Court : Mumbai
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 : Allahabad
Reported in : AIR1931All59a
..... the trust of india ltd. we are clearly of opinion that the plaintiff's cause of action as a holder of debentures in pursuance of the composition scheme sanctioned by the high court on 2nd june 1915 under section 153, companies act, remains unimpaired. the original rights of the parties under the fixed deposit dated 1st march 1910, became replaced by the rights ..... drew up a composition scheme this scheme was sanctioned by this court under section 153, companies act' on 2nd june 1915. in pursuance of this scheme an option was given to the creditors either to accept fully paid up preference shares in the bank or to take debentures of the bank carrying interest at the rate of 41/2 per cent per annum ..... having exercised the option to accept preference shares on or before 5th january 1917 they became entitled to hold debentures from the bank carrying interest at the rate of 4i per cent per annum according ..... their rights to preference shares in the bank and were entitled to debentures only.9. no notice of these proceedings were given to the heirs of syed zaffar husain. but the composition scheme appears to have been sanctioned by this court in due process of law under section 153, companies act. it was therefore binding upon the heirs of syed zaffar husain. not .....Tag this Judgment!
Court : Mumbai
Reported in : 42CompCas211(Bom)
..... transferee company are to receive, would, therefore, be debentures, it is also not disputed that these would be new issues, in so far as the ..... . it has not been disputed that, in order to carry out the scheme in the present case, the transferee company would be required to issue a new type of equity shares not hitherto issued. though section 2(12) of the companies act defines the terms 'debenture' as including 'bonds', and the convertible bonds as well as the redeemable bonds which the shareholders of the ..... of the term 'arrangement', one is relegated to its meaning as a matter of plain language and to the context in which it is used in chapter v of the companies act. the word 'arrange' has, as one of its meaning, in the shorter oxford dictionary, 3rd edition, 'to come to an agreement or understanding', and the word 'arrangement' has, as its ..... by the act has been judicially construed in england as being applicable to a scheme under which a company transfers its assets to a new company, in consideration of the assignment of the new company's shares to the first company's members, and if the first company's debentures are not paid off, in further consideration of the new company issuing debentures to the first company's debenture holders (pennington .....Tag this Judgment!
Court : Kerala
Reported in : 58CompCas590(Ker); (1986)55CTR(Ker)92; 155ITR510(Ker)
..... the intervention of court is perfectly valid and is not hit by section 171 of the companies act, 1913, for the reason that a secured creditor is outside the winding-up ..... 171 of the companies act, 1913, for leave of the winding-up court.6. in ranganathan v. government of madras  25 comp cas 344 ; 2 scr 374 the supreme court held that a sale effected by the receiver of the trustees of the debenture holders of a company in liquidation without ..... high court in union of india v. seth spinning mills ltd. (in liquidation) , wherein it was held that the bar under section 171 of the companies act, 1913, applies also to proceedings of the ito for assessment of penalty and the decision of the mysore high court in mysore spun silk mills ltd.'s ..... held that the expressions ' other legal proceeding ' in sub-section (1) and ' legal proceeding ' in sub-section (2) of section 446 of the companies act convey the same meaning and proceedings under both the sub-sections must be such as can appropriately be dealt with by the winding-up court. proceedings by way of ..... takes other legal proceedings for the realisation of his security, it was held that a secured creditor is also bound under section 171 of the companies act, 1913, to obtain leave of the winding-up court even though such leave would be automatically granted to him. considering the decisions in shiromani .....Tag this Judgment!
Court : Kerala
Reported in : (1983)32CTR(Ker)137; 142ITR441(Ker)
..... company or not. the same is the meaning given in the english companies act of 1948 (section 455). palmer ..... question that really arises for our consideration is what is a debenture. are the loans in the real sense of the term debentures the i.t. act does not define a debenture. the companies act, 1956, in section 2(12) gives an inclusive definition. it states that ' debenture ' includes debenture stock, bonds and any other securities of a company, whether constituting a charge on the assets of the ..... would state that the term securities in the definition clause is apparently used in a sense slightly in excess of its strict legal meaning.8. lindley j. observed in an early case british india steam navigation co. v. irc  7 qbd 165 :'what the correct meaning of ' debenture' is i do ..... certainly not use this term when referring to bills of exchange or other negotiable instruments, deeds of covenant and many other documents in which a company stipulates to pay a sum of money.' 12. a debenture is certainly a document which either creates a debt or acknowledges it. while it may usually be one of a series, it need not necessarily .....Tag this Judgment!
Court : Chennai
Reported in : AIR1955Mad331
..... the floating charge. in this connection reference was also made to section 129, indian companies act which enacts: 'whore 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 power vested in him in that behalf by the mortgage deed or the debenture trust deed as the case may he, without the sanction of the court could be avoided as falling under either section 171 or 232, indian companies act. the correlation between sections. 171 and 232, indian companies act lias been brought out in the- judgment of the federal court in -- 'governor ..... identical with that in the english enactment in a case where the receiver appointed by. the debenture-holders had taken possession of the security and said: in my judgment, sub-section 4(b) of section 264 (corres-i ponding to section 230(2)(b), indian companies act) only operates if at the moment of the winding up there is still floating a charge ..... created by thecompany and it only/gives the preferential creditors a priority over the claims of the debenture holders in any property which at that moment of time is comprised in or .....Tag this Judgment!
