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Judgment Search Results Home > Cases Phrase: debentures companies act Sorted by: recent Court: mumbai Page 1 of about 526 results (0.041 seconds)

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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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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Aug 22 1986 (HC)

Narotamdas Trikamdas Toprani Vs. Bombay Dyeing and Manufacturing Co. L ...

Court : Mumbai

Reported in : (1986)88BOMLR649; [1990]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 .....

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Jul 24 1957 (HC)

Madanlal Fakirchand Dudhediya Vs. Changdeo Sugar Mills Ltd. and ors.

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, .....

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Dec 01 2016 (HC)

Shakti Yezdani and Others Vs. Jayanand Jayant Salgaonkar and Others

Court : Mumbai

..... within ninety days, the board may thereafter withhold payment of all dividends, bonuses or other moneys payable in respect of the share or debenture, until the requirements of the notice have been complied with.] 16. apart from the provisions of the companies act, we are also concerned with the bye-law no.9.11 framed in exercise of the powers under the depositories ..... impugned judgment. he relied upon several decisions while referring to the language used by section 109a and section 109b of the companies act. he pointed out that the nomination would be always subject to the testamentary disposition by holder of shares or debentures. even the learned counsel for the contesting respondent in the other appeal made submissions. the issue of per incuriam 13 ..... any case. the relevant statutory provisions 15. in these appeals, we are concerned with the two provisions of the companies act which are sections 109a and 109b which read thus: 109a. nomination of shares. (1) every holder of shares in, or holder of debentures of, a company may, at any time, nominate, in the prescribed manner, a person to whom his shares in, or ..... specifically provides for vesting of shares or debentures in a company in the nominee on the death of the shareholder or holder of debentures, as the case may be. he would, therefore, urge that the impugned order is completely erroneous. he also invited our attention to the bye-law no.9.11 framed under the depositories act, 1996. 12. the learned counsel appearing for .....

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Oct 24 2016 (HC)

Hubtown Limited Vs. IDBI Trusteeship Service Limited

Court : Mumbai

..... initial paras. 32. the background of the litigations between the parties is relevant for consideration of this appeal on merits. the respondent (plaintiff) is a company incorporated under the companies act, 1956 and is a debenture trustee of the debentures issued to vinca developer private limited ( vinca ) by amazia developers private limited ( amazia ) and rubix trading private limited ( rubix ). amazia and rubix are wholly owned ..... three transactions were related and formed part of one whole transaction. the gist of his contentions is this : deutsche bank a.g. agreed to act as an arranger of funds to be invested in a group company/companies of the defendant to the tune of usd 60 million (with an option to increase it to usd 90 to 100 million) at an irr ..... rs.268 crores issued and allotted to vinca on terms and conditions mentioned in rubix opcd subscription and debenture trust deed of 1 december 2009. amazia and rubix transactions referred to in (b) and (c) above involved vinca which was a 100% holding company of both amazia and rubix. there was a separate summary suit filed by the plaintiff herein for enforcement ..... sector to be made in the form of equity (including compulsorily convertible debentures) and preclude any assured return. i am also prima facie of the view that the defendant's guarantee (which is the basis of the company petition no. 644 of 2013) though ostensibly in favour of vinca, an indian company, was part of the aforesaid illegal structure/scheme and was given .....

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May 05 2016 (HC)

Gopal Shrinivasan Vs. National Spot Exchange Limited and Others

Court : Mumbai

..... decision of the trial court decreeing a summary suit against the directors of a company incorporated under the companies act. the company had failed to redeem the convertible debentures issued to the plaintiffs. the decision to issue these debentures was of the board of directors of the company through whom the company was acting. in these circumstances, the court held that the directors cannot be held to ..... 3 are proprietary firms and are related entities of defendant no.1 being largely controlled by the same management and/or proprietors. defendant no.4 is a company incorporated under the indian companies act, 1956 and is a client of defendant no.1 and is also stated to be largely controlled by defendant no.1. defendant no.5 was director of ..... payment and/or realization thereof as per prime zone agreement dated 10 february 2013. 4. as seen from the averments made in the plaint, the plaintiff is a company incorporated under the indian companies act, 1956 which carries on business as a "spot exchange", providing for an electronic trading platform in spot contracts in commodities on delivery basis. the plaintiff commenced its ..... be responsible when there was no assertion in the plaint that the directors had undertaken to make payment to the plaintiffs of the loan amount on behalf of the company. there was .....

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Mar 31 2016 (HC)

The Chief Controlling Revenue Authority and Another Vs. M/s. Reliance ...

Court : Mumbai

..... promissory notes, bill of landing, letter of credit, policies of insurance, transfer of shares, debentures, proxies and receipts. by sanctioning of amalgamation scheme, the property including the liabilities are transferred as provided in section 394 of the companies act and on that transfer instrument, stamp duty is levied. it, therefore, cannot be said ..... alone? ans. the orders of the court, sanctioning a scheme of amalgamation are not just incidental orders even in accordance with the scheme of the companies act laid down by section 391 r/w, section 394. only after the orders are passed by the court, sanctioning the scheme of amalgamation, such ..... and 27, as contemplated by the scheme of amalgamation. thus, the transfer in issue though has taken place in terms of the provisions of the companies act only and only on account of the order of this court, such a transfer will take effect from the date the hon'ble gujarat high ..... the scheme by the hon'ble gujarat high court. this is the step contemplated by the provisions of subsection 3 of section 394 of the companies act. 25. the aforesaid part of the order of this court will have to be considered from the point of view of 'effective date' read ..... for determination as to whether the stamp duty was payable on the order of the judge sanctioning the scheme of arrangement under section 206 of the companies act, it was held:- "it follows that it is the court order that effects the transfer; and this is nonetheless so because the scheme is .....

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Mar 23 2016 (HC)

Blue Coast Hotels Limited Vs. IFCI Limited

Court : Mumbai

..... in pegasus assets reconstruction p. ltd. vs. m/s. haryana concast limited and anr., 2016(1) scale 1, while dealing with the provisions of sarfaesi act, though in the combination of companies act and the power of the official liquidator, when the auction sale was completed by following due procedure of law as required, observed that such confirmed sale cannot be ..... enforce or instrument having effected by virtue of any such law. the provisions of sarfaesi act or rules made thereunder, are in addition to and not in derogation of companies act, 1956 the securities contracts (regulation), act-1956, the securities and exchange board of india act, 1992, the rddbfi act and/or any other law for the time being in force. it is also ..... 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) securitisation company or reconstruction company, whether acting as such or managing a trust set up by such securitisation company or reconstruction company for the securitisation or reconstruction, as the case may be; or (iii) any other trustee ..... in section 31;" "(2) words and expressions used and not defined in this act but defined in the indian contract act, 1872 (9 of 1872) or the transfer of property act, 1882 (4 of 1882) or the companies act, 1956 (1 of 1956) or the securities and exchange board of india act, 1992 (15 of 1992) shall have the same meanings respectively assigned to .....

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