Court : Kerala
Decided on : Jun-09-1982
Reported in : (1983)32CTR(Ker)137; 142ITR441(Ker)
..... company or not. the same is the meaning given in the english companies act of 1948 (section 455). palmer ..... question that really arises for our consideration is what is a debenture. are the loans in the real sense of the term debentures the i.t. act does not define a debenture. the companies act, 1956, in section 2(12) gives an inclusive definition. it states that ' debenture ' includes debenture stock, bonds and any other securities of a company, whether constituting a charge on the assets of the ..... would state that the term securities in the definition clause is apparently used in a sense slightly in excess of its strict legal meaning.8. lindley j. observed in an early case british india steam navigation co. v. irc  7 qbd 165 :'what the correct meaning of ' debenture' is i do ..... certainly not use this term when referring to bills of exchange or other negotiable instruments, deeds of covenant and many other documents in which a company stipulates to pay a sum of money.' 12. a debenture is certainly a document which either creates a debt or acknowledges it. while it may usually be one of a series, it need not necessarily .....Tag this Judgment!
Court : Mumbai
Decided on : Aug-06-1982
Reported in : 54CompCas469(Bom)
..... of rs. 81,60,000 (including the premium) out of the loan/debentures sanctioned to the company'.47. on june 23, 1978, the clb wrote to the company in respect of the application made by the company under s. 81(3) of the companies act for the approval of the raising of convertible debentures. the letter stated that it was observed from uti's letter of june ..... , inter alia, the acceptance of notices of conversions, entering into of contracts under s. 75 of the companies act, issue of equity shares upon conversion and other related matters. item 3 refered to the execution of the debenture trust deed and the affixing thereon of the company's seal. item 8 stated that uti and icici would issue letter of adjustment in respect of ..... of notices of conversion, the entering into of contracts under s. 75 of the companies act and the issue of equity shares upon conversion. clause 11 stated that, after the letters of allotment were received, the debenture holders would issue notices of conversion to the company, upon receipt whereof the company would issue letters of allotment of shares and enter into contracts for the shares ..... set at nought the provisions of s. 81(1)(a) or s. 81(1a) of the companies act. (e) the plaintiffs will not rely on the submission made in para. 73(e) to the extent that the whole issue of the debentures was ultra vires the company and ultra vires the powers of the board of directors. (f) the plaintiffs will not contend that .....Tag this Judgment!
Court : Mumbai
Decided on : Feb-04-1982
Reported in : (1982)84BOMLR100
..... to be thoroughly untenable.23. it will be relevant to note that rule 291 of the rules framed under the companies act, prescribes the quantum of the fees of the official liquidator in respect of his work of realising the property (1) for debenture holders or (2) for the secured creditors. the authority for this rule can be traced to section 451(2 ..... the official liquidator cannot deal with the secured property in any manner.24. according to the learned company judge, such identical acts of the official liquidator as liquidator of the company under clause (6) of rule 291 are distinguishable from his acts in realising the property for the debenture holders and secured creditors under sub-rules (3) and (4). we are unable to see any ..... realises the same, in discharge of duties of collecting the assets of the company for the benefit of those who are entitled thereto before the company's ultimate dissolution. the fact that this process benefits secured creditors and debenture holders along with unsecured creditor and the shareholders cannot make the act other-wise then in discharge of his duties, or as such liquidator.25 ..... distinction of substance in these several acts. it cannot be held that the official liquidator acts as liquidator only when he takes .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : May-10-1982
Reported in : (1982)2ITD181(Kol.)
