Court : Orissa
Reported in : AIR1957Ori232; 23(1957)CLT221
..... resolution as it is a matter solely concerning the share-holders and the only persons who can object are either the creditors or debenture-holders. in support of this contention he relies upon section 14 of the indian companies act, 1913, to the effect: 'the court shall, in exercising its discretion under sections 12 and 13, have regard to the rights and interests ..... the state concerned. 34. to summarise, my findings are as follows. (1) that the state of orissa or any otherperson is competent to raise objections undersection 12 of the indian companies act of 1913, toa change of the registered office and confirmationof the special resolution to that effect; (2) that the court can consider these objections in confirming or not the special ..... alter the regulations contained in their articles is limited only by the provisions contained in the statute and the conditions contained in the company's memorandum of association. wide, however, as the language of section 50 (of the companies act, 1862) is the power conferred by it must, like all other powers, be exercised subject to those general principles of law and ..... good faith; that the alteration is aimed at evading the operation of the impending legislation regarding sales-tax and the provisions of the new companies act; and that the alteration resolved upon is not for the benefit of the company. the state also alleges that the change of the registered offices would entail serious practical difficulties in working out the provisions of the .....Tag this Judgment!
Court : Orissa
Reported in : AIR1957Ori203
..... the formalities required by law. the share scrip was already with the company, consequently, the objection contended for bv mr. choudhury under section 34, clause (3) of the companies act. 1913 that it shall not be lawful for the company to register a transfer of shares in or debentures of the company unless the proper instrument of transfer duly stamped and executed by the transferor ..... and the transferee has been delivered to the company along with the scrip is no longer tenable. 21. ..... oppose, being vitally interested in the proceedings and might be seriously prejudiced by an order for rectification made behind his back and the jurisdiction under section 38 of the indian companies act is unlimited. this case, in my opinion, does not help opposite party no. i. in the course of the judgment, the learned judge mookerjee j., observed. 'the legislature ..... althoughi perfectly agree that if it can be shown affirmatively that they are exercising their power capriciously and wantonly that may be ground for the court interfering.' buckley on the companies act, 12th edition at page 175 says 'where the articles authorise the directors to reject transfers to transferees of whom they do not approve, the directors must before rejecting a .....Tag this Judgment!
Court : Orissa
Reported in : AIR1962Ori202
..... and it was provided that the shares held by a group of shareholders were to be surrendered in exchange at par for debentures to be created and issued by the company; the company, in pursuance of that agreement, obtained a private act whereby the agreement was 'validated, ratified and confirmed, subject to the same being adopted by a resolution passed by 76 per ..... notice should state its general nature; four years later, when, the shareholders by their acts and conduct adopted and acquiesced in the agreement, the company and two shareholders, suing on behalf of all, brought an action to set aside the trust deed creating the debentures and the debentures issued thereunder. it was in this context, that the privy council declared the resolution ..... vires the company and incapable of being made valid even by acquiescence on the part ..... ineffective, and that the said agreement and the acts done in pursuance of it were consequently ultra .....Tag this Judgment!
Court : Orissa
Reported in : AIR1989Ori236; 71CompCas251(Orissa)
..... government or of a state government; (b) any bond, debenture, or annuity charged by act of parliament of the united kingdom on the revenues of india; (c) any stock or debenture of, or share in, a company or other incorporated institution; (d) any debenture or other security for money issued by, or on behalf ..... that regard.8. the next question is whether gold ornaments pledged are debts for which succession certificate can be granted. section 381 of the act deals with payment of debts and meaning of the word 'debt' is to be determine in that context. 'debt' has not been defined ..... the gold ornaments on payment of dues to the bank ?6. succession certificate is granted on an application under section 372 of indian succession act, in respect of debt or security. a succession certificate specifies the debts and securities as per the application. the effect of the certificate ..... production of letters of administration for releasing the gold ornaments.5. there is no dispute that sanatan, a hindu governed under the hindu succession act, 1956 died intestate leaving behind the plaintiffs as his sole heirs and legal representatives. he had deposited with the state bank of india, puri ..... the deceased and this is indisputably the appropriate form. where, however, the goods and moveable property are 'securities' as defined in the indian succession act, a succession certificate covering the securities would also be the appropriate form.' 4. trial court decreed the suit on the finding that circular no. 5 .....Tag this Judgment!
