Court : Chennai
Decided on : Aug-29-1996
Reported in : 228ITR697(Mad)
..... to acquire some species of property, which would bring an income to the investor'. 16. sec. 2(12) of the companies act defines 'debenture' as under : 'debenture includes debenture stock, bonds and any other securities of a company, whether constituting a charge on the assets of the company or not' 17. at page 1366 (sic) 'investment' is defined as under : 'the expression means the laying out of ..... 's laws of england, it is stated that the term 'debenture' is always associated with a company of some kind and at the most debentures are securities given by companies. sec. 2(12) of the companies act states that 'debenture' includes debentures stock and any other securities of a company whether constituting a charge on the assets of the company or not. 22. if the interest is on loans and ..... assessee-bank is compelled to make investment of certain percentage in the approved securities and direction was given under the banking companies act to show such investments under the head 'investments' in the balance sheet. therefore, of necessity the assessee-bank invested in debentures issued by the co-operative land mortgage bank. therefore, from the point of view of the assessee purchasing the .....Tag this Judgment!
Court : Chennai
Decided on : Feb-13-1996
Reported in : (1997)138CTR(Mad)83; 221ITR524(Mad)
..... , the syndicate bank ltd. was amalgamated with the industrial credit & development syndicate (icds) as per the scheme approved by the court under s. 394 of the companies act, 1956. consequently, the assessee received equity shares, bonds, debentures, etc., in the icds for the shares held by the assessee in the syndicate bank ltd. for the asst. yr. 1974-75, the assessee claimed exemption ..... extinguishment of any right belonging to the assessee in the transferor-company. therefore, it is not necessary to go into the question of considering the exemption provided under s. 47(vii) of the act in the matter of levying capital gains tax on the allotment of debentures along with shares in favour of the assessee. while referring the question suggested ..... the case of the assessee while shares and debentures were allotted to the assessee while two companies were amalgamated and inasmuch as the identity of the transferor-company get lost in amalgamation, there is no question of transfer or ..... consideration of the transfer of the share, or shares in the amalgamating company, he cannot get the benefit of s. 47(vii).' therefore, according to learned standing counsel in the amalgamation if the bonds and debentures are transferred, the assessee cannot get benefit under s. 47(vii) of the act. inasmuch as we came to the conclusion that there is no transfer in .....Tag this Judgment!
Court : Chennai
Decided on : Nov-14-1996
Reported in : 230ITR173(Mad)
..... amount also could be regarded as a 'provision' as defined in cl. 7 of part iii of sch. vi to the companies act, 1956, since the amount actually represented a provision for a known liability, namely, the necessity to redeem the debentures within a particular date. 17. in the present case, the assessee did not invest the funds standing to the credit of ..... for a known liability, namely, the necessity to redeem the debentures within a particular date. 10. according to the assessee, the redemption reserve sinking fund is actually a 'reserve'. this is evident from ..... of balance sheet given in part i of sch. vi to the companies act, 1956. now, item (5) speaks of the surplus, that is, balance in p&l; account, after providing for proposed fund for allocations. item (6) speaks of proposed additions to 'reserve' and item (7) 'sinking fund'. since the debenture redemption sinking fund is covered by item (7) and, therefore, is ..... specifically prohibited from being included in capital base, the said amount cannot be included. the amount also could be regarded as 'provision' as defined in cl. (7) of part iii of sch. vi to the companies act, 1956, since the amount actually represented provisions .....Tag this Judgment!
Court : Delhi
Decided on : Sep-09-1996
Reported in : 1997(96)ELT37(Del)
..... the learned counsel for respondent no. 1 in cwp 1968/95 that not only the remedy under section 111 of the companies act was apposite and appropriate, the petitioner has already availed such remedy in respect of one lot of debentures forming part of the same or similar transactions and hence there is no reason why the petitioners should not have availed that ..... first preliminary objection is rejected. 14. section 111 of the companies act provides for a petition being preferred to the company law board against the refusal to register the transfer of shares or debentures. appeal may be preferred by the transferor or transferee to the company law board against any refusal of the company to register the transfer or transmission. petition may be preferred to ..... on this mr. seth, the learned counsel for respondent no. 1 made a statement at the bar that a petition for rectification if filed under section 111 of the companies act before the company law board. respondent no. 1 would not object to its maintainability in the sense that resolution of such disputes as are raised in the present petition does lie within ..... debentures forming subject matter of the present petition. 14.4 the learned counsel for the petitioner initially resisted this preliminary objection raised by mr. seth by submitting that the remedy was not available to the petitioner. but a little later submitted that if the petitioner was driven to the company law board by filing a petition under section 111 of the companies act .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Sep-11-1996
Reported in : 1996VIIAD(SC)260; AIR1997SC506; 87CompCas792(SC); JT1996(8)SC205; 1996(6)SCALE595; (1997)1SCC579; Supp6SCR1
..... or class of creditors or members or class of members to whom the scheme of compromise or arrangement is offered by the company. the present controversy centers round a meeting of members. members of the company are shareholders. part iv of the companies act deals with 'share capital and debentures'. section 82 provides that 'the shares or other interest of any member in a ..... company shall be movable property, transferable in the manner provided by the articles of the company'. as per section 86 the share capital of a company limited by shares formed after the ..... commencements of this act, or issued after such ..... therefore, a separate meeting had to be convened as he represented a class within the class of equity shareholders. it is difficult to agree with this contention. even though the companies act or the articles of association do not provide for such a class within the class of equity shareholders, in a given contingency it may be contended by a group of .....Tag this Judgment!
