Court : Gujarat
Reported in : AIR1978Guj1; (1977)GLR409
..... not the original instrument but a verified copy thereof as it was permissible to do 50 having regard to the provisions contained in section 125 of the indian companies act. so far as the copy was concerned. section 7(1) was attracted and on a copy of the document according to the revenue, duty was payable on the same footing ..... under section 7 read with section 19 was not admissible in evidence and/or could not have been acted upon or registered by any public officer unless it was duly stamped. now the registrar of companies before whom the company produced the copy of the debenture trust deed was aware of the fact that the copy required to be stamped when it was received ..... in gujarat. it appears that even so, instead of refusing to act upon it the registrar of companies registered the charge in the relevant registers maintained by ..... respect of this transaction a debenture trust deed was executed between t1je company on one hand and the bank of baroda at bombay on the other. the company approach ed the competent authority at bombay for adjudication with regard to the proper stamp duty payable thereon in accordance with the stamp act applicable to the state of maharashtra. in accordance with the adjudication stamp .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1970SC1041; 40CompCas689(SC); 2SCR866
..... debenture-holders were not, as against the joint body of creditors, secured creditors.33. it is thus well established that once a winding-up order is passed the undertaking and the ..... . l.r. 953).similarly, in in re anglo-oriental carpel manufacturing company,  1 ch. 914, it was held that even where a company had executed a trust deed and issued debentures creating a charge on its assets but the charge had not been registered as required by the companies act by the time the company had passed an extraordinary resolution for voluntary winding-up the ..... -up from granting new or completing imperfect rights in security as the individual bankrupt is by his bankruptcy. this, indeed, is the necessary effect of the express provision of the companies act that the estate is to be distributed among the creditors pari passu. every creditor is to have an equal share, unless any one has already a part of the estate ..... is provided for in the scheme (cf. in re downing (t. h.) & co.,  1 all e.r. 333 ; also buckley on the companies acts (13th ed.), page 411). the contention, therefore, that the scheme becomes part of the company's constitution or of its memorandum, and, therefore, a winding-up order cannot be passed except in conformity with the altered constitution of .....Tag this Judgment!
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 .....Tag this Judgment!
Court : Andhra Pradesh
Reported in : 2006(1)ALT589; 7SCL548(AP)
..... to certain creditors excluding uti. on that ground the scheme entails rejection. the uti constitutes a different class of secured creditors since it is a debenture holder as per section 117c of the companies act. therefore, the petitioner company cannot hold a single meeting of all the creditors since uti constitutes a different class among the secured creditors. the uti granted earlier a reschedule ..... , however, been not pressed later because of the clear case of the petitioner company.12. point no 1: obviously unlike the other secured creditors uti is a debenture holder. section 117c of the companies act mandates that where a company issues debentures, it shall create a debenture redemption reserve for the redemption of such debentures to which adequate amounts shall be credited from out of its profits every ..... to know whether there are any classes amongst the secured creditors. as discussed hereinabove, merely because section 117c of the companies act mandates a reserve to be created and funds are to be deposited in that reserve for redemption of the debentures, the debentures holder will not constitute as a separate class from among the secured creditors. the debts of the other secured creditors .....Tag this Judgment!
Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
..... and protect the interests of shareholders and of the general investing public.30. part 111 of the companies act provides the ground rules for issue of shares and debentures and matters relating thereto. section 73 therein on the allotment of shares and debentures is the section with which we are mainly concerned in the present appeals, for the time being.31 ..... code with built in provisions to deal with defaults thereunder. proviisions of the act cannot be used to administer the provisions of the companies act. there is no linkage between section iib of the act and section 73 of the companies act. the matters relating to allotment of shares and debentures, listing of securities on stock exchanges, consequences of void issues and obligations of ..... company and its officers, etc. are compressed in section 73 of the companies act. in case an issue fails ..... prospectus has been designed in the statute itself and furnished in schedule 11 to the companies act thereby providing for disclosure of all the relevant materials to enlighten the public to make an informed decision to invest or not in the company's shares or debentures. all statements contained in the prospectus are matters permitted to be inserted by the .....Tag this Judgment!
Court : Privy Council
..... customers secured in many instances by the deposit of the title deeds of immovable property. the debentures had neither of them been registered under the registration act, 1908, though both had been duly registered pursuant to s. 109, companies act, 1913. it was contended in these circumstances that the debenture holders, the imperial bank, as a result of liquidation, were entitled to no remedy whatsover ..... act. while not indicating any view one way or the other on that point, their lordships treated the case as one ..... been argued, that they 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 companies act must in order to have complete effect be registered also under the registration .....Tag this Judgment!
Court : Kolkata
Reported in : 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 .....Tag this Judgment!
Court : Company Law Board CLB
Reported in : (2007)78SCL124
..... india act, 1992 or regulations made thereunder or the sick industrial companies (special provisions) act, 1985 or any other law for the time being in force within two months from the ..... or investor or securities and exchange board of india, if the transfer of shares or debentures is in contravention of any of the provisions of securities and exchange board of india act, 1992 or regulation made thereunder or the sick industrial companies (special provisions) act, 1995 or any other law for the time being in force, within two months from the date of transfer ..... . according to the petitioner, by virtue of sub-section (3) of section 111a of the act, the company law board (clb) may on an application made by a depository, company, participant or investor or the securities and exchange board of india, if the transfer of the shares or debentures is in contravention of any of the provisions of the securities and exchange board of ..... of any shares or debentures held by a depository, which applies to shares kept in dematerialised form or .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1991SC140; 72CompCas651(SC); (1991)2CompLJ1(SC); JT1991(2)SC218; 1991(1)SCALE675; (1991)3SCC153; 2SCR329
..... % to 22.9% without any consideration whatsoever for agreeing to such reduction and to pass on their vested rights under section 81 of the companies act to preemptive allotment of shares in larsen & toubro to the members, debenture holders and employees of reliance industries ltd. and reliance petrochemicals ltd. it is in this background significant that the preferential allotment to the shareholders ..... reason of any untrue statement included in the prospectus. similarly, section 63 of the said act provides for criminal liability for mis-statements made in the prospectus. section 72 of the companies act provides that:no allotment shall be made of any shares in or debentures of a company in pursuance of a prospectus issued generally, and no proceedings shall be taken on applications ..... of the reduction in requirement of funds. there has been no general meeting of the company nor any special resolution was taken for variation or reduction of the amount of debentures to be issued as required under section 31 read with clause 1a of the companies act. it is also evident that no steps have been taken to have the consent already ..... the statute. it is also well settled that the contract to purchase shares or debentures is concluded by allotment of shares issued under the prospectus and section 72 of the companies act makes it clear that allotment can only be made after the prospectus is issued. the company is bound by the special resolution, the prospectus and the consent of the controller .....Tag this Judgment!
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, .....Tag this Judgment!