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Judgment Search Results Home > Cases Phrase: debentures companies act Year: 1949 Page 1 of about 19 results (0.035 seconds)

Dec 19 1949 (PC)

Lala Manmohan Das Vs. United Provinces

Court : Mumbai

Decided on : Dec-19-1949

Reported in : (1950)52BOMLR505

..... said provincial government in accordance with the provisions of section 9 of the act. the appellant lala manmohan das is the holder of the bulk of the said debentures.6. the said debentures were secured by a debenture trust deed, ex. d. 4 dated may 7, 1932, and made between the company of the one part and the central bank of india, ltd. and lala ..... in the said trust deed was invalid under section 9 of the act, the floating charge created by such deed did not fall within the prohibition contained in section 9(2). there was accordingly an effective charge in favour of the debenture holders upon the undertaking of the company, and the debenture holders were accordingly secured creditors.13. on december 20, 1940, the united ..... p.l. jaitly & co. as managing agents of the company, appeared at the hearing, but the united provinces government did not appear.10. on december 20, 1939, mr. justice allsop on the said application held that the said debentures by reason of section 9 of the act created no valid charge and that the debenture holders should rank only as unsecured creditors.11. from ..... a valid charge on the undertaking and assets of the company, or whether the charge upon the undertaking intended to be created in favour of the debenture holders is void by reason of the provisions of section 9, sub-sections (2) and (3), of the indian electricity act, ix of 1910 (hereinafter called the act). these sub-sections are in the following terms : 9 .....

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May 16 1949 (PC)

Kaikhushroo Pirojsha Ghiara Vs. the C.P. Syndicate Ltd.

Court : Mumbai

Decided on : May-16-1949

Reported in : AIR1949Bom134; (1950)52BOMLR189

..... of section 168 of the same act to which reference was made by mr. seervai, in ..... the debentures. in these circumstances the winding up petition did not in any way affect the power of the c.p. syndicate to assign the debentures in favour of the appellant once he paid the first instalment of rs. 2,50,000/-. the provisions of section 227 of the indian companies act and ..... time. that, howerever, is not the position here. although the appellant did file such an affidavit counter-claiming in respect of the debentures which the respondent company undertook to transfer under the consent decree, it was abandoned as untenable, and it was conceded on behalf of the appellant before bhagwati j ..... 000/- as aforesaid the plaintiffs shall assign in favour of the defendant for his absolute use all the debentures issued by the western india oil distributing co, ltd. in favour of the plaintiff-company together with all accrued interest, rights, privileges and benefits thereon, the plaintiff agreeing not to realize any ..... appellant's right to the debentures, even if assigned to him, would be defeated. hence it was urged that in the situation created by the presentation of the petition for winding up the respondent-company, the appellant was protected by section 51 of the indian contract act which lays down that if .....

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Dec 19 1949 (PC)

Manmohan Das Vs. United Provinces and Others

Court : Privy Council

Decided on : Dec-19-1949

..... said provincial government in accordance with the provisions of s. 9 of the act. the appellant lala manmohan das is the holder of the bulk of the said debentures. 6. the said debentures were secured by a debenture trust deed ex. d-4, dated 7th may 1932, and made between the company of the one part and the central bank of india ltd,, and lala ..... in the said trust deed was invalid under s. 9 of the act, the floating charge created by such deed did not fall within the prohibition contained in s. 9 (2). there was accordingly an effective charge in favour of the debenture holders upon the undertaking of the company, and the debenture holders were accordingly secured creditors. 13. on 20th december 1940, the united ..... , constitute a valid charge on the undertaking and assets of the company, or whether the charge upon the undertaking intended to be created in favour of the debenture holders is void by reason of the provisions of s. 9, sub-ss. (2) and (3), electricity act ix [9] of 1910 (hereinafter called the act). these sub-sections are in the following terms : "9. (2 ..... . l. jaitly and co. as managing agents of the company, appeared at the hearing, but the united provinces government did not appear. 10. on 20th december 1939, allsop j. on the said application held that the said debentures by reason of s. 9 of the act created no valid charge and that the debenture holders should rank only as unsecured creditors. 11. from the .....