..... not create any charge on the profit of the assessee. he also referred to schedule ii to the act, the companies act, 1956 and clause 7 of part iii of schedule vi to the companies act, 1956 and stated that if these provisions are taken into consideration, the debenture stock redemption fund was only a reserve, and therefore, the ito was justified in not excluding the ..... . the next question is whether notwithstanding the use of the expression 'reserve', the amounts to the credit of the debenture stock redemption reserve constitutes really a reserve. part iii (the interpretation clauses of schedule vi of the companies act) of schedule vi of the companies act throws some light on the matter. rule 7(1)(&) says that the expression 'reserve' shall not include any amount ..... paragraphs 7 and 8 of his order as follows : 7. one of the questions that arises is whether the debenture stock redemption reserve is in effect a 'sinking fund' as appearing in the form of balance sheet under schedule vi to the companies act, 1956 and whether it is thus coming under item 7 under the head 'reserves and surplus' on the liabilities ..... ) the 'reserve' as appearing in the balance sheet is in accordance with the requirements of part i of schedule vi of the companies act, 1956. (viii) the 'reserve' has been created by carving out a part of the surplus fund of the assessee. (ix) the debenture stock account would be reduced, as and when the payment is made, and ultimately the balance in .....Tag this Judgment!
Court : Mumbai
Decided on : Jun-28-1982
Reported in : AIR1983Bom1; 54CompCas136(Bom); (1982)3CompLJ89(Bom); 1983MhLJ339
..... prima facie evidence only of matters directed or authorised to be inserted therein by the companies act. he refers to the last page of the extract which sets out the names of the holders of privately placed convertible debentures, the number of debentures held by each of them, the number thereof as have been converted into equity ..... to the register of debenture holders; to the debentures; and to the debenture holders, past and present. it does not appear to me that there is, therefore, anything in excess in the annual return.30. i now hold that the said extract (exhibit 18) proves, by reason of section 164 of the companies act, prima facie the truth ..... the provisions of section 164 such annual return is prima facie evidence of any matters directed or authorised to be inserted therein by the companies act. in mr. nariman's submission, the said extract prima facie establishes the truth of the contents of its original.29. mr. cooper ..... ii of the schedule to that statute relates to a copy, certified by the registrar of companies, of the balance sheet, profit and loss account, of the audit report of a company, filed with the said registrar under the indian companies act, 1913, and the rules made thereunder.20. in kashnath sankarappa wani v. new akot ..... an extract of the annual return also so filed, both certified to be true by the registrar under s. 610 of the companies act. the said true copy and extract have been admitted on record as the 1st defendants exhibits (at exhibits 17 and 18). the .....Tag this Judgment!
Court : Mumbai
Decided on : Feb-05-1982
Reported in : 57CompCas742(Bom)
..... be thoroughly untenable.25. it will be relevant to not that r. 291 of the rules framed under the companies act, 1956, prescribes the quantum of the fees of the official liquidator in respect of his work of realising the property (1) for debenture holders, or (2) for the secured creditors. the authority for this rule can be traced to s. 451(2 ..... that the official liquidator cannot deal with secured property in any manner.26. according to the learned company judge, such identical acts of the official liquidator as liquidator of the company under cl. (1) of r. 291 are distinguishable from his acts in realising the property for the debenture holders and secured creditors under sub-rr. (3) and (4). we are unable to see any ..... realise the same, in discharge of his duties of collecting the assets of the company for the benefit of those who are entitled thereto before the company's ultimate dissolution. the fact that this process benefits secured editors and debenture holders along with unsecured creditors and shareholders cannot make the act otherwise than in discharge of his duties, or as such liquidator.27. it ..... distinction of substance in these several acts. it cannot be held that the official liquidator acts as liquidator only when he takes steps .....Tag this Judgment!
Court : Mumbai
Decided on : Dec-08-1982
Reported in : (1983)85BOMLR275; 57CompCas700(Bom)
..... that apart from complying with such other terms and conditions as may be laid down by a recognised stock exchange, an applicant, that is, a public company, as defined under the companies act, 1956, which is desirous of getting its securities listed on a recognised stock exchange and which has applied for that purpose to the stock exchange has to ..... . such character of free transferability is to be found in the shares of a public company. the definition of a 'private company' in s. 3 of the companies act, 1956, speaks of the restrictions for which the articles of the private company must provide. the articles of a private company must :'3(1)(iii)(a) restricts the right to transfer its shares, if any ..... for the purpose of this appeal is the definition of 'securities'. section 2(h) of the regulation act reads as follows :'2(h) 'securities' include - (i) shares, scrips, stocks, bonds, debentures, debenture stock or other marketable securities of a like nature in or of any incorporated company or other body corporate; (ii) government securities; and (iii) rights or interests in securities'.10 ..... enacted to regulate and control certain contracts for the purchase and sale of securities in the city of bombay and elsewhere in the bombay presidency. under that act, 'securities' included stocks, shares, bonds, debentures, debenture stock and any other instrument of a like nature. the 'stock exchange' was defined as meaning 'any association, organisation or body of individuals, whether incorporated .....Tag this Judgment!
