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Judgment Search Results Home > Cases Phrase: debentures companies act Sorted by: old Court: andhra pradesh Page 1 of about 110 results (0.063 seconds)

Dec 10 2015 (HC)

M/s. Deccan Chronicle Holdings Ltd. Vs. ILandFS Trust Co. Ltd. rep. by ...

Court : Andhra Pradesh

..... of the banks/financial institutions, for the financial assistance extended by them in the form of subscription of the debentures issued by the borrower company, in view of section 117-b of the companies act which requires the borrower-company to appoint a debenture trustee before it issues debentures, and to create a security interest in their favour for due repayment of the amount due on redemption ..... the terms and conditions of their issue. the aforesaid provisions of the companies act, 1956 requires the company, which issues debentures, to appoint one or more debenture trustees before it issues debentures. it is because of the mandate of section 117-b of the companies act are debenture trustees required to be appointed to protect the interests of debenture holders, and for creation of security interest in their favour. these ..... of any kind whatsoever upon property created in favour of any secured creditor, and includes any mortgage, charge, hypothecation or assignment. a debenture trust deed was executed between the petitioner company and the 1st respondent, (ilandfs trust company limited, a company incorporated by ilandfs limited under the companies act, 1956). clause 1(h) thereof defines mortgaged properties to mean the immovable and movable properties of the .....

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Jul 29 1959 (HC)

T.V. Krishna Vs. Andhra Prabha (Private) Ltd. and anr.

Court : Andhra Pradesh

Reported in : AIR1960AP123; [1960]30CompCas437(AP)

..... came and the company had to be wound, up. after satisfying the debentures, there was not sufficient money to pay the ordinary creditors. in the ..... carry on business in the name of the company with limited liability contrary to the trade intent of the companies act of 1862 and to get preference over other creditors of the company by procuring a first charge on the assets by means of such debentures and that the creditors were unaffected by ..... to his wife and children one each.in part payment of the purchase money, debentures forming floating security were issued to saloman and these shares gave him the power of voting and all the requirements of the companies act were observed. the business was conducted for a while. then, bad times ..... validity of the certificate, even assuming that the conditions of registration were not fulfilled.32. the same concept underlies section 35 of the indian companies act. this section gives legislative recognition to the dicta of the judicial committee in ilr 40 cal 1 extending the conclusiveness of the certificate to ..... other arrange in eats.on appeal, the house of lords reversed that judgment. the learned law lords could not subscribe to the rule stated by the court of appeal 'that the act .....

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Mar 14 1961 (HC)

Andhra Pradesh State Road Transport Corporation Vs. Income-tax Officer ...

Court : Andhra Pradesh

Reported in : [1963]47ITR101(AP)

..... the corporation and held that it was not a company within the meaning of the indian companies act nor does it come within the purview of section 2(5) of the indian companies act, but since it is an independent body carrying on the business of road transport and had the power to issue shares and debentures to the public if it needs further funds for ..... profits are computed by the assessee. the learned solicitor-general has given an apt illustration of this principle by reference to the provisions of the indian companies act applicable to private limited companies. in the income-tax act, under section 23a, the income-tax officer has the power to pass an order to pass an order deeming entire profits whether declared, and, on that ..... basis, assess the private limited company to income-tax. it is of no avail to say that the companies act or the memorandum or the articles of association of the company has provided for specific deductions in respect of depreciation, buildings, reserve fund and other expenditure which was permissible under ..... the act or the constitution of the company. it may be a sound policy to build up reserves or to pay to .....

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Aug 30 1961 (HC)

Vizagapatnam Sugars and Refinery Ltd. Vs. Commissioner of Income-tax, ...

