Court : Mumbai
Decided on : Aug-22-1986
Reported in : (1986)88BOMLR649; 68CompCas300(Bom)
..... to inspect these documents. prima facie, there seems to be some substance in the contention of the first defendant company. the right of a debenture-holder of inspecting the company's records is extremely limited. under section 209, sub-section (4), of the companies act,1956, the books of account and other books referred to in that section can be inspected by the directors of ..... section 163, sub-section (2) of the companies act, the register of members, register of indexes of debenture-holders, copies of all annual reports together with copies of certificates and ..... to present a winding-up petition as creditors under section 82 of the english companies act, 1862.19. in both these cases, a debenture-holder was held not to be a creditor of the company on the basis of covenants contained in the debenture certificate which was issued to him by the company. there are a number of cases, however, where english courts have construed ..... the company. under section 209a, the said books can be inspected by the registrar of companies or by an authorised officer of the central government. under section 118 of the companies act, 1956, a debenture-holder has been given a right to inspect the debenture trust deed and to obtain a copy of it. under .....Tag this Judgment!
Court : Kolkata
Decided on : Feb-03-1986
Reported in : 64CompCas775(Cal)
..... , any instrument bearing an adhesive stamp which has not been cancelled shall be deemed to be unstamped. under section 108 of the indian companies act, 1956, a company shall not register the transfer of shares or debentures of the company unless a proper instrument of transfer duly stamped and executed by or on behalf of the transferor and by or on behalf of the transferee ..... has been delivered to the company along with the certificate relating to the shares or debentures. therefore, the requirement under section 108 of the companies act, 1956, is that the instrument of transfer should be duly stamped and that the same should be delivered to the ..... purpose of rectification of share register. section 34, sub-section (3), of the indian companies act, 1913, which corresponds to section 108 of the companies act, 1956, was in the following terms :' it shall not be lawful for the company to register a transfer of shares in, or debentures of, the company unless the proper instrument of transfer duly stamped and executed by the transferor and the ..... ,7. for the purpose of this appeal, the relevant portions of section 108 of the companies act, 1956, are set out below :'108(1). a company shall not register a transfer of shares in, or debentures of, the company, unless a proper instrument of transfer duly stamped and executed by or on behalf of the transferor and by or on behalf of the transferee and .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Apr-06-1986
Reported in : AIR1986SC1571; (1986)3CompLJ1(SC); 1986LabIC1312; (1986)IILLJ171SC; 1986(1)SCALE799; (1986)3SCC156; 2SCR278; 1986(2)SLJ320(SC)
..... articles of association of the corporation provides that the corporation is a private company within the meaning of clause (iii) of sub-section (1) of section 3 of the companies act and that no invitation is to be issued to the public to subscribe for any shares in, or debentures or debenture stock of, the corporation. article 51 of the articles of association confers ..... in article 12. the following passage (at pages 124-5) from the judgment in that case is instructive and requires to be reproduced: for purposes of the companies act, 1956, a government company has a distinct personality which cannot be confused with the state. likewise, a statutory corporation constituted to carry on a commercial or other activity is for many purposes ..... or agencies, whether such instrumentality or agency be one of the departments of the government, a statutory corporation, a statutory authority or a government company incorporated under the companies act. (3) merely because a government company carries on a trading activity or is authorized to carry on a trading activity does not mean that it is excluded from the definition of the ..... and other information with respect to properties and activities of the corporation as might be required from time to time. under article 40, subject to the provisions of the companies act and the directions and instructions issued from time to time by the president under article 51, the business of the corporation is to be managed by the board of directors .....Tag this Judgment!
Court : Kolkata
Decided on : Jul-18-1986
Reported in : 166ITR299(Cal)
..... should be taken into account for the computation of capital under the second schedule to the surtax act. it was found as a fact that according to the terms of issue of the debentures, the assessee company was required to redeem 60 debentures of the total value of rs. 60,000 every year and had credited each year an amount of rs. 60,000 ..... debentures had been redeemed. a division bench of the bombay high court held as follows (at page 721 ..... this case, the question before the bombay high court was whether a sum representing a debenture redemption reserve was includible in computing the capital of the assessee under rule 1 of the second schedule to the companies (profits) surtax act, 1964. the bombay high court found that the debenture concerned had become redeemable in the year of assessment but in fact none of the ..... . : 138itr111(cal) , held that a debenture sinking fund constituted a reserve and had to be included in the capital base of the assessee for the purpose of computation of super profits under the said statute. in the instant case, we are concerned with the companies (profits) surtax act, 1964, an act similar to the super profits tax act, 1963. the only difference is the .....Tag this Judgment!
Court : Kolkata
Decided on : Mar-18-1986
Reported in : 42CompCas466(Cal)
..... various provisions of the companies act, 1956, namely, section 75 (delivering for registration returns of allotments and contracts relating to allotment of shares for consideration other than cash) ; section 97 (giving notice to the registrar of an increase of share capital) ; section 113 (issuing certificates of shares, debentures and debenture stock) ; section 118 (allowing inspection of the debenture register); sections 125 to ..... of the india steamship co. ltd. passed a resolution appointing the petitioner as the assistant secretary of the company.10. the companies act, 1956, was amended in 1974 by the companies (amendment) act, 1974, and section 383a was introduced in the companies act which requires every company having a paid -up share capital of rs. 25 lakhs or more, to appoint a whole-time ..... , of the respondents is that there is no evidence before this court that the petitioner was performing any of the functions as enjoined by the said provisions of the companies act, 1956. he did not have the powers and privileges of the secretary. my attention has also been drawn to the letter dated may 25, 1975, of the ..... of the petitioner was not secretary as on august 1, 1972, but the function which he had been discharging was undoubtedly secretarial function. section 2(45) of the companies act, 1956, defines the expression ' secretary ' as follows :''secretary' means any individual possessing the prescribed qualifications appointed to perform the duties which may be performed by a secretary .....Tag this Judgment!
