Court : Monopolies and Restrictive Trade Practices Commission MRTPC
Decided on : May-15-1987
Reported in : (1990)68CompCas89NULL
..... or commercial activity finds sustenance also from the fact that under section 76 of the companies act, in consideration of one's subscribing or agreeing to subscribe for any shares in or debentures of a company or for procuring or agreeing to procure subscriptions for any shares or debentures, the company may pay commission. needless to say that all such expenses would be defrayed from the ..... and allotment on each share.81. in clause (b) of item 8 under part i of schedule 2 to the companies act, one of the particulars required to be mentioned in the prospectus is : "(b) the price to be paid for shares or debentures subscribed for under the options or right." 82. normally, what is understood by "subscription" is an amount of money ..... whole than the minimum subscription. the public issue can be listed at the stock exchange and section 73 of the companies act provides that where a prospectus states that an application has been or will be made for permission for the shares or debentures offered thereby to be dealt in one or more recognised stock exchanges, then any allotment made in pursuance of ..... foremost points for consideration would be : (2) whether linking of equity shares with debentures is manipulation of prices ; (3) whether it imposes unjustified costs or restrictions on the consumer, i.e., the allottee-subscriber.80. under sections 44(2) and 56 of the companies act, the prospectus to be filed with the registrar is required to state, inter alia, the amount payable on .....Tag this Judgment!
Court : Karnataka
Decided on : Aug-17-1987
Reported in : AIR1988Kant1; 64CompCas167(Kar); ILR1987KAR2919; 1987(3)KarLJ458
..... the company, whether constituting a charge on the assets of the company or not; 'from the above, it is obvious that the meaning is still ..... of the document under reference and then proceed to construe it with reference to the provisions of the companies act, 1956, the indian trusts act, 1882, and the act.15. the bank is the sole author of the trust; it describes itself as the debenture-trustees. it refers to the trust being in favour of and for the benefit of holders for ..... the next questions we should ask ourselves are what is a debenture-trust and who is a debenture-trustee ?9. section 118 of the companies act, 1956, provides that any trust deed for securing any issue of debentures shall be forwarded to the holder of such debentures or any member of the company at his request within seven days of the making of the ..... created on the same day presumably after the debentures had been issued and paid for.6. in order to appreciate the arguments advanced to further the contentions, it is necessary to understand the meaning of the terms, debenture, debenture-trust and debenture-trustee.'debenture' is denned as follows in the companies act, 1956 :'2(12) 'debenture' includes debenture stock, bonds and any other securities of .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Oct-07-1987
..... be given the same technical meaning as borne by the expression " investment companies ", used in section 87(f) of the indian companies act, 1913, or as used in section 372(11) of the companies act, 1956, and, therefore, should be confined to such companies whose principal business was the acquisition and holding of shares, debentures, stocks or other securities. as against it, the revenue had contended that ..... its carrying on, as its principal business, acquisition of shares, debentures, stocks, etc., would be dividend or interest income which would not fall within the ambit of section 40a(1). but, if income accruing to a company (may be it is called an investment company elsewhere in the act or in the companies act, 1956, or has even been declared so by the reserve bank of ..... the said expression should relate to a company whose income was derived from investments in .....Tag this Judgment!
Court : Mumbai
Decided on : Feb-27-1987
Reported in : 67CompCas533(Bom)
..... date on which the transfer was lodged with the company , send to the transferee notice of ..... thought fit in the interests of the company, to refuse registration of the transfers' . this case was under section 78 of the english companies act which provides as under : (1) if a company refuses to register a transfer of any shares or debentures, the company shall, within two months after the ..... dismissed by this court on april 17, 1985, on the ground that the petitioner had an alternate remedy under section 111 of the companies act, and, therefore, the petition was not maintainable. as against this order, the petitioners went in appeal, being appeal no. 388 of ..... companies act, 1956, read as follows : power to refuse registration and appeal against refusal.- (1) nothing in sections 108,109, and 119 shall; prejudice any power of the company under its articles to refuse to register 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 ..... the refusal.'7. it is to be noted that section 78, unlike section 111 of our act .....Tag this Judgment!
