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Judgment Search Results Home > Cases Phrase: debentures companies act Year: 1944 Page 1 of about 9 results (0.034 seconds)

Jan 27 1944 (PC)

Commissioner of Income-tax, Bengal. Vs. Chowringhee Properties Ltd.

Court : Kolkata

Decided on : Jan-27-1944

Reported in : [1944]12ITR434(Cal)

..... a loss and taken into account in the assessment.learned counsel, on behalf of the commissioner of income-tax, conceded that, under the provisions of section 127 (1) of the companies act, the purchase by the company of rs. 7,35,000 debentures did not extinguish them but they were kept alive for the purpose of re-issue and at all times the ..... of income-tax, there are two questions raised. the are :-question 1. - whether in the facts and circumstances of the case the debentures have been kept alive for the purpose mentioned in section 127, clause (3), of the indian companies act.question 2. - if the answer to the first question should be in the affirmative, whether interest was due and payable in respect ..... happening of any event enabling enforcement. in those circumstances the deposit by the company of the debentures with the bank was an exercise of the power given to it by section 127 (1) of the companies act and amounted to the re-issue to the bank of the debentures which the company had redeemed but which had been kept alive by virtue of the above section ..... dealt with by section 127(1) of the companies act. it provides, so far as is material, that when a company has redeemed any debentures previously issued it shall have power to keep the debentures alive for the purpose of re-issue and to re-issue the debentures either by re-issuing the same debentures or by issuing other debentures in their place and upon such re-issue .....

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Jan 27 1944 (PC)

Commissioner of Income-tax Vs. Chowringhee Properties Ltd.

Court : Kolkata

Decided on : Jan-27-1944

Reported in : AIR1945Cal53

..... the commissioner of income-tax, there are two questions raised, they are:question 1. -- whether in the facts and circumstances of the case the debentures have been kept alive for the purpose mentioned in section 127, clause (3), companies act. question 2. -- if the answer to the first question should be in the affirmative, whether interest accrued due and payable in respect of ..... as a loss and taken into account in the assessment.5. learned counsel, on behalf of the commissioner of income-tax, conceded that, under the provisions of section 127(1), companies act, the purchase by the company of the rs. 7,35,000 debentures did not extinguish them but they were kept alive for the purpose of re-issue and at all times the ..... the happening of any event enabling enforcement. in those circumstances the deposit by the company of the debentures with the bank was an exercise of the power given to it by section 127(1), companies act, and amounted to the re-issue to the bank of the debentures which the company had redeemed but which had been kept alive by virtue of the above section. the ..... created is dealt with by section 127(1), companies act. it provides, so far as is material, that when a company has redeemed any debentures previously issued it shall have power to keep the debentures alive for the purpose of re-issue and to re-issue the debentures either by reissuing the same debentures or by issuing other debentures in their place and upon such re-issue the .....

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Nov 23 1944 (PC)

Emperor Vs. Laxman Bharmaji

Court : Mumbai

Decided on : Nov-23-1944

Reported in : (1945)47BOMLR660

..... . on a consideration of the nature and conditions of these patron bonds we are clearly of opinion that they are really debentures within the meaning of section 2(1), clause 13(c), of the indian companies act. in section 2(1), clause (4), of the act, a debenture is said to include debenture stock, but nowhere is to be found a legal definition of the word ..... company and becomes a public company liable to fulfil the obligations imposed upon a public company by the act and the rules. one of such obligations, from which ..... 'debenture.' in levy v. abercorris slate and slab co. (1837) 37 ch. d. 260 chitty j. defined a debenture as 'any document which either creates a debt or ..... bonds and to take steps to carry out the terms of the scheme of those bonds. being a private limited company, it cannot issue an invitation to the public to subscribe for any shares or debentures, and according to section 2(1), clause (13)(c), of the indian companies act, if it issues such invitation to the public, it ceases to be a private .....

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Apr 14 1944 (PC)

New Citizen Bank of India Vs. Asian Assurance Co. Ltd.

Court : Mumbai

Decided on : Apr-14-1944

Reported in : AIR1945Bom149; (1944)46BOMLR782

..... failed to comply with the requirements of section 34, sub-section (3), of the indian companies act, which is as follows :it shall not be lawful for the company to register a transfer of shares in or debentures of a company unless a proper instrument of transfer duly stamped and executed by the transferor and the transferee ..... judge it appears that he did not fully appreciate the imperative nature of the words used in section 34(3) of the indian companies act. his attention was drawn to conybear v. british briquetters,ltd. [1937] 4 all e. r. 191. in that case when the applicant desired to ..... omission is contained in the affidavit, which i have summarised above. in my opinion that affidavit does not comply with the requirements of the indian companies-act. the result is that when the petition was filed there was no cause of action.6. when this argument was pressed before the learned trial ..... long cause scale with two counsel.kania, j.4. i agree. this is a petition for rectification of register under section 38 of the indian companies act. in order to establish a right to get an order under that section the petitioners had to establish that the name of a person was ..... which were sent by the petitioners to the respondent bank were not stamped. under section 34 of the indian companies act it is provided that it shall not be lawful for the company to register a transfer of shares unless the proper instrument of transfer duly stamped and executed by the transferor and .....

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Aug 08 1944 (PC)

Haji Tanwir Ahmad Vs. Hafiz Maqbul Ahmad and anr.

