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Judgment Search Results Home > Cases Phrase: debentures companies act Sorted by: recent Page 1 of about 5,707 results (0.074 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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May 05 2006 (SC)

Standard Chartered Bank Vs. Andhra Bank Financial Services Ltd. and or ...

Court : Supreme Court of India

Reported in : AIR2006SC3626; 2006(5)SCALE384; (2006)6SCC94; [2006]68SCL109(SC)

..... company or not. chapter viii of the tp act deals with transfers of actionable claims. section 137 ..... legislature is to enable transferability of bonds issued by government companies with greater facility and lesser formality, he referred to provisions of the companies act, 1956 and the transfer of property act, 1882 (hereinafter referred to as the 'tp act'). section 2(12) of the companies act, 1956 defines 'debenture' as including debenture stock bonds and any other securities of a company, whether constituting a charge on the assets of the ..... turn to the nature of the proceedings in misc. petition no. 81/95. this petition was presented under section 111 of the companies act, 1956. section 111(1) provides for the power of refusal by a company to register the transfer of debentures to a transferee. the transferor or the transferee has a right of appeal to the tribunal (then, the clb) under sub .....

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Sep 15 2003 (HC)

Commissioner of Income Tax Vs. Shree Rajasthan Syntex Ltd.

Court : Rajasthan

Reported in : (2004)186CTR(Raj)59; [2004]269ITR461(Raj)

..... a trust is required to set for the purpose of securing repayment of debentures by the company.34. in this connection, section 117 of the companies act ordains that after the commencement of the companies act, the debenture-holder will not be having any voting rights at any meeting of the company, whether generally or in respect of particular classes of business. thus, ..... of the original issue of debentures. the same principle has been adopted by the companies act, 1956, governing the debenture issue in india, which we shall advert to ..... of care and diligence required of him as trustee. apparently while making provisions for issue of debentures for raising the funds, the companies act envisaged that debentures may be both having charge on the company's assets or not having charge against the company's assets. but by making provision under sections 118 and 119 made to ensure that whether ..... overcome these procedural difficulties, section 90 of the companies act of england confers power to reissue the debentures so repaid unless the company has manifested an intention to cancel them and extinguished the security of which the debentures have been issued. the provision of the companies act of england enables the company to reissue the debentures and can be read as an implied condition .....

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Aug 26 2003 (HC)

In Re: Siel Limited;

Court : Delhi

Reported in : [2004]122CompCas536(Delhi); 2004(72)DRJ329; [2003]47SCL631(Delhi)

..... also classified under the heading ''secured loans'' in the balance sheet as per schedule vi to the companies act, the debenture holders would have a pari pasu charge on the fixed assets of the company along with that of the term lenders and, thereforee, the debenture holders would also come within the ambit of the expression ''lenders''. consequently, there was no necessity of having a ..... regulation) act would also corroborate the aforesaid position. in that view of the matter, it is held that the debenture holders are only secured creditor . in the light of the decision of the supreme court in national ..... either within the ambit of the secured creditors nor within the ambit of debenture holders in the light of the facts of the present case. it is, however, necessary to mention that by order passed on the petitions filed by the petitioners under section 391(1) of the companies act meetings were ordered to be held of the equity shareholders and the preference ..... a y compromise or arrangement in respect of debentures, meetings are to be held. the aforesaid submission is found to be without any credence in view of the ratio of the aforesaid decision of the supreme court. a reading of the provision of section 2(12) along with section 2(45aa) of the companies act along with section 28 of the securities (contract .....

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Mar 20 2001 (TRI)

Lic of India Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)82ITD749(Mum.)

..... on the part of the borrower to return it with or without interest.12. para 6 of the order is devoted to explain how debenture is a loan or advance. again, the treatise of a ramaiya on companies act is referred to at length. supreme court decision in india cement ltd. v.cit (1966) 60 itr 52 (sc) is referred to kerala high ..... of the matter cannot be altered by a mere method of accounting; based on the above discussion, cit(a) observed that showing debentures etc. under the head "investment" in view of the provisions of the companies act or banking regulation act cannot be relevant for the purpose of determining the scope of expression "loans and advances" under section 2(7) of the interest-tax ..... by the cit(a) that the definition of debentures etc. in companies act or other act is not relevant for the purpose of considering the expression "loans and advances" under the interest-tax act.9. in para 4.3 it is stated that companies act is not pari materia with interest-tax act. hence, proforma in schedule vi of the companies act is not at all relevant to consider the ..... legal principles. next, it is stated that the expression "loans and advances" is neither defined in the interest-tax act nor in any other taxing statute. the definition of the term "debentures" given in companies act, though is meant for the purposes of that act, but even that definition does not exclude debenture from the expression "loans and advances" mentioned in section 2(7) of the .....

