Court : Kolkata
Decided on : Mar-21-1975
Reported in : 48CompCas211(Cal),81CWN137
..... and passed a special resolution in respect thereto for the confirmation of the high court under section 17 of the companies act, 1956. the company thereby wanted to diversify its activities, inter alia, in jute, hides, skins, oilseeds and to deal in shares, stock, debentures and to lend money with or without security and generally to such persons and upon such terms and conditions ..... .70 while the liabilities amounted to rs. 2,44,409.47. one of the issues was whether the sanction accorded by the regional director, department of company affairs, kanpur, under section 439(5) of the companies act, 1956, was invalid. at page 347 of the said report it is observed that the delegate of the central government, while according sanction, has a solemn ..... is further urged that the said loan had been advanced in contravention of sub-section (2a) of section 149 of the companies act, 1956, and, accordingly, the auditors of the company made a qualified report dated february 28, 1973, on this point.4. prior to this, in 1971 the registrar had complained that the bombay shareholders' association by their letter dated ..... . the next document is the order dated july 27, 1974. the regional director accorded sanction to the registrar of companies, west bengal, for applying for winding up of the company on the grounds mentioned in clauses (e) and (f) of section 433 of the companies act, 1956. in according such sanction the regional director, inter alia, stated as follows:' and whereas after considering the .....Tag this Judgment!
Court : Mumbai
Decided on : Aug-25-1975
Reported in : (1976)78BOMLR219; 1976MhLJ636
..... or other security of the central government or of a state government;(b) any bond, debenture, or annuity charged by act of parliament of the united kingdom on the revenues of india;(c) any stock or debenture of, or share in, a company or other incorporated institution;(d) any debenture or other security for money issued by, or on behalf of, a local authority;(e ..... appellate court accepted, and, in my opinion, rightly, the succession certificate.mr. vahanvati, learned counsel for the petitioner, laid great emphasis on the observation quoted above, namely, 'the succession certificate act is partially, at any rate, a fiscal enactment, and it is to be administered as far as possible leniently and must be construed in favour of the subject.' it will ..... administration evidencing the grant to him of administration to the estate of the deceased, or(ii) a certificate granted under section 31 or section 32 of the administrator general's act, 1913, and having the debt mentioned therein, or(iii) a succession certificate granted under part x and having the debt specified therein, or(iv) a certificate granted under the ..... named taraben alias tarabai govinddas banatwala died intestate at bombay on october 28, 1963 leaving her surviving as her only heirs and next of kin according to the hindu succession act, 1956, by which she was governed, her husband govinddas and three sons, namely, the petitioner, ramesh and mahesh. on february 9, 1966 govinddas died intestate leaving him surviving as his .....Tag this Judgment!
Court : Kolkata
Decided on : Dec-24-1975
Reported in : 111ITR885(Cal)
..... 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 (11 of 1922), or the income-tax act, 1961 (43 of 1961); (iv) its debentures, if any; and (v) any moneys borrowed by it from government or the industrial finance corporation of india or ..... liability of which the amount cannot be determined with substantial accuracy is a provision : (see william pickles accountancy, second edition, page 192; part iii, clause 7, schedule vi to the companies act, 1956, which defines provision and reserve).'17. mr. roy contended that in this case the supreme court only decided whether a particular provision was deductible from profit and loss account ..... recognised from the above definitions that the meaning given to the expression 'provision' is much narrower than that usually attributed to it in framing accounts. for the purposes of the companies act, the word 'provision' must not be used, as it is commonly used in practice, to describe amounts set aside to provide for prospective or even potential losses or liabilities ; it ..... of the said decision of the supreme court these items which may be otherwise considered to be provisions on the principles of commercial accountancy or under the provisions of the companies act and they may be so understood by businessmen, but for the purpose of this particular statute these items should constitute reserve.....' 23. it does not appear to us that .....Tag this Judgment!