Court : Allahabad

Decided on : Aug-08-1944

Reported in : AIR1945All318

..... place, the case relied upon is really not applicable to the case before me. the essential facts of that case were these. one m was the holder of certain debentures issued by the freshwater, yarmouth and newport railway company. his executors, who may be decribed as b h and r recovered judgment under section 27 of an english statute known as the ..... said debentures with all the arrears of interest thereon from the said executors and also took ..... the principal railways in england into certain groups set out in the schedule, one of ' which was the southern group. the act also provided for the absorption into the southern group, when formed, of the freshwater, yarmouth and newport railway company. in due course an absorption scheme was settled by the amalgamation tribunal and that scheme came to have the force of ..... companies clauses act, 1863, in the king's bench division on 9th december 1912, for a certain sum of money, being arrears of interest on those debentures. in 1913, one a purchased the .....

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Feb 16 1944 (PC)

Municipal Council Vs. Kumbakonam Bank Ltd. by Managing Director S. Mah ...

Court : Chennai

Decided on : Feb-16-1944

Reported in : AIR1944Mad449

..... it necessarily follows from a consideration of section 277f, companies act, and the explanation to rule 19 of schedule 4, district municipalities act, that the income exhibited must be the total income from all the company's activities as such. section 277f, companies act, defines a banking company in these words:a 'banking company' means a company which carries on as its principal business the accepting ..... must be strictly construed and there is no difficulty in finding on the unambiguous wording of this rule that the power of revision does not extend to a company. therefore, the proceedings of the municipal council in amending the assessment books and enhancing the tax were beyond their powers and the plaintiff bank was entitled to ..... stock, bonds, obligations, securities and investments of all kinds;....(17) doing all such other things as are incidental or conducive to the promotion or advancement of the business of the company.under these two sub-clauses the investment of the bank's moneys in securities ..... of deposits of money on current account or otherwise, subject to withdrawal by cheque, draft or order notwithstanding that it engages in addition in any one or more of the following forms of business, namely:..the acquiring, holding,... of stock, funds, shares, debentures .....

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Nov 13 1944 (PC)

Shiromani Sugar Mills, Ltd., in Liquidation, (Through J.C. Mukerji and ...

Court : Allahabad

Decided on : Nov-13-1944

Reported in : AIR1945All354

..... exception to this principle of pari passu distribution, the preferential payments provisions are introduced by section 230 of the indian act, following section 264, companies act, 1929, and section 209, companies (consolidation) act, 1908. it is clear from sub-section (1) of section 230, indian companies act, which groups together revenue, taxes, cesses, rates, wages and salaries of clerks and servants, wages of labourers ..... to the said collector. provided nevertheless that this injunction shall be without prejudice to such application, if any, as the respondents may be advised to make under section 171, companies act, 1913, for leave to proceed with such recovery.17. the respondents must pay the petitioners the official liquidators of the shiromani sugar mills, ltd., in liquidation their costs ..... difficult question the best consideration of which we are capable, we have therefore formed the view, first, that the expression 'suit or other legal proceeding' in section 171, companies act, ought not to be given an artificially narrow construction by confining it to proceedings of the technical nature of a 'suit' and secondly that, with reference to the ..... however, actually made by the income-tax officer until 25th february 1943, by which time an order for the compulsory winding up of the company had been made on the petition of a debenture holder. the date of the presentation of the petition for winding up was 26th november 1941. on 7th december 1941 a provisional liquidator had been .....

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Nov 18 1944 (PC)

Shiromani Sugar Mills Ltd. (In Liquidation) Vs. Governor-general in Co ...

Court : Allahabad

Decided on : Nov-18-1944

Reported in : [1945]13ITR480(All)

..... this injunction shall be without prejudice to such application, if any, as the respondents may be advised to make under section 171 of the indian companies act, 1913, for leave to proceed with such recovery.the respondents must pay the petitioners, the official liquidators of the shiromani sugar mills ltd., in ..... we are capable, we have, therefore, formed the view, first, that the expression 'suit or other legal proceeding' in section 171 of the indian companies act ought not to be given an artificially narrow construction by confining it to proceedings of the technical nature of a 'suit'; and, secondly, that, ..... to prerogatives of the crown, in the matter of preferential payment in any competition with the subject, to the general statutory scheme introduced by the companies act for the distribution of assets in a winding-up. to carry this to its logical conclusion, it is, we think, a necessary implication ..... in force.'we do not purpose to embark on the entertaining question whether the jurisdiction exercised by the high court in winding-up under the indian companies act, 1913, is 'original' jurisdiction within the meaning of this section, because we think that this demurrer can be better disposed of on other ..... by the income-tax office until 25th february, 1943, by which time an order for the compulsory winding-up of the company had been made on the petition of a debenture holder. the date of the presentation of the petition for winding-up was 26th november, 1941. on 7th april, 1942, .....

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Mar 27 1944 (PC)

Premier Construction Co. Vs. Commissioner of Income-tax

Court : Mumbai

Decided on : Mar-27-1944

Reported in : (1945)47BOMLR778

..... full benefit of their technical and financial knowledge and experience. the nett profits were to be ascertained after payment of all expenses of the company and after providing for interest on debentures but before making any provisions for depreciation and in case of dispute as to these amounts, the certificate of the auditors was to be final and binding. it was held ..... the act?2. the relevant material facts are these : the assessees, a limited company, are the managing agents of messrs. marsland, price & co., ltd. (referred to as the principal company in the reference). the assessees were appointed managing agents under a contract. clause 2 of that contract is as follows ..... of this case that portion of the income received by the assessee from the principal company of marsland price & co., ltd., which is proportionate to the agricultural income earned by the principal company is agricultural income, within the meaning of section 2(1) of the indian income-tax act, 1922, and exempt from assessment under the provisions of section 4(3)(viii) of ..... income from this source, i.e. the part that is attributable to the manufacture from the cane grown on the company's farms is exempted from income-tax, under section a(3)(viii) of the act as agricultural income within the meaning of section 2(1).4. the assessees contend that as under their managing agency agreement they are entitled to a .....

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