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Judgment Search Results Home > Cases Phrase: debentures companies act Sorted by: recent Court: privy council Year: 1943 Page 1 of about 12 results (0.018 seconds)

Apr 13 1943 (PC)

K. Roy and Bros. Vs. Ramanath Das and ors.

Court : Kolkata

Decided on : Apr-13-1943

Reported in : AIR1945Cal37

..... the property is required and there is nothing making it compulsory to give any further details of property, so that there is nothing in the registration under the companies act of these debentures which would inform any person exactly what the immovable property was that was charged. it should be remembered that under the provisions of section 109 a ..... 'a general description of the property charged' (i. e., what is required to be registered under the provisions of the companies act). i must mention here that there was no debenture trust deed accompanying the issue of these debentures. in the debenture deed itself the only reference to the property charged is its undertaking for all, its property whatsoever, and wheresoever present and ..... 500 and paid for them. with the money realised from the issue of these debentures the company paid for the machinery it had installed. the debentures were duly registered under section 109, companies act, but they were never registered under the provisions of the registration act (act 16) of 1908. the company after working for a time got into financial difficulties and a winding up order ..... , enquire at the local registry whether there were any charges created on the land. if registration under the companies act of debentures of floating charges is in bombay and is sufficient he would find nothing in the local registry under the registration act. he might, therefore, on searching and finding nothing lend the money only to discover later before the money .....

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Oct 25 1943 (PC)

T. Manavedan Tirumalpad, Rajah of Nilambur Vs. Amirchand Doss Dwarakad ...

Court : Chennai

Decided on : Oct-25-1943

Reported in : AIR1944Mad431

..... from the state forests which are required for the purpose of the company.4. according to section 100, companies act:where a prospectus invites persons to subscribe for shares in or debentures of a company, every person who is a director of the company at the time of the issue of the prospectus... shall be liable ..... to pay compensation to all persons who subscribe for any shares or debentures on the faith ..... his judgment that the cause of action in the present case is based upon a tort or civil wrong committed by the defendants. section 100, companies act, recognises an exception in the case of such a civil wrong inasmuch as a right is granted to joint tort-feasors to claim contribution. but ..... of in a case of this description is a tort and not a breach of contract. cases arising under section 235, companies act, cannot have any bearing on the question involved in the present case. those are cases in which a liquidator seeks to make the directors of ..... have taken the responsibility of asserting that there was an unconditional promise given by the cochin government to supply timber steadily for the purposes of the company, when as a matter of fact there was no such unconditional undertaking, they must bear the consequences. i am therefore satisfied that the finding .....

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Mar 23 1943 (PC)

Commissioner of Income-tax, Bombay Vs. Bombay Baroda and Central India ...

Court : Mumbai

Decided on : Mar-23-1943

Reported in : [1943]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 .....

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Sep 07 1943 (PC)

Firm Kishore Chand Shiva Charan Lal Through Raghunath Prasad Tandon an ...

Court : Allahabad

Decided on : Sep-07-1943

Reported in : AIR1944All66

..... are outstanding. these rights and liabilities can only be a matter of one or more separate and independent enquiry. the provisions of the companies act (7 of 1913) point to an appropriate and simple procedure ..... government also decided by an order, dated 9th july 1934, that the plaintiffs were entitled to set off the sale price of the undertaking from the value of the debentures of the company held by them. during the time when the arbitration proceedings were held and the award was made injunctions were out against the plaintiffs and the defendants issued by courts ..... finances on 17th november 1932 it arranged a loan of two lacs from the plaintiffs which is a joint hindu family firm owned by three brothers. under this arrangement the company issued debentures of rupees two lacs secured by a trust deed with two trustees, one of whom was one of the plaintiffs, which were underwritten and later on purchased by the ..... government to order the compulsory sale of the undertaking under section 5 of the act.32. the plaintiffs have since 15th may 1934, been exclusively working the undertaking of the company. the company has claims against them as agents and mortgagees; the plaintiffs have claims against the company for their debentures and for their loans. it is also possible that claims of some strangers also .....

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Nov 08 1943 (PC)

State of Gondal Vs. Govindram Seksaria

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 .....