Court : Allahabad
Decided on : Mar-27-1996
Reported in : AIR1997All72; 88CompCas569(All)
..... intent to defraud its creditors and he had carried on the business of the company and delayed the liquidation for six months after issuing certain debentures to himself in order to deprive the unsecured creditors of the company of their right to challenge those debentures under section 266 of the english companies act, 1929. on the facts of the said case it was held that ' ..... intent to defraud' and fraudulent purpose' in section 275 of the english companies act connote actual dishonsety involving according to current notion of fair trading among commercial ..... 1976 was filed against smt. padmavati and others in their capacity as the heirs of deceased director purshottam das under sections 542, 543, 468, 469 and 466 of the companies act, 1956 on the ground that themoney had been unlawfully retained and had been misapplied by holding it without paying any interest and applying the same for the personal gain. therefore ..... 15of 1977 has been filed by the official liquidator under sections 542, 543, 468, 469 and 466 of the companies act, 1956 against ram swarup, ex-director of m/s ram chand & sons sugar milts (p) limited (in liq.) (in short company in liq.). company application no. 16 of 1977 has been filed under similar provisions against raj rajeshwar swarup and 3 others who .....Tag this Judgment!
Court : Delhi
Decided on : Feb-29-1996
Reported in : 62(1996)DLT55; 1996(37)DRJ418
..... supra) the supreme court was concerned with the interpretation of section 73(2a) of the companies act, 1956, and the question involved was when does a company become liable to repay the money received from applicants for shares or debentures in excess of the aggregate of the application money relating to the allotted shares or ..... with the condition that the company shall adhere to the time limit of 10 weeks from the date of closure of the subscription list for ..... concerned, we can legitimately draw upon the 'nocturne a sociis' principle. this expression simply means that 'the meaning of a word is to be judged by the company it keeps.' gajendragadkar, j. explained the scope of the rule in state of bombay v. hospital mazdoor sabha : (1960)illj251sc in (he following words : (scr ..... par and 33,19,000 (14%) redeemable non- convertible debentures of rs.100.00 each at par, but ..... debentures. the government of india by its order dated may 31, 1990, allowed the company to issue 7,20,000 equity shares ofrs.lo.00 each at .....Tag this Judgment!
Court : Kolkata
Decided on : Dec-09-1996
Reported in : 98CompCas496(Cal)
..... scheme by the requisite majorities of the members of the transferor-company and of the transferee-company and debenture holders and creditors (secured and unsecured) of the transferee-company. (iii) the requisite resolution(s) under the applicable provisions of the said act being passed by the shareholders of the transferee-company as provided in the scheme. (iv) the sanction of the ..... high court of judicature at calcutta under sections 391 and 394 of the said act, ..... in favour of the transferor-company ..... note of. in the aforesaid decision it was held by me, inter alia, that (headnote) 'while considering an application for sanction under section 391(2) of the companies act, 1956, it has to be considered if the statutory requirements have been complied with. while considering the relevant provisions of the statute, it has to be seen whether .....Tag this Judgment!
Court : Mumbai
Decided on : Oct-03-1996
Reported in : 91CompCas862(Bom)
..... appellant to the second appellant, this appeal has been preferred by the appellants under the provisions of section 10f of the companies act, 1956 (for short, 'the act'). 2. stock holding corporation of india ltd. (for short, 'shcoil') is a company incorporated under the act and is promoted by several financial institutions, viz., unit trust of india, industrial development bank of india, industrial credit ..... industrial reconstruction bank of india and general insurance corporation of india limited and its subsidiaries. bharat petroleum corporation limited was incorporated on november 3, 1952, under the provisions of the companies act, 1913, as 'burmah shell refineries limited' whose name was on july 28, 1977, changed to bharat petroleum corporation limited. it is a government ..... to take notice of any trust expressed, implied or constructive for being entered on the register of members or of debenture-holders. section 187c which was inserted by the companies (amendment) act, 1974, with effect from february 1, 1975, makes provision for declaration by persons not holding beneficial interest in any share. there is no dispute that msgf is not a ..... section 153 and 187c of the act. 11. in the judgment and order impugned in the appeal, the company law board while considering the applicability of section 153 has held that so far as section 153 is concerned, no notice of any trust is to be entered in the register of members or debenture holders. the company law board has further held that .....Tag this Judgment!
Court : Chennai
Decided on : Apr-04-1996
Reported in : 88CompCas471(Mad)
..... said that the jurisdiction of the civil court is not barred. it is very wide, unrestricted and unlimited. their lordships further said that the provision of section 155 of the companies act, 1956 (at present section 111), does not whittle down or abrogate the provision for filing a suit available under section 9 of the civil procedure code, 1908. their lordships further said ..... further stated that the action challenged relates to the affairs of the second respondent and the same cannot be the subject-matter of a petition under section 111 of the companies act. it is further said that the first petitioner cannot claim any right, title or interest in the five lakhs shares held in the second respondent which shares were transferred ..... board of india act, 1992, has made it clear that the provisions ..... section (30 makes it clear that the company law board is empowered to rectify a register if the transfer of shares or debentures is in contravention of any of the provisions of the securities and exchange board of india act, 1992 (act 15 of 1992), or regulations made therein or the sick industrial companies (special provisions) act, 1985 (act 1 of 1996). the securities and exchange .....Tag this Judgment!