Court : Company Law Board CLB
Decided on : Sep-05-2002
..... in vijaya leasing limited ('vll') and m/s.vijaya commercial credit limited ('vccl') (collectively referred to as 'the companies') have filed these applications under section 117c of the companies act, 1956 ("the act") submitting that the companies have failed to repay the debenture amount aggregating rs. 3,94,000 together with interest as per details given in annexure forming part of this order. 'vll' and 'vccl ..... the amendment act, 2000. in this connection, shri ravi distinguished the provisions of section ..... be moved only in case of debentures issued after 13-12-2000. shri ravi pointed out that section 117c starts with the words "where a company issues debentures after the commencement of this act", i.e., the companies act, 1956, in which case this provision is applicable to all debentures issued after the commencement of the act, 1956 and not in respect of debentures issued after the commencement of .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Nov-20-2002
Reported in : JT2002(9)SC594; (2003)1SCC81; 2003(1)LC113(SC)
..... the law, it is not necessary that the debentures should create a charge. we have, therefore, brought thedefinition of debentures in line with that contained in english companies act, 1948, which defines 'debentures' as including 'debenture stock' bonds and other securities of a company, whether constituting a charge on the assets of the company or not.'20. palmer on company law has made similar observations in paragraph 44.02 ..... mr. t.m. sen and mr. c. chandrasekhar, the distinction between the 'shares' and 'debentures' has been stated thus:'debentures distinguished from: (a) shares - although shares and debentures belong to the same genesis yet they have distinct and different characteristics. the companies act, 1956 deals with the issue of debentures in the same manner as it deals with the issue of shares, but the similarity ends ..... incident of shares certificates and hence bear no comparison. therefore, there is no equation between shares and debentures except as referred to above.' 26. 'share' has been defined in section 2(46) of the companies act to mean a share in the share capital of a company which in turn would mean that it would represent contribution of the share-holder towards the share .....Tag this Judgment!
Court : Gujarat
Decided on : Oct-17-2002
Reported in : 116CompCas248(Guj)
..... be marketable in india, it would amount to reading the other provisions of the scr act 1956 in the companies act, though not meant to be incorporated at all. moreover, an anomalous position will arise, because, in the definition of 'debenture' in section 2(12) of the said act, there will be debentures, debenture stock, bonds, that are marketable anywhere but the 'other securities' which are also ..... to be the creditors within the meaning of clause (b) of sub-section (1) of section 439 of the companies act in view of the new definition of the words 'creditors' introduced in the said act of 1956. it was held that the debenture holders had a right to present the petition for winding up as recognised by the statute. (g) the decision of ..... are not noteholders. (2) even if the petitioners are noteholders, they are not debenture holders or holders of any security as contemplated by the companies act read with the securities contracts (regulation) act, 1956. (3) in any case, the petitioners are not creditors under section 439(1)(b) of the companies act as the petitioners cannot give a valid discharge but only the trustee can give ..... , in determining what is or is not a debenture within section 2(1) of the companies act, 1913, the court is not bound to hold that an instrument is a debenture, because, it is called a debenture by the company issuing it, nor to hold that it is not a debenture, because, it is not so called by the company. the court must look at the substance of .....Tag this Judgment!
Court : Kolkata
Decided on : Oct-08-2002
Reported in : 2004CriLJ1116
..... . a copy of the said complaint was placed in course of argument. section 56(3) of the companies act is reproduced below :'no one shall issue any form of application for shares in or debentures of a company, unless the form is accompanied by a memorandum containing such salient features of a prospectus as may be prescribed which complies with the ..... had a-rating credit facility from its bankers and that the returns on the debentures are tax free.32. so, the problem centres round the question as ..... is a director of the company registered under the companies act, 1956. there are materials to indicate that the said company is involved in different manufacturing process throughout india and it has been carrying on its business under the provisions of the companies act, 1956. it also transpires that the said company for the purpose of private placement issued debentures with the statement that it ..... of issue, a charge was created on the assets of the company in accordance with the provisions of the companies act, 1956 at the office of the registrar of companies, jalandhar.16. the learned counsel further contended that for the purpose of serving the investors and to ensure delivery of allotment letter, debentures and interest, etc. different service centres were set up by .....Tag this Judgment!
Court : Gujarat
Decided on : Aug-02-2002
Reported in : 260ITR532(Guj)
..... second appeal, the tribunal accepted the contention of the assessees on the following two grounds :(i) the interest income in question was in respect of the debentures issued by the company which was not established by a central, state or a provincial act. (ii) secondly, the tribunal held that even if section 18(1)(ii) was applicable to non-government or non-public ..... the interest receivable by him on any security of the central government or of a state government, or on debentures or othersecurities for money issued by or on behalf of a local authority or a company:..' 20. section 18(1) of the 1961 act which was in force for the relevant assessment year under sdfconsideration read as under : '18, (1) the following amounts ..... be entitled to be excluded from the provisions of section 18(1)(ii) of the act. 23. we accordingly hold that the interest on debentures issued by all companies, whether or not established by a central, state or provincial act, is liable to be computed as income under the head 'interest on securities' as per the provisions of section 18(1)(ii) of the ..... the case, the appellate tribunal is right in law that the interest on debentures issued by companies other than local authority, company or corporation established by a central, state or provincial act is not liable to be computed as income under the head 'interest on securities' ? 2. whether interest on debentures in all circumstances is liable to be considered income only when received by the .....Tag this Judgment!
