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Judgment Search Results Home > Cases Phrase: debentures companies act Year: 1973 Page 1 of about 28 results (0.045 seconds)

Jun 18 1973 (HC)

United Bank of India Ltd. Vs. United India Credit and Development Comp ...

Court : Kolkata

Decided on : Jun-18-1973

Reported in : [1977]47CompCas689(Cal)

..... wholly infructuous or materially different from the one sanctioned by the court. mr. bachawat further submitted that the issue of debenture which is convertible into shares of the company requires sanction of the central government under section 81(3) of the companies act, 1956. he submitted, that no materials have been placed before the court to show what steps, if any, ..... the scheme is not sanctioned it may not be necessary to issue further capital by the petitioner-company. similarly, mr. mukherjee rightly submitted that the question of obtaining sanction under section 81(3) of the companies act, 1956, with regard to the issue of debentures is premature unless and until the scheme has been sanctioned. mr. mukherjee referred to an order ..... by s.c. ghose j. in the company petition no. 343 of 1968 connected with company application no. 286 of 1968 (associated electrical industries (india) ..... having no effect on the scheme. he submitted that section 391(1) provides that only ' material interests ' of directors are required to be disclosed. he referred to buckley on the companies acts, 13th edition, page 332, where meaning directors' interests advantage by reason of fiduciary position (sic). referring to the decision in sidhpur mills co. ltd., in re : air1962guj305 , .....

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Jan 29 1973 (HC)

The Industrial Finance Corporation of India Vs. Delhi Administration a ...

Court : Delhi

Decided on : Jan-29-1973

Reported in : [1973(27)FLR207]; ILR1973Delhi29; 1974LabIC223

..... said provisions shows that they are similar to provisions which can be found in the articles of association of any company under the companies act. (56) section 21 deals with powers to borrow, and sub-section (2) thereof provides that bonds and debentures of the corporation shall be guaranteed by the central government as to the repayment of principal and the payment of ..... make the corporation a kind of preferred corporation in the matter of realization of its dues as compared with other companies incorporated under the companies act. the powers or functions of the corporation under the said sections are not, in our opinion, governmental powers or functions. shri jitendra sharma contended that the provisions ..... chatterjee v. union of india and others, : air1969cal95 , it was held that the employees of durgapur steel plant, appertaining to the hindustan steel limited, a non-statutory company registered under the companies act, do not hold civil posts under government of the union within the meaning of article 311(2) of the constitution. it appears that it was contended, relaying upon the ..... 30a, the powers and the duties of the directors so appointed, the right to compensation for termination of contract of managing agents under the companies act, 1956, and the application of the provisions of the companies act to an industrial concern whose management has been taken over by the corporation. it may be noted that sections 28 and 30a to 30e only .....

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Oct 09 1973 (HC)

Josna Bank Ltd., Represented by Lord Krishna Bank Ltd. Vs. Commissione ...

Court : Kerala

Decided on : Oct-09-1973

Reported in : [1974]44CompCas558(Ker); [1974]97ITR72(Ker)

..... the benefit of moratorium on and from june 12, 1965, by the central government on the recommendation made by the reserve bank of india under section 45 of the banking companies act, 1949. a scheme of amalgamation of the assessee-bank with lord krishna bank ltd. was prepared by the reserve bank under sub-section (4) of section 45 of the banking ..... deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise.' 9. section 6 stipulates the forms of business in which banking companies may engage and dealing in stock, funds, shares, debentures, debenture stock bonds, obligations, securities and investments of all kinds have been referred to in section 6(1)(a) of the ..... ) the banking institutions have been conferred unlimited power to deal with the securities. these statutory provisions have simplified the process of deciding whether a banking company, when it realises securities, it does so as an act of business or not. even in the absence of any such statutory provisions the judicial committee of the privy council had no difficulty in coming to ..... act and section 6(1 )(1) specifically authorises the banking company to deal with all or any part of the property and rights of the company. section 24 enjoins that:' 24. (1) after the expiry of .....

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Feb 21 1973 (HC)

Bharat Nidhi Ltd. Vs. Union of India (Uoi) and anr.

