Court : Chennai
Reported in : AIR1932Mad474; (1932)62MLJ720
..... sense and that in effect the words 'incorporated company' in section 17 of the bills of sale act meant only a company incorporated under the companies act. one reason which he gave for his interpretation that 'incorporated company' in that section meant only a company incorporated under the companies act was that by the provisions of the companies act the debentures of such a company had to be registered in a register which ..... of such incorporated companies to be registered again under ..... was open to any creditor for examination, and therefore there was no necessity for the legislature to require the debentures .....Tag this Judgment!
Court : Kolkata
Reported in : AIR1945Cal37
..... the property is required and there is nothing making it compulsory to give any further details of property, so that there is nothing in the registration under the companies act of these debentures which would inform any person exactly what the immovable property was that was charged. it should be remembered that under the provisions of section 109 a ..... 'a general description of the property charged' (i. e., what is required to be registered under the provisions of the companies act). i must mention here that there was no debenture trust deed accompanying the issue of these debentures. in the debenture deed itself the only reference to the property charged is its undertaking for all, its property whatsoever, and wheresoever present and ..... 500 and paid for them. with the money realised from the issue of these debentures the company paid for the machinery it had installed. the debentures were duly registered under section 109, companies act, but they were never registered under the provisions of the registration act (act 16) of 1908. the company after working for a time got into financial difficulties and a winding up order ..... , enquire at the local registry whether there were any charges created on the land. if registration under the companies act of debentures of floating charges is in bombay and is sufficient he would find nothing in the local registry under the registration act. he might, therefore, on searching and finding nothing lend the money only to discover later before the money .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1955SC604; 25CompCas344(SC); 2SCR374
..... application was based on a report of the official receiver in which after setting out the relevant facts he submitted that even though under section 229 of the indian companies act the company which was admittedly insolvent was governed by rules prevailing with regard to the respective rights of the secured and unsecured creditors and to debts provable and valuation of annuities ..... indenture made in england on the 13th october, 1924, the company charged by way of first charge in favour of the trustees all its ..... respondent 3 in his capacity as the receiver of the trustees of the debenture-holders of the company. 2. the appellants are the secretary and president respectively of the madras tramways workers association (regd. no. 1253) a trade union registered under the trade unions act. the workmen employed by the company are entitled under the award of the special industrial tribunal, madras, in ..... company was incorporated in england with its principal office situated at no. 1, rundalls road, vepery, madras-7 and was running the tramway service in madras with licence issued to it by the government under the tramways act. it had issued 1300 first debentures of pounds 100 each and the debenture-holders had appointed the beawer trust ltd., england as trustees. by an .....Tag this Judgment!
Court : Chennai
Reported in : AIR1957Mad169; 25CompCas378(Mad)
..... the companies act for declaring any transfer by the company to the debenture holders to be void.but that will not conclude the issue. the government, the workers and other creditors are free to file any petition uades section ..... in favour of the validity of the security regarding the mylapore immoveable property and other similar immoveable properties of the tramway company, not registered under the companies act, by urging that they should be deemed to be registered under the companies act by the debenture deed, ex. d. 9, having been registered.this will not help him, as these immoveable properties were, not the properties of ..... . the learned advocate general wanted us to reserve also the right of the government to agitate the question of fraudulent preference, by the tramway company, in favour of the debenture-holders under section 231 of the companies act. mr. o. t. g. nambiar pointed out that neither the government nor the workers nor any other creditors had brought any petition under section 231 of ..... this court, to which one of us was a party, has held that regarding a floating charge created over the assets of a company other creditors got preferential payment over the debenture holders under section 230(2) of the companies act only it at the moment of the winding up it is still a floating charge, and that once a receiver is appointed by .....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!