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Dec 19 1949 (PC)

Govindram Gordhandas Seksaria Vs. the State of Gondal

Court : Mumbai

Decided on : Dec-19-1949

Reported in : (1950)52BOMLR450

..... 25, 1939, a deed was executed whereby the trustees and a third trustee who was then residing in paris transferred the mills to the appellant company free from the right of redemption and all claims under the debenture trust deed. mr. seksaria executed this deed as a confirming party. the recitals to the deed-inaccurately, but no doubt immaterially-stated that mr ..... mills to mr. seksaria. indeed it was on their representation that the assessment of the mills was reduced.16. the result is that section 69 of the indian contract act affords to the appellant company an additional right of recourse against the trustees, since its discharge of the outstanding taxes exonerated the trustees who were primarily liable by virtue of the municipal ..... courts of india for the proposition that 'bound by law' covers obligations of contract or tort. accepting this interpretation, as their lordships do, they hold that the act of payment by the appellant company gave to it a right of action against the maharajah to obtain reimbursement of the sums so paid. thus, as against him, both the plaintiffs in this suit ..... to 'quasi contract.' the phrase itself is no doubt taken from a familiar branch of the english common law, although there is no reason to suppose that the indian contract act was intended to do no more than to reproduce in compendious phrases the precise doctrines of the english law of contract. but the general purport of the section is reasonably .....

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Nov 29 1949 (PC)

Commissioner of Income Tax Vs. Sri M.P. Viswanatha Rao (Died) and anr.

Court : Chennai

Decided on : Nov-29-1949

Reported in : AIR1950Mad393; [1950]18ITR68(Mad)

..... in section 2(6-a), income-tax act. the expression 'dividend' is defined as'including (a) any distribution by a company of accumulated profits, whether capitalised or not, if such distribution entails the release by the company to its shareholders of all or any part of the assets of the company; (b) any distribution by a company of debentures or debenture-stock, to the extent to which ..... the company possesses accumulated profits, whether capitalised or not.'2. it is contended on behalf of the commissioner of income-tax ..... pocket of the shareholder. the money remains where it was in the hands of the company and there has been no release of the assets of the company so far as this sum is concerned. nor could it be said that there was a distribution of debentures because the holder of the deposit receipt would be a mere simple creditor and not a ..... debenture holder.4. for these reasons, we hold that the sum of rs. 5750 represented by the .....

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Dec 19 1949 (PC)

Govindram Gordhandas Seksaria and Another Vs. State of Gondal by His H ...

Court : Privy Council

Decided on : Dec-19-1949

..... march 1939, a deed was executed whereby the trustees and a third trustee who was then residing in paris transferred the mills to the appellant company free from the right of redemption and all claims under the debenture trust deed. mr. seksaria executed this deed as a confirming party. the recitals to the deed- inaccurately, but no doubt immaterially-stated that mr ..... maharajah sold the mills to mr. seksaria. indeed it was on their representation that the assessment of the mill was reduced. 16. the result is that s. 69, contract act, affords to the appellant company an additional right of recourse against the trustees, since its discharge of the outstanding taxes exonerated the trustees who were primarily liable by virtue of the municipal ..... courts of india for the proposition that "bound by law" covers obligations of contract or tort. accepting this interpretation, as their lordships do, they hold that the act of payment by the appellant company gave to it a right of action against the maharajah to obtain reimbursement of the sums so paid. thus, as against him, both the plaintiffs in this suit ..... to "quasi contract." the phrase itself is no doubt taken from a familiar branch of the english common law, although there is no reason to suppose that the indian contract act was intended to do no more than to reproduce in compendious phrases the precise doctrines of the english law of contract. but the general purport of the section is reasonably .....

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May 06 1949 (PC)

Wilsons and Clyde Coal Co. Vs. Scottish Insurance Corporation

Court : House of Lords

Decided on : May-06-1949

..... vires, regular on the face of them, and in conformity with the usual practice as laid down by lord wrenbury in his book on the companies acts, (11th ed.) p. 120. if the objectors can find in the provisions of section 25 or of the regulations anything which should stand ..... lord simonds.[after the narrative quoted supra]the resolution, of which the formal validity is not challenged, having thus been passed, the respondents, as the companies act, 1929, requires, presented a petition to the court of session for confirmation of the reduction, and on 17th february 1948, in spite of opposition ..... the section clearly does not do. it does not purport expressly or impliedly to limit or affect in any way the existing provisions of the companies act, or the well-known practice of the court thereunder, or to lay down any new principles for the court to follow." the regulations contemplated ..... same manner as capital is repayable in a winding-up. counsel referred, as part of his argument, to a passage in buckley on the companies acts, (11th ed.) p. 120, which has appeared in a number of editions of that work, including at least one which lord wrenbury ..... debenture holders, perhaps too even where debenture holders take proceedings to enforce their security, on the ground that by exercising jurisdiction it might prejudice the inchoate rights of some person under section 25 of the coal act. i cannot think it right to accede to a suggestion which would involve so much delay and inconvenience to companies .....

