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Judgment Search Results Home > Cases Phrase: debentures companies act Year: 1940 Page 1 of about 12 results (0.072 seconds)

Apr 30 1940 (PC)

Lala Manmohan Das Vs. Official Liquidators of Lower Ganges Jumna Elect ...

Court : Allahabad

Decided on : Apr-30-1940

Reported in : AIR1940All458

..... issued in pursuance of the same create a valid charge on the property which entitles the appellant and other debenture holders to rank as secured creditors in the winding up of the company. section 9, sub-section (2), electricity act, prohibits clearly the transfer of the undertaking or any part thereof by the license-holders. in our judgment in no sense of the ..... of the assets on account of the debt due to them.2. the learned judge held that the debentures were invalid inasmuch as the company did not obtain the sanction of the government to their issue in terms of section 9, sub-section (2), electricity act of 1910, this provision enjoins that the person holding a licence to sell electricity under the actshall ..... advanced the same arguments in support of the validity of the debentures which ware considered by the learned judge against whose order this appeal is ..... repelled an argument advanced on behalf of the debenture-holders to the effect that section 9, electricity act, did not apply to the issue of debentures since in fact the licence to distribute electricity had not been transferred to the company. a further contention that the company was not a licensee within the meaning of section 9, electricity act, was also rejected. the appellant in appeal .....

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Mar 04 1940 (PC)

The Commissioner of Income-tax Vs. Harveys, Limited

Court : Chennai

Decided on : Mar-04-1940

Reported in : AIR1940Mad602; (1940)2MLJ95

..... the question was whether the vendor as the holder of the debentures was entitled to preference over the other creditors of the company. overruling the court of appeal, the house of lords held that it was not contrary to the true intent and meaning of the companies act, 1862, for a trader to sell his business to a ..... in aron salomon v. salomon & co. ltd. (1897) a.c. 22 and it is not considering the provisions of the indian companies act, but the provisions of the indian income-tax act. to accept the argument of the learned advocate-general would mean that where an assessee had placed a fictitious value on his assets he would ..... limited liability company consisting of himself and the members of his family, the business then being solvent, all the terms of sale being known ..... inland revenue (1925) 9 tax cas 331, the facts were these. in consideration of an advance of 7000 made by the assessee to a company in 1905, he received debentures of the nominal value of 7,000 repayable after december 1914, by half yearly instalments of 500 and from a director 5,600 1 ordinary shares ..... a shares and 5,990 of the class b shares have been issued. all the class b shares are held by mrs. a. harvey, this company has taken authority to issue debentures to the value of $10,00,000 and has in fact issued $5,99,000, all of which are also held by mrs. a. .....

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Mar 04 1940 (PC)

Commissioner of Income Tax, Madras Vs. Messrs. Harveys Ltd.

Court : Chennai

Decided on : Mar-04-1940

Reported in : [1940]8ITR307(Mad)

..... question was whether the vendor as the holder of the debentures was entitled to preference over the other creditors of the company. overruling the court of appeal the house of lords held that it was not contrary to the true intent and meaning of the companies act, 1862 for a trader to sell his business to a ..... the court is not considering a situation analogous to the situation in aron salomon v. salomon and company limited and it is not considering the provisions of the indian companies act, but the provisions of the indian income-tax act. to accept the argument of the learned advocate-general would mean that where an assessee had placed ..... limited liability company consisting of himself and the members of his family the business then being solvent all the terms of sale being ..... v. commissioner of inland revenue the facts were these. i consideration of an advance of pound 7,000 made by the assessee to a company in 1905, he received debentures of the nominal value of pound 7,000 repayable after december, 1914, by half yearly installments of pound 500, and from a director 5 ..... a shares and 5,990 of the class b shares have been issued. all the class b shares are held by mr. a. harvey. this company has taken authority to issue debentures to the value of $ 1,000,000 and has in fact issued $ 5,99,000, all of which are also held by mrs. .....

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Aug 28 1940 (PC)

Mithan Lal Vs. Official Liquidators, Agra Spinning and Weaving Mills C ...

