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Judgment Search Results Home > Cases Phrase: debentures companies act Year: 1965 Page 1 of about 34 results (0.042 seconds)

Jan 27 1965 (HC)

Shri Kishan Rathi Vs. Mondal Brothers and Co. (Private) Ltd. and anr.

Court : Kolkata

Decided on : Jan-27-1965

Reported in : [1967]37CompCas256(Cal),70CWN164

..... court drew the conclusion that the articles and memorandum of this company authorising the directors to borrow money were bad and repugnant and that ..... two sections 9 and 292 of the companies act, the full bench of the small cause ..... 292 of the companies act which mentions ' certain powers to be exercised by the board only at its meeting ' and that such act can only be done by means of a resolution passed at the meeting of the board and that included the power to borrow money otherwise than by a debenture.7. from these ..... first error of the full bench of the small cause court was, therefore, to hold that these articles are repugnant to section 292(1) of the companies act. if the articles had stated that the board of directors could exercise that power to borrow money without a resolution at a meeting of the board, then ..... of resolutions passed at meetings of the board :-- ......(e) the power to make loans.'13. reading section 292(1) of the companies act and articles 61 and 62 of the defendant company, it will be quite clear that they are not inconsistent. the articles do not say anything about the procedure by which the .....

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Jan 27 1965 (HC)

Sri Kishan Rathi Vs. Mondal Bros. and Co. (P) Ltd. and anr.

Court : Kolkata

Decided on : Jan-27-1965

Reported in : AIR1967Cal75

..... court drew the conclusion that the articles and memorandum of this company authorising the directors to borrow money were bad and repugnant and that ..... sections 9 and 292 of the companies act the full bench of the small causes ..... section 292 of the companies act which mentions 'certain powers to be exercised by board only at its meeting' and that such act can only be done by means of a resolution passed at the meeting of the board and that included the power to borrow money otherwise than by a debenture.6. from these two ..... exchange. .....' 11. these articles in my view, are in no way in conflict with or repugnant to section 292(1) of the companies act. section 292(1) of the companies act deals with certain powers to be exercised by the board only at a meeting and lays down inter alia :'the board of directors of accompanyshall ..... first error of the full bench of the small causes court was, therefore, to hold that these articles are repugnant to section 292(1) of the companies act. if the articles had stated that the board of directors could exercise that power to borrow money without a resolution at a meeting of the board, .....

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Dec 08 1965 (SC)

India Cements Ltd. Vs. Commissioner of Income-tax, Madras

Court : Supreme Court of India

Decided on : Dec-08-1965

Reported in : AIR1966SC1053; [1966]60ITR52(SC); [1966]2SCR944

..... english cases must be appreciated in the light of the background of the english income tax act. in this case a mortgage company had raised money be the issue of debentures and debenture stock and incurred expenses for the issue of mortgage and raising of such debentures and debenture stock. the company claimed to deduct these expenses but the high court held that the expenses could not ..... be deducted under schedule d of the english income tax act as trading expenses. mathew j. gave the following reasons for disallowing the claim : 'the amount paid in order to raise ..... income-tax this court held that the eastern investments ltd., an investment company, when it borrowed money on debentures, the interest paid by it was incurred solely for the purpose of making or earning such income, profits or gains within the purview of section 12(2) of the indian income-tax act. it held on a review of the facts that the transaction ..... the money on debentures, comes off the amount advanced upon the debentures, and, therefore, is so much paid for the cost of getting it, but there cannot be one law for a company having sufficient money to carry .....

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Jan 11 1965 (HC)

S.F. Engineer and ors. (a Firm) Vs. Commissioner of Income-tax, Bombay ...

Court : Mumbai

Decided on : Jan-11-1965

Reported in : (1965)67BOMLR394; [1965]57ITR455(Bom)

..... as a capital receipt and took the view that the manner in which the money had been raised by the raised by the company, viz., by issuing mortgages debentures showed that it was not raising money as by way of temporary or day to day accommodation as an ordinary incident in carrying ..... trade and business - is not to be treated under the joint stock companies act as 'capital'. there is nothing to show that word should bear a different meaning in the income-tax acts when applied to the proceedings of joint stock companies. the interest, is, in truth, money paid for the use or ..... allowed on the ground that it is an expenditure of a revenue nature. thus in texas land and mortgage company v. holtham, the assessee-company increased its capital by raising money on debentures and claimed the commission paid to the brokers and the other expenses incurred in raising the money as deductible revenue ..... business expenditure and allowable under section 10(2)(xv) of the indian income-tax act as a deduction. on the facts of the case, the court held that the raising of money by debentures or mortgages by the company could not be regarded as an ordinary incident in carrying on the business, or ..... the nature of capital expenditure. 24. in annapurna cotton mills ltd. v. commissioner of income-tax, the assessee-company by a debenture trust deed raised a loan of rs. 10 lakhs, the debentures being redeemable in 10 annual installments. the loan was secured by the mortgage of movable and immovable properties of the .....

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Apr 07 1965 (HC)

The State of Andhra Pradesh Represented by the District Collector, Gun ...

Court : Andhra Pradesh

Decided on : Apr-07-1965

Reported in : AIR1966AP233; [1966]36CompCas950(AP)

..... their security takes precedence over the claim of the debenture holders. that right was claimed both under the state aid to industries act as well as under common law.the government also pleaded they were not aware ..... the government advanced rs. 1,30,000 under the state aid to industries act and became a secured creditor taking precedence over the floating charge, if any, in favour of the debenture holders. thus, the government contended that the land, buildings, plant and machinery and all other assets of the company were mortgaged to them for the discharge of their debt, and that ..... varu filed a petition under sections 229 and 233 of the act and under sections 67 to 104 of the transfer of property act requesting the court to decide the question of priority between the first mortgagees viz. the debenture holders of the guntur vegetable oil industries ltd., under liquidation (hereinafter called the company) and me government. the case of the petitioner is that ..... of the various provisions of the debenture trust deed. by an additional counter, it was contended by the government that no part of the machinery of the company including the boiler and tanks were permanently attached to the .....

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May 14 1965 (HC)

Seth Ram Gopal Mohta (Deceased) Through Surajrattan Mohta Vs. Commissi ...

Court : Punjab and Haryana

Decided on : May-14-1965

Reported in : [1966]61ITR303(P& H)

..... 66(1) of the indian income-tax act, 1922 (to be referred to as the act), made by the appellate tribunal of the following question :'whether, in the circumstances of the case, expenditure in excess of income (i.e., negative income) could be allowed under section 8 ?'on 23rd may, 1949, the assessee purchased debentures of a company, called messrs. malwa vanaspati and chemical ..... ltd., indore, for a sum of rs. 7,00,000. the price of the debentures ..... in respect of the interest receivable by him on any security of the central government or of a state government, or on debentures or other securities for money issued by or on behalf of a local authority or a company :provided that no income-tax shall be payable under this section by the assessee in respect of any reasonable sum expended by ..... accepted by the appellate tribunal. in this connection the importance of the provision contained in the proviso relating to sums expended for purposes of realising interest on the securities or debentures must be considered. the use of the word 'such' before 'interest' necessarily refers to the interest receivable on the securities. therefore, only a reasonable sum expended for the purposes of .....

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Feb 05 1965 (HC)

Shree Gopal Paper Mills Ltd. Vs. Commissioner of Income-tax, Central

Court : Kolkata

Decided on : Feb-05-1965

Reported in : AIR1967Cal560

..... in the case of nanalal zaveri v. bombay life assurance co., : [1950]1scr391 , in connection with the interpretation of section 105c of the indian companies act. there is however, no clear expression of opinion.34. in my opinion on a reference to the authorities it seems to me that on the whole ..... re-allotment or the re-issue of issued shares is an allotment of shares within the meaning of sub-section (1) of section 75 of the companies act, 1956. there, bachawat j. observed inter alia that the allotment of shares precedes all issues. allotment of share means appropriation of unissued shares to a ..... or stage to another to appreciate the meaning of the word 'issue' which ordinarily means 'sending out' 'putting out'.23. section 30 of the companies act furnishes the modus operandi or mechanism for the transformation and ultimately the completion of the transit.24. clause (1) of section 30 states that a subscriber ..... in the very nature of debenture). the decision in clarke's case ..... is a case on the stamp act and that it is based on a particular section of the finance act of a particular year. the decision in mowatt's case (1886) 34 ch d 58, is a case of debenture and not of shares (debenture-holders are strangers to the company and there must have been delivery .....

