Court : Mumbai
Decided on : Mar-23-1943
Reported in : 11ITR578(Bom)
..... of rs. 4,66,667 representing the 3 1/2 per cent. interest on debenture stock paid by the secretary of state in england is income of the company arising without british india within the meaning of section 4-a(c) of the act,' section 4-a defines 'residence in british india,' and sub-section (c) enacts ..... than the income arising outside british india, and that depends on whether this sum of rs. 4 lacs odd of interest on debenture stock can be regarded as income of the company arising out of british india. it is paid in london although out of the revenues of india. i should think that if ..... looks at the contract under which the liability of the secretary of state to pay interest on debentures arises, it seems to me quite that these payments of interest on debentures never formed part of the income of the company. the contract provides that 'the secretary of state will, as often as and when the ..... interest to the persons entitled thereto.' so that, it is paid as a fund to meet a particular debt of the company, that is to say, interest on debentures, and admittedly the company keeps the money on a separate account. therefore, in my opinion, it never forms part of the income of the ..... is worded, it seems to me that it never formed part of the income of the company. analogous questions frequently arise in insolvency and if the assessee were an individual, and became insolvent, i think undoubtedly the debenture-holders could claim this fund as fund earmarked to pay their interest, and would not be .....Tag this Judgment!
Court : Mumbai
Decided on : Nov-08-1943
Reported in : (1944)46BOMLR822
..... of the mills, known as the currimbhoy mill and mahomedbhoy mill belonging to the currimbhoy mills co., ltd., (in liqu.) being the holder of all the first mortgage debentures issued by the said company.our client is further informed that as such mortgagee in possession you are willing to sell the said land, buildings, machinery and plant.6. the letter proceeds to ..... arrears amounted to rs. 1,24,092. this letter stated that the property taxes were a first charge on the properties under section 212 of the city of bombay municipal act, 1888. as a result of that startling disclosure, a triangular correspondence broke out between the municipality and the solicitors to plaintiff no. 1 and the representatives of the maharaja : the ..... made liable to pay; and the liability of the. trustees to pay depends on various sections of the city of bombay municipal act, 1888, in that group of sections commencing with section 139 ending with section 219. the plaintiff-company would have had to establish, in the first instance, that under section 146 the trustees were not only in possession of the ..... of plaintiff no. 2 against defendants nos. 2 and 3 must rest only on section 69 of the indian contract act.38. the position of plaintiff no. 2 under section 69 of the indian contract act therefore remains to be' considered. that company contends that defendant no. 1 was bound to pay the arrears of municipal taxes by virtue of his contract of .....Tag this Judgment!
Court : Mumbai
Decided on : Oct-13-1943
Reported in : AIR1944Bom131; (1944)46BOMLR145
..... to be unimpeachable once' the certificate of registration had been given by the registrar under the relevant section of the companies act, which in this case is section 24 of the indian companies act, 1913. turning again to sub-clause (3)(g), unquestionably the company had acquired the bullion. it dealt with it, in the first instance, by depositing it for safe custody at its ..... in holding that the moneys deposited at the bank and at the army and navy stores, ld., were investments at the date of the testator's death representing the mortgage debenture redeemable stock and that those moneys on deposit pass under the bequest.11. in my opinion, it is difficult to reconcile the decisions in in re sudlow and in re ..... any of the assets of the company including uncalled capital.(7) to lend money, with or without security, and to invest money of the ..... , tools, goods and things for any of the purposes of the business of the company.(5) to draw accept and negotiate bills of exchange, promissory notes, and other negotiable instruments.(6) to borrow money or to receive money on deposit either without security or secured by debentures, debenture stock (perpetual or terminable), mortgage or other security charged on the undertaking or all or .....Tag this Judgment!
Court : Mumbai
Decided on : Feb-15-1943
Reported in : AIR1943Bom201; (1943)45BOMLR358
..... and that the latter should sell their respective shares of annas 2-6 each in the rupee at par, and that they are also to sell the debentures held by them to seth govindram gowardhandas seksaria at par. then he provides that the outgoing partners in the managing agency will be entitled to the managing ..... to be fixed conditional on the parties wishing to sell, because the terms of that document are :if any of us were to sell or buy any debentures of this mill or any share of the managing agency or any kind of 'capital stock' then the prime minister is to fix the price of such ..... mills limited, indore, by this writing authorize the prime minister of the holkar state to fix the price of the transaction of purchase or sale of any debentures of the said mills or any share in the agency or capital stock of any nature that may be effected by any one of us. and the ..... agency and selling agency commission and also interest on their invested capital excluding debentures till the day of payment of the invested capital which must be paid within one month. then he directs that the outgoing partners shall be liable for ..... giving rise to the appeal are these. the plaintiffs and defendants are partners in a firm, the business of which is to act as managing agents of the indore malwa united mills, limited, a company which owns mills in indore state, and they carried on business under articles of partnership dated july 17, 1935, which are .....Tag this Judgment!
Court : Mumbai
Decided on : Mar-30-1943
Reported in : AIR1943Bom825; (1943)45BOMLR633
..... petition dismissed. cross-objections dismissed.kania, j.12. the question for consideration in this appeal relates to the construction of section 153b of the indian companies act which is recited in extenso in the judgment of the learned chief justice. the terms of that section, in my opinion, clearly show that unless ..... whether the report of the experts was based on correct principles. technically that was not the point at all. the report on which the transferee company acted in making the offer was irrelevant. what was really relevant were the reasons, which induced the majority of shareholders to accept the offer, and ..... mr. justice chagla making an order on a petition under section 153b of the indian companies act, 1913, directing that the purchasing company should not be at liberty to acquire the shares of the minority shareholders in the transferor company. that section is a new section, and is in these terms :153b(1). ..... to the conclusion that the report of the experts on which the offer was based, and some of the materials on which the valuers had acted and the company had based their acceptance of the offer, were wrong ; in particular he considered that the value of the assets in march 1941, when the ..... , and the prospect of more capital being called in. it should be noticed that at the date of this discussion there were already outstanding debentures of rs. 75,00,000. all these factors must have been considered by the shareholders. in my opinion no ground has been established to .....Tag this Judgment!
Court : Mumbai
Decided on : Mar-18-1943
Reported in : AIR1944Bom97; (1943)45BOMLR1059
..... the lighting of the streets itself or enter into a contract for the purpose with a private company. the entering into a contract with the jalgaon electric supply company was, therefore, an act which the municipality was empowered by the act to do, but which it was not required to do. it was a contract voluntarily entered ..... 1940, and a sum of rs. 13-12-6 remained unpaid for the bill of january, 1941, making in all rs. 32-7-0. the electric company gave notice to the municipality on january 8, 1941, calling upon it to pay the amount. when this notice was not complied with another notice was given ..... of the first class subordinate; judge, jalgaon, dismissing a suit brought by the petitioner, the principal officer of the jalgaon electric supply company, ltd., against the borough municipality of jalgaon, the suit was to recover a sum of rs. 32-10-0 due to the jalgaon electric supply ..... municipality filed its written statement in which inter alia it contended that the suit was bad for want of notice under section 206 of the bombay municipal boroughs act. the only question in dispute was, therefore, as to the liability of the municipality to pay three annas for interest and costs' of the suit.2 ..... which it was not compelled to enter into.after examining the provisions of sections 106 and 110 of the act which deal with the powers of the corporation to borrow on the security of debentures the learned chief justice said (p. 692) :-i am clearly of opinion that the wrongful action charged against the .....Tag this Judgment!