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Mar 24 1949 (PC)

Devkaran Nanjee Banking Co., Ltd. Vs. Commissioner of Excess Profits T ...

Court : Mumbai

Decided on : Mar-24-1949

Reported in : [1950]18ITR47(Bom)

..... the provisions of rule 2 of schedule ii the amount of loan or debentures from a bank carrying on a bona fide banking business or effected by means of a public issue of debentures secured on the property of the company, shall not be deducted in arriving at the amount of the capital employed ..... 'if at any time after the close of the standard period,' and obviously this rule can only apply to those companies which have a standard period. when we turn to the act itself, section 6 deals with standard profits and lays down various standard periods for which profits have got to be assessed ..... given by mr. muzumdar, because the directions given by mr. muzumdar, are only reconcilable with the profits being construed as statutory profits defined in the act. in this case it is not disputed that the profits have accrued at an even rate throughout the accounting period. the only question is whether, having ..... rule 5 of schedule i to the act. schedule i contains rules for the and under rule 2 of that schedule, any borrowed money and debts shall be deducted for the purposes of ..... the devkaran nanjee banking co., ltd., and the questions that arise for our consideration deal with the construction of certain provision of the excess profits tax act (xy of 1940), and the first question that we have to consider is whether the assessee bank is entitled to the benefit conferred upon assessees under .....

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Feb 16 1949 (PC)

Tansukhrai M. Karundia Vs. the Official Liquidator, Andhra Paper Mills ...

Court : Chennai

Decided on : Feb-16-1949

Reported in : (1949)2MLJ66

..... the claim to rank as secured creditor on the ground that the document creating, the security was not registered with the assistant registrar of joint stock companies, cocanada, as required by section 109 of the indian companies act. this order further states that in any event, the amount of rs. 34,000 included in the claim representing payment made on 15th july, 1947 ..... the extent of eleven lakhs. by about 1945 interest on, the same had accumulated to another six lakhs. the company having made default in payment under the terms of the debenture document, the debenture trustees had taken possession, but they were themselves unable to work the concern. they seem to have delivered over the premises again to the mills on certain conditions, which ..... be borrowed for running the concern and at the suggestion of the trustees the company had agreed to execute deeds giving a lien or charge to any person who might be found by the debenture trustees to be willing to advance funds. a resolution to this effect was passed on 10th march, 1947 (ex. p ..... were not fulfilled and the trustees again entered into possession of the debenture premises on the 14th february, 1947. certain proposals would appear to have been made by the trustees to the board of directors as to the terms, upon which moneys could .....

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Feb 16 1949 (PC)

Tansukhrai M. Karundia Vs. the Official Liquidator, Andhra Paper Mills ...

Court : Chennai

Decided on : Feb-16-1949

Reported in : AIR1952Mad595

..... the claim to rank as secured creditor on the ground that the document creating the security was not registered with the assistant registrar of joint stock companies, cocanada, as required by section 109 of the indian companies act. this order further states that in any event, the amount of rs. 34,000 included in the claim representing payment made on 15th july 1947 ..... the extent of eleven lakhs. by about 1945 interest on the same had accumulated to another six lakhs. the company having made default in payment under the terms of the debenture document, the debenture trustees had taken possession, but they were themselves unable to work the concern. they seem to have delivered over the premises again to the mills on certain conditions, which ..... be borrowed for running the concern and at the suggestion of the trustees the company had agreed to execute deeds giving a lien or charge to any person who might be found by the debenture trustees to be willing to advance funds. a resolution to this effect was passed on 10th march 1947 (ex. p ..... were not fulfilled and the trustees again entered into possession of the debenture premises on the 14th february 1947. certain proposals would appear to have been made by the trustees to the board of directors as to the terms upon which moneys could .....

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