Court : Kolkata
Decided on : Feb-22-1982
Reported in : (1982)29CTR(Cal)46,136ITR98(Cal)
..... thereof; and.....'4. while filing its original surtax return for the assessment year 1965-66, on 30th september, 1965, the assessee-company had not included the mortgage debentures of rs. 20 lakhs in its computation of capital. however, in a revised return this sum was included as a permissible deduction ..... the state bank for financing its capital project of penicillin division. the dispute before the tribunal was whether such debentures could be included in the computation of the assessee-company's capital for the purpose, of its surtax assessment for the assessment year 1965-66. this question has to ..... august, 1962, the tribunal was right in holding that the said debentures should be included in capital under clause (iv) of rule 1 of the second schedule to the companies (profits) surtax act, 1964 ?'2. the assessee is a company. it carries on business in the manufacture and sale of pharmaceutical goods ..... a company for the purpose of surtax assessment as provided under clause (iv) of rule 1 of schedule ii to the c.(p.)s.t. act, 1964, was not circumscribed by any condition whatsoever and so it would be unreasonable to include in the computation of capital only such debentures as ..... be resolved in the background of rule 1, clauses (iv) and (v) of schedule ii to the c.(p.)s.t. act, 1964, as it stood at the relevant time. the said provision was as follows :'(iv) its debentures .....Tag this Judgment!
Court : Kolkata
Decided on : Jun-02-1982
Reported in : 58CompCas772(Cal)
..... impose limitation upon the power and function of the committee of management. therefore, in not complying with the requirements of section 293 of the companies act, nor in not obtaining any prior sanction or leave before entering into the transaction in question, in our opinion, the committee of management ..... to be performed by the committee of management appointed by the court. in this connection, reference was made to section 161 of the companies act which enjoins filing of certain returns indicating the names of the directors, etc., or section 169, which also enjoined calling of extraordinary general ..... in that case, it was held that a mortgage debenture made by a railway company in the form given in schedule 'c' of the companies clauses consolidation act, 1845, did not give the debenture holder a specific charge upon the surplus lands of the company or the proceeds of the sale of them so as ..... to entitle them for an order for a receiver of the sale moneys or interim rents. the ' undertaking' of a railway company ..... which was pledged in a mortgage was a going concern created by an act .....Tag this Judgment!
Court : Gujarat
Decided on : Aug-02-1982
Reported in : (1983)33CTR(Guj)268; 143ITR473(Guj)
..... or manager, banker or trustee for the holders of debentures of the company do not hold office or place of profit for which consent of the company by a special resolution is necessary. in the instant case, we find that mr. gautam sarabhai was a managing director of the assessee-company. section 2(26) of the companies act, which defines 'managing director', reads as under : '2 ..... or more' and the portion referred to above governs both the cls. (a) and (b). we have examined the history of the enactment of the above provision. in the indian companies act of 1913, the corresponding provision was contained in s. 86e. there also, an exception was carved out in the case of managing director or manager or a legal or technical ..... year. ordinarily, we would not have permitted the revenue to raise the contention for the first time that there was non-compliance with the provisions of s. 314 of the companies act and, therefore, the liability to pay remuneration to mr. gautam sarabhai had not accrued; but even if we were to permit the revenue to raise this contention, having regard to ..... of the remuneration paid to mr. gautam sarabhai because it had contraband or not followed or not complied with the provisions of s. 314 of the companies act. the only ground on which the assessee-company's claim was rejected was that since the resolution sanctioning remuneration was passed in the subsequent year, the liability to pay remuneration could not be said to .....Tag this Judgment!