Court : Rajasthan
Decided on : Feb-05-1988
Reported in : 69CompCas248(Raj)
..... section 466 of the companies act is not maintainable at the instance of contributories or shareholders and creditors of the company in liquidation. the official liquidator has also opposed the sanctioning of the scheme of compromise/arrangement. 5. shri r. p. garg, who was appointed as chairman to convene a meeting of the creditors, debenture-holders, shareholders/members of the company in liquidation, has ..... . as regards compliance with the statutory provisions, i am of the opinion that the petitioner has filed the petition correctly in accordance with the provisions of the companies act and the companies (court) rules, 1959, and there is no infirmity in the same. the petitioner had also disclosed the required particulars of the assets and also source of funds for starting ..... that may be necessary in regard to the working of the compromise or arrangement or for passing an appropriate order under sub-section (2) of section 392 of the companies act. it is also declared that the compromise/arrangement as sanctioned by this court shall be binding on the creditors, shareholders and debenture-holders and members of the ..... up dated august 8, 1978, be quashed. in both the petitions, an application has been filed under section 391(2) of the companies act, 1956, for sanctioning a scheme of compromise and arrangement between the creditors and the company, sahu minerals and properties ltd. since in both the petitions the factual position and the legal points involved are the same, they are .....Tag this Judgment!
Court : Kerala
Decided on : Apr-08-1988
Reported in : 69CompCas164(Ker)
..... to order its affairs in as best a manner as its constituents deem fit. this is more particularly so in this case, since the company concerned is a private limited company. 10. section 108 of the companies, act deals with transfer of shares and debentures. that section reads : '108. transfer not to be registered except on production of instrument of transfer. --- (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 ..... that the application for transfer was liable to be rejected due to non-compliance with the procedural formalities and in view of the provisions contained in section 108 of the companies act, 1956. 16. there was some considerable argument as to whether the evidence disclosed the unsuitability of the applicant to be registered as a transferee of the shares, ..... his application for transfer of shares was rejected. no reasons were stated for rejecting the application. the appellant, therefore, filed an application under section 155(2) of the companies act, seeking rectification of the share register. he contended that clause 40 of the articles of association enabling rejection of the application for registration of transfer did not apply to .....Tag this Judgment!
Court : Delhi
Decided on : Sep-21-1988
Reported in : 66CompCas5(Delhi); ILR1988Delhi557
..... is recognised by necessary intendment by the proviso to section 108 of the companies act. it says that 'nothing in this section shall prejudice any power of the company to register as shareholder or debenture-holder any person to whom the right to any shares in, or debentures of, the company has been transmitted by operation of law'. this exception is carved out against ..... the requirement of section 108 of the companies act, which requires that shares of a company are not to be transferred to ..... another person without an instrument of transfer postulated by that section. clearly there is a difference between transfer of a share, which is voluntary act ..... in that case the application for rectification of the register had been dismissed by the district judge. the petitioners filed a petition under sections 397 and 398 of the companies act before the high court. the district judge had dismissed the petition for rectification on the ground that it could not be properly decided in summary proceedings for rectification. the .....Tag this Judgment!
Court : Monopolies and Restrictive Trade Practices Commission MRTPC
Decided on : Aug-29-1988
..... the information of the public so that they are in a position to decide whether investment in the debenture issue of the respondent company would or would not be purposeful or profitable.learned counsel for the complainant has not pointed to any provision under the companies act which obligates that this information must be incorporated in the prospectus. so, there cannot be any illegality ..... in the matter of giving this information through the brochure.no. 11 : the element of premium is linked to the second and third phase in the matter of conversion of debentures into equity shares. it is made ..... in section 2(e), shares and stocks are included as goods but debentures have not been so included, although shares and debentures are the two modes of exploiting the capital market by a company. even in the definition of "goods", as given in section 2(vii) of the sale of goods act, debentures as such are not included though stocks and shares have been included ..... in what is stated in the prospectus in different places. this means debentures as such are fully secured.no. 5 : that the fixed assets of the respondent company do not exceed rs. 40.92 crores in value is no ground under the monopolies and restrictive trade practices act for banning the company's approach to the capital market for money to finance a project .....Tag this Judgment!
Court : Chennai
Decided on : Jan-19-1988
Reported in : 68CompCas36(Mad)
..... 222 which had overruled a decision of the single judge of the same court in ajit kumar sarkar v. asst registrar of companies  49 comp cas 909 and held that the offences punishable under section 162 of the companies act are not continuing offences. it is, however, significant that in maya rani punj v. cit : 157itr330(sc) , the supreme court has ..... padmini jesudurai, j. 1. the petitioner whose complaint against the respondents for an offence under section 113 of the companies act, 1956 (hereinafter referred to as 'the act'), for failure to issue to him share certificates had been dismissed by the additional chief metropolitan magistrate (e.o.i.), egmore, madras, under section 203,criminal procedure code, has preferred this revision, ..... same documents. 14. it would now be useful to extract the relevant part of section 113 of the act for a better appreciation of the legal issue involved:- '(1) every company shall, within three months after the allotment of any of its shares, debentures or debenture stock and within two months after the application for the registration of the transfer of any such shares ..... , provides for a situation of continuing wrong.' 10. it, therefore, follows that if the penalty is made coterminous with the default, then the offence is a continuing offence. 11. the companies act has been enacted in the interest of the general public who would be contributing shares to the floating of a .....Tag this Judgment!