Court : Andhra Pradesh

Reported in : [1963]47ITR139(AP)

..... of the said agreement and in consideration of the promises and in consideration of the negotiating for procuring the subscription of the said debentures the company hereby agree to pay to the said motishaw commission at the rate and on the basis of four annas on the sale of every ..... at any time. the question was whether the 5 per cent. interest paid to b on these debentures by the company could be deducted from its income under section 12(2) of the income-tax act. it was pointed out by the supreme court that :'... the transaction was voluntarily entered into in ..... the working capital of the company. in issuing the debentures the company incurred rs. 12,924 by way of expenses towards purchase of stamp paper for the trust deed, underwriting commission and registration and lawyers fees. the question was under section 10(2) (xv) of the income-tax act as a deduction. the ..... to raise the loan was a capital expenditure and was not therefore deductible under section 10(2) (xv). it was further held that :'the raising of money by debentures or mortgage ..... learned judges held that the expenditure of rs. 12,924 incurred by the company .....

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Mar 12 1962 (HC)

Vazir Ali Vs. M. Shankariah and ors.

Court : Andhra Pradesh

Reported in : AIR1964AP91; (1962)IILLJ636AP

..... tivoli, ltd., (1899) 1 ch 151 the question arose whether the position of a trustee for debenture-holders was a place of profit. there the plaintiff sought an injunction to restrain the defendant company and other directors from preventing him from acting as a director of the company. the defendants alleged that the plaintiff had ceased to be a director because he had accepted ..... from the company the trusteeship of a covering deed relating to debenture on terms of payment by the company to him for his services. they insisted that ..... as one of the articles of association prescribed that the office of a director should be vacated if he held 'any other office or place of profit under the company.' it was held that the position of trustee for the debenture holders was a 'place of profit'. north, j., observed as follows :'1 think a man who has been selected by the ..... company -- by the directors -- to fill the position of trustee of a covering deed on the terms of receiving from the company, out of the coffers of the company, regular payment of so much a .....

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Apr 07 1965 (HC)

The State of Andhra Pradesh Represented by the District Collector, Gun ...

Court : Andhra Pradesh

Reported in : AIR1966AP233; [1966]36CompCas950(AP)

..... their security takes precedence over the claim of the debenture holders. that right was claimed both under the state aid to industries act as well as under common law.the government also pleaded they were not aware ..... the government advanced rs. 1,30,000 under the state aid to industries act and became a secured creditor taking precedence over the floating charge, if any, in favour of the debenture holders. thus, the government contended that the land, buildings, plant and machinery and all other assets of the company were mortgaged to them for the discharge of their debt, and that ..... varu filed a petition under sections 229 and 233 of the act and under sections 67 to 104 of the transfer of property act requesting the court to decide the question of priority between the first mortgagees viz. the debenture holders of the guntur vegetable oil industries ltd., under liquidation (hereinafter called the company) and me government. the case of the petitioner is that ..... of the various provisions of the debenture trust deed. by an additional counter, it was contended by the government that no part of the machinery of the company including the boiler and tanks were permanently attached to the .....

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Apr 27 1993 (HC)

Branch Manager, State Bank of Hyderabad Vs. Gadiraju Rama Bhaskara Vis ...

Court : Andhra Pradesh

Reported in : AIR1993AP337; 1993(2)ALT274

..... respect of a debt or a security. interpreting s. 370 of the indian succession act, which defines security as any pronote, debenture, stock or other security of central or state government, any bond, any stock or debenture or share in a company etc., the court held that articles pledged do not come within any of the categories mentioned above and as such, gold articles ..... certificate as the question as to who is entitled to those articles cannot be decided by the bank.3. it is relevant to note s. 214 of the indian succession act, which reads thus :'(1) no court shall- (a) pass a decree against a debtor of a deceased person for payment of his debt to a person claiming on succession to ..... administration evidencing the grant to him of administration to the estate of the deceased, or (ii) a certificate granted under s. 31 or s. 32 of the administrator-general's act, 1913, and having the debt mentioned therein, or (iii) a succession certificate granted underpart x and having the debt specified therein, (iv) a certificate granted under the succession certificate ..... act, 1989, or (v) a certificate granted under bombayregulation no. viii of 1827, and, if granted,after the first day of may, 1889, having thedebt specified therein. (2) the word 'debt' .....