Court : Delhi

Decided on : Feb-21-1973

Reported in : [1973]92ITR1(Delhi)

..... principal business the acquisition and holding of investments in the stocks, shares, bonds, debentures or debenture-stocks of other companies or in securities issued by public authorities ; (ii) it is not a company formed for the purpose of, or engaged in acquiring or exercising control over any other company or group of companies or enabling any other persons to acquire or exercise such control; (iii) it ..... had not been exercised in favor of the assessed must be put on record and the same should be communicated to the assessed. section 3(4) of the income-tax act of 1961 provides that where the assessed has once exercised the option to have a particular previous year with respect to a particular source of income, then he shall not ..... permission had been refused and, thereforee, it must follow that the decision was arbitrary; the statute did not require recording of reasons by the income-tax officer, nor did the act require that the reasons for refusal ought to have been communicated to the assessed ; the matter being in the discretion of the income-tax officer, it was not possible to ..... february, 1972), this was a case where the party had asked the income-tax officer for permission to change the previous year under section 3(4) of the income-tax act of 1961. in repelling the contention of the petitioners, the court observed that it was not possible to accept the contention that no reasons had been given as to why .....

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Nov 16 1973 (HC)

Globe United Engineering and Foundry Co., Ltd. Vs. Industrial Financia ...

Court : Delhi

Decided on : Nov-16-1973

Reported in : [1974]44CompCas347(Delhi); ILR1974Delhi571

..... value the only direct way of raising new capital. apart from borrowings and debentures, will be to issue new class of shares with preferential rights over the existing ones. the preference shares are really part of the company share capital: they arc not loans. (16) section 205 of the act places a limit on the payment of dividends; they can be paid only ..... the debenture holders, are governed by the articles and there can be no impediment in the article being applied unless the same is contrary to any provision of the act. section 9 of the act provides that save as expressly provided in the act the provisions in the act shall have effect notwithstanding anything to the contrary contained in the memorandum of association of the company ..... ) when that is seen to be the position of preference shareholders, generally speaking, and they had taken preference shares on definite terms, as a matter of bargain, in a company registered under the companies act, the protection so given to them by the article, cannot be either ignored or curtailed in any manner adverse to them, unless there is any provision in the ..... companies act necessitating such a course. (27) there being nothing in the companies act to invalidate article 7 as it has been framed the preference shareholders have right of repayment of capital (which is not disputed) and arrears of .....

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Dec 20 1973 (HC)

Triveni Engineering Works Ltd. Vs. Union of India

Court : Delhi

Decided on : Dec-20-1973

Reported in : ILR1974Delhi282

..... high court. this petition was dismissed and the matter went up in appeal before the supreme court. after noticing the provisions of section 237 of the companies act, it was observed that no doubt the formation of opinion by the central government is purely a subjective process but all the same there can also ..... the supreme court on one or more of the grounds specified in section 100 of the code of civil procedure, 1908.' (17) the relevant provisions of the companies act, 1956, in this case may now be read. section 6 which defines 'relatives' reads as under : '6.a person shall be deemed to be a ..... p. c. sawhney, shri d. c. sawhney or shri k. l. sawhney as per the definition of the term 'relative' in section 6 of the companies act, 1956. it was urged that, accordingly, their holdings could not be clubbed with the holdings of petitioner no. 2 and his relatives to show effective control of ..... property as belonging wholly to the debenture holders. in other words, the view taken was that what is the 'asset' of a company really depended upon the sense in which the word has been used by the legislature. i agree with mr. r. ..... that property which is subject to charge forms part of the assets of the company which are applied first in payment of cost and expenses of winding up second in, payment of preferential claims and only third in payment of debenture holders. when there is a floating charge, legislature no longer regarded the .....

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Jun 27 1973 (HC)

In Re: Pandam Tea Co. Ltd.

Court : Kolkata

Decided on : Jun-27-1973

Reported in : AIR1974Cal170,[1975]45CompCas67(Cal)

..... an acknowledgment of liability to the plaintiff. it was held by the division bench that though there was a compulsion upon the managing agents to prepare the document under the companies act and the articles of association there was no compulsion upon them to make any particular admission. an admission though made in discharge of their duty was nevertheless conscious and voluntary ..... been given on the 4th september, 1971 which, according to the petitioner, remains unreplied. before admitting this petition for winding up notice was directed to be given to the company and the company appeared and in its affidavit in opposition has asked for stay of the issuance of advertisement and further proceedings. 2. the question at this stage, therefore, is whether i ..... to say that there was an acknowledgment of liability by the balance-sheet itself. at least prima facie the defence that there was no acknowledgment of the liability by the company to the petitioning creditor by the statement contained in the balance sheet cannot be described as either un-reasonable or not bona fide. this, however, does not involve a ..... 31st december, 1968 the entry against the claim of the petitioning creditor appears as follows, as it is shown as the liabilities of the company 'raghunath and sonprivate ltd. (partly secured by deposit of the company's own debentures asper contra) (unconfirmed).'rs. 1,49,110it would he noted that against the said entry there is a statement 'unconfirmed'. it appears that similar .....

