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Judgment Search Results Home > Cases Phrase: debentures companies act Page 7 of about 5,321 results (0.052 seconds)

Jul 07 1970 (HC)

Commissioner of Income-tax Vs. Raja Jagdish Pratap Sahi

Court : Allahabad

Reported in : [1971]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, .....

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Feb 04 1982 (HC)

H.S. Kamlani, Official Liquidator Vs. Mazgaon Dock Ltd.

Court : Mumbai

Reported in : (1982)84BOMLR100

..... to be thoroughly untenable.23. it will be relevant to note that rule 291 of the rules framed under the companies act, prescribes the quantum of the fees of the official liquidator in respect of his work of realising the property (1) for debenture holders or (2) for the secured creditors. the authority for this rule can be traced to section 451(2 ..... the official liquidator cannot deal with the secured property in any manner.24. according to the learned company judge, such identical acts of the official liquidator as liquidator of the company under clause (6) of rule 291 are distinguishable from his acts in realising the property for the debenture holders and secured creditors under sub-rules (3) and (4). we are unable to see any ..... realises the same, in discharge of duties of collecting the assets of the company for the benefit of those who are entitled thereto before the company's ultimate dissolution. the fact that this process benefits secured creditors and debenture holders along with unsecured creditor and the shareholders cannot make the act other-wise then in discharge of his duties, or as such liquidator.25 ..... distinction of substance in these several acts. it cannot be held that the official liquidator acts as liquidator only when he takes .....

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Aug 11 1994 (TRI)

Director-general of Vs. Deepak Fertilizers and

Court : Monopolies and Restrictive Trade Practices Commission MRTPC

Reported in : (1994)81CompCas341NULL

..... there is ample authority in support of the proposition that shares, stocks and debentures are distinctly different concepts. section 2(12) of the companies act defines debenture as: " 'debenture' includes debenture stock, bonds and any other securities of a company, whether constituting a charge on the assets of the company or not." in sellar v. charles bright and co. ltd. [1904] ..... the 'allotment' of shares or debentures." 18. the provisions of the companies act also support the same view. a debenture is issued to a debenture holder in accordance with sections 72 and 73 of the companies act and thereafter under section 113 of the companies act, 1956, a certificate of debenture is issued. before a certificate of debenture is issued a charge has to ..... be created and the certificate of registration endorsed on the debenture certificate in accordance with section 133 of the companies act. a debenture certificate in its deliverable state ..... be kept in a separate account in accordance with the provisions of the companies act. at this stage, the question of selling or trading in the debentures cannot possibly arise. till the debentures are, therefore, actually allotted, the question of the company having issued debentures as transferable property does not arise as the debentureholder does not have any .....

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Dec 09 1993 (HC)

Kirloskar Pneumatic Co. Ltd. Vs. Commissioner of Surtax

Court : Mumbai

Reported in : [1994]210ITR485(Bom)

..... company or not.' 19. the debentures may provide for security on the assets of the company or may be in the form of a mere ..... and any other securities of a company, whether constituting a charge on the assets of the ..... issued by a company, providing for the payment of, or acknowledging the indebtedness in, a specified sum at a fixed date, with interest thereon.' 17. the debenture may provide for a charge by way of security or may not so provide. 18. section 2(12) of the companies act provides an inclusive definition of the expression 'debenture' as under : 'debenture' includes debenture stock, bonds ..... the circumstances of the case, the tribunal was right in law in holding that the debentures issued to the public financial institutions was not issued to the 'public' within the meaning of clause (iv) of rule 1 of the second schedule to the companies (profits) surtax act (2) whether, on the facts and in the circumstances of the case and .....

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May 15 1987 (TRI)

Consumer Education and Research Vs. T.T.K. Pharma Ltd. and ors.

Court : Monopolies and Restrictive Trade Practices Commission MRTPC

Reported in : (1990)68CompCas89NULL

..... or commercial activity finds sustenance also from the fact that under section 76 of the companies act, in consideration of one's subscribing or agreeing to subscribe for any shares in or debentures of a company or for procuring or agreeing to procure subscriptions for any shares or debentures, the company may pay commission. needless to say that all such expenses would be defrayed from the ..... and allotment on each share.81. in clause (b) of item 8 under part i of schedule 2 to the companies act, one of the particulars required to be mentioned in the prospectus is : "(b) the price to be paid for shares or debentures subscribed for under the options or right." 82. normally, what is understood by "subscription" is an amount of money ..... whole than the minimum subscription. the public issue can be listed at the stock exchange and section 73 of the companies act provides that where a prospectus states that an application has been or will be made for permission for the shares or debentures offered thereby to be dealt in one or more recognised stock exchanges, then any allotment made in pursuance of ..... foremost points for consideration would be : (2) whether linking of equity shares with debentures is manipulation of prices ; (3) whether it imposes unjustified costs or restrictions on the consumer, i.e., the allottee-subscriber.80. under sections 44(2) and 56 of the companies act, the prospectus to be filed with the registrar is required to state, inter alia, the amount payable on .....

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May 28 1997 (TRI)

Banco Products (India) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1997)63ITD370(Ahd.)