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Oct 13 1943 (PC)

Wamanlal Chhotalal Parekh Vs. the ScIndia Steam Navigation Co. Ltd

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 .....

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Feb 15 1943 (PC)

Brijlal Ramjidas Vs. Govindram G. Seksaria

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 .....

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Apr 09 1943 (PC)

Raleigh Investment Co., Ltd. Vs. Governor-general in Council.

Court : Kolkata

Decided on : Apr-09-1943

Reported in : [1943]11ITR393(Cal)

..... of civil procedure as they were aware of the case and were represented by him.the suit is brought by the raleigh investment co., ltd., a joint stock company incorporated under the english companies act, having its registered office at 13, athol street, douglas, in the isle of man and its main office at egham, surrey, england. we are informed from the bar ..... payable to the absentee debenture-holder from the amount payable to them. dixon, j., however stated in clear words that the company could not escape assessment simply because foreign courts may, by reason of the laws of that foreign country, refuse to recognize the right of deduction ..... imposed on the company. no doubt the australian legislature intended that the incidence of the tax should be ultimately on the absentee debenture-holder . this was sought to be effected by giving the company the right to deduct and retain the amount of tax payable by it on the interest ..... the australian statute, dixon, j., pointed out that the purpose of that statute was not dependent on the liability of the debenture-holders to pay income-tax to the australian government, but its purpose was to impose only upon such companies which derived assessable income from australia and on no others, an original or independent liability. the liability to the growth was .....

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Jul 08 1943 (PC)

Abitibi Power and Paper Co., Ltd. Vs. Montreal Trust Co. and Others

Court : Privy Council

Decided on : Jul-08-1943

Reported in : AIR1944PC7

..... deed the montreal trust co. ltd., by writ issued on 8th september 1932, commenced the ordinary debenture holders' action claiming administration of the trusts of the debenture trust deed, a declaration that the indenture and mortgage were a first charge on the undertaking of the company, to have an account of what was due on the mortgage, to have the undertaking property and ..... , and ordering it to be wound up. on 25th november 1932, f. c. clarkson was appointed liquidator of the company, and so acted until 20th december 1935, when he resigned, r. s. mcpherson being appointed in his place. the winding up act (a dominion act of r. s. c., 1927, c. 213, s. 21) provides "after the winding up order is made no suit ..... and the attorney-general for ontario were heard. in his considered judgment, given on 4th december 1941, middleton j. a. held the act to be ultra vires and ordered the sale of the property and assets of the company to take place under the direction of the master and subject to a reserve bid, with liberty to the bondholders to bid. on ..... ., and by the members of the court of appeal may be summarised by saying that leave to continue the action had been given under the powers of the dominion act (winding up act, s. 21) and that the legislature could not thereafter interfere with the proceedings in the action without encroaching upon the exclusive dominion powers to legislate on the class of .....

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Jul 08 1943 (PC)

Lomax (inspector of Taxes) Vs. Peter Dixon and Son, Ltd.

Court : Kolkata

Decided on : Jul-08-1943

Reported in : [1944]12ITR1(Cal)

..... it because the security which he pays is capital. he pays it because the security which he is getting is expressed in terms of capital. such a company, however, may prefer to issue its debentures at per but at a lower rate of interest. here the excellence of the security is expressed in terms of interest. here the excellence of the security ..... amount of instalments by reference to an interest table, a circumstance which would be sufficient to stamp the whole excess as interest. moreover, under section 8 of the money-lenders act, 1927, a money-lender is bound to supply to the borrower a signed statement showing the amount of principal and the rate per cent. per annum of interest charged. in ..... interested for the two years the justification for reaching this conclusion may well be that, as the transaction is obviously a commercial one, the lender must be presumed to have acted on ordinary commercial lines and to have stipulated for interest on his money. in the case supposed the pounds 10, if regarded as interest, is obviously interest at a reasonable ..... calculation can be made is, of course, no justification for asserting that the discount and the premium ought to be treated as income for the purposes of the income tax acts. whether they should be so treated is the question which arises for decision. the special commissioners answered it in favour of the appellants, holding that these amounts were capital sums .....

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