Court : Allahabad

Decided on : Aug-28-1940

Reported in : AIR1940All490

..... march 1931 should be deducted from this sum. when the matter came up for decision before us, the application of seth mithan lal was strongly opposed by the debenture-holders of the company and we heard considerable argument on their behalf. their contention was that we would be giving seth mithan lal a preference over other creditors if we directed that the ..... the contract. the suggestion was that he was a creditor like any other for this money which he had advanced to the company and that he should rank equally with other creditors. it seems to me, however, that the debenture-holders have not stated the true position. the question is not really whether seth mithan lal is entitled to payment in priority ..... liable to each other to pay only the sums due on the balances. it is clear from the accounts that the parties themselves acted on that assumption. there was a running account in the books of the company which showed on the one side the amounts due on account of spinning charges and on the other all advances and payments made by ..... account of all these transactions and i do not think that anybody would seriously doubt that the parties, who were in the best position to know what their intentions were, acted as if those intentions justified the setting off of all payments and advances made by seth mithan lal against all charges due from him on account of spinning. in my .....

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Jun 25 1940 (PC)

Jhajharia Bros. Ltd. Vs. Sholapoor Spinning and Weaving Co. Ltd.

Court : Kolkata

Decided on : Jun-25-1940

Reported in : AIR1941Cal174

..... under their agreement became liable for advances to the extent of 20 lakhs in two stages. these advances were secured by the company by hypothecating its stock and by depositing debentures of a certain aggregate value. the actual management of the company was carried on by ramdhonedas jhajharia, who gave evidence before me. in january 1933 the managing agents were dismissed. of the ..... applications for injunction before me. the first was made on 13th may before the meeting was held. the second application was made on 4th june or thereabouts to restrain the company from acting upon the resolution and that i rejected upon grounds which are not now material. at the beginning of the hearing an application was made for amendment, first informally and ..... the action impugned was the action of the directors and the directors only. in punt v. symons & co. ltd. (1903) 2 ch 506 the directors had caused their act to be confirmed by the company. but, in my view, these cases do not stand on a principle different to the atwool v. merryweather (1868) lr 5 eq 46n cases. somebody, namely the ..... member of the jhajharia family impugning the act of the directors; a suit by morarji goculdas & co. for damages and or specific performance of the managing agency agreement; a suit by the jhajharias in respect of certain debentures relating to their loan; and lastly to certain disputes between the jhajharias as selling agents and the company, which were submitted to arbitration. the selling .....

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Nov 12 1940 (PC)

N. Banerjee and Co., a Firm Vs. Wilfred John Younie and ors.

Court : Kolkata

Decided on : Nov-12-1940

Reported in : AIR1941Cal308

..... the company executed a deed in favour of the national bank of india ltd. the purpose of that ..... had been dealings between messrs. john king & co., ltd. and messrs. banerjee & co.; at times the company supplied goods to messrs. banerjee & co. and at other times messrs. banerjee & co. supplied goods to the company.2. on 7th may 1934 the company, which was incorporated under the companies act and was registered in calcutta, owed money to the national bank of india. on that date ..... receiver was to have the powers given to a receiver under section 69a, t. p. act. the deed itself was registered with the registrar of joint stock companies, bengal, on 8th may 1934, and therefore by reason of section 109 (2), companies act, 1913, those who bought from the company must be deemed to have had notice of the deed and its contents.3. trading ..... mortgage debenture hanging over it, the principal. when the receivers took possession of the company's assets, those assets vested in the receivers who carried on by the direction of the bank; the position changed and the company was no longer supplying the goods -the receivers were. under the deed appointing them, and also under the provisions of section 69a, t.p. act, the .....

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Aug 16 1940 (PC)

Umade Rajaha Raje Damara Kumara Venkatalingama Nayanim Bahadur Varu, R ...

Court : Chennai

Decided on : Aug-16-1940

Reported in : (1942)2MLJ47

..... . 1.90 , was based. a limited company which had issued certain debentures and had thus agreed to pay the debts for which the debentures were issued purchased some 16 debentures itself, subsequently. it was held that the result of the purchase of the debentures by the company was that in each case the debt was ..... this appeal arose even earlier, they would have to be determined in accordance with the law as it existed prior to the amending act -unless that act was either retrospective in its operation or it remained unaffected by this new piece of legislation which was purely declaratory in character.11. ..... to the villages mortgaged to him by akkappa during his lifetime, there would be no merger under section 101 of the transfer of property act and the provisos or exceptions to the section would prevent the subsequent rights from being merged in the encumbrance which he held previous to ..... deference to the learned judge, we cannot agree to most of these observations. there is nothing in. section 101 of the transfer of property act itself which provides for the existence of puisne encumbrances. that is why the learned judge uses the word 'contemplates' in the first sentence quoted ..... be an extinguishment of the rights under the mortgage when the equity of redemption was acquired. white interpreting section 101 of the transfer of property act he observed at page 594 as follows:it is clear that section contemplates the existence of puisne incumbrances. unless that be the object, the .....