Court : Orissa
Reported in : AIR2008Ori88; 106(2008)CLT324; 2008(I)OLR659
..... or financial institution or any consortium or group of banks or financial institutions and includes-(i) debenture trustee appointed by any bank or financial institution; or(ii) securitization company or reconstruction company, whether acting as such or managing a trust set up by such securitization company or reconstruction company for the securitization or reconstruction, as the case may be; or(iii) any other trustee ..... transaction of a prior date.15. the definition of 'financial institution' under section 2(m) of the said act has several classifications. section 2(m)(i) is meant for public financial institution within the meaning of section 4a of the companies act. section 2(m)(ii) is meant to include any institution specified by the central government under sub-clause (ii ..... ) of clause (h) of section 2 of the recovery of debts due to banks and financial institutions act and under section 2(m)(iii) means the international finance corporation ..... the madras high court in the case of digivislon electronics ltd. v. indian bank reported in (2005) 126 company cases 630 (madras). in that judgment also reliance was placed on the same principle that section 17 of the securitization act provides for a remedy before the debts recovery tribunal. in that judgment an observation was also made that the writ .....Tag this Judgment!
Court : Orissa
Reported in : AIR1963Ori189
..... from one crore to three crores. mr. jain filed an application u'nder sees. 397 and 398 of the companies act (company act case no. 10/60) on 14-9-60 alleging acts of oppression and mismanagement and praying inter alia for a declaration that the resolution regarding the allotment of 39,000 ordinary ..... and by mr. justice rao in the interim injunction matter.23. mr. justice burmart further held that the amendment of section 81 by the companies act, 1960 (act 55 of 1960) which came into force on december 28, 1960 supports the view that the new shares must be allotted only to the existing ..... identical principles may fall to be applied to both alike. but this is not to say that we can import the detailed provisions of the partnership act into the companies act, still less we can ignore the specific requirement of section 210.' in (1937) 1 ch. 392. mr. justice simonds observed : 'whether ..... dated 14th september, 1960. the petitioners case is as follows :--(a) kalinga tubes limited (hereinafter to be reterred to as the company) is a company incorporated under the indian companies act having its registered office at chod-war in cuttack district. the petitioner is a holder of 3000 shares of the value of rs ..... the companies act 1956 in so far as tney are not hereby modified or altered shall apply to this company.'article (2) was deleted by a resolution on 11th january 1957. original article (2) (b) and (c) were as follows :--'(b) any invitation to the public to subscribe any share and debenture is .....Tag this Judgment!
Court : Orissa
Reported in : 58ITR462(Orissa)
..... in eastern investments ltd. v. commissioner of income-tax. dealing with the question of payment of interest, their lordships said that this being an investment company, if it borrowed money and utilised the same for its investment on which it earned income, the interest paid by it on the loans will clearly ..... be a permissible deduction under section 12(2) of the income-tax act. whether the loan is on an overdraft or is a fixed deposit or a debenture makes no difference in law.mr. b. k. mohanty, learned counsel for the assessee, relied upon a division ..... vocation, the amount of the interest paid.'thus, three conditions are to be satisfied before the assessee can claim allowance under section 10(2)(iii) of the act, that is, (i) the capital must have been borrowed, (ii) it must have been borrowed for the purposes of the business, profession or vocation, and ..... , 1962, the tribunal rejected such application of the assessee.thereafter, the assessee filed an application under section 66(2) of the income-tax act before the high court and this court by its order dated march 30, 1964, directed the tribunal to state a case and refer the aforesaid question ..... these four years.the assessee challenged the correctness of this decision of the tribunal, and made an application under section 66(1) of the income-tax act, 1922, requesting the tribunal to refer a question law that arose from the order of the tribunal to the high court. by order dated december 31 .....Tag this Judgment!