Court : Gujarat
Decided on : Aug-02-2002
Reported in : (2002)177CTR(Guj)176
..... second appeal, the tribunal accepted the contention, of the assessees on the following two grounds :(i) the interest income in question was in respect of the debentures issued by the company which was not established by a central, state or a provincial act.(ii) secondly, the tribunal held that even if section 18(1)(ii) was applicable to non-government or non-public ..... the interest receivable by him on any security of the central government or of a state government, or on debentures or other securities for money issued by or on behalf of a local authority or a company ............'section 18(1) of the 1961 act which was in force for the relevant assessment year under consideration read as under :'18. (1) the following amounts ..... be entitled to be excluded from the provisions of section 18(1)(ii) of the act.14. we, accordingly hold that the. interest on debentures issued by all companies, whether or not established by a central, state or provincial act, is liable to be computed as income under the head 'interest on securities' as per the provisions of section 18(1)(ii) of the ..... of the case, the tribunal is right in law that the interest on debentures issued by companies other than local authority, company or corporation established by a central state or provincial act is not liable to be computed as income under the head 'interest on securities' ?2. whether interest on debentures in all circumstances is liable to be considered income only when received by the .....Tag this Judgment!
Court : Mumbai
Decided on : Oct-21-2002
Reported in : 2003(1)BomCR465; 127CompCas484(Bom); (2003)2CompLJ190(Bom); 2003(3)MhLj900
..... presented under sections 391 to 394 read with section 100 of the companies act, 1956 for cancellation of equity shares held in small lots and to issue in lieu thereof 11% secured redeemable non-convertible debenture (ncd's) of rs. 20 each of the company in the manner and to the extent provided therein. 4. (a ..... section 101(2) were dispensed with. the minutes dated 8th march, 2002 provided in clause 7 that the procedure under section 101(2) of the companies act shall not apply. if there was no distinction between dispensing with the procedure under section 101(2) and dispensing with the provisions of section 101(2 ..... , 6. in view of clause 5 hereinabove, the procedure under section 101(2) of the companies act, 1956 is dispensed with.' clause 5 was pursuant to the undertaking of the company contained in paragraph 20 of company application no. 573 of 2001 and in view of which the meeting of the creditors was dispensed ..... the scheme in general. i am unable to agree with this submission for more than one reason. section 101 of the companies act, 1956 reads as under :-- '101. application to court for confirming order, objections by creditors, and settlement of list of objecting creditors:-- (1) where ..... to provide an exit option to the shareholders holding small-lots as also to shareholders holding odd-lots.' '4. scheme of arrangement.--the company shall issue and allot 1 (one) debenture of rs. 20 (rupees twenty) or as may be approved by the court for every equity share cancelled as follows : (a) .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Jul-16-2002
Reported in : 2002(5)ALD100; 2002(4)ALT565; 116CompCas238(AP)
..... 111-a of the companies act which deals with the rectification of the registers of members and specific jurisdiction is vested with the company law board.111-a(1) in this section, unless the context otherwise requires, 'company' of section 111 of this act. (2) subject to the provisions of this section, the shares of debentures and any interest therein of a company shall be freely transferable ..... investor or the securities and exchange board of india, 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 (15 of 1992) or regulations made thereunder or the sick industrial companies (special provisions) act, 1985 (1 of 1986) or any other law for the time being in force, ..... : provided that if a company without sufficient cause refuses to register transfer of shares within two months from the date on which ..... within two months from the date of transfer of any shares or debentures held by a depository or from the date on which .....Tag this Judgment!
Court : Chennai
Decided on : Oct-11-2002
Reported in : 117CompCas282(Mad)
..... the presentation of the petition, he was entitled to a declaration that the debenture was valid. it is not disputed that section 205 is similar to section 536 of the indian companies act a similar conclusion has been arrived at in in re steane's (bournemouth) ltd.  1 all er 21 (ch d ..... of issue of the debenture, aware that the petition for the winding up of the company had been presented. it was held that notwithstanding his knowledge of ..... for its compulsory winding up a debenture was issued by the company to secure to the debenture holder the repayment of 1200 advanced to enable the company to pay wages due to the staff. a summons was taken out by the debenture holder for an order validating his debenture, notwithstanding the provisions of section 205(2) of the companies (consolidation) act, 1908. the debenture holder was, at the time .....Tag this Judgment!
Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
Decided on : Oct-25-2002
..... -section (5) of section 111a of the companies act, 1956, it is specified that the provisions of section 111a shall not restrict the rights of the holder of the shares or debentures to transfer such shares or debentures and any person acquiring such shares or debentures shall be entitled to voting rights unless the voting rights have been suspended ..... also will be depleted in that process. he further submitted that such a view would even affect the right available to the notified person under section 397 of the companies act to approach company law board seeking relief against oppression and mismanagement. he further submitted that the very purpose of notifying persons and simultaneous attachment of property is to preserve and protect ..... institutions -that acc and ambujas have entered into a "strategic alliance". sebi has left the issue of "strategic alliance" to be dealt with under the provisions of mrtp act or companies act, as the same "will not amount to control as defined under the takeover regulations." it is true that strategic alliance need not necessarily be one affecting the control if any ..... any equity share capital therein shall have a right to vote except in cases of unpaid call under sub-section (2) of section 92 of the companies act, 1956. further, under section 111a of the companies act, 1956, in the matter of transfer of shares the clb has been empowered to suspend voting rights under certain circumstances as an interim measure. under sub .....Tag this Judgment!