Court : Kolkata
Decided on : Jul-18-1975
Reported in : 111ITR825(Cal)
..... be a provision but must be treated as a reserve.31. in the form of the balance-sheet contained in part i of the annexure to schedule vi of the companies act there was a specific heading 'reserve and surplus', the item no. 4 in which was 'other reserve, specifying the nature of each reserve and the amount in respect thereof' and ..... ' had a wider connotation and necessarily included all provisions. he further relied on part iii of schedule vi to the companies act, 1956, where parts i and ii of schedule vi of the companies act (which are relevant in the context of the companies (profits) surtax act, 1964) had been interpreted. rule 7, part iii, schedule vi, provides as follows :'(1) for the purposes of parts ..... shall be treated for the purposes of this schedule as a reserve and not as a provision.' 29. mr. roy submitted that under the companies act, it was possible for the directors to allocate the profits available to a company in three different manners. firstly, the profits could be distributed as dividends. secondly, such profit could be carried forward without distributing the same ..... 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 (11 of 1922), or the income-tax act, 1961 (43 of 1961); (iv) its debentures, if any; and (v) any moneys borrowed by it from government or the industrial finance corporation of india or .....Tag this Judgment!
Court : Gujarat
Decided on : Nov-12-1975
Reported in : 114ITR913(Guj)
..... is to be found : 'loan capital. - this is a term sometimes applied to debentures and other loans for fixed terms. the employment of the term is not happy, since these loans do not form part of a company's capital, and the regulations as to share capital contained in companies act do not apply to them. they are liabilities, and the lenders are creditors ..... was both a member and a holder of debenture stock sought to restrain the payment of the proposed dividend. dealing with the right of the plaintiff to impeach the legality of the proposed distribution, romer j. observed as under (page 564, 565)' 'now if the association were a company registered under the joint stock companies act, the legality of the proposed distribution could not ..... of one item of capital assets which could not be treated as capital gains for distribution and such distribution of capital gains would be contrary to the provisions of the companies act. a division bench of the madras high court observed that the liability of the profits realised by dealing with the fixed capital and forming accretions to capital would depend upon ..... that it should be the loan capital which is the property of shareholders which should be aggregated with the paid up capital. 'loan capital' has a definite connotation in the companies act. it is no doubt nor have they a fixed and definite concept for purposes of income-tax. a question arose before the bombay high court in bombay cycle & motor agency .....Tag this Judgment!
Court : Gujarat
Decided on : Nov-12-1975
Reported in : (1976)5CTR(Guj)187
..... is to be found :'loan capital - this is a term sometimes applied to debentures and other loans for fixed terms. the employment of the term is not happy, since these loans do not form part of a companys capital, and the regulations as to share capital contained in companies acts do not apply to them. they are liabilities, and the lenders are creditors, having ..... plaintiff, who was both a member and a holder of debenture stock sought to restrain the payment of the proposed dividend. dealing with the right of the plaintiff to impeach the legality of the proposed distribution, romer, j., observed as under :-'now if the association were a company registered under the joint stock companies acts, the legality of the proposed distribution could not, i ..... of one item of capital asset which could not be treated as capital gains for distribution and such distribution of capital gains would be contrary to the provisions of the company act. a division bench of the madras high court observed that the liability of the profits realised by dealing with the fixed capital and forming accretions to capital would depend upon ..... . negativing this contention, a division bench of the bombay high court said that the expression, 'paid up capital of the company', though not defined in the companies act or in the income-tax act, is an expression well-known to people dealing with companies and their affairs. the division bench did not feel any doubt whatsoever that for considering what is the 'paid up capital .....Tag this Judgment!