Court : Mumbai
..... the due dates; (iv) debenture holders have been paid the monies due to them on the date ..... meaning to it which is provided in sub-section 12 of section 2 of the companies act, 1956. regulation 15 of the said regulations provides for the duties of the debenture trustees which reads thus: duties of the debenture trustees. 15. (1) it shall be the duty of every debenture trustee to (a) call for periodical reports from the body corporate; (b)  [***] (c) take ..... registration of charge, the debenture certificates have been dispatched by the body corporate to the debenture holders within 30 days of the registration of the charge with the registrar of companies;] (ii) debenture certificates have been dispatched to the debenture holders in accordance with the provisions of the companies act; (iii) interest warrants for interest due on the debentures have been dispatched to the debenture holders on or before .....Tag this Judgment!
Court : Mumbai
Reported in : 54CompCas723(Bom)
..... direct allotment of shares so as to contravene the provisions of s. 81(1)(a) or s. 81(1a) of the companies act. the nature of the transaction is thus that of debentures with an option to convert 20% of them into equity shares.62. it was next urged that the allotment is bad on certain ..... argued that all this would mean that uti was keen in getting shares straightaway and that there was no question of conversion of debentures into equity shares as contemplated by s. 81(3) of the companies act. no doubt, the letters dated 1st june, 1978, 6th june, 1978, and 8th june, 1978, can convey such a meaning ..... material to note that original item no. 4 was with respect to the resolution under section 293 of the companies act, for the loan of rs. 108 lakhs (i.e., loan of rs. 58 lakhs by icici and debentures loan of rs. 50 lakhs to uti). by the amendment, the proposed resolution was to sanction not ..... should be a sanction by the general body resolution for incorporating an option clause in the debentures. clauses 15 deals with the issue of shares. that clause is practically similar to the provisions of s. 81 of the companies act. clause 16 then provides that subject to the other provisions of the articles of association, ..... that though the shares were already agreed to be allotted a mere show of issue of debentures in question was made so as to avoid the provisions of s. 81(1)(a) or s. 81(1a) of the companies act. the grievance of mr. nariman is that the pleading about the nature of the transaction .....Tag this Judgment!
Court : Mumbai
Reported in : 54CompCas469(Bom)
..... of rs. 81,60,000 (including the premium) out of the loan/debentures sanctioned to the company'.47. on june 23, 1978, the clb wrote to the company in respect of the application made by the company under s. 81(3) of the companies act for the approval of the raising of convertible debentures. the letter stated that it was observed from uti's letter of june ..... , inter alia, the acceptance of notices of conversions, entering into of contracts under s. 75 of the companies act, issue of equity shares upon conversion and other related matters. item 3 refered to the execution of the debenture trust deed and the affixing thereon of the company's seal. item 8 stated that uti and icici would issue letter of adjustment in respect of ..... of notices of conversion, the entering into of contracts under s. 75 of the companies act and the issue of equity shares upon conversion. clause 11 stated that, after the letters of allotment were received, the debenture holders would issue notices of conversion to the company, upon receipt whereof the company would issue letters of allotment of shares and enter into contracts for the shares ..... set at nought the provisions of s. 81(1)(a) or s. 81(1a) of the companies act. (e) the plaintiffs will not rely on the submission made in para. 73(e) to the extent that the whole issue of the debentures was ultra vires the company and ultra vires the powers of the board of directors. (f) the plaintiffs will not contend that .....Tag this Judgment!
Court : Mumbai
Reported in : 2004(4)ALLMR641; 2004(6)BomCR564; 57SCL19(Bom)
..... argued before this court in om prakash berlia's case (supra) wherein this court has clearly taken the view that there is no mandatory provision in the companies act mandating a company to issue a debenture certificate before conversion of the same into an equity share.15. the other issue is whether the state is entitled to levy stamp duty on a transaction ..... a fully convertible debenture is made, the company must necessarily issue a fully convertible debenture certificate. in this behalf, he has referred to the decision of a learned single judge of this court (bharucha, ..... was) in om prakash berlia v. unit trust of india  54 comp. cas. 469 wherein the learned judge has categorically held that there is no provision in the companies act contemplating that the company must necessarily issue a fully convertible debenture certificate which argument was rejected categorically.5. mr. toor thereafter brought to our notice the provisions of the bombay stamp ..... they had, in fact, not issued any debenture certificates and, as such, there is no 'instrument' whereby the petitioner is liable to pay stamp duty other than the equity share certificates with regard to which the requisite stamp duty has already been paid. mr. toor contended that even the provisions of the companies act do not contemplate that if an allotment of .....Tag this Judgment!