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 : I(2005)BC317; 2004(2)BomCR16; 118CompCas356(Bom); 2004(2)MhLj823; 53SCL79(Bom)
..... , an insurance company or a body corporate can also be a debenture trustee.20. then, it is material to note that a bank can be a trustee for any purpose ..... mr. kadam submits that this was not the intention while passing the rdb act.22. then it was pointed out that a 'debenture' is defined under section 2(12) of the companies act, 1956, to include debentures, stock, bonds and any other securities of a company whether constituting a charge on the assets of the company or not. 'black's law dictionary was referred to wherein a ..... 'debenture' is defined as an instrument acknowledging a debt. that is also the view ..... the said clause reads as follows :'(7) eligibility for being debenture trustee.--no person shall be entitled to act as a debenture trustee unless he is either :(a) a scheduled bank carrying on commercial activity ; or(b) a public financial institution within the meaning of section 4a of the companies act, 1956 ; or(c) an insurance company ; or(d) body corporate.'19. even under this rule .....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!
Court : Supreme Court of India
Reported in : JT2002(9)SC594; (2003)1SCC81; 2003(1)LC113(SC)
..... the law, it is not necessary that the debentures should create a charge. we have, therefore, brought thedefinition of debentures in line with that contained in english companies act, 1948, which defines 'debentures' as including 'debenture stock' bonds and other securities of a company, whether constituting a charge on the assets of the company or not.'20. palmer on company law has made similar observations in paragraph 44.02 ..... mr. t.m. sen and mr. c. chandrasekhar, the distinction between the 'shares' and 'debentures' has been stated thus:'debentures distinguished from: (a) shares - although shares and debentures belong to the same genesis yet they have distinct and different characteristics. the companies act, 1956 deals with the issue of debentures in the same manner as it deals with the issue of shares, but the similarity ends ..... incident of shares certificates and hence bear no comparison. therefore, there is no equation between shares and debentures except as referred to above.' 26. 'share' has been defined in section 2(46) of the companies act to mean a share in the share capital of a company which in turn would mean that it would represent contribution of the share-holder towards the share .....Tag this Judgment!
Court : Gujarat
Reported in : 116CompCas248(Guj)
..... be marketable in india, it would amount to reading the other provisions of the scr act 1956 in the companies act, though not meant to be incorporated at all. moreover, an anomalous position will arise, because, in the definition of 'debenture' in section 2(12) of the said act, there will be debentures, debenture stock, bonds, that are marketable anywhere but the 'other securities' which are also ..... to be the creditors within the meaning of clause (b) of sub-section (1) of section 439 of the companies act in view of the new definition of the words 'creditors' introduced in the said act of 1956. it was held that the debenture holders had a right to present the petition for winding up as recognised by the statute. (g) the decision of ..... are not noteholders. (2) even if the petitioners are noteholders, they are not debenture holders or holders of any security as contemplated by the companies act read with the securities contracts (regulation) act, 1956. (3) in any case, the petitioners are not creditors under section 439(1)(b) of the companies act as the petitioners cannot give a valid discharge but only the trustee can give ..... , in determining what is or is not a debenture within section 2(1) of the companies act, 1913, the court is not bound to hold that an instrument is a debenture, because, it is called a debenture by the company issuing it, nor to hold that it is not a debenture, because, it is not so called by the company. the court must look at the substance of .....Tag this Judgment!
Court : Chennai
Reported in : 216ITR26(Mad)
..... r. 1 of the second schedule and should be taken into account in computing the capital of the company for the purpose of the companies (profits) surtax act, 1964.' 20. in cit vs . peico electronics & electricals : 166itr299(cal) , the calcutta high court held that the debenture redemption reserve in the said case fulfilled the test of a reserve because (a) the reserve had ..... in holding that the sum of rs. 51,00,000 standing to the credit of debenture redemption reserve should be taken into account in the capital computation for levy of surtax under the companies (profits) surtax act, 1964?' 2. the assessee is a public limited company. it created a debenture redemption reserve of money in a sum of rs. 51 lakhs but while completing the ..... to the terms and conditions of issue of such debentures, they are not redeemable before the expiry of a period of seven years from ..... , or under sub-s. (3) of s. 34 of the it act, 1961; (iii) its other reserves as reduced by the amounts credited to such reserves as have been allowed as a deduction in computing the income of the company for the purposes of the india it act, 1922, or the it act, 1961; (iv) the debentures, if any, issued by it to the public provided that according .....Tag this Judgment!