Court : Gujarat
Decided on : Dec-26-1975
Reported in : 104ITR669(Guj)
..... claimed interest on the debentures of rs. 25 lakhs since the interest was not paid. a reply to this notice was sent by the lal mills on december 72, 1954, and ultimately, on january 15, 1955, the assessee-company presented a winding-up petition in the district court at ahmedabad since that court had jurisdiction under the indian companies act, 1913. after the passing ..... debentures. the learned advocate-general appearing for the assessee-company is right when he contends that no secured creditor would take a risk of initiating winding-up proceeding unless he left that the situation was so hopeless that winding-up proceeding was the only way out for him to safeguard his own security. in the scheme of winding-up proceeding under the companies act ..... of the indian companies act, 1956, the winding-up proceedings were transferred to the high court of bombay. ultimately, an order was ..... his own business under the supervision and control of the board of directors of lal mills. under clause 5 of the agreement the assessee-company agreed to advance a sum of rs. 25 lakhs secured by first debentures of the face value of rs. 25 lakhs and the interest was to run at six per cent. per annum payable every half year .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Apr-28-1975
Reported in : AIR1976SC910; 46CompCas142(SC); (1975)2SCC515; 1975(7)LC428(SC)
..... liquidators on june 7, 1955. the impugned order under section 195 of the indian companies act, 1913 was made on the prayer of the official liquidators. in their application asking the court to exercise its powers under section 195, the official liquidators also alleged that the debenture trust deed was a sham document executed to defraud the unsecured creditors, and that the ..... july 29, 1954 when one indulal girdharilal lakhia made an application to the court for the winding up of the company. on november 3, 1954 the court passed the order for winding up. the debenture trustees had the properties of the company sold in enforcing the security after the winding up order had been made. the official liquidator whom the court first ..... debenture trustees had the properties of the company sold after the winding up order was made without the knowledge and permission of the court.3. on the ..... j.1. the appellants question the propriety of an order under section 195 of the indian companies act, 1913 made by the district judge, jalgaon on november 22, 1967 summoning the appellants before him for the purpose of examining them concerning the trade, dealings, affairs and property of the respondent company, the gendalal mills limited (in liquidation), jalgaon, the winding up of the .....Tag this Judgment!
Court : US Supreme Court
Decided on : Jun-09-1975
..... commission issued a press release stating: "the new rule closes a loophole in the protections against fraud administered by the commission by prohibiting individuals or companies from buying securities if they engage in fraud in their purchase." sec release no. 3230 (may 21, 1942). to say specifically that certain types ..... a page 421 u. s. 761 newly offered security that subsequently enjoyed substantial market appreciation to file a claim alleging that the offering prospectus understated the company's potential. the number of possible plaintiffs with respect to a public offering would be virtually unlimited. as noted above (at 421 u. s. ..... as the dissent notes, rule 10b-5 was adopted in order to close "a loophole in the protections against fraud . . . by prohibiting individuals or companies from buying securities if they engage in fraud in their purchase." see sec release no. 3230 (may 21, 1942); remarks of milton freeman, conference on ..... of its shares of common stock to retailers who had used the stamp service in the past but who were not shareholders in the old company. under the terms of the plan, the offering to nonshareholder users was to be proportional to past stamp usage, and the shares were ..... to be offered in units consisting of common stock and debentures. the reorganization plan was carried out, the offering was registered with the sec as required by the 1933 act, and a prospectus was distributed to all offerees as required by 5 of that act, 15 u.s.c. 77e. somewhat more than .....Tag this Judgment!
Court : Gujarat
Decided on : Dec-15-1975
Reported in : 112ITR577(Guj)
..... . cambatta & co. ltd. v. commissioner of income-tax : 21itr121(bom) , the high court of bombay has held that distribution of the assessable income of the company under section 23a of the act of 1922 is to be by way of dividends. chagla c.j., speaking for the court, has observed in that case that, in his opinion, it is impossible ..... deposit certificates in any form, whether with or without interest, to the extent to which the company possesses accumulated profits, whether capitalised or not; (c) any distribution ..... made to the shareholders of a company on its liquidation, to the extent to which the ..... of the act, in so far as it is relevant for our purpose, is as under :'(6a) 'dividend' includes - (a) any distribution by a company of accumulated profits, whether capitalised or not, if such distribution entails the release by the company to its shareholders of all or any part of the assets of the company; (b) any distribution by a company of debentures, debenture-stock or .....Tag this Judgment!