Court : Kolkata
Decided on : Jun-01-1987
Reported in : 177ITR142(Cal)
..... case and having regard to the fact that no money was received against the debentures, the tribunal was right in holding that the said debentures should be included in computing the capital of the assessee-company under clause (iv) of rule 1 of the second schedule to the companies (profits) surtax act, 1964 ? (2) whether, on the facts and in the circumstances of the case ..... the facts in the case before this court.3. even otherwise, the question involves clause (iv) of rule 1 of the second schedule to the companies (profits) surtax act, 1964, which has since been omitted by the finance act, 1976, with effect from april 1, 1977. we are unable to accept the contention of the revenue that the said question remains a substantial ..... of the assessee-company for the purpose of the assessment under the said act for the assessment years 1967-68 and 1968-69 ?' 2. so far as question no. 1 is concerned, it is ..... , the tribunal was right in holding that the sum credited to the 'dividend reserve account' was a reserve within the meaning of clause (iii) of rule 1 of the second schedule to the companies (profits) surtax act, 1964, in computing the capital .....Tag this Judgment!
Court : Kolkata
Decided on : Mar-27-1987
Reported in : 174ITR572(Cal),41TAXMAN56(Cal)
..... in cit v. sijua (jharriah) electric supply co. ltd. : 158itr332(cal) , where the items involved were reserve for contingencies and reserve for debenture redemption for the purpose of computation of the capital under the companies (profits) sur-tax act, 1964. in that case the earlier decision of this court in calcutta electric supply corporation ltd. : 138itr111(cal) was followed. the decision ..... involved in the present proceedings was whether the special appropriation for plant expansion and contingencies constituted reserves for the purpose of computing capital under the second schedule to the companies (profits) surtax act, 1964. it was submitted that the said items were not specifically considered in vazir sultan tobacco co. ltd. : 132itr559(sc) and, therefore, the matter needs further consideration by ..... high court in cit v. palani andavar mills (p.) ltd. : 144itr138(mad) , where the question involved was whether the contingency reserve was includible in computing the capital of a company for the purpose of surtax. it was held that such a contingency reserve was in the nature of general reserve and was includible for the purpose of computation of the .....Tag this Judgment!
Court : Gujarat
Decided on : May-01-1987
Reported in : 64CompCas206(Guj); (1988)2GLR1252
..... the exchange ratio of share, the explanatory statement could not be said to conform to the requirements of clause (a) of section 393(1) of the companies act. 13. the next contention of mr. pujara was that there was no fail representation of the shareholders and difference classes of creditors at the meetings held ..... aforesaid scheme of amalgamation. notices of the meetings were served individually to the members of each of the above class together with copy of the scheme of amalgamation and explanatory statement as required by section 393 of the companies act. notices of ..... - holders and secured creditors of the respondent company for the purpose of considering the ..... tax act. the central government also approved the amalgamation scheme under section 23(2) of the monopolies and restrictive trade practices act. 3. by an order dated december 6, 1985, passed in company application no. 321 of 1985, the learned company judge directed the respondent company to consignee meeting of equity shareholder, preference share - holders, depositors, trade creditors,, debenture .....Tag this Judgment!
Court : Mumbai
Decided on : Jan-05-1987
Reported in : 1987(12)ECC159
..... only statutory functions under the companies act as under :-'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 ..... corporation who holds the manufacturing licence alone could be saddled with the liability of evasion of excise duty. mr. desai also submitted that it is true that the company acts through human beings and it was precisely for that reason that under sub-section 9(1)(d) abetment of evasion of duty is being made and human beings who ..... board for technical guidance in the matter of law, accounts, engineering etc. and financial institutions also nominate their representatives on the board. according to mr. desai, under the companies act, there has to be minimum quarterly meetings of the board and at such board meetings merely discussions of the policy issues take place and, therefore, it would be impossible ..... a. b. pant accused no. 11. the scope and functions of the said committee were to decide upon all legal matters in general and particularly with reference to the companies act, mrtp act, taxation laws, labour and industrial laws. i say and submit that the aforesaid resolution passed by the board of directors would indicate that accused no. 1 and accused .....Tag this Judgment!
Court : Delhi
Decided on : Nov-17-1987
Reported in : 68CompCas625(Delhi); 1988(14)DRJ97b
..... provides for inspection of any document of a company kept by the registrar of companies by any person. a company is the creation of statute. it acts through its general body of shareholders and the board of directors. a person dealing with the company may have to find out its registered office, its members, debenture-holders, shares, its indebtedness, its directors, etc., past and present. shareholders ..... and creditors of the company and even third persons may ..... like to find out as to the affairs of the company and its .....Tag this Judgment!
Court : Delhi
Decided on : Nov-17-1987
Reported in : 34(1988)DLT11; 1988(14)DRJ97
..... provides for inspection of any document of a company kept by the registrar of companies by any person. company is the creation of statute. it acts through its general body of shareholders and the board of directors. a person dealing with the company may have to find out its registered office, its members, debenture holders, shares, its indebtedness, its directors etc., past and present. shareholders and ..... creditors of the company and even third persons may like ..... to find out as to the affairs of the company and its .....Tag this Judgment!