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Judgment Search Results Home > Cases Phrase: debentures companies act Year: 1997 Page 1 of about 81 results (0.039 seconds)

Aug 27 1997 (TRI)

Karnataka Bank Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT

Decided on : Aug-27-1997

Reported in : (1998)60TTJ(Bang.)103

..... the madras high court in the case of lakshmi vila bank ltd. (supra) on the ground that that was a case relating to debentures and not to securities. he referred us to s. 6(2) of the companies act, according to which debenture is a loan and is unsecured. he contended that the decision of the madras high court is under the interest-tax ..... came to the conclusion that debentures were also in the nature of loans raised by ..... with s. 2(7) of the interest-tax act.in regard to debentures, the ao was of opinion that debenture was a document which either created or acknowledged a debt. according to s.2(12) of the companies act, debenture included debenture stock, bonds and any other securities of the company whether constituting a charge on the assets of the company or not. the ao also referred to the ..... guide to the companies act, 10th edn., p. 18 of shri a. ramaiah and .....

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Jul 29 1997 (SC)

National Rayon Corporation Ltd. Etc. Vs. Commissioner of Income-tax

Court : Supreme Court of India

Decided on : Jul-29-1997

Reported in : AIR1997SC3487; [1997]227ITR764(SC); JT1997(7)SC372; 1997(5)SCALE415; (1997)7SCC56; [1997]Supp3SCR140

..... loans. merely because, the debentures were not redeemable during the accounting period, the liability to redeem the debentures did not cease to exist. it was redeemable or repayable at a future date. but it was a known liability ..... a future liability. the debentures had been separately shown in the balance-sheet as a liability. the reserve had been created by appropriation of profits and not by way of a charge on revenue.12. we are of the view that this approach is erroneous and overlooks the definitions of 'provision' and 'reserve' given in the companies ' act. the debentures were nothing but secured ..... for determination in this case is whether a sum of rs. 79 lakhs representing debenture redemption reserve was includible in computing the capital of the assessee-company for the purpose of companies (profits) surtax act, 1964.2. the high court took the view that the amount set apart to redeem the debentures has to be treated as 'provision' and not as 'reserve'. the facts ..... the amount lying to the credit of debenture redemption reserve was available to the company to be used as working, capital.20. we fail to comprehend this distinction. what has to be computed under rule 1 of the second schedule of the surtax act is the capital of the company and not its working capital. the amount shown as sinking fund may be .....

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Mar 29 1997 (SC)

National Rayon Corporation Ltd. Etc. Vs. Commissioner of Income Tax.

Court : Supreme Court of India

Decided on : Mar-29-1997

Reported in : (1997)142CTR(SC)202

..... loans. merely because, the debentures were not redeemable during the accounting period, the liability to redeem the debentures did not cease to exist. it was redeemable or repayable at a future date. but it was a known ..... a future liability. the debentures had been separately shown in the balance sheet as a liability. the reserve had been created by appropriation of profits and not by way of a charge on revenue.8. we are of the view that this approach is erroneous and overlooks the definitions of provision and reserve given in the companies act. the debentures were nothing but secured ..... for determination in this case is whether a sum of rs. 79 lakhs representing debenture redemption reserve was includible in computing the capital of the assessee-company for the purpose of companies (profits) surtax act, 1964.2. the high court took the view that the amount set apart to redeem the debentures has to be treated as provision and not as reserve. the facts stated ..... which had to be paid for redemption of the debentures. therefore, there is no question of any excess provision in this case.4. in the case of vazir sultan tobacco co. ltd. vs . cit : [1981]132itr559(sc) , it was held that provision' and reserve had not been defined under the companies (profits) surtax act, 1964. therefore, the two concepts reserve and provision .....

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May 28 1997 (TRI)

Banco Products (India) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : May-28-1997

Reported in : (1997)63ITD370(Ahd.)

..... so, then there was no need of such stipulation. (5) the further or restriction on repurchase of such debenture prior to conversion makes it abundantly clear as such restriction was obviously self-imposed in view of provisions of s. 77 of the companies act, 1956, prohibiting repurchase of its share capital from open market." according to the learned departmental representative it was ..... clear that funds so obtained from through the issue of convertible debentures were clearly identifiable as equity capital and loan funds from the very beginning and for ..... was clear from the following paragraph relating to conversion : "the debentures shall carry an obligation on the part of the company to issue to the holders of every such fully paid debenture on 30th june, 1987, and on the part of the holders of the debentures, to take up without any further act or application, three equity shares of rs. 10 each credited as ..... fully paid up at par. thus, there will be a constructive receipt of rs. 30 by the holders of the debentures towards the convertible part of each debenture and constructive payment of the same amount by them to the company towards the .....

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May 28 1997 (TRI)

Banco Products (India) Ltd. Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : May-28-1997

Reported in : (1997)59TTJ(Ahd.)387

..... so, then there was no need of such stipulation.(5) the further or restriction on repurchase of such debenture prior to conversion makes it abundantly clear as such restriction was obviously self-imposed in view of provisions of s. 77 of the companies act, 1956, prohibiting repurchase of its share capital from open market." according to the learned departmental representative it was ..... clear that funds so obtained from through the issue of convertible debentures were clearly identifiable as equity capital and loan funds from the very beginning and for ..... was clear from the following paragraph relating to conversion : "the debentures shall carry an obligation on the part of the company to issue to the holders of every such fully paid debenture on 30th june, 1987, and on the part of the holders of the debentures, to take up without any further act or application, three equity shares of rs. 10 each credited as ..... fully paid up at par. thus, there will be a constructive receipt of rs. 30 by the holders of the debentures towards the convertible part of each debenture and constructive payment of the same amount by them to the company towards the .....

