Skip to content


Judgment Search Results Home > Cases Phrase: debentures companies act Year: 1930 Page 1 of about 8 results (0.115 seconds)

Mar 18 1930 (PC)

imperial Bank of India Vs. Bengal National Bank Ltd.

Court : Kolkata

Decided on : Mar-18-1930

Reported in : AIR1931Cal223

..... the undertaking, properties, assets and interests, present an 1 future, including the uncalled capital of the borrowing bank. these debentures were duly registered under the companies act with the registrar of joint stock companies, but neither debenture was registered under the registration act of 1908 and it is this circumstance which gives rise to question in the present case. on 28th april 1927 the ..... taken from the english companies act and has reference solely to the purposes of section 109, though it may well be that cases ..... by a company is not to be deemed to be an interest in immovable property merely by reason that it comprises or takes effect over debentures held by the company and that such debentures constitute a charge on immovable property;of the company issuing the same. the proviso is ..... subsequent sections. i do not think it has reference to debentures considered as transfers but only as the subject-matter of a transfer. but if a mortgage debt is not an actionable claim, nothing would seem to depend upon the decision of this point. again, proviso. 4, section 109, companies act, seems merely to mean that a mortgage or charge granted .....

Tag this Judgment!

Mar 21 1930 (PC)

Bank of Upper India Ltd. Vs. Arif Husain

Court : Allahabad

Decided on : Mar-21-1930

Reported in : AIR1931All59a

..... the trust of india ltd. we are clearly of opinion that the plaintiff's cause of action as a holder of debentures in pursuance of the composition scheme sanctioned by the high court on 2nd june 1915 under section 153, companies act, remains unimpaired. the original rights of the parties under the fixed deposit dated 1st march 1910, became replaced by the rights ..... drew up a composition scheme this scheme was sanctioned by this court under section 153, companies act' on 2nd june 1915. in pursuance of this scheme an option was given to the creditors either to accept fully paid up preference shares in the bank or to take debentures of the bank carrying interest at the rate of 41/2 per cent per annum ..... having exercised the option to accept preference shares on or before 5th january 1917 they became entitled to hold debentures from the bank carrying interest at the rate of 4i per cent per annum according ..... their rights to preference shares in the bank and were entitled to debentures only.9. no notice of these proceedings were given to the heirs of syed zaffar husain. but the composition scheme appears to have been sanctioned by this court in due process of law under section 153, companies act. it was therefore binding upon the heirs of syed zaffar husain. not .....

Tag this Judgment!

Feb 27 1930 (PC)

Tulsidas Jasraj Parekh Vs. the Industrial Bank of Western India

Court : Mumbai

Decided on : Feb-27-1930

Reported in : (1930)32BOMLR953

..... opposition of the imperial bank, i think, therefore, on consideration of all the circumstances that the disposition of the debentures in favour of the imperial bank of india, limited, ought not to be validated under section 227, clause (#), of the indian companies act.86. i would, therefore, allow first appeal no. 29 of 1928, allow the application of the liquidator, ..... dispositions of the property of the company were void. the learned district judge ordered otherwise under section 227, clause ..... orders. under section 168 of the indian companies act ' a winding-up of a company by the court shall be deemed to commence at the time of the presentation of the petition for winding-up.'61. all the three dispositions of the debentures, which the viramgam spinning and manufacturing company, limited, held from whittle and company, after the date of the presentation of ..... on march 3, 1.925, the company was ordered to be wound up as the schemes were not accepted. the liquidator after giving notice to the. creditors with whom the debentures were deposited made the present applications before the district judge of ahmedabad for a declaration under section 227, clause (#), of the indian companies act, vii of 1913, that the .....

Tag this Judgment!

May 30 1930 (PC)

Official Trustee of Bengal Vs. G.A. Arratoon

Court : Kolkata

Decided on : May-30-1930

Reported in : AIR1931Cal518

..... on the said securities and the sum of rs. 14,000. 4. the securities consisted of 7 per cent preference shares, additional preference shares and second debentures in limited companies.5. the official trustee contends that deficiency ought to be calculated by deduction from rs. 14,000 the net amount of the dividends actually recovered by ..... expression actually realized by way of dividends means that rs. 14,000 in the year has been paid as dividends in respect of the securities. if the companies paid nothing in any year, there is no indication whatsoever that the settlor covenanted to pay more than rs. 14,000. that makes it clear that the ..... him after deduction of income-tax by the companies at the source. the executors of the testator contend that they are entitled to deduct from the rs. 14,000 the gross amount of dividends declared including ..... at the source, for the rate of income-tax on the dividend is determined by the shareholder's entire income and not by the company's income at all.11. it was argued that the decision of rowlett, j., in purdie v. rex [1914] 3 k.b. 112 showed that the ..... he is entitled to the whole dividend, but payment of the whole dividend less income-tax is under the income-tax act a discharge of the company's liability. the company in fact has paid the shareholder's income-tax : that is plain, for in certain cases the shareholder can claim a refund of a portion .....

Tag this Judgment!

Dec 16 1930 (PC)

Narayanlal Bansilal Vs. the Maneckji Petit Manufacturing Co. Ld.