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Mar 20 2001 (TRI)

Life Insurance Corporation of Vs. Joint Commissioner of Interest

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... on the part of the borrower to return it with or without interest.12. para 6 of the order is devoted to explain how debenture is a loan or advance. again, the treatise of a ramaiya on companies act is referred to at length. supreme court decision in india cement ltd. v.cit (1966) 60 itr 52 (sc) is referred to kerala high ..... of the matter cannot be altered by a mere method of accounting. based on the above discussion, cit(a) observed that showing debentures, etc. under the head "investment" in view of the provisions of the companies act or banking regulation act cannot be relevant for the purpose of determining the scope of expression "loans and advances" under section 2(7) of the income-tax ..... by the cit(a) that the definition of debentures, etc. in companies act or other act is not relevant for the purpose of considering the expression "loans and advances" under the interest-tax act.9. in para 4.3 it is stated that companies act is not pan materia with interest-tax act. hence, proforma in schedule vi of the companies act is not at all relevant to consider the ..... legal principles. next, it is stated that the expression "loans and advances" is neither defined in the interest-tax act nor in any other taxing statute. the definition of the term "debentures" given in companies act, though is meant for the purposes of that act, but even that definition does not exclude debenture from the expression "loans and advances" mentioned in section 2(7) of the .....

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Mar 20 2001 (HC)

Life Insurance Corporation of India Vs. Joint Cit

Court : Mumbai

Reported in : (2002)74TTJ(Mumbai)624

..... on the part of the borrower to return it with or without interest.12. para 6 of the order is devoted to explain how debenture is a loan or advance. again, the treatise of a ramaiya on companies act is referred to at length. supreme court decision in india cement ltd. v. cit : [1966]60itr52(sc) is referred to kerala high ..... of the matter cannot be altered by a mere method of accounting.based on the above discussion, commissioner (appeals) observed that showing debentures, etc., under the head 'investment' in view of the provisions of the companies act or banking regulation act cannot be relevant for the purpose of determining the scope of expression 'loans and advances' under section 2(7) of the ..... the commissioner (appeals) that the definition of debentures, etc. in companies act or other act is not relevant for the purpose of considering the expression 'loans and advances' under the interest tax act.9. in para 4.3 it is stated that companies act is not pari materia, with interest tax act. hence, proforma in schedule vi of the companies act is not at all relevant to consider ..... an expression under the taxing statute. according to the commissioner (appeals), it is immaterial whether securities and debentures are shown as investments by the assessee itself or under the directions of some authority or under the provisions of statutes like companies act or banking regulation act.10. in para 4.4, commissioner (appeals) after referring to certain judicial pronouncements observes that :(i) .....

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Oct 15 1999 (TRI)

Sahara India Savings and Investment Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

..... of the liability to the depositors shall be invested or depositors of the commercial bank, paper of the government company or public sector bank or public financial corporation or any other company incorporated under the companies act. the appellant company has invested any debentures in accordance with the provisions of section 6 of the r.n.b.c. directions. these investments are ..... section 372 it is slated that investments would be deemed to include debentures. a debenture has been defined under the companies act section 2(12) to include debentures/bonds and any other securities of a company where constituting a charge on the assets of the company or not. the treaties on the companies act by ramaiya, 14th edition (1998) on page 32 draws a distinction ..... interest on loans and advances. under the companies act also, section 370 deals with loans and advances and section 372 deals with investment. section 212 of the companies act defines debentures to include debentures, bonds and in all the securities. section 13(c) read with section 13(b) and section 193 of the companies act also make a distinction between the loans and ..... advances and investments in securities and debentures.11.9 in view of above discussions, we are .....

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Aug 27 1997 (TRI)

Karnataka Bank Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT

Reported in : (1998)60TTJ(Bang.)103

..... the madras high court in the case of lakshmi vila bank ltd. (supra) on the ground that that was a case relating to debentures and not to securities. he referred us to s. 6(2) of the companies act, according to which debenture is a loan and is unsecured. he contended that the decision of the madras high court is under the interest-tax ..... came to the conclusion that debentures were also in the nature of loans raised by ..... with s. 2(7) of the interest-tax act.in regard to debentures, the ao was of opinion that debenture was a document which either created or acknowledged a debt. according to s.2(12) of the companies act, debenture included debenture stock, bonds and any other securities of the company whether constituting a charge on the assets of the company or not. the ao also referred to the ..... guide to the companies act, 10th edn., p. 18 of shri a. ramaiah and .....

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Aug 29 1996 (HC)

Commissioner of Income Tax Vs. Lakshmi Vilas Bank Ltd.

Court : Chennai

Reported in : [1997]228ITR697(Mad)

..... to acquire some species of property, which would bring an income to the investor'. 16. sec. 2(12) of the companies act defines 'debenture' as under : 'debenture includes debenture stock, bonds and any other securities of a company, whether constituting a charge on the assets of the company or not' 17. at page 1366 (sic) 'investment' is defined as under : 'the expression means the laying out of ..... 's laws of england, it is stated that the term 'debenture' is always associated with a company of some kind and at the most debentures are securities given by companies. sec. 2(12) of the companies act states that 'debenture' includes debentures stock and any other securities of a company whether constituting a charge on the assets of the company or not. 22. if the interest is on loans and ..... assessee-bank is compelled to make investment of certain percentage in the approved securities and direction was given under the banking companies act to show such investments under the head 'investments' in the balance sheet. therefore, of necessity the assessee-bank invested in debentures issued by the co-operative land mortgage bank. therefore, from the point of view of the assessee purchasing the .....

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