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Oct 01 1997 (HC)

Mohan P. Wag and anr. Vs. State of Rajasthan and anr.

Court : Rajasthan

Decided on : Oct-01-1997

Reported in : [1998]94CompCas507(Raj)

..... prayed for by the complainant. it was further submitted that if the complainant did not get her debentures only because of this reason, it could not be said that the company gave a false or untrue statement punishable under section 63 of the companies act. the court below wrongly interpreted the provisions and passed the impugned order by way of taking cognizance ..... g. mukherji, c.j.1. the petitioners are the directors of larsen and toubro limited incorporated under the indian companies act, 1913. they came out with a public issue of 2,06,66,664 -- 12.5 per cent, fully convertible secured debentures of rs. 300 each and invited the general public to subscribe in their public issue, vide their prospectus dated ..... company did not bother to send her the allotted debentures for reasons best known to the accused persons. she ..... had a number of folios in reliance industries ltd., she offered for allotment of debentures by filing two separate applications and thus she applied for allotment of twenty debentures and paid application money of rs. 1,500. the company under the provisions of companies act, 1956, was duty bound to deliver her debenture certificates within three months from the date of allotment. but the .....

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Feb 18 1997 (TRI)

Mahindra and Mahindra Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-18-1997

Reported in : (1997)61ITD129(Mum.)

..... or persons to whom such re-issued debentures may be allotted by the board shall have and shall always be ..... deemed to have had the same rights and privileges as if the debentures had never been redeemed. without prejudice to the rights reserved hereinabove ..... company shall have the right to repurchase the debentures at any time and cancel or reissue them at its discretion either by re-issuing the same debentures or by issuing other debentures from time to time in accordance with the provisions of section 121 and other applicable provisions of the companies act, 1956. upon such re-issue the person ..... crores were issued by way of right issue and the balance amounting to rs. 22.5 crores were issued to financial institutions. so far as the debentures of rs. 25 crores are concerned, the assessee-company has the right of repurchase and the relevant clause in the letter of offer reads as follows :- "(iv) right of re-purchase/buy-back scheme. - the .....

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Feb 05 1997 (HC)

T.P.G. Nambiar and Others Vs. the Ragistrar of Companies, Karnataka, B ...

Court : Karnataka

Decided on : Feb-05-1997

Reported in : 1998(3)KarLJ612

..... under sections 17 and 291 punishable under section 629 of the act on the allegation that the company had been doing business of an investment company, such as acquiring shares, debentures and securities and dealing in the same. the directors of the company exceeded the power vested in them under section 291 of the act by embarking upon business which were not authorised by the memorandum ..... under section 17 and also an order being passed. but as on 31-3-1991 the company was having investments in shares and debentures amounting to rs. 2,670.73 lakhs which was far in excess of the limit laid down under section 372 of the act.19. the learned counsel submitted that the amendment was allowed and brought into effect from 17 ..... to alter the objects clause of its memorandum of association only on 23-1-1991 to provide specific objects enabling the company to acquire and deal in shares, debentures and other securities. as on 31-3-1991 the ..... of association of the company. the company filed a petition under section 17 of the act before the company law board, madras, .....

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Apr 29 1997 (HC)

Commissioner of Income Tax Vs. T.P.S.H. Sokkalal

Court : Chennai

Decided on : Apr-29-1997

Reported in : [1999]236ITR981(Mad)

..... , but the guardian. 9. sec. 153 of the companies act, 1956, provides that no notice of any trust, express, implied or constructive, shall be entered on the register of members or of debenture-holders. the register would show that the guardian is the shareholder and the company is not to take notice of any such relationship of ..... in fazalbhoy jaffar vs. credit bank of india air 1914 bom 128, the bombay high court held that the minor may be a member of a company under the companies act, but the registered holder of the share is a person with a vested interest in the property which may be burdened with an obligation to pay calls ..... standing in the name of selva saroja. it is also not disputed that she is the natural guardian and under s. 153 of the companies act, it is not open to the company to recognise any trust and when in the register of members the name of selva saroja is shown, she must be regarded as a ..... the shares are registered in the name of the guardian, the guardian alone is the shareholder by virtue of s. 153 of the companies act.' 14. the position of shares held by the minors has been the subject-matter of consideration in several decisions, but it is not necessary ..... it is also profitable to refer to a passage from the guide to the companies act by a. ramaiya (twelfth edn.) wherein the learned author observes as under : 'when a guardian of a minor applies to be a member of a company, the company cannot enter the name of a minor in the share register, because a person' .....

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Aug 08 1997 (HC)

Rameshchandra Manilal Kotia and ors. Vs. State of Gujarat and anr.

Court : Gujarat

Decided on : Aug-08-1997

Reported in : (1998)2GLR1222

..... . 3 and 4 will get a relief as they have nothing to do with accused no. 7-company which floated the issue. section 73 of the companies act deals with allotment of shares and debentures to be dealt with in stock exchange. assuming that, no shares have been allotted to the complainant, ..... charged by the board with responsibility of complying with the provisions of the companies act or a company that does not have any of the officer specified over here, then director or directors, who may be specified by the board ..... are not shown to be falling into any of the aforesaid categories, obviously, they cannot be held answerable for the alleged offence under the companies act. merely because they are directors, they cannot be held responsible. there are two more provisions in section 5 indicating that a person may be ..... of the parties joined, but also because of the factual background which they share in different complaints allegedly constituting the offence under either the companies act or under the indian penal code.2. as many as 19 accused came to be joined in different complaints in respect of which, in ..... who may or may not be the plaintiff in the civil suit, the fact remains that, that is the responsibility of accused nos. 3 and 4. they have connection with accused no. 1 company .....

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