Court : Gujarat
Decided on : Jan-20-1988
Reported in : (1988)1GLR481; (1988)IILLJ534Guj
..... of statutory corporations and companies incorporated under the companies act. of course these tasks have toe performed consistently with the provisions of the constitution. we have noticed from the memorandum and articles of association of the company the extent of control exercised by the president in the matter of the distribution of share capital, issuance of debentures, declaration of dividends appointment ..... operate through its agencies constituted under statutes such as statutory corporations, etc. in this context we have to consider whether the appellant no. 1 company which is a government company incorporated under the companies act is one such agency or instrumentality through which the government is discharging its obligation under art. 47, which enjoins upon the state the duty to ..... industrial estate, ahmedabad. 2. the appellants have raised three contentions in this appeal. they are : (1) whether the modern food industries (india) ltd., a government company incorporated under the companies act, falls within the definition of 'the state' under art. 12 of the constitution of india (2) whether clause 2.18 of the staff regulations is illegal and void ..... clause (b) of art. 3 lays down that any invitation to the public to subscribe for any shares in or debentures of the company is prohibited. article 6 provides is that subject to the provisions of the act and the articles and to the rights of the president, the shares shall be under the control of the directors who may .....Tag this Judgment!
Court : Orissa
Decided on : Aug-30-1988
Reported in : AIR1989Ori236; 71CompCas251(Orissa)
..... 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 ..... that regard.8. the next question is whether gold ornaments pledged are debts for which succession certificate can be granted. section 381 of the act deals with payment of debts and meaning of the word 'debt' is to be determine in that context. 'debt' has not been defined ..... the gold ornaments on payment of dues to the bank ?6. succession certificate is granted on an application under section 372 of indian succession act, in respect of debt or security. a succession certificate specifies the debts and securities as per the application. the effect of the certificate ..... production of letters of administration for releasing the gold ornaments.5. there is no dispute that sanatan, a hindu governed under the hindu succession act, 1956 died intestate leaving behind the plaintiffs as his sole heirs and legal representatives. he had deposited with the state bank of india, puri ..... the deceased and this is indisputably the appropriate form. where, however, the goods and moveable property are 'securities' as defined in the indian succession act, a succession certificate covering the securities would also be the appropriate form.' 4. trial court decreed the suit on the finding that circular no. 5 .....Tag this Judgment!
Court : Karnataka
Decided on : Mar-03-1988
Reported in : 66CompCas654(Kar); ILR1988KAR1213; 1988(2)KarLJ50
..... but they reserve their right to plead by way of defence in any other appropriate proceedings that may be initiated for rectification in the register of registered members under the companies act or by way of suit in an appropriate court of law.' 4. but, no specific defence was taken in the statement of objections repudiating the rights of the petitioners who ..... apart, what is the effect of an allotment made in violation of section 41(2) is considered in the other commentaries on the english companies act. in gore-browne on companies, 43rd edition, it is said: 'but it is not absolutely necessary to have a printed form, as a letter applying for shares, or even a verbal application, is sufficient. in ..... of members, the names of the petitioners are not found. so, by their own conduct, they have treated the petitioners as shareholders of the company. under section 164 of the act, the register of members, the register of debenture-holders, and the annual returns, certificates and statements referred to in sections 159, 160 and 161 shall be prima facie evidence of any matters ..... directed or authorised to be inserted therein by the act. as noticed earlier, exhibits p-13 to p-16, p-23, p-26, p-17 and 1- 5 were all documents maintained by the company under .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Sep-23-1988
Reported in : AIR1989SC190; (1988)90BOMLR459; 66CompCas577(SC); (1988)3CompLJ179(SC); JT1988(3)SC749; 1988(2)SCALE748; (1988)4SCC592; Supp3SCR212
..... closed on 31st august, 1988.3. it was the claim of the petitioner that the debentures were being issued after obtaining the consent of the controller of capital issues and on the basis of schedule indicated therein, and after complying with all the requirements of the companies act and otherwise. certain writ petitions and a suit had been filed in some high courts ..... , namely, karnataka, bombay, rajasthan, delhi and later on in allahabad challenging the grant of consent or sanction for the issue of debentures. such applications in the different high courts and the courts were filed ..... the proceedings, which gave rise to the transfer applications, were writ petitions and a suit filed in various courts challenging inter alia, the validity or regularity of the debenture issue of the petitioner company. if these matters had been heard by the various high courts or other subordinate courts, there was a possibility that one or more of the courts, satisfied with ..... open on 22nd august, 1988 till the decision of the transfer petitions pending herein.2. the subject-matter of dispute related to the public issue by the petitioner company of 12.5% secured convertible debentures of rs. 200 each for cash at par aggregating to rs. 593.40 crores (inclusive of retention of 15% excess subscription of rs. 77.40 crores). it .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Nov-15-1988
Reported in : (1989)29ITD186(Delhi)
..... guaranteed by the central government or by a state government; (vii) investment or deposit in any government company as defined in section 617 of the companies act, 1956 (1 of 1956) ; (i) the corpus ..... fixed rate of dividend whether with or without a further right to participate in profits) in a company (not being a government company as defined in section 617 of the companies act, 1956 (1 of 1956), or a corporation established by or under a central, state or provincial act) ; (c) in any other case, the forms or modes referred to in sub-clause (i), sub ..... units in the unit trust of india established under the unit trust of india act, 1963 (52 of 1963); (v) investment in any security for money created and issued by the central government or a state government; (vi) investment in debentures issued by, or on behalf of, any company or corporation both the principal whereof and the interest whereon are fully and unconditionally ..... immediately before the 1st day of june, 1973, etc., any form or mode other than investment in shares in a company had the approval.18. it is noticed also that sub-section (5) to section 11 was inserted by the finance act, 1983 w.e.f. 1-4-1983. we further find that clause (d) of sub-section (1) of section 13 .....Tag this Judgment!