Court : Allahabad
Reported in : AIR1962All101; 32CompCas925(All)
..... not so far as this particular point was concerned.15. learned counsel for the appellant also relics on proviso (iv) to section 109 (1) of the companies act (1913) which states that 'the holding of debentures entitling the holder to a charge on immovable property shall not be deemed to be an interest in immovable property.' this argument seems to ignore the width ..... description of the property charged is quite enough.6. in the present case it is the admitted case of the parties that the third series of debentures were re-'gistered as required by sections 109 and 110 of the companies act (act vii of 1913). on behalf of the appellants it is argued that a floating charge is a statutory charge under the ..... nor was any registration effected in theoffice of the sub-registrar as required under the indian registration act. the company, however, registered with the registrar, joint stock companies, the particulars of this series of debentures on the 18th of april, 1952, under section 109 of the indian companies act. in view of this situation the liquidator moved an application in the high court before the ..... behalf of the appellants learned counsel advanced two arguments before us. the first argument was that the third series of debentures, having been registered under section 109 of the indian companies act 1913, were not required to be further registered under the indian registration act. the second argument advanced by him was that, in any case, the declaration prayed for should not have .....Tag this Judgment!
Court : Allahabad
Reported in : AIR1963All12; 33CompCas905(All)
..... under the circumstances enumerated in section 47 of the provincial insolvency act by virtue of what was provided by section 229 of the indian companies act. section 229 of the indian companies act (act of 1913, for that is the act with which we are concerned) provides as follows:- 'in the winding up of an insolvent company the same rules shall prevail and be observed with regard to ..... and on behalf of the appellants. it is no doubt true that it was admitted that thakur kedar nath singh was an attorney of the appellants. the debenture holders register of the company records that 20 debenture scrips of rs 5,000/- each with interest coupons, which had been issued, were delivered to and were taken by thakur kedar nath singh on behalf ..... put this matter for decision' in these, words: 'the main point that requires to be elucidated is what has happened to the debenture scrips and' interest coupons which were apparently issued by the company for this second series of debentures-in 1950.' raja sharda narayan singh and rani shashi prabha kumari stepped into the witness-box to saythat they never received these scrips ..... , the official liquidator never challenged the assertion of the appellants that they were deben--ture-holders, for indeed, at one stage, the official liquidator was prepared to pay up those debentures. the question with which the official liquidator became later concerned, as we pointed out earlier, was raised subsequently, and the question that was raised was in regard to only the .....Tag this Judgment!
Court : Kolkata
Reported in : AIR1969Cal578
..... be issued and not executed. in the travancore cochin case it was said that since shares, stocks, bonds and debentures under the companies act were issued and the word 'issue' was used in relation to shares in various sections and in s. 109 of the companies act the word used was 'created' and not the word 'issued', 'instruments executing or creating charge' in the defence ..... of the illegality under rule 94-a of the defence of india rules the plaintiff appellant did not have the mortgage registered in accordance with section 109 of the indian companies act.- 39. for these reasons, i am of opinion, that the contentions advanced on behalf of the appellant fail. the judgment is affirmed. the appeal is dismissed. the order as to ..... covered by the exemption order under the defence of india rules was not sustainable. fifthly the mortgage was void by reason of want of registration under section 109 of the companies act. the learned judge was pleased to dismiss the suit with costs.7. i shall first deal with the question as to whether the mortgage transaction was of ranjit bose or ..... to establish such a case of exemption.38. the last question was whether the transaction of mortgage satisfied the requirements of registration under section 109 of the companies act. if the transaction was of the company and if there was no registration under section 109 the result would be that any person who fails to register it would rank as unsecured creditor. this .....Tag this Judgment!
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 : Mumbai
Reported in : (1986)88BOMLR649; 68CompCas300(Bom)
..... to inspect these documents. prima facie, there seems to be some substance in the contention of the first defendant company. the right of a debenture-holder of inspecting the company's records is extremely limited. under section 209, sub-section (4), of the companies act,1956, the books of account and other books referred to in that section can be inspected by the directors of ..... section 163, sub-section (2) of the companies act, the register of members, register of indexes of debenture-holders, copies of all annual reports together with copies of certificates and ..... to present a winding-up petition as creditors under section 82 of the english companies act, 1862.19. in both these cases, a debenture-holder was held not to be a creditor of the company on the basis of covenants contained in the debenture certificate which was issued to him by the company. there are a number of cases, however, where english courts have construed ..... the company. under section 209a, the said books can be inspected by the registrar of companies or by an authorised officer of the central government. under section 118 of the companies act, 1956, a debenture-holder has been given a right to inspect the debenture trust deed and to obtain a copy of it. under .....Tag this Judgment!