..... so, then there was no need of such stipulation. (5) the further or restriction on repurchase of such debenture prior to conversion makes it abundantly clear as such restriction was obviously self-imposed in view of provisions of s. 77 of the companies act, 1956, prohibiting repurchase of its share capital from open market." according to the learned departmental representative it was ..... clear that funds so obtained from through the issue of convertible debentures were clearly identifiable as equity capital and loan funds from the very beginning and for ..... was clear from the following paragraph relating to conversion : "the debentures shall carry an obligation on the part of the company to issue to the holders of every such fully paid debenture on 30th june, 1987, and on the part of the holders of the debentures, to take up without any further act or application, three equity shares of rs. 10 each credited as ..... fully paid up at par. thus, there will be a constructive receipt of rs. 30 by the holders of the debentures towards the convertible part of each debenture and constructive payment of the same amount by them to the company towards the .....

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Mar 27 2007 (TRI)

Ganesh Banzoplast Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)111TTJ(Mum.)385

..... company's assets or secured by appointing of trustees, as the case may be. this creation of the charge on ..... between debentures, shares and dividends. debentures are securities, whether they are secured by way of a charge on the ..... .the first grievance of the assessee relates to confirmation of disallowance of debenture issue expenditure amounting to rs. 5,21,22,533 on the ground that it is capital in nature.2. the brief facts of the case are that the appellant assessee is a public limited company registered under the companies act, 1956. it is a manufacturer and supplier of benzoate plasticizers, benzoic ..... has observed that the term "debenture" is not a technical term nor a term of art but in its ordinary sense denotes one of the modes for borrowing money by any company in exercise of its borrowing powers.7. the learned counsel for the assessee while referring to sections 117a, b, 118 and 119 of the companies act contended that there is clear distinction .....

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Mar 27 1979 (HC)

John Paterson and Co. (India) Ltd. Vs. Promod Kumar Jalan

Court : Kolkata

Reported in : [1983]53CompCas255(Cal)

..... mr. nag also rightly commented that the register of debentures which is now being produced, is a suspicious document and does not appear to be a book kept under section 152 of the companies act, 1956, by a limited company, but has been brought into existence for the purpose of ..... @ 18% per annum failing which my client will file application for your winding-up. this notice is being served upon you under section 434 of the companies act, 1956. yours faithfully, (sd.) a.p. agarwalla.' 'annexure 'b' john paterson & co. (india) limited. 96, garden reach road,calcutta ..... 18% per annum failing which my client will file application for your winding-up. this notice is being served upon you under section 434 of the companies act, 1956. yours faithfully, ' 'regd. a/d.a/239/78 6th sept., 1978. john paterson & co. (i.) ltd.,103-a, ..... this application. it may be noted here that, in fact, the matter was adjourned after hearing for some time to enable the parties to settle the matter on the basis that the petitioning creditor is the holder of 170 debentures ..... debenture certificates to the petitioning creditor but subsequently it appears that nothing happened and the matter could not be settled in that manner and was to be fought out on the legalistic basis inspired by the said decision of megarry j., which was decided entirely on different facts.8. mr. nag also referred to section 58a(4) of the companies act .....

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May 28 1997 (TRI)

Banco Products (India) Ltd. Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1997)59TTJ(Ahd.)387

..... so, then there was no need of such stipulation.(5) the further or restriction on repurchase of such debenture prior to conversion makes it abundantly clear as such restriction was obviously self-imposed in view of provisions of s. 77 of the companies act, 1956, prohibiting repurchase of its share capital from open market." according to the learned departmental representative it was ..... clear that funds so obtained from through the issue of convertible debentures were clearly identifiable as equity capital and loan funds from the very beginning and for ..... was clear from the following paragraph relating to conversion : "the debentures shall carry an obligation on the part of the company to issue to the holders of every such fully paid debenture on 30th june, 1987, and on the part of the holders of the debentures, to take up without any further act or application, three equity shares of rs. 10 each credited as ..... fully paid up at par. thus, there will be a constructive receipt of rs. 30 by the holders of the debentures towards the convertible part of each debenture and constructive payment of the same amount by them to the company towards the .....

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Jun 06 2000 (TRI)

Core Health Care Ltd. Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... to the business, legal charges for drafting agreement or memorandum and articles of association of the company, expenses on printing of ma and aa, expenses by way of fees for registering the company under the provisions of the companies act, expenses incurred for public issue of shares and debentures, etc. it does not include interest on funds borrowed for expansion and extension of existing business ..... are to be determined in accordance with the charging provisions. it was further held in para 26(iii) at p. 58 : "(iii) the term 'accrual' of income used in the companies act, as explained in the various accounting standards and as understood for the purpose of taxation laws in certain circumstances may have different meanings depending on the purpose of legislation, the ..... . sec.35d(2)(d) also clearly indicates that this provision is not applicable in relation to expenditure eligible for any allowance or deduction under any other provision of this act. the aforesaid argument ..... in the following cases : 3. pepper (inspector of taxes) vs. hart (1994) 210 itr 156 (hl) (regarding purposive interpretation).147. shri gupta also submitted that provisions of s. 210 of companies act required the board of directors to lay before the annual general body, the balance sheet and p&l a/c. sec. 211 of the said .....

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