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Nov 23 1995 (HC)

Central Bank Executor and Trustee Co. Ltd. Vs. Magna Hard Temp Ltd.

Court : Andhra Pradesh

Reported in : [1997]89CompCas40(AP)

..... g. bikshapathy, j. 1. the petition is filed under section 633(2) of the companies act, 1956, seeking a declaration that the petitioner is not liable for any loss or consequences to the respondent or the debenture holders as trustee for the debenture holders, and (b) for a direction to the respondent to pay a sum of rs. 40,000 towards remuneration due from 1986 ..... the debenture holders. therefore, it is submitted by the respondent that there are no bona fides in the application filed by the petitioner and the same is liable to be dismissed. 4. a counter-affidavit is also filed by the registrar of companies. it is the case of the registrar that the company had committed certain irregularities and violated the provisions of the companies act ..... . learned counsel has not been able to place any decisions or provisions under which the petitioner who has agreed to act as agents and trustees are the officers of the company. even though it is specifically contained in the offer of debentures that the petitioner company has agreed to act as an agent and trustee, it could not be called as an officer of the ..... remuneration from 1986 onwards with interest. 3. a counter-affidavit was filed by the respondent company stating that the petition is not maintainable under section 633(2) of the act. further, it was stated that the petitioner was requested to act as a trustee and agent for the debenture holders and that it proposed to give the first charge on the fixed assets of .....

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Dec 18 1995 (HC)

Andhra Pradesh State Financial Corporation Vs. Electrothermic (P.) Ltd ...

Court : Andhra Pradesh

Reported in : [1996]86CompCas402(AP)

..... . explanation. - in this clause, the expression 'the amounts outstanding on such debentures or loans' shall mean the principal, interest and other charges payable on such debentures or loans as at the time when the amounts are sought ..... pari passu charge holder in whose favour the statutory charge is created by the proviso to section 529(1) of the companies act, 1956.' section 529a of the companies act has put the workmen's dues as well as debts due to secured creditors to the extent such debts rank under clause ..... debts due to the secured creditors, as defined in clause (c) of sub-section (3) of section 529 of the companies act.' 15. section 529a and section 530 of the companies act, 1956, speak of overriding preferential payments and preferential payments in a winding up. section 530 says, 'subject to the provisions ..... the factors to be taken into consideration for the purpose of arriving at such rateable distribution. under the amended portion of section 529 of the companies act, the following factors are required to be taken care of (a) that the liquidator should be enabled to enforce the charge of the ..... on such debentures or loans into stock or shares of the industrial concern and may also subscribe to stock or shares of the industrial concern increases its subscribed capital by the issue of further stock or shares in accordance with, and subject to, the provisions of section 81 of the companies act, 1956 .....

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Dec 22 1995 (HC)

Golkonda Engineering Enterprises Ltd. Vs. Ginni Vyappaar Ltd.

Court : Andhra Pradesh

Reported in : (1997)1CompLJ404(AP)

..... as follows : 'the power to amalgamate may flow from the memorandum or it may be acquired by resorting to the statute. section 17 of the companies act indicates that a company which desires to amalgamate with another company will take necessary steps to come before a court for alteration of its memorandum in aid of such amalgamation. the statue confers a right on a ..... order to implement any of the above mentioned objects or purposes, transfer without consideration, or at such fair or concessional value and subject to provision of companies act divest the ownership of any property of the company to or in favour of any public or local body or authority or central or state government or any public institutions. and it is hereby declared ..... for sharing profits or for cooperation or for mutual assistance with any such persons, firm or company or to acquire and carry on business and to give or accept by way of consideration for any of the acts or things aforesaid or property acquired, any shares, debentures, debenture stock or securities that may be agreed upon and to hold and retain, or sell, mortgage ..... and deal with any shares, debenture stock or securities so received. * * * *24. to invest and deal with monies of the company not immediately required in any manner deems expedient .....

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