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Judgment Search Results Home > Cases Phrase: debentures companies act Year: 1936 Page 1 of about 11 results (0.037 seconds)

Sep 02 1936 (PC)

W.T. Henley's Telegraph Works Co. Ltd. Vs. Gorakhpur Electric Supply C ...

Court : Allahabad

Decided on : Sep-02-1936

Reported in : AIR1936All840; 166Ind.Cas.238

..... that the company was, and is, indebted to the petitioner cannot ..... be disputed. the decree passed by the subordinate judge against the company has, as already stated, ..... winding up of the company a bona fide one, or has it been filed to bring pressure on the company to pay the decretal amount? (2) is notice under section 163, companies act, in accordance with law? (3) is it desirable to wind up the company 'considering the objections filed by the company and persons calling themselves as debenture holders?'11. the fact ..... contended that 'the concern of the company not being transferable under the provisions of section 9, electricity act (1910), without the sanction of the local government, and the company being a company for public utility, the application for its winding up is not maintainable.'10. learned counsel for the petitioner maintained that the debentures were not for consideration and were in .....

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May 20 1936 (PC)

The Commissioner of Income-tax Vs. the Mercantile Bank of India Limite ...

Court : Mumbai

Decided on : May-20-1936

Reported in : (1936)38BOMLR995

..... case : and the said companies having issued to the assessee by way of bonus, debentures which have subsequently been paid-off through the transaction specified in the case : .... (quare) was there by these transactions any income, profits or gains which accrued or arose to or were received by the assessee, within the meaning of section 4 of the act ? second question.-if any ..... such income did arise, when did it so arise ? third question.--if any such income did arise, was its quantum an amount corresponding (a) to the full amount of the debentures or (b) to such part only as derived from the received and accumulated revenue profits of the companies, and excluding such part ..... secretaries shall in accordance with such resolution apply such sum in paying up in full any unissued shares in the capital or any debentures or debenture stock of the company on behalf of the shareholders concerned, and appropriate such shares, debentures or debenture stock, and distribute the same credited as fully paid-up amongst such shareholders in the proportions aforesaid in satisfaction of their shares ..... at all. what the latter gets is no doubt a valuable thing. but it is a thing in the nature of an extra share certificate in the company.16. the case of bonus debentures was held to be indistinguishable from that of bonus shares. nor does it seem possible to distinguish the facts of the present case from those in fisher's .....

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May 20 1936 (PC)

Commissioner of Income-tax, Bengal Vs. Mercantile Bank of India, Ltd. ...

Court : Privy Council

Decided on : May-20-1936

..... case : and the said companies having issued to the assessee by way of bonus, debentures which have subsequently been paid off through the transaction specified in the case :.. . . (quaere) was there by these transactions any income, profits or gains which accrued or arose to or were received by the assessee within the meaning of s. 4 of the act ? second question.-if any ..... such income did arise, when did it so arise ? third question.-if any such income did arise, was its quantum an amount corresponding (a) to the full amount of the debentures or (b) to such part only as derived from the received and accumulated revenue profits of the companies, and excluding such part ..... secretaries shall in accordance with such resolution apply such sum in paying up in full any unissued shares in the capital or any debentures or debenture stock of the company on behalf of the shareholders concerned, and appropriate such shares, debentures or debenture stock, and distribute the same credited as fully paid-up amongst such shareholders in the proportions aforesaid in satisfaction of their shares ..... -holder at all. what the latter gets is no doubt a valuable thing. but it is a thing in the nature of an extra share certificate in the company. the case of bonus debentures was held to be indistinguishable from that of bonus shares. nor does it seem possible to distinguish the facts of the present case from those in (1926) a .....

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Mar 12 1936 (PC)

Sir Chinnubhai Madhavlal Vs. Commissioner of Income Tax, Bombay.