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Oct 12 1940 (PC)

A.S. Krishnan Vs. M. Sundaram

Court : Mumbai

Decided on : Oct-12-1940

Reported in : AIR1941Bom312; (1941)43BOMLR562

..... there are no other rules or by-laws in respect of calling general meetings of the society. the term extraordinary meeting; is understood in a different way under the indian companies act. there an extraordinary general meeting is called for the purpose of passing a special; resolution. at an ordinary general meeting also business other than of sanctioning dividends, consideration of accounts ..... on the whole being unsatisfactory, there occurred a divergence of opinion. the plaintiff who was a member of the society and who took part in getting promises to subscribe the debentures resigned in january, 1936. on july 26, 1936, a general meeting of the society was called at which a managing 'committee was elected. in the plaint the proceedings of this ..... that object in view it thought of erecting a building to house the school. not having sufficient funds on hand schemes were suggested to borrow money. it was suggested that debentures should be issued. to find out if that scheme would be workable several persons were approached and they expressed their willingness to subscribe. when it came to payment, however, the ..... which would otherwise escape redress, and it is obvious that in such an action the plaintiff cannot have a larger right to relief than the company itself would have if it were plaintiff, and cannot complain of acts which are valid if done with the approval of the majority of the shareholders, or are capable of being confirmed by the majority. the .....

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Mar 29 1940 (PC)

Morarjee Gokuldas and Co. Vs. the Sholapur Spinning and Weaving Co. Lt ...

Court : Mumbai

Decided on : Mar-29-1940

Reported in : AIR1941Bom37; (1940)42BOMLR948

..... extent of about rs. 13,500. it is to be observed that the alleged set-off is against the first creditor only, being in respect of debentures of the sholapur spinning & weaving co., ltd. i have already held that such a set-off cannot be relied on in answer to an insolvency ..... execution of the decree in law.9. paragraph 6 of the affidavit refers to an alleged counter-claim and set-off for interest in arrears on certain debentures belonging to the firm of morarjee goculdas & co., which is alleged to come to the sum of about rs. 13,500 up to december, 1939 ..... 6. that suit was brought for a declaration among other things that the firm of morai-jee goculdas & co. were entitled to act as managing agents of the sholapur spinning & weaving company, ltd., and to receive the commission and benefits due to them, for an injunction to restrain the judgment-creditors and the officers and ..... reply, that ramdhandas jhajharia and others assigned their right, title and interest in the debentures together with all interest accrued and to accrue: to the persons named in that: paragraph and that notice of the assignment was given to the company on may 28, 1939. this allegation is not denied in the affidavit in rejoinder ..... to a warrant of attachment issued on may 29, 1939, on the right, title and interest of ramdhandas jhajharia in 198 debentures of the face value of rs. 1,000 each and four debentures of the face value of rs. 100 each standing in the name of morarjee goculdas & co., of the sholapur spinning .....

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Oct 15 1940 (PC)

Behari Lal Bhargava Vs. Commissioner of Income-tax

Court : Allahabad

Decided on : Oct-15-1940

Reported in : AIR1941All135

..... of a casual and non-recurring nature, or was by way of addition to the remuneration of an employee. major a.u. john who sold the debentures belonging to himself and his brother is not an auctioneer and the commission which was earned - if it can be said in the circumstances that he ..... in inland revenue v. ballantine (1920-24) 8 tax cas 595, 'additional costs, loss and damage incurred' by a firm of contractors against a railway company was referred to arbitration on 1st march 1916. on 14th january 1921 the arbitrator awarded the firm a certain sum, mainly as damages, together with interest thereon ..... charge can, in their lordships' opinion, only be taxable if they are the produce, or the result, of carrying on the agencies of the oil companies in the year in which they were received by the respondents. but when once it is admitted that they are gums received, not for carrying on ..... in a.u. john v. commissioner of income-tax : air1938all464 a certain mill at agra was put to auction by the debenture-holders. a gentleman named major john held most of the debentures and he was appointed auctioneer by the court. after the sale he moved the court to be allowed to retain a percentage ..... money as compensation for the termination of certain agencies of the burma oil company, and the anglo-persian oil company. their lordships of the privy council held that the amount of compensation so given was not taxable under the income-tax act. at p. 590 their lordships after discarding 'the case law which has .....

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