Court : Allahabad
Decided on : Mar-13-1961
Reported in : AIR1962All101; 32CompCas925(All)
..... not so far as this particular point was concerned.15. learned counsel for the appellant also relics on proviso (iv) to section 109 (1) of the companies act (1913) which states that 'the holding of debentures entitling the holder to a charge on immovable property shall not be deemed to be an interest in immovable property.' this argument seems to ignore the width ..... description of the property charged is quite enough.6. in the present case it is the admitted case of the parties that the third series of debentures were re-'gistered as required by sections 109 and 110 of the companies act (act vii of 1913). on behalf of the appellants it is argued that a floating charge is a statutory charge under the ..... nor was any registration effected in theoffice of the sub-registrar as required under the indian registration act. the company, however, registered with the registrar, joint stock companies, the particulars of this series of debentures on the 18th of april, 1952, under section 109 of the indian companies act. in view of this situation the liquidator moved an application in the high court before the ..... behalf of the appellants learned counsel advanced two arguments before us. the first argument was that the third series of debentures, having been registered under section 109 of the indian companies act 1913, were not required to be further registered under the indian registration act. the second argument advanced by him was that, in any case, the declaration prayed for should not have .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Mar-14-1961
Reported in : 47ITR101(AP)
..... the corporation and held that it was not a company within the meaning of the indian companies act nor does it come within the purview of section 2(5) of the indian companies act, but since it is an independent body carrying on the business of road transport and had the power to issue shares and debentures to the public if it needs further funds for ..... profits are computed by the assessee. the learned solicitor-general has given an apt illustration of this principle by reference to the provisions of the indian companies act applicable to private limited companies. in the income-tax act, under section 23a, the income-tax officer has the power to pass an order to pass an order deeming entire profits whether declared, and, on that ..... basis, assess the private limited company to income-tax. it is of no avail to say that the companies act or the memorandum or the articles of association of the company has provided for specific deductions in respect of depreciation, buildings, reserve fund and other expenditure which was permissible under ..... the act or the constitution of the company. it may be a sound policy to build up reserves or to pay to .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Aug-30-1961
Reported in : 47ITR139(AP)
..... of the said agreement and in consideration of the promises and in consideration of the negotiating for procuring the subscription of the said debentures the company hereby agree to pay to the said motishaw commission at the rate and on the basis of four annas on the sale of every ..... at any time. the question was whether the 5 per cent. interest paid to b on these debentures by the company could be deducted from its income under section 12(2) of the income-tax act. it was pointed out by the supreme court that :'... the transaction was voluntarily entered into in ..... the working capital of the company. in issuing the debentures the company incurred rs. 12,924 by way of expenses towards purchase of stamp paper for the trust deed, underwriting commission and registration and lawyers fees. the question was under section 10(2) (xv) of the income-tax act as a deduction. the ..... to raise the loan was a capital expenditure and was not therefore deductible under section 10(2) (xv). it was further held that :'the raising of money by debentures or mortgage ..... learned judges held that the expenditure of rs. 12,924 incurred by the company .....Tag this Judgment!
Court : Chennai
Decided on : Nov-16-1961
Reported in : (1962)2MLJ280
..... -tax : 32itr377(patna) . in that case, the assessee acquired certain shares in a company which he treated as an investment and the income therefrom was assessable under section 12 (1) of the act. he made a contribution to the trustee for debenture holders in the company for expenses of litigation. the litigation was against the state government who revoked their earlier undertaking ..... to purchase the company as a going concern and sought for its winding-up. in basing his claim for ..... allowance under section 12(2) of the act, the assessee contended that the contribution was ..... for purposes of safeguarding his interest in the shares of the company which was being forced into liquidation. but the department and the tribunal disallowed the expenditure on the ground that as the .....Tag this Judgment!
Court : Chennai
Decided on : Nov-16-1961
Reported in : 46ITR511(Mad)
..... v. commissioner of income-tax. in that case, the assessee acquired certain shares in a company which he treated as an in vestment and the income therefrom was assessable under section 12(1) of the act. he made a contribution to the trustee for debenture holders in the company for expenses of litigation. the litigation was against the state government who revoked their earlier ..... undertaking to purchase the company as a going concern and sought for its winding up. in basing his claim for ..... allowance under section 12(2) of the act, the assessee contended that the contribution was for ..... purposes of safeguarding his interest in the shares of the company which was being forced into liquidation. but the department and the tribunal disallowed the expenditure on the ground that, as the .....Tag this Judgment!
Court : Kolkata
Decided on : Apr-17-1961
Reported in : AIR1962Cal115,65CWN856
..... 562 at p. 568: air 1951 nag 255. it is true that the balance-sheets were required to be made both by the indian companies act, 1913 as also by the articles of association of the defendant company. there, was a compulsion upon the managing agents to prepare the documents but there was no compulsion upon them to make any particular admission. they ..... to the other debenture holders, see (1928) ch. 836. under lord tentenden's act 1828 as also under the limitation act 1939 (c. 21) the acknowledgment must be made to the creditor ..... or his agent and if the balance-sheet is sent to a shareholder who is also a creditor the requirements of those acts were satisfied, see ..... civil procedure act 1833 did not require that the acknowledgment should be given to the claiming creditor and consequently a balance-sheet containing an admission of indebtedness to the debenture holders was a sufficient acknowledgment of liability in respect of the debentures under that section, though it was sent only to the debenture holders who happened to be the shareholders of the company and not .....Tag this Judgment!
Court : Orissa
Decided on : Nov-20-1961
Reported in : AIR1962Ori202
..... and it was provided that the shares held by a group of shareholders were to be surrendered in exchange at par for debentures to be created and issued by the company; the company, in pursuance of that agreement, obtained a private act whereby the agreement was 'validated, ratified and confirmed, subject to the same being adopted by a resolution passed by 76 per ..... notice should state its general nature; four years later, when, the shareholders by their acts and conduct adopted and acquiesced in the agreement, the company and two shareholders, suing on behalf of all, brought an action to set aside the trust deed creating the debentures and the debentures issued thereunder. it was in this context, that the privy council declared the resolution ..... vires the company and incapable of being made valid even by acquiescence on the part ..... ineffective, and that the said agreement and the acts done in pursuance of it were consequently ultra .....Tag this Judgment!
Court : Kerala
Decided on : Jan-19-1961
Reported in : 43ITR114(Ker)
..... the present agreement shall affect any provision of the law of india imposing duty on shares in or debentures of a company incorporated outside india which carries on business in india and which has been treated for the purposes of the indian income-tax act, 1922(xi of 1922), as resident in india for two out of the three completed assessment immediately preceding ..... present agreement be considered to confer a right to a credit against duty so imposed for any duty imposed in great britain on any such shares or debentures.'section 76 of the estate duty act, 1953, provides :'if a person accountable under section 53 pays any part of the estate duty in respect of any property not passing to him, it shall ..... . the question referred is :'whether, on the facts and in the circumstances of the case, the estate duty paid by the company under section 84 of the estate duty act is a revenue expenditure deductible in computing the assessees business income for the assessment years in question ?'the assessment years concerned are 1955-56 and 1956-57. the estate duty ..... , within three months of the receipt of intimation of the death of a member dying after the commencement of this act, furnish to the controller such particulars as may be prescribed in respect of the shares of the deceased member in the company, and shall be liable to pay estate duty at the rates mentioned in part iii of the second schedule .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Dec-22-1961
Reported in : AIR1962SC1192; 1962(0)BLJR466; 32CompCas149(SC); Supp2SCR402
..... made by the learned judge for action to be taken under s. 153 of the indian companies act. mr. g. c. banerjee, who was appointed chairman to hold the meeting of the creditors held separate meetings of the debenture-holders, secured creditors and of the unsecured creditors. in his report he stated as regard the ..... . the provisions of s. 68 were similar to those of s. 80 of the indian companies act, 1913, and thereunder a company which is a member of another company may, act as its representative at any meeting of that other company. the presence of such a representative was taken in the above case to amount to personal ..... to attend the meeting on their behalf and to vote there on their behalf made arjun prasad's voting. section 153(2) of the indian companies act is in these words :- 'if a majority in number representing three-fourths in value of the creditors or class of creditors, or members or ..... manner at a meeting of the creditors will amount to attendance of the creditor company 'in person'. for, the present case is governed by the provisions of the indian companies act, 1913 and not by this new provision. 11. when the companies act was amended in 1936, an addition was made in s. 246 which empowers ..... exercise the same rights and powers (including the right to vote by proxy) on behalf of the company, (s. 187(1)(b) and 2). no such provision however is to be found in the indian companies act, 1913. it is unnecessary for us to consider whether under this new provision the attendance of a .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Apr-25-1961
Reported in : AIR1961SC1669; 31CompCas387(SC); 2SCR339
..... and arbitrary dealing. 28. the respondents renewed their requests for registration, but they were again declined, and appeals were filed before the central government under s. 111(3) of the companies act, 1956, which had come into force from april 1, 1956. these appeals were heard by mr. k. r. p. aiyengar, joint secretary, ministry of finance, who dismissed them, holding that ..... refused to register the transfer of shares when they have been invested with absolute discretion to refuse registration, that the exercise of the power was bona fide. when the new companies act was enacted, it was well settled that the discretionary power conferred by the articles of association to refuse to register would be presumed to be properly exercised and it was ..... of shares, without assigning any reasons, or in their absolute and uncontrolled discretion, is often found in the articles of association, and exercising jurisdiction under s. 38 of the indian companies act, 1913, the court may not draw unfavourable inferences from the refusal to disclose reasons in support of their resolution. the power given to the court under s. 38 is now ..... . 111 of the indian companies act, 1956 - omitting parts not material - provided : (1) nothing in sections 108, 109 and 110 shall prejudice any power of the company under its articles to refuse to register the transfer of, or the transmission by operation of law of the right to, any shares or interest of a member in, or debentures of, the company. (2) if, in pursuance .....Tag this Judgment!