Court : Punjab and Haryana
Decided on : Dec-24-1959
Reported in : AIR1960P& H455; 30CompCas192(P& H)
..... the relevant articles of the articles of association of the company are reproduced below: 'article 2. the company is a 'private company' within the meaning of section 2(1)(13) of the indian companies act, 1913, and accordingly (1) no invitation shall be issued to the public to subscribe for any share, debentures or debenture stock of the company (2) the number of the members of the ..... company (exclusive of persons in the employment of the company) shall be limited to fifty, provided that for the purposes of ..... companies act, 1913 defines 'private company' as under ':-- 'private company' means a company which by its articles- (a) restricts the right to transfer its shares, if any; and (b) limits the number of its members to fifty not including persons who are in the employment of the company; and (c) prohibits any invitation to the public to subscribe for the shares, if any, or debentures of the company ..... to an impingement on the owner's right to dispose of his shares beyond permissive inhibition. (25) i find nothing in the articles of association or in the indian companies act prohibiting a transfer of shares to a joint-holder in his individual capacity. joint-holders as such are not a distinct legal entity apart from the individual owners who .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Jul-29-1959
Reported in : AIR1960AP123; 30CompCas437(AP)
..... came and the company had to be wound, up. after satisfying the debentures, there was not sufficient money to pay the ordinary creditors. in the ..... carry on business in the name of the company with limited liability contrary to the trade intent of the companies act of 1862 and to get preference over other creditors of the company by procuring a first charge on the assets by means of such debentures and that the creditors were unaffected by ..... to his wife and children one each.in part payment of the purchase money, debentures forming floating security were issued to saloman and these shares gave him the power of voting and all the requirements of the companies act were observed. the business was conducted for a while. then, bad times ..... validity of the certificate, even assuming that the conditions of registration were not fulfilled.32. the same concept underlies section 35 of the indian companies act. this section gives legislative recognition to the dicta of the judicial committee in ilr 40 cal 1 extending the conclusiveness of the certificate to ..... other arrange in eats.on appeal, the house of lords reversed that judgment. the learned law lords could not subscribe to the rule stated by the court of appeal 'that the act .....Tag this Judgment!
Court : Mumbai
Decided on : Feb-02-1959
Reported in : (1959)61BOMLR1045
..... consture the language used by the legislature keeping in view the historical background. in this connnection, i would point out that in the indian companies act of 1913 as originally enated there was no prohibition against transfer of an office by a director. it was for the first time that ..... the articles of association is not disputed. it is however, contended by the plaintiff that subsequent to the comint into force of the indian companies act, 1956, the assignement of the office of managing director is prohibited, and that consequently the assignment made by dadoba of that office which alleged ..... assignment of office of a managing director. section 312 is one of a group of three sections headed miscellaneous provisions. chapter ii of the companies act deals with directors. learned counsel for the self appellants has drawn our attention to certain sections where the legislature has referred to a director ..... concerned power is given to the government in certain circumstances and in the case of certain companies to appoint directors. it is not every appointment that is covered ..... banking company and finance corporations making loans to companies to acquire a right to appoint a representative on the board of directors to see to the proper utilisation of the funds for the purpose for which they are lent. debenture holders are often given such a right so far as the act is .....Tag this Judgment!
Court : Chennai
Decided on : Nov-11-1959
Reported in : (1960)1MLJ230
..... at the general meeting, binds the company and its members. the shareholders have to act in accordance with the provisions of the companies act as also the memorandum and articles of the company, in so far as the provisions therein are not inconsistent with the act. it must be remembered that a shareholder is not a creditor of the company nor a debenture-holder thereof. his rights can ..... only be exercised in accordance with the act. there may be occasions where the ..... majority acts in a manner oppressive to the rights of the minority shareholders or of any ..... particular shareholder. in such cases the act had made provision for protecting the rights of the .....Tag this Judgment!
Court : Mumbai
Decided on : Dec-16-1959
Reported in : (1960)62BOMLR439
..... displaced person of any property from the compensation pool, by transfer of shares or debentures in any company or corporation or in such other form as may be prescribed. consistent with the provisions of section 8 of the act, the legislature, while framing these rules, has given power under rule 57 ..... the case before us would, on the other hand, falls under the provisions of section 8(c) of the displaced persons (compensation and rehabilitation) act, 1954, where it is expressly provided that compensation payable to a displaced person can be adjusted against the price of property purchased by a displaced ..... was only is respect of the loss of agricultural lands. it may be remembered that section 8 of the displaced persons (compensation and rehabilitation) act of 1954 provides various forms and manners of payment of compensation, such as in cash, in government bonds, by sale to a displaced person ..... the conclusion that the words 'any rural building' should be construed as including 'rural buildings'. they relied upon the provisions of the general clauses act under which) a singular includes the plural. with respect, we agree with the construction put upon rule 65 (1) by the division bench of ..... partition of the country he migrated to india leaving behind him immovable properties consisting of houses, shops & agricultural lands. under the displaced persons (claims) act no. xliv of 1950 the petitioner preferred his claim. in that claim he valued the houses and shops at rs. 67,000. so far as .....Tag this Judgment!
Court : Kolkata
Decided on : Mar-02-1959
Reported in : AIR1959Cal464,63CWN467
..... proceeding under section 120 of the indian companies act these decisions in my opinion have no application. on the question whether order dated the 4th april, 1949 is void or voidable the learned counsel ..... upon the view taken by the learned trial judge to the effect that unsecured creditors require protection in a proceeding under section 120 of the indian companies act of 1913 the decisions relied upon by him undoubtedly apply; but as i have held that unsecured creditors are not entitled to protection in a ..... this argument. the buckley formula (as it has been characterised by mr. choudhury) was evolved out of the language of section 15 of the english companies act of 1900 and the interpretation of that formula cannot be dissociated from the language of the section upon which it was based and in dealing with that ..... property covered by the debentures'.in view of this decision of the court of appeal buckley j. in the same year held in the case of re cardiff workmen's cottage co. ltd. (1906) 2 ch. 627 that in granting extension of time under section 15. of the english companies act of 1900 (corresponding ..... to extend the time under that section for registration of a mortgage or charge in a case which comes under section 109-a of the indian companies act of 1913, and if the answer to the second question be in the negative, the third question is whether an order of extension actually made .....Tag this Judgment!
Court : Chennai
Decided on : Mar-20-1959
Reported in : AIR1959Mad538
..... to which we shall refer though it is not a direct decision on the construction of the language of the corresponding provision of the english companies act.in re, connolly bros. ltd., wood v. the company, 1912-2 ch. 25, the fads were these: a company issued debentures creating a floating charge upon their undertaking and all their properties one of the conditions of the ..... registration the particulars of every charge created by the company, and of every issue of debentures of a series, requiring registration under this part; but registration of any such charge may also be effected on the application of any person interested therein."section 125 of the present act corresponds to section 109 of the indian companies act, 1913, ss. 127 and 134(1) of the ..... present act correspond to sections 109-a and 116(1) of ..... have been added as parties and their counsel were heard.3. subrahamanyam j., dismissed the application of the appellant. hence this appeal.4. the following are the provisions of the companies act, 1956 in so far as they are material to the purpose of this appeal."section 124: "charge" to include mortgage in this part -- in this part, the expression "charge" includes .....Tag this Judgment!
Court : Chennai
Decided on : Mar-20-1959
Reported in : (1959)2MLJ294
..... we shall refer though it is not a direct decision on the construction of the language of the corresponding provision of the english companies act. in re connolly brothers ltd. wood v. the company l.r. (1912) 2 ch. 25 the facts were these : a company issued debentures creating a floating charge upon their undertaking and all their properties one of the conditions of the ..... the particulars of every charge created by the company, and of every issue of debentures of a series, requiring registration under this part ; but registration of any such charge may also be effected on the application of any person interested therein.5. section 125 of the present act corresponds to section 109 of the indian companies act, 1913. sections 127 and 134(1) of the ..... present act correspond to sections 109-a and 116(1 ..... have been added as parties and their counsel were heard.3. subrahmanyam, j., dismissed the application of the appellant. hence this appeal.4. the following are the provisions of the companies act, 1956, in so far as they are material to the purpose of this appeal.section 124.--' charge ' to include mortgage in this part--in this part, the expression ' charge ' includes .....Tag this Judgment!
Court : US Supreme Court
Decided on : Mar-23-1959
..... the sec into this traditionally state regulatory domain. page 359 u. s. 100 admittedly, the variable annuity was not in the picture when the securities and investment company acts were passed. it is a new development combining both substantial insurance and securities features in an experiment designed to accommodate annuity insurance coverage to contingencies of the present ..... regulation of the business of insurance exclusively to the states. [ footnote 3/6 ] it is asserted that state regulation, as it existed when the securities and investment company acts were passed, page 359 u. s. 101 was inadequate to protect annuitants against the risks inherent in the variable annuity, and that therefore such contracts should be ..... specifically to deal with the contracts in question) can be examined to see the sort of regulation that congress was deferring to in the acts. [ footnote 2/6 ] ". . . any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral trust certificate, pre-organization certificate or subscription, transferable ..... capital structure of investment companies, 18; their dividend policies, 19; their loans, 21. [ footnote 3 ] 3(a)(8). [ footnote 4 ] 3(c)(3) and 2(a)(17). [ footnote 5 ] section 2(1) provides: "when used in this title, unless the context otherwise requires-" "(1) the term 'security' means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Aug-04-1959
Reported in : AIR1959SC1352; (1959)61BOMLR1602; 37ITR381(SC); 1SCR527
..... agency agreement should accept as remuneration for the remaining term of their managing agency ten per cent. of the net annual profits of the company as defined in section 87c, sub-section (3) of the indian companies act in lieu of the higher remuneration to which they are now entitled under the provisions of the existing managing agency agreement be and the same ..... the amount of such excess over rupees one lakh up to a limit of rupees twenty-four thousand. (c) in case such net profits of the company after providing for interest on loans, advances and debentures (if any) working expenses, depreciation, repairs and outgoings and after also deducting therefrom the commission provided for by sub-clause (a) shall during any year exceed ..... account of any sum which may be set aside in each year out of profits as reserve fund. (b) in case such net profits of the company after providing for interest on loans, advances and debentures (if any), working expenses, depreciation, repairs and outgoings and after deduction therefrom of the commission provided for by sub-clause (a) shall during any year exceed ..... following remuneration, that is to say : (a) a commission during every year at the rate of twenty per cent. on the net profits of the said company after providing for interest on loans, advances and debentures (if any) working expenses, repairs outgoings and depreciation but without any deduction being made for income-tax and super-tax and for expenditure on capital account .....Tag this Judgment!