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Mar 13 1973 (HC)

Bennet Coleman and Co. Vs. Union of India and ors.

Court : Mumbai

Decided on : Mar-13-1973

Reported in : [1977]47CompCas92(Bom)

..... years and interim casual vacancies being filled in accordance with the provisions, mutatis mutandis, of section 262. he pointed out that neither section 398 nor section 402 of the companies act under which the impugned orders were passed contained any such non-obstante clause and, according to him, the absence of a non-obstante clause in these sections clearly shows ..... office as directors on the reconstituted board. he, therefore, urged that the reconstituted board which included three members of the central government was contrary to section 408 of the companies act. 15. in support of his aforesaid contention mr. sen invited our attention to two or three aspects which according to him have a bearing on the contention raised by ..... the shareholders indicated that they were of the unanimous view that all possible efforts should be made to bring to an end the proceedings under section 398 of the companies act which were pending before the court and that counsel on their behalf should submit before the court to consider the terms of settlement already agreed to by the members ..... concerned provisions occur in part vi of the act which deals with the management and administration of companies. it may further be pointed out that in this part there are eight chapters. chapter i contains general provisions with regard to corporate management and administration of the companies such as registered office, registers of members and debenture-holders, annual returns, meetings and proceedings, accounts .....

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Mar 12 1973 (HC)

Bennet Coleman and Co. and Vs. Union of India (Uoi) and ors.

Court : Mumbai

Decided on : Mar-12-1973

Reported in : [1977]47ITR92(Bom)

..... years and interim casual vacancies being filled in accordance with the provisions, mutatis mutandis, of section 262. he pointed out that neither section 398 nor section 402 of the companies act under which the impugned orders were passed contained any such non-obstante clause and, according to him, the absence of a non-obstante clause in these sections clearly shows ..... office as directors on the reconstituted board. he, therefore, urged that the reconstituted board which included three members of the central government was contrary to section 408 of the companies act.12. in support of his aforesaid contention mr. sen invited our attention to two or three aspects which according to him have a bearing on the contention raised by ..... the shareholders indicated that they were of the unanimous view that all possible efforts should be made to bring to an end the proceedings under section 398 of the companies act which were pending before the court and that counsel on their behalf should submit before the court to consider the terms of settlement already agreed to by the members ..... concerned provisions occur in part vi of the act which deals with the management and administration of companies. it may further be pointed out that in this part there are eight chapters. chapter i contains general provisions with regard to corporate management and administration of the companies such as registered office, registers of members and debenture-holders, annual returns, meetings and proceedings, accounts .....

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Mar 22 1973 (HC)

Bank of Maharashtra Ltd. Vs. Official Liquidator, High Court of Mysore ...

Court : Karnataka

Decided on : Mar-22-1973

Reported in : [1973]43CompCas505(Kar); ILR1973KAR577; (1973)2MysLJ21

..... bank ltd. v. bank of bihar ltd., it was held that when once a certificate of registration was issued under section 114 of the indian companies act, 1913, it was no longer open challenge any of the mechanical steps of registration including the delivery of particulars or payment of prescribed fees. following ..... persons validly authorised as per provisions of the companies act 3. whether the mortgage by deposit of title deeds dated may 15, 1964, is executed by the 1st defendant through its constituted attorney, 5th ..... 27, 1964, is executed by defendants nos. 2 to 5 and if so, is it by persons validly authorised as per provisions of the companies act 2. whether the agreement of hypothecation dated may 20, 1964, is executed by defendants nos. 1 to 5 and if so, it is by ..... defendant, and if so, is it by persons validly authorised as per provisions of the companies act 4. whether the promissory note agreement of hypothecation and the mortgage by deposit of title deeds are not executed by persons validly authorised as per ..... act, 1908, of england. dealing with the conclusive nature of the certificate of registration issued by the registrar, scrutton l.j. observed in national provincial and union bank of england v. charnley as follows : 'the object of the certificate in that case is to prevent the debenture-holders' security from being upset if it turns out that the company .....

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