Court : Mumbai

Decided on : Dec-16-1930

Reported in : (1931)33BOMLR556

..... may here say that with regard to the question of notice, we are governed in this case not by table a in the indian companies act, but by the old articles of association of the maneckji petit manufacturing company, ex. e, clauses 48 and 52. clause 48 says:--seven days' notice at least of every general meeting ordinary or extraordinary, and of every ..... . the second resolution with regard to the memorandum of association gives in detail the changes necessitated by reason of section 55 of the indian companies act, 1913 and the paragraph relating to the investment of the funds of the company in banks. no objection is taken to the alteration in the memorandum, and this clearly gives sufficient notice of the proposed changes in ..... up since under articles 75a and 75b of the old articles, and clause 3 (k) and 3 (i) of the old memorandum of association the power of raising money by debentures was given to the directors, of page 19 of the old articles, section 75, clause (i). the learned counsel for the plaintiff had to admit this was a complete answer ..... the voting power, provisions for the recording of votes of lunatics, idiots and minors, provisions in the new articles to the creation of a provident fund and appointment of a debenture director. secondly, as regards the proposed agency agreement, this circular goes on to state that the only real difference between the existing terms of the agency and the proposed agreement .....

Tag this Judgment!

Jul 28 1930 (PC)

The Official Assignee of Madras Vs. Frank Johnson Sons and Co. Ltd. an ...

Court : Chennai

Decided on : Jul-28-1930

Reported in : AIR1931Mad65; (1930)59MLJ839

..... falls within the scope of the decision in rhodes v. forwood (1876) 1 a.c. 256.6. it was pressed on behalf of the appellant that the purchase of the debentures of the indo-burma oilfields, ltd., for 20,000 which is recited in the agreement in question as consideration for the appointment of the present insolvent as agent makes an ..... and defined the terms of this agency and fixed the rights and liabilities of the parties thereto in detail. it is common ground that kancherla krishna rao paid for the debentures undertaken to be purchased by him, but no products of the 2nd respondent were sent to him for sale. it was alleged on behalf of the 2nd respondent and not ..... , frank johnson sons & co., ltd. and the united refineries, burma, ltd., to pay him damages for breach of agreement. the united refineries, burma, ltd., the 2nd respondent, was an incorporated company formed in 1920 by the indo-burma oilfields, ltd. and yomah oil co., ltd., who were both engaged in the production of crude oil in burma, for erecting, maintaining and ..... and entered into on the 12th of december, 1921, between the present insolvent and the 1st respondent, the latter acting as selling agents of the 2nd respondent. it consisted of two memoranda, by the first of which kancherla krishna rao undertook to purchase debenture stock in the indo-burma oilfields for 20,000, and the 1st respondent, in consideration thereof, appointed him .....

Tag this Judgment!

Mar 26 1930 (PC)

Ramnarayan Satyapal Vs. Carey and anr.

Court : Kolkata

Decided on : Mar-26-1930

Reported in : AIR1931Cal491

..... per viscount haldane, l. c.):a receiver and manager appointed, as were those in the present case, is the agent neither of the debenture-holders whose credit he cannot pledge, nor of the company, which cannot control aim. he is an officer of the court put in to discharge certain duties prescribed by the order appointing him. ..... lord justice observed, referring to the case just cited:i think that these cases further establish that such a receiver, although appointed for the' benefit of the debenture-holders, is not the agent to contract, either of the court or of anybody else, but is a principal.9. lastly, in parsons v. sovereign bank of ..... may give rise are matters as between the receivers and the court which appointed them, which, it may be, will indemnify the receivers if they [have acted bona fide as i see no reason to doubt. the plaintiff is entitled to recover against the defendants and the defendants no doubt will be able to obtain ..... relation of agent and principal existed between him and the court. the inference therefore. was that it must be the intention that he shall act in pursuance of his appointment on his own responsibility and not as an agent, because otherwise nobody would be responsible for his ..... acts.8. a similar view was expressed by vaughan-williams, l. j., in in re glasdir copper mines limited [1906] 1 ch. 365, where the learned .....

Tag this Judgment!

Jan 08 1930 (PC)

The Commissioner of Income-tax Vs. Raja Bahadur Bansilal Motilal

Court : Mumbai

Decided on : Jan-08-1930

Reported in : AIR1930Bom381; (1930)32BOMLR671

..... to grow or arise as the produce of money invested.' some analogy may also be found from lord cairns' well-known description of an english railway debenture as being charged only on the produce of ' a fruit-bearing tree,' viz., the tolls and fares only of the capital undertaking. (see ..... any person in the united kingdom' (see colquhonn v. broohs (1889) 14 app. cas. 493. in section 4(1) of the indian income-tax act of 1922 the words 'accruing or arising' are found in juxtaposition to the words 'or received' accordingly, i think it plain that the words ' accruing ..... india issued and contracted in british india and repayable there, accrued or arose in british india within the meaning of section 4(1) of the act, notwithstanding that it was actually payable and paid outside british india. i would, therefore, uphold the opinion of the commissioner, and answer the questions ..... described or comprised in section 6, from whatever source derived, accruing, or arising or received in british india, or deemed under the provisions of this act to accrue, or arise, or to be received in british india.5. section 4(2) deals with certain business profits accruing or arising outside ..... a direction that the interest was payable at hyderabad (deccan), this enfacement was effected under certain statutory rules framed by virtue of the indian securities act 1920. it had the effect of making the interest thenceforth payable at the hyderabad residency treasury, which, though an office of the government of india .....

Tag this Judgment!


Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //