Court : Delhi
Decided on : Apr-17-1972
Reported in : 44CompCas173(Delhi); ILR1972Delhi369B
..... was filed by 125 shareholders under sections 397 and 398 of the companies act. on 3-11-1971 a preliminary mortgage decree was passed in ..... section 442 of the companies act by belapur for stay of company petition 45 of 1971 and all proceedings therein and for vacating and interim orders including the on dated 17-6-1971, restraining the debenture trustees from enforcing their right and their debenture deed. on 19-11-1971 company petition 89 of 1971 ..... sections 397 and 398 of the companies act and on the same day c.a. 254 of 1971. for certain interim reliefs was filed. on 17-6-1971 an ex parte order was passed (1) restraining the company from disposing of its assets and (2) restraining the debenture trustees from enforcing their rights. on ..... favor of national & grindlays bank giving six months time for execution. on 10-11-1971 company petition ..... by them. the appointment of brady, armstrong and shaki, as selline agents, is also said to be in contravention of section 294 of the companies act. the company had a liability to pay rs. 10 29 621.00 less income tax, as interest, and rs. 3532,323.74 as commission payable to .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Aug-28-1972
Reported in : AIR1972SC2600; 86ITR133(SC); (1973)3SCC35; 1SCR1033
..... be deemed to be resident in india during the year ending on the valuation date, if-(a) it is a company formed and registered under the companies act, 1956, or is an existing company within the meaning of that act; or(b) during that year the control and management of its affairs is situated wholly in india.10. now that we have before us the ..... and in the undertaking shall on the purchase date become vested in the government free from all mortgages, charges and liens created by the issue of debenture or debenture stocks of the company. provided that the company shall be entitled to retain all statutory books of account and other documents normally kept outside india but shall afford every facility to the government to have ..... the circumstances of the case the amounts of 66,275, 131,180 and 274,587 out of the debentures of the company were allowable as debts owed by the company in the light of section 2(m) read with section 6 of the wealth-tax act ?2. the high court answered all the three questions in favour of the revenue. hence these appeals.3 ..... each situate where the business is carried on.14. from what has been said above, it is clear that the (sic)debenture loans in question cannot be taken into consideration in ascertaining the net wealth of the company in view of section 6 of the act.15. in the result these appeals fail and they are dismissed with costs-advocates' fee one set. .....Tag this Judgment!
Court : Mumbai
Decided on : Jul-04-1972
Reported in : 45CompCas613(Bom)
..... to conduct its affairs in the course of winding-up and to distribute its assets in accordance with the provisions of the companies act. however, it appears that on 14th september, 1962, the 1st respondent-company had executed two debenture trust deeds - one in favour of gobindram seksaria charity trust to secure the advance of rs. 39 lakhs and interest thereon (respondents nos. 4 ..... debts, whether secured or unsecured, incurred before the management of such industrial undertaking was taken over; (b) shall be a preferential debt within the meaning of section 530 of the companies act, 1956 (1 of 1956), and such debts shall rank equally among themselves and be paid in full out of the assets of the industrial undertaking unless such assets are insufficient ..... fact giving rise to the application by way of judge's summons may be stated : the seksaria cotton mills ltd. (hereinafter referred to as 'the 1st respondent-company'), a public limited company incorporated under the indian companies act, vii of 1913, used to run textile mills situate at delise road, parel, bombay. it ceased production and actually stopped its business since about 18th october ..... by respondents nos. 7, 8 and 9, who are the trustees of the second debenture trust deed on 3 or 4 grounds. in the first place it has been contended that section 15a of the said act is not applicable to the industrial undertaking of the 1st respondent-company and as such the application is misconceived and no permission as sought should be .....Tag this Judgment!
Court : Kolkata
Decided on : Jan-28-1972
Reported in : 43CompCas58(Cal),76CWN392
..... transfer of the shares, the respondent made an application for rectification of the share register under section 155 of the companies act, 1956 (hereinafter referred to as ' the act '). on this application the trial court made the order appealed against. 3. the only question involved in this ..... 5. it is necessary to refer to the provisions in a few sections of the act. section 108(1) of the act provides that a company shall not register a transfer of shares or debentures, unless a proper instrument of transfer, duly stamped and executed by or on behalf ..... 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 a company ..... of the transferor, and by or on behalf of the transferee and specifying therein the name, address and occupation of the transferee, has been delivered to the company ..... debentures. the next important section to be referred to is section 111. by an amendment made in 1965 the words ' or otherwise ' were added in sub-section (2) of that section. i set out below sub-sections (1) and (2) of section 111 of the act: '(1) nothing in sections 108, 109 and 110 shall prejudice any power of the company .....Tag this Judgment!
Court : Kolkata
Decided on : Apr-28-1972
Reported in : 43CompCas275(Cal),78CWN176
..... iron & steel co. ltd., : air1957cal234 orient paper mills ltd. v. state, : air1957ori232 and in re orissa chemicals & distilleries private ltd., : air1961ori62 12. mr. sen relied on the provisions of the companies act indicated in sections 94 and 323 thereof and emphasised on the difference between the provisions of the said sections and section 17 of the said ..... given to the said resolution.11. mr. prabir sen, appearing on behalf of the employees' union, submitted that section 17 of the companies act confers power upon the court to control the decision of the domestic forum of the company in regard to some of its internal management and affairs as mentioned in the said section. according to mr. sen, employees are persons ..... , ring road, lajpat nagar iv, new delhi-24, or such other place in the union territory at delhi as may be determined by the board of directors of the company.'8. the company has not issued any debenture and in fact has no creditor save and except the usual trade creditors in the course of its business. no creditor or shareholder of the ..... for the reasons mentioned in clauses (a) to (g) of sub-section (1) of section 17 of the act. the section enjoins upon the court to be satisfied before confirming the alteration that notice has been given to the debenture holders of the company and to every person or class of persons 'whose interests would be affected by the alteration and to see .....Tag this Judgment!
Court : Punjab and Haryana
Decided on : Oct-18-1972
Reported in : AIR1974P& H65
..... setting off the valuation of the property against the compensation payable to him. (e) by transfer of shares or debentures in any company or corporation:-- (f) in such other form as may be prescribed (2) for the purpose of payment of compensation under this act the central government may by rules provide for all or any of the following matters:-- (a) the classes ..... which the form and manner in which, and the instalment by which compensation may be paid to different classes of displaced persons: (c) the valuation of all property, shares and debentures to be transferred to displaced persons: (d) any other matter which is to be or may be prescribed.' 95. section 8(1) specifies the various modes of payment of compensation ..... in one or more of the various forms stated therein, namely cash, government bonds, sale to the displaced person of any property from the compensation pool, transfer of shares and debentures and such other form as may be prescribed. sub-section (2) thereof provides that for the purpose of payment of compensation the central government may, by rules, provide, inter alia ..... any rule. the underlying principle is that unlike sovereign legislature which has power to enact laws with retrospective operation, authority vested with the powers of making subordinate legislation has to act within the limits of its power and cannot transgress the same. the initial difference between subordinate legislation and the statute laws lies in the fact that a subordinate law making .....Tag this Judgment!
Court : Kerala
Decided on : Aug-08-1972
Reported in : 92ITR65(Ker)
..... of any of the items in the current liabilities and provisions in the form of the balance-sheet, given in part i of schedule vi to the companies act. schedule vi, part i, gives the form of balance-sheet. any trader would like to ascertain his true financial position as at the end of each ..... and provisions' in the form of balance-sheet given in part i of schedule vi to the companies act.12. the term 'reserve' is not defined in the act, though a definition of this term is seen in the companies act, 1956. to that we will refer in due course. the term 'reserve' as a verb is ..... provisions' in the column relating to liabilities in the form of balance-sheet given in part i of schedule vi to the companies act, 1956 (hereinafter referred to as 'the companies act'), it has to be excluded from the computation of capital.6. we will now refer to the relevant provisions of the ..... by the amounts credited to such reserves as have been allowed as a deduction in computing the income of the company for the purposes of the indian income-tax act, 1922, or the income-tax act, 1961; (iv) its debentures, if any ; and (v) any moneys borrowed by it from government or the industrial finance corporation of ..... 'liabilities' in the 'form of balance-sheet' given in part i of schedule vi to the companies act, 1956, shall not be regarded as a reserve for the purposes of computation of the capital of a company under the provisions of this schedule.' 9. the parties have no case that reserve for gratuity falls within .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Sep-13-1972
Reported in : AIR1973SC1023; 86ITR621(SC); (1973)3SCC157; 2SCR215
..... shares or partly paid-up shares. apart from these, there are also debentures. the shares can be in a public limited company or a private limited company and in the latter case they are subject to certain restrictions. a private company has been defined in section 3(iii) of the companies act as a company which by its articles (a) restricts the right to transfer its shares ..... of the company subject to the proviso ..... , if any; (b) limits the number of its members to 50 not including certain categories specified in (i) and (ii) of that clause and (c) prohibits any invitation to the public to subscribe for any shares or debentures ..... that shares held jointly are to be treated as if they are held by a single member. a public company under section 3(iv) is a company which is not a private company. it may be observed that the three conditions which distinguish a private .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Oct-11-1972
Reported in : AIR1973SC2172; 88ITR169(SC); (1973)3SCC351; 2SCR650
..... the court of appeal was affirmed subject to a difference as to the ground on which the question of debenture interest should preferably be decided. the lord chancellor agreed in all respects with romer ..... same tax was paid in india. the company claimed that its total income assessable to tax in the united kingdom could be ..... the house of lords were considering the case of an assessee company which earned profits in india amounting to 186,808 which sum was liable to united kingdom income-tax. by the indian income-tax act the assesses was allowed to deduct interest on debentures and other items which deducted the profits assessable to indian income-tax to 129,365 upon which the ..... assessed on the debenture interest in the dominion and duly paid the tax ultimately the burden of that tax rested upon the company. this special circumstance alone was therefore held to be sufficient for holding that the relief claimed for an adjusted sum of 633,609 paid by the company under section 27(l) of the act of 1920 was justified. the decision of .....Tag this Judgment!
Court : Kerala
Decided on : Mar-10-1972
Reported in : 91ITR313(Ker)
..... .' 6. the companies act makes a distinction between private and public companies but not between widely held and closely held companies. private company in that act is one which by its articles restricts the right to transfer its shares, if any, limits the number of its members to 50 and prohibits invitation to the public to subscribe for its shares or debentures. all other companies are public. all ..... singly or taken together) by the government or the reserve bank of india or a corporation owned by that bank ; or (b) if it is not a private company as denned in the companies act, 1956, and (i) its shares (not being shares entitled to a fixed rate of dividend whether with or without a further right to participate in profits) carrying not ..... . 605, 616 ;  1 s.c.r. 482 (s.c.).. the supreme court observed :' the group can do what it likes with the affairs of the company, of course, within the bounds of the companies act. it lies solely in its hands to decide whether a dividend shall be declared or not. when, therefore, in spite of there being money reasonably available for ..... private companies are closely held companies. all companies owned by government or the reserve .....Tag this Judgment!