Court : Mumbai

Decided on : Mar-12-1936

Reported in : [1937]5ITR210(Bom)

..... he can do that is this that he carries on the business, amongst other business, of money-lending and if he can show that these debentures represent moneys loaned to the company, as part of his money-lending business, then he would be entitled to deduct the loss from his profits and gains under s. 24 : ..... of the act, be treated as a loss of profits or gains under any of the heads of ..... year 1922 under an agreement made in 1921. the assessee being then a minor, the assessees mother entered into an agreement under which moneys w ere advanced on debentures to the agra spinning and weaving co., ltd ., in order to enable them to purchase certain machinery which the assessees mother had herself originally agreed to purchase ..... the commissioner is :- 'whether under any provision in the income tax act, xi of 1922, the loss of rs. 8,58,710 suffered by the assessee on account of money invested in debentures issued by the agra spinning and weaving co., ltd. and lost when that company was would up can, for the purposes of s. 24(1) ..... income is s. 6 of the act and set off against the income of the assessee under any .....

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Feb 25 1936 (PC)

John Bros. Vs. Official Liquidator, Agra Spinning and Weaving Mills Co ...

Court : Allahabad

Decided on : Feb-25-1936

Reported in : AIR1936All808; 165Ind.Cas.790

..... does it purport to be under any section. the learned counsel for the respondents says that the order is to be considered as based on the companies act (act 7 of 1913), sections 188 and 199. section 188 provides as follows:power to order payment into bank.188. the court may order any contributory, ..... was no provision in the companies act which enables the court directing the winding up to recover or authorise the recovery of moneys in the hands of the person other than those ..... 50 (1915), p. 211, there was a case before two learned judges of the punjab chief court under the corresponding sections 149 and 152, indian companies act of 1882, tarachand jeramdas v. the official liquidator of the peoples bank of india ltd. 1915 lah 223. in that case it was held that there ..... of this sort would not form the subject of an order in liquidation unless there is some authorization for such a course of action in the companies-act. the position of messrs. john brothers was merely that of persons who entered into a contract with the liquidator during the course of the ..... 1 ch 470. this was a case where debenture-holders had appointed a receiver to realize the assets of the company and there was also a proceeding for the liquidation of the company. the receiver of the debenture-holders received certain assets and made payments to the debenture-holders and retained a certain sum as his remuneration. .....

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May 14 1936 (PC)

George Pardew Lovibond Vs. Grand Trunk Ry. Co., Canada and Others

Court : Privy Council

Decided on : May-14-1936

..... a transfer of the junior stocks to the minister of finance. subsequently an amalgamation took place between the canadian national railway company (a company incorporated in the year 1919 by special act of the parliament of canada 9-10 geo. v. cap. 13, and hereinafter referred to as the old canadian ..... the registered holders on 18th january 1923, of first, second and third preference stocks and of common stock of the grand trunk railway company of canada their personal representatives or assigns. the defendants are the grand trunk, the canadian national railway of canada and the attorney-general of ..... be submitted for the approval of a meeting of all the stock-holders of the grand trunk including holders of the debenture stocks and guaranteed stocks. the act also provided that the governor in council might make such orders as were deemed requisite to vest in the government any ..... stocks of the grand trunk exceeding 31,000,000. by an act of parliament of canada (viz. the grand trunk railway acquisition act, 1919), the minister of railways and canals of canada was authorised to enter ..... act of the legislature of the old province of canada. its issued capital stock consisted (in addition to 12,500,000 4 per cent. guaranteed stock) of preference and common stock (hereinafter referred to as the junior stocks) of an aggregate nominal value of 37,073,492. in addition there were issued and outstanding debenture .....

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Dec 08 1936 (PC)

In Re: Peninsular Life Assurance Co. Ltd. (In Liquidation.)

Court : Mumbai

Decided on : Dec-08-1936

Reported in : AIR1938Bom91

..... charge in favour of policy-holders of the class in respect of which the deposit was made. section 4, life assurance companies act (6 of 1912), runs as follows:4. (1) every life assurance company shall, if established before the commencement of this act, within one year from such commencement, or if established after such commencement, before it commences to carry on the business ..... of the deceased. the contention of the claimant is that by reason of sections 4 and 6, life assurance companies act (6 of 1912), he is entitled to rank as a preferential creditor. that contention is opposed by the other creditors of the company.2. no decision, english or indian, directly dealing with the right of the policy-holders to claim priority as ..... was an asset of the company and it was improper to contend that the costs of liquidation could not be paid out of that fund because that was a security for life policy-holders. in other words neville j. held that the right which existed in the policy-holders was not equivalent to that of the debenture, holders or mortgagees and therefore ..... the costs of liquidation could be payable out of the life assurance fund. south east-lancashire insurance co. in re (1935) 1 ch 225 is not helpful because on facts it was expressly stated that the corresponding section of the english act was not applicable. in giving judgment, henworth .....

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Dec 08 1936 (PC)

In Re: Peninsular Life Assurance Company Ltd.

Court : Mumbai

Decided on : Dec-08-1936

Reported in : AIR1936Bom24; (1937)39BOMLR1163; 160Ind.Cas.638; 173Ind.Cas.727

..... policy-holders of the class in respect of which the deposit was made.4. section 4 of the indian life assurance companies act (vi of 1912) runs as follows :-4. (i) every life assurance company shall, if established before the commencement of this act, within one year from such commencement, or, if established after such commencement, before it commences to carry on the business ..... any of them, in the name of a proposed company and, upon the incorporation of the company, shall be deemed to have been made by, and to be part of the assets of, the company, and the registrar of joint stock companies shall not company, issue a certificate of incorporation of the company under the indian companies act limited 1882, until' the deposit has been made.(4) the ..... was an asset of the company and it was improper to contend that the costs of liquidation could not be paid out of that fund because that was a security for life policy-holders. in other words nevill j. held that the right which existed in the policy-holders was not equivalent to that of the debenture-holders or mortgagees and therefore ..... the costs of liquidation could be payable out of the life assurance fund. south east lancashire insurance co., in re [1935] 1 ch. 225 is not helpful because on facts it was expressly stated that the corresponding section of the english act was not applicable. in giving judgment henworth .....

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Dec 08 1936 (PC)

In Re: the Indian Companies Act, Vii of 1913;

Court : Kolkata

Decided on : Dec-08-1936

Reported in : 169Ind.Cas.506

..... all debts due to the crown which prevails in insolvency by reason of section 49 of the presidency towns insolvency act, obtains equally in the winding up of a company in liquidation, by reason of the provisions of section 229 of the indian companies act or whether only those crown debts have priority in winding-up proceedings which are specifically mentioned in section 230 ..... of the companies act.2. section 229, provides that:in the winding-up of an insolvent company the same rules shall prevail and be observed with regard to the respective rights of secured and unsecured creditors and to debts provable and to the valuation of ..... the respective rights of secured and unsecured creditors and debts provable, and the valuation of annuities and future and contingent liabilities shall prevail in the winding-up of an insolvent company. nothing is said therein about rules regarding priority of debts, and in my opinion the provisions of section 49 are not incorporated by section 229, and all questions regarding ..... which case they shall abate in equal proportion; and(b) so far as the assets of the company available for payment of general creditors are insufficient to meet them, have priority over the claims of holders of debentures under any floating charge created by the company, and be paid accordingly out of any property comprised in or subject to that charge.(3) subject .....

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Oct 16 1936 (PC)

In Re: the Katni Cement and Industrial Co. Ltd.

Court : Mumbai

Decided on : Oct-16-1936

Reported in : AIR1937Bom423; (1937)39BOMLR675

..... . section 213, on the other hand, is applicable only in view of a winding up or in the course of a winding up. further, as observed in buckley on the companies act, 1929, 11th edn., (p. 315), a wide interpretation has to be placed upon the section. the learned author observes :all modes of reorganizing the share capital, even when involving an ..... company did not apparently flourish during the early part of its career. there were several ..... companies carrying on the same kind of business in india ..... other manner deal with or dispose of the undertaking or property of the company or any part thereof for such consideration as the company may think fit and in particular for shares, debentures and other securities of any other company having objects altogether or in part similar to those of this company.4. it is clear on the affidavits filed in the case that the .....

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