Court : Mumbai
Decided on : Feb-28-1935
Reported in : (1935)37BOMLR625
..... act, while not indicating any view one way or the other on that point, their lordships ..... had no charge upon the immovable property of the bengal bank. the board accepted and acted upon the admission but they definitely refrained from holding that in the case of a company it was necessarily true, that a debenture charging immovable property and registered under the indian companies act must in order to have complete effect be registered also under the indian registration ..... many instances by the deposit of the title deeds of immovable property. the debentures had neither of them been registered under the indian registration act, 1908, though both had been duly registered pursuant to section 109 of the indian companies act, 1913 it was contended in these circumstances that the debenture holders, the imperial bank, as a result of liquidation, were entitled ..... treated the case as one in which it must, as between the parties, be assumed that the debentures created no charge upon any .....Tag this Judgment!
Court : Privy Council
Decided on : Feb-28-1935
..... customers secured in many instances by the deposit of the title deeds of immovable property. the debentures had neither of them been registered under the registration act, 1908, though both had been duly registered pursuant to s. 109, companies act, 1913. it was contended in these circumstances that the debenture holders, the imperial bank, as a result of liquidation, were entitled to no remedy whatsover ..... act. while not indicating any view one way or the other on that point, their lordships treated the case as one ..... been argued, that they had no charge upon the immovable property of the bengal bank. the board accepted and acted upon the admission but they definitely refrained from holding that in the case of a company it was necessarily true, that a debenture charging immovable property and registered under the companies act must in order to have complete effect be registered also under the registration .....Tag this Judgment!
Court : Chennai
Decided on : Apr-10-1935
Reported in : AIR1935Mad1045; 159Ind.Cas.1034; (1935)69MLJ760
..... in support of this view. in south african territories v. wallington (1898) a.c. 309 there was a contract to lend money to a company payable by instalments upon the security of debentures to be issued by the company and on page 315 lord herschell says:the transaction was not in its nature a contract of purchase; it was an agreement on the ..... loan. i am at a loss to see how an agreement of this description can create a debt from the lender to the borrower.2. turning to the specific relief act, i think that the third illustration to section 21(a) also covers this case and specific performance of such a contract as this could not be enforced. this suit was .....Tag this Judgment!
Court : Mumbai
Decided on : Sep-18-1935
Reported in : AIR1936Bom62
..... very wide and general powers, but these articles were not filed with the registrar, with the result that the articles of association contained in the schedule to the indian companies act govern the company. article 73 is the relevant article to be considered on this point. that article runs as follows:the amount for the time being remaining undischarged of moneys borrowed or ..... issued not for the purpose of paying the debts of third parties but, having regard to the agreement to indemnify p., the debentures were binding on the company and the debenture holders were entitled to enforce their rights against the company. it is contended by the liquidator that no such case of indemnity is proved here. in my opinion, having regard to the express ..... less than two-thirds of the shares it was resolved that the directors should be authorized to borrow money on debentures. the directors accordingly borrowed on debentures diverse sums of money, which were applied in discharging the debts and liabilities of the company. the debenture debts regularly appeared in the reports of the directors which were confirmed at the annual general meeting of the ..... is so strict and inflexible that even the fairness or unfairness of the transaction is immaterial. for instance, directors have been held to be incompetent to vote on giving a debenture security to two of themselves in consideration of a large sum of money owing to them: greymouth point elizabeth railway and coal co. ltd., in re, (1904) 1 ch 32 .....Tag this Judgment!
Court : Kolkata
Decided on : Apr-02-1935
Reported in : 3ITR277(Cal)
..... referred to in clause 30 of the abovewritten indenture less such sum as may be payable by way of interest on debentures, if any, shall constitute the net receipts of the company for the said half-year and shall be applied by the secretary of state in manner and subject as hereinafter appearing ..... shareholders were taxable, it would not have been held that the moneys provided by jegon were part of the assets of the company for the purposes of the income tax acts.in my opinion, it is quite clear that the moneys provided by the secretary of state in the present instance should ..... which had reference to subsidies.then the following position arose : the income tax authorities purported to assess the companies to income tax under the income tax act upon not only the earnings of the company in the case of the ahmadpur katwa railway co., ltd., but also upon the state subsidy received. also ..... scarcely be expected to realise or contemplate when they subscribed their money for the shares.there is a power in section 60 of the income tax act which reads as follows :- the governor-general in council may, by notification in the gazettee of india, make an exemption reduction in rate or ..... in the affirmative.on the second question, 'whether the guaranteed interest payable to the shareholders is deductible under section 10(2)(iii) of the income tax act it was not seriously contended by mr. pugh that the answer would be otherwise than in the negative. the answer is clearly that the 'guaranteed interest' .....Tag this Judgment!
Court : Privy Council
Decided on : Oct-21-1935
..... and again by retailer to consumer or to the consumer's friend. it may be said that the duty is difficult to define, because when the act of negligence in manufacture occures there was no specific person towards whom the duty could be said to exist : the thing might never be used ..... have no claim in law even though the injury is intentional, so long as the other party is merely exercising a legal right : if the act involves lack of due care, again no case of actionable negligence will arise unless the duty to be careful exists. in 1932 ac 562 (1), ..... purpose may be annexed by the usage of trade : iv. an express warranty or condition does not negative a warranty or condition implied by this act unless inconsistent therewith. he limited his admission to liability under exception (ii), but their lordships are of opinion that liability is made out under both exception ..... the nature of circumstantial evidence in law courts. mathematical, or strict logical, demonstration is generally impossible : juries are in practice told that they must act on such reasonable balance of probabilities as would suffice to determine a reasonable man to take a decision in the grave affairs of life. pieces of ..... and also involved on the part of the respondents, john martin and co., ltd., a breach of the relevant implied conditions under the sale of goods act. the underwear, consisting of two pairs of underpants and two singlets, was bought by the appellant at the shop of the respondents, john martin and .....Tag this Judgment!
Court : Allahabad
Decided on : Aug-26-1935
Reported in : AIR1935All989; 159Ind.Cas.290
..... by a number of police witnesses; so also is the arrest of ram nath shortly afterwards. the fact that balwant was found in the company of a number of appellants and that ram nath followed in an ekka shortly afterwards is, in our judgment, very strong coirroboration of balwant ..... rigorous imprisonment under section 399, penal code, and direct that the sentence of one year passed against this appellant under section 19(f), arms act, shall run concurrently with the former sentence.22. the sentences of the remaining appellants are each enhanced to seven years' rigorous imprisonment under section 399 ..... , and section 307, penal code, should run consecutively. the sentence of one years' rigorous imprisonment passed upon him under section 19(f), arms act, will run concurrently with the other two consecutive sentences.21. shiama. in our judgment the sentence passed upon the appellant shiama is inadequate and we ..... accordingly.20. the appellant, gulzari, was properly convicted of offences under section 399 and section 307, penal code, and section 19(f), arms act, and in our view the sentences imposed upon this appellant were not adequate. we are of opinion that this appellant should also receive a total ..... an offence under section 307, penal code, and that both gulzari and shiama were properly convicted of an offence under section 19(f), arms act.16. in our view the sentences imposed upon the appellants by the learned assistant sessions judge were not adequate. according to the evidence, preparations .....Tag this Judgment!