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Oct 26 1965 (SC)

The Commissioner of Income-tax (Central), Calcutta Vs. Standard Vacuum ...

Court : Supreme Court of India

Decided on : Oct-26-1965

Reported in : AIR1966SC1393; (1966)1CompLJ187(SC); [1966]59ITR685(SC); [1966]2SCR367

..... assets transferred. where the value of assets transferred exceeds the par value, the difference may appropriately be regarded as 'premium' according to the nomenclature used in india. 11. under the companies act, 1913, shares could be issued for cash or against transfer of property, and it is not claimed that under the statute law in the state of delaware a different rule ..... their mind to this aspect of the matter. the balance sheet drawn up by the assessee as showing the profits was prepared in accordance with the provisions of the indian companies act. these provisions also support the conclusion as to what is the true nature of a reserve shown in a balance sheet.' 26. the court was dealing in that case ..... . 28. we are in this case dealing with a foreign company and the system of accounting followed by the company is different in important respects from the system which obtains in india. companies in india maintain diverse types of reserves : some may be specific reserves, such as capital reserve, reserve for redemption of debentures, reserve for replacement of plant and machinery, reserve for buying ..... new plant to be added to the existing ones, reserve for bad and doubtful debts, reserve for payment of dividend, and general reserve. depreciation reserve within the limit prescribed by the income-tax act or the rules thereunder is the only reserve which .....

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Feb 05 1965 (HC)

Shree Gopal Paper Mills Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Decided on : Feb-05-1965

Reported in : [1967]37CompCas240(Cal),[1967]64ITR233(Cal)

..... the question as to whether the re-issue of forfeited shares is ' allotment ' within the meaning of section 75(1) of the companies act, 1956, corresponding to section 104(1) of the companies act of 1913, sarkar j., delivering the judgment on behalf of the supreme court, held in the case of sri gopal jalan & co ..... of share of the increased share capital.36. the word ' issue ' has again been used in section 105c, which was introduced in the indian companies act, 1913, in order that the increase of share capital may not be a device to increase the voting powers of thedirectors, for, under regulation 46, ..... to another to appreciate the meaning of the word '' issue ', which ordinarily means ' sending out ' or ' putting out'.18. section 30 of the companies act furnishes the modus operandi or mechanism for the transformation and ultimately the completion of the transit.19. clause (1) of section 30 states that a subscriber ..... delivery in the very nature of debenture). the decision in clarke's case ..... a case on the stamp act and that it is based on a particular section of the finance act of a particular year. the decision in mowatt's case, (1886) 34 ch. d. 58 is a case of debenture and not of shares (debentureholders were strangers to the company and there must have been .....

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Apr 01 1965 (HC)

Mrs. Gajarabai M. Patny and ors. Vs. Patny Transport (Private) Ltd., S ...

Court : Andhra Pradesh

Decided on : Apr-01-1965

Reported in : AIR1966AP226

..... whatever settlement the court considers just and equitable to remove the main allegations of oppression, which discretion is un fettered. this principle is embodied in section 210 of the english companies act.5. as i have found, the three directors in this case, two of whom due to their private disputes with the petitioners, have brought a spirit of vindictiveness into the ..... end or preventing the matters complained of or apprehended, make such order as it thinks fit.' these two sections correspond to section 210 of the english act of 1948. and section 153c of the previous companies act these provisions are designed to confer upon the court powers to pass suitable orders where the circumstances justify, to remove the oppressiveness or the matters complained ..... company) has taken place in the management or control of the company, whether by an alteration in its board of directors or of its managing agent or secretaries and treasurers or manager, or ..... as it thinks fit.' 398 (1). any members of a company who complain: (a) that the a hairs of the company are being conducted in a manner prejudicial to the interests of company; or (b) that a material change (not being a change brought about by, or in the interests of any creditors including debenture holders, or any class of share-holders, of the .....

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