Court : Mumbai
Reported in : 95CompCas28(Bom)
..... only if any other proceedings are pending before the company law board. in the submission of learned counsel, the section has been misread by the company law board. learned counsel submitted that section 248 of the companies act provides a substantive remedy for investigation into the ownership of any shares or debentures of the company and to make an order under section 248, it ..... that the company law board has also held that the result ..... is not necessary that some other proceedings are pending before 'the company law board. learned counsel further submitted ..... to believe- (a) to be, or to have been, interested in those shares or debentures ; or (b) to act, or to have acted, in relation to those shares or debentures, as the legal adviser or agent of someone interested therein ; to give the central government or the company law board, as the case may be, any information which he has, or can .....Tag this Judgment!
Court : Chennai
Reported in : (1997)138CTR(Mad)83; 221ITR524(Mad)
..... , the syndicate bank ltd. was amalgamated with the industrial credit & development syndicate (icds) as per the scheme approved by the court under s. 394 of the companies act, 1956. consequently, the assessee received equity shares, bonds, debentures, etc., in the icds for the shares held by the assessee in the syndicate bank ltd. for the asst. yr. 1974-75, the assessee claimed exemption ..... extinguishment of any right belonging to the assessee in the transferor-company. therefore, it is not necessary to go into the question of considering the exemption provided under s. 47(vii) of the act in the matter of levying capital gains tax on the allotment of debentures along with shares in favour of the assessee. while referring the question suggested ..... the case of the assessee while shares and debentures were allotted to the assessee while two companies were amalgamated and inasmuch as the identity of the transferor-company get lost in amalgamation, there is no question of transfer or ..... consideration of the transfer of the share, or shares in the amalgamating company, he cannot get the benefit of s. 47(vii).' therefore, according to learned standing counsel in the amalgamation if the bonds and debentures are transferred, the assessee cannot get benefit under s. 47(vii) of the act. inasmuch as we came to the conclusion that there is no transfer in .....Tag this Judgment!
Court : Mumbai
Reported in : 1992(3)BomCR81
..... are not allotted at all. 6. section 73 of the said act deals with the subject of allotment of shares and debentures to be dealt with on the stock exchange. section 73(3) of the act is almost identical with section 51(3) of the english companies act, 1948. section 73(3) of the companies act (1 of 1956) reads as under : '73. (3) all moneys received ..... co. ltd. (a) the applicant, varun shipping co. ltd., is a public limited company incorporated under the companies act (i of 1956) carrying on business of shipping in india with a large turnover. (b) on 26th march, 1991, the board of directors of the applicant-company decided to issues convertible debentures for being subscribed by the investing public as well as a rights issue for ..... the existing shareholders of the applicant-company. on 26th march, 1991, the board of ..... the various subscribers who had submitted their application to respondent no. 1 for allotment of debentures. the applicant-company has represented to the court through its learned counsel that in view of the penal provisions of the act, the applicant-company has already allotted the debentures and already issued refund orders in a sum of rs. 91,76,000 to the concerned subscribers and .....Tag this Judgment!
Court : Allahabad
Reported in : 79ITR235(All)
..... facts clearly point to the truth of the assessee's version that he was liquidating his investments, in government securities, as well as in preference and equity shares and debentures issued by various companies, with a view to invest, principally, in tata ordinary.11. the view taken by the income-tax authorities that the transactions in shares carried on by the ..... by him.10. on an analysis of the above figures the following facts stand out clearly. the assessee was at the beginning investing his money in government securities, debentures and preference shares of limited companies which are, normally, not purchased by a dealer in shares and securities. the fact that the assessee sold away the shares of messrs. associated cement co. ..... , the assessee was advised that for the purpose of investment tata ordinary shares were the best, and acting upon such advice the assessee gradually liquidated his holdings of government securities, debentures and preference shares of other companies with a view to invest the amounts in tata ordinary shares. thus, by the assessment year 1960-61, the assessee held tata ordinary shares of ..... relevant to the assessment years 1954-55 and 1955-56, the assessee had purchased mostly government securities and debentures of standard vacuum refineries co. ltd. and of burmah shell refineries ltd. the assessee had also preference shares of tata iron and steel company and titagurh paper mills ltd. in the next following year, relevant to the assessment for 1956-57, .....Tag this Judgment!