Court : Gujarat
Decided on : Sep-12-1986
Reported in : 64CompCas186(Guj)
..... creditors, debenture-holders and secured creditors of the company for the purpose of considering and if thought fit for approving the said scheme of amalgamation. notice of the meeting was sent individually to members of each of the above stipulated classes together with the copy of the scheme of amalgamation and the state-ment required by section 393 of the companies act as ..... favour of such a scheme, the court may sanction the same provided it is satified that true and correct facts have been disclosed to the court. section 393 of the companies act provides that with every notice calling such meeting, there shall be sent also a statement setting forth the terms of the compro-mise or arrangement and explaining its effect. ..... of schedule ii hereto and all other property, rights and powers of the transferor company are transferred without further act or deed to the transfer company and accordingly the same shall, pursuant to section 394(2) of the companies act, 1956, be transferred to and vest in the transfer company for all the estate and interest of the transferor com-pany therein but subject nevertheless ..... . it is further ordered that the liabilities and duties of the transferor company are transferred without further act or deed to the transfer company and accordingly the same shall, pursuant to section 394(2) of the companies act, 1956, be transferred to and become the liabilities and duties of the transfer company ;and it is further ordered that all proceedings now pending by or .....Tag this Judgment!
Court : Kerala
Decided on : Jul-29-1986
Reported in : 62CompCas553(Ker)
..... relation to the rectification of the register of debenture holders as they apply in relation to the rectification of the register of members.' 7. it may be noticed that the present section omits the first part of the proviso contained in section 38 of the indian companies act, 1913, to the effect that the 'court ..... with the granting of relief under section 155 by the high court. 14. the qaestion of compliance with the provisions of section 108 of the companies act will arise only if it is found that the petitioner has title to the shares in question. in this case, the allegation is that as ..... or expedient to decide in connection with the application for rectification '. 8. under sub-section (1) of section 2, jurisdiction to decide questions under the companies act is the exclusive jurisdiction of the court as defined in that sub-section, namely, in an application under section 155, the high court having jurisdiction in ..... klt 84 (sh n);  57 comp cas 570, in support of the contention that non-compliance with the provisions of section 108 of the companies act is fatal to a petition under section 155. however, it may be observed that that was a case of refusal to register transfer of shares of a ..... 1978] 48 comp cas 368, a division bench of this court held that the power of court under section 155 of the companies act is untrammelled by section 111 of that act and that it is open to the transferee to seek relief either under section 111 by an appeal to the central government or .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Dec-01-1986
Reported in : (1987)20ITD431(Kol.)
..... shall be regularly followed subsequently year after year. thereafter, the following resolution was moved and passed : resolved that the method of valuation of the closing stock of shares and debentures followed by the company so far be and is hereby changed from 'at cost' to 'at cost or market rate whichever is lower' and the closing stock of said asset as on ..... a loss to the extent of rs. 4,64,547 on the basis of the iac's order under section 144b of the income-tax act, 1961 ('the act'), the relevant portion of which reads as follows : the company has all along been valuing the closing stock of shares at cost. as assessee can change its method of valuation of closing stock provided ..... lower. the changed method of valuation is also one of the recognised methods of valuation of unsold stock [see british paints india ltd.'s case (supra)]. section 145 of the act, lays down that if an assessee regularly employs a method of accounting his income should be computed in accordance therewith. a recognised method of accounting followed regularly would necessarily result ..... court in the case of cit v. sri visweswardas gokuldas  14 itr 110 wherein it has been held that the proviso to section 13 of the indian income-tax act, 1922 gives the ito full liberty of action if he is satisfied that the method adopted by the assessee does not allow of a correct assessment of the profits.in .....Tag this Judgment!
Court : Kolkata
Decided on : Jan-06-1986
Reported in : (1986)52CTR(Cal)307,160ITR864(Cal)
..... the case, the tribunal was right in directing the income-tax: officer to allow under section 24(1)(vi) of the income-tax act act, 1961, the deduction of rs. 60,750and rs. 81,000 representing interest on unsecured debentures in the respective assessments for the assessment years i 968-69 and 1969-70 provided the property was initially purchased with loan capital ..... the meaning of section 23(1) of the income-tax act, 1961, for the assessment year 1968-69 '3. in respect of the first question, the position is that the assessee is a company. the company claimed a deduction of rs. 60,750 and rs. 81,000 on account of interest on unsecured debentures for the two assessment years. this claim was disallowed by ..... was justified in making the direction that the deduction of rs. 60,750 and rs. 81,000 representing interest on unsecured debentures for the two assessment years was liable to be allowed under section 24(1)(vi) of the income-tax act. therefore, we answer the first question in the affirmative and in favour of the assessee and against the department.4 .....Tag this Judgment!
Court : Kolkata
Decided on : Jan-06-1986
Reported in : 165ITR104(Cal)
..... to rs. 9 lakhs issued on reduction of the shared capital of the company was borrowed capital with which the house property was acquired within the meaning of section 24(1)(vi) ..... and in the circumstances of the case, the tribunal was correct in holding that any part of the unsecured debentures amounting to rs. 9 lakhs issued on reduction of the share capital of the company was borrowed capital with which the house property was acquired within the meaning of section 24(1)(vi) ..... of the income-tax act, 1961, andinterest payable on the same was allowable as a deduction in computing the income ..... of the assessee from the house property?'2. in our opinion, the question as has been framed docs not arise because the tribunal has not recorded any finding that any part of the unsecured debentures amounting ..... of the income-tax act, 1961. the tribunal affirmed the order of the appellate assistant commissioner by which he had .....Tag this Judgment!