Court : Orissa
Reported in : AIR1965Ori162
..... , eastern investment ltd. v. commissioner of income-tax, west bengal. dealing with the question of payment of interest their lordships said that this being an investment company, if it borrowed money and utilised the same for its investment on which it earned income, the interest paid by it on the loans will clearly be a ..... permissible deduction under section 12 (2) of the income-tax act. whether the loan is an over-draft or is a fixed deposit or a debenture makes no difference in law. 11. mr. d. k. mohanty learned counsel for the assessee, relied upon a ..... the question must be answered in the negative, and it must be held that having regard to the provisions of section 10 (2) (iii) of the act, the income-tax authorities had no power to scale down the rate of interest on the ground of reasonableness and/or on the ground of non-business considerations ..... or vocation, the amount of interest paid.' thus three conditions are to be satisfied before the assessee can claim allowance under section 10 (2) (iii) of the act, that is (i) the capital must have been borrowed, (ii) it must have been borrowed for the purpose of the business, profession or vocation and (iii ..... -12-62 the tribunal rejected such application of the assessee. 7. thereafter the assessee filed an application under section 66 (2) of the income-tax act, before the high court and this court by its order dated 30-3-1964 directed the tribunal to state a case and refer the aforesaid question of .....Tag this Judgment!
Court : Orissa
Reported in : AIR1969Ori91
..... court to take a view ifferent from the view of the share-holders when that view is not only not opposed to law, but falls within the provisions of the companies act itself.the learned advocate for the registrar has not brought to my notice any decision in which a contrary view has been taken. although in the case of indian iron ..... of guarantee business to guarantee the issue of or the payment of interest on the shares, debentures and debenture-stock or other security or obligations of any company or association and to pay or provide for brokerage, commission and underwriting in respect of any. such issue, and to further transact all kinds of ..... transact all kinds of agency business.(16) to guarantee the payment of money unsecured or secured by or payable under or in respect of bonds, debentures, debenture stock, contracts, mortgages, charges, obligations and other securities of any company or of any authority. central, state, municipal, local or otherwise, or of any person whomsoever, whether incorporated or not and generally to transact all kinds ..... any share or interest therein respectively in such manner and for such consideration as the company may think fit, and in particular for shares, debentures or securities of any other bodycorporate having objects altogether or in part similar to those of the company.5. it may also be stated that by the memo referred to above it was also propo-sed to delete .....Tag this Judgment!
Court : Orissa
Reported in : AIR1998Ori153; 95CompCas429(Orissa)
..... shall be dealt with infra. the said resolution reads as follows :'resolved, by way of special resolution that pursuant to sections 78 and 100 and other applicable provisions of the companies act, 1956 and subject to confirmation of the high court at orissa and any other approval/s as may be required, the premium for 18,00,000 ordinary shares of rs ..... . 10/- each which have been allotted on 1st january, 1997 and 21st july, 1997 upon conversion of zero coupon convertible debentures (zccds) issued on rights basis be reduced from rs. i30/- per share to rs. 95/- per share by cancellation of liability for payment of rs. 35/-per share payable on ..... or proper.' 2. reasons seeking for reduction are stated to be as follows:(a) by a letter of offer dated september 18, 1996 the company issued, on rights basis to its shareholders, 18,00,000 zero coupon convertible debentures of rs. i40/- each (hereinafter referred to as 'zccds') along with detachable warrants to part finance the expansion and/or modernisation projects undertaken ..... there is strong cause. thus in re meur's brewery co. ltd.,(l919) l ch 28 (1918-19) all er rec 1192, debenture-holders unsuccessfully objected that the proposed reduction would be prejudicial to their security by enabling the company to pay dividends out of profits instead of such profits being applied in making good the lost capital. no evidence was adduced .....Tag this Judgment!