered holder hereof shall ..... same view is taken by sir francis palmer with regard to a clause in the debenture which is practically in the same terms, in part iii of 11th edition .....Tag this Judgment!
Court : Chennai
Reported in : 85CompCas111(Mad)
..... or any rules made thereunder or in pursuance of the provisions contained in any debenture or ..... any meeting of the company or at any meeting of any class of members of the company or at any meting of any creditors of the company held in pursuance of the companies act ..... be voted upon by the shareholders. 57. in regard to the argument of mr. mohan parasaran that investigation had been ordered under the companies act by the central government, the respondents have specifically denied the same. they also further said that the central government has not addressed any letter ..... attorney so authorised. any person may act as proxy whether he is a member or not. (b) a corporate body (whether a company within the meaning of the act or not) may, if it is a member or a creditor or a debenture holder of the company by the resolution of its board ..... of directors or other governing body, authorise such person as it thinks fit to act as its representative at .....Tag this Judgment!
Court : Chennai
Reported in : 230ITR173(Mad)
..... amount also could be regarded as a 'provision' as defined in cl. 7 of part iii of sch. vi to the companies act, 1956, since the amount actually represented a provision for a known liability, namely, the necessity to redeem the debentures within a particular date. 17. in the present case, the assessee did not invest the funds standing to the credit of ..... for a known liability, namely, the necessity to redeem the debentures within a particular date. 10. according to the assessee, the redemption reserve sinking fund is actually a 'reserve'. this is evident from ..... of balance sheet given in part i of sch. vi to the companies act, 1956. now, item (5) speaks of the surplus, that is, balance in p&l; account, after providing for proposed fund for allocations. item (6) speaks of proposed additions to 'reserve' and item (7) 'sinking fund'. since the debenture redemption sinking fund is covered by item (7) and, therefore, is ..... specifically prohibited from being included in capital base, the said amount cannot be included. the amount also could be regarded as 'provision' as defined in cl. (7) of part iii of sch. vi to the companies act, 1956, since the amount actually represented provisions .....Tag this Judgment!
Court : Kolkata
Reported in : 47CompCas689(Cal)
..... wholly infructuous or materially different from the one sanctioned by the court. mr. bachawat further submitted that the issue of debenture which is convertible into shares of the company requires sanction of the central government under section 81(3) of the companies act, 1956. he submitted, that no materials have been placed before the court to show what steps, if any, ..... the scheme is not sanctioned it may not be necessary to issue further capital by the petitioner-company. similarly, mr. mukherjee rightly submitted that the question of obtaining sanction under section 81(3) of the companies act, 1956, with regard to the issue of debentures is premature unless and until the scheme has been sanctioned. mr. mukherjee referred to an order ..... by s.c. ghose j. in the company petition no. 343 of 1968 connected with company application no. 286 of 1968 (associated electrical industries (india) ..... having no effect on the scheme. he submitted that section 391(1) provides that only ' material interests ' of directors are required to be disclosed. he referred to buckley on the companies acts, 13th edition, page 332, where meaning directors' interests advantage by reason of fiduciary position (sic). referring to the decision in sidhpur mills co. ltd., in re : air1962guj305 , .....Tag this Judgment!
Court : Kolkata
Reported in : AIR1960Cal764
..... security constituted by the trust deed became enforceable, that on 7-8-1958 they served upon the company the requisite statutory notice under section 434 of the indian companies act and that in spite of the notice the company failed and neglected to pay the dues of the debenture-holders. the appellants presented this winding up petition on 15-9-1958. they contend that the ..... were brought into existence by the company with a view to defeat and delay the claim of ..... the appellants as trustees for the debenture holders are creditors of the company, having regard to the provisions of sub-section (2) of section 439 of the indian companies act. now, there is a very serious dispute between sitaram bhartia and the appellants on the question whether the debentures were issued without any consideration and whether the debentures and the debenture trust deed are fictitious documents and .....Tag this Judgment!
Court : Delhi
..... approved by the general body of shareholders at properly convened general meetings. 4c. whether there was any valid debenture trust deed executed on 20.5.1970 and if so, whether the court under section 402 of the companies act, 1956 could set aside the debenture trust deed and the interest accrued upon the assets of the respondent no.1 4d. whether the commissioner of ..... payment has any jurisdiction to decide on the validity of and consideration for 7.75 % debentures allegedly issued to the respondent no. 10 and is so ..... india as the administrator of hvocl.23. in an order dated 18th may 1984 the company court noted that as a result of gfmcl act 1984 while gfmcl was allowed to continue, its assets termed as ganesh flour mills had vested in the central government. as far as debentures issued by gfmcl were concerned, the court noted the concern of the clb that ..... the personal gains on the part of the directors, the company suffered losses? 3. whether the acts like alleged licence/lease of property hind oil mills at bombay and or the debentures trust deed obtained by the morarka groups are acts of oppression and misfeasance by morarka groups. if so, its effect? 4. whether the debentures were issued, if the same were issued, whether the .....Tag this Judgment!
Court : Authority for Advance Rulings
..... company or not ? . the company law committee gave the meaning of ??debenture as a document which either creates or acknowledges a debt.# ** air 1946, bombay ..... . 3. a bond that is backed only by the general credit and # vide a. ramaiyas guide to the companies act (16th edition, part-i, page 38). financial reputation of the corporate issuer, not by a lien on corporate assets. - also termed debenture bond; ??convertible debenture: a debenture that the holder may change or convert into some other security, such as stock ? in halsburys laws of ..... to mean ??an instrument which creates or acknowledges indebtedness and includes debenture, stock, bonds and such other securities of a body corporate, whether constituting a charge on the assets of body corporate or not. [emphasis supplied] the companies act, 1956 has an inclusive definition of debenture. ??debenture includes debenture stock, bonds and any other security of a company whether constituting a charge on the assets of the .....Tag this Judgment!
Court : Karnataka
..... act. as the bonds issued were not debentures, the procedure set out under the above provision has not been followed. the ..... bonds were said to have been issued under section 81(1a). it is contended that debentures are a fiction of the companies act and are required to be stamped under the indian stamp act. 1899, whereas the bonds are not. under the securities and exchange board of india (debenture trustees) regulations, 1993, the debenture trustee must be a scheduled bank, a public financial institution, an insurance ..... for the first time, in the rejoinder seeks to describe itself as a debenture trustee, to overcome the fact that it is not a creditor. that the bonds issued by the respondent are not debentures under the provisions of the companies act and hence the petitioner cannot claim as a debenture trustee. that a convertible debenture is usually issued under section 81(3)(b) of the .....Tag this Judgment!