Court : Delhi
Decided on : Aug-26-2003
Reported in : 122CompCas536(Delhi); 2004(72)DRJ329; 47SCL631(Delhi)
..... also classified under the heading ''secured loans'' in the balance sheet as per schedule vi to the companies act, the debenture holders would have a pari pasu charge on the fixed assets of the company along with that of the term lenders and, thereforee, the debenture holders would also come within the ambit of the expression ''lenders''. consequently, there was no necessity of having a ..... regulation) act would also corroborate the aforesaid position. in that view of the matter, it is held that the debenture holders are only secured creditor . in the light of the decision of the supreme court in national ..... either within the ambit of the secured creditors nor within the ambit of debenture holders in the light of the facts of the present case. it is, however, necessary to mention that by order passed on the petitions filed by the petitioners under section 391(1) of the companies act meetings were ordered to be held of the equity shareholders and the preference ..... a y compromise or arrangement in respect of debentures, meetings are to be held. the aforesaid submission is found to be without any credence in view of the ratio of the aforesaid decision of the supreme court. a reading of the provision of section 2(12) along with section 2(45aa) of the companies act along with section 28 of the securities (contract .....Tag this Judgment!
Court : Rajasthan
Decided on : Sep-15-2003
Reported in : (2004)186CTR(Raj)59; 269ITR461(Raj)
..... a trust is required to set for the purpose of securing repayment of debentures by the company.34. in this connection, section 117 of the companies act ordains that after the commencement of the companies act, the debenture-holder will not be having any voting rights at any meeting of the company, whether generally or in respect of particular classes of business. thus, ..... of the original issue of debentures. the same principle has been adopted by the companies act, 1956, governing the debenture issue in india, which we shall advert to ..... of care and diligence required of him as trustee. apparently while making provisions for issue of debentures for raising the funds, the companies act envisaged that debentures may be both having charge on the company's assets or not having charge against the company's assets. but by making provision under sections 118 and 119 made to ensure that whether ..... overcome these procedural difficulties, section 90 of the companies act of england confers power to reissue the debentures so repaid unless the company has manifested an intention to cancel them and extinguished the security of which the debentures have been issued. the provision of the companies act of england enables the company to reissue the debentures and can be read as an implied condition .....Tag this Judgment!
Court : Company Law Board CLB
Decided on : Nov-24-2003
Reported in : (2004)120CompCas451
..... in m/s. best & crompton engineering limited ("the company") has made this application under section 117c of the companies act, 1956 ("the act") submitting that the company has failed to redeem the debentures aggregating rs. 5,500/- together with interest. the application came up for hearing and disposal before this bench on 29.08.2003, 30.09.2003 and finally on 28.10 ..... .2003.2. during the hearing, shri k. kuppuswamy, dy. general manager -secretarial appeared for the respondent company and submitted ..... can order repayment of redemption amount from the investor education and protection fund. by virtue of section 205c(2) of the act, the investor education and protection fund was established with effect from 31.10.1998 and matured debentures with companies shall be credited to such fund, if such amounts have remained unclaimed and unpaid for a period of seven years from the ..... on or before 31.8.2002 to effect payment. for this letter also the applicant had not responded. the company had, therefore, remitted the entire unclaimed redemption amount of debentures to the investor education and protection fund as specified by section 205c of the act vide challan no. 317/2002-2003 dated 12.9.2002. however, on 7^th may 2003, the applicant .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Aug-01-2003
Reported in : 2003(6)ALD1(SC); 117CompCas19(SC); (2003)4CompLJ185(SC); 2003(6)SCALE191; (2004)9SCC204; 46SCL695(SC)
..... extent on the question whether the transfer was in accordance with section 108 of the companies act, it would be appropriate to pronounce on this.58. section 108 of the companies act, 1956 insofar as it is relevant provides:'a company shall not register a transfer shares in , or debentures of the company, unless a proper instrument of transfer duly stamped and executed by or on behalf ..... . in the annual return of kerala kaumudi dated 27th june 1985 filed under section 159 of the companies act 1956 with the registrar of companies, in the list of past and present members and debenture holder, the name of all parties have been given including the names of mani, and his children. however against their names it has been mentioned that they had effected ..... right to transfer shares and prohibit any invitations to the public to subscribe for any shares in, or debentures of, the company. this is how a 'private company' is now defined in section 3(1)(iii) of the companies act, 1956 and how it was defined in section 2(13) of the 1913 act.142. subject to this restriction a holder of shares in a private ..... by ravi and srinivasan under section 161(2) of the companies act, 1956. they certified that the return states the fats as they stood on the day of the annual general meeting correctly and completely and that since the date of the last annual return the transfer of all the shares and debentures and the issue of all further certificates of shares and .....Tag this Judgment!
Court : Chennai
Decided on : Dec-16-2003
Reported in : 120CompCas189(Mad); (2004)188CTR(Mad)482; 266ITR490(Mad); 54SCL89(Mad)
..... set aside the orders of the commissioner as also the assessing officer.6. section 73 of the companies act, 1956 deals with allotment of shares and debentures to be dealt with on stock exchange. sub-section (1) thereof provides that every company, intending to offer shares or debentures to the public for subscription by the issue of a prospectus shall, before such issue, make an ..... shares was required to be and was kept in a separate bank account as required by section 73(3) of the companies act and that the interest earned on those moneys could not have been treated as income accrued to the company even before the allotment process was completed. the allotment process was completed only in the following assessment year after receipt of ..... company is required to make an application to one or more recognised stock exchanges for permission for dealing with its shares ..... (4) of section 73 provides that any condition purporting to require or bind any applicant for shares or debentures to waive compliance with any of the requirements of section 73 shall be void.11. thus, in all cases where a company offers to issue shares or debentures to the public for subscription by the issue of prospectus, before making such an issue, the .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Nov-18-2003
Reported in : AIR2004SC326; 2004(5)ALLMR(SC)407; 117CompCas758(SC); (2004)1CompLJ148(SC); JT2003(9)SC67; (2004)9SCC438; 2004(1)LC725(SC)
..... bill of exchange, cheques, promissory notes, bill of landing, letter of credit, policies of insurance, transfer of shares, debentures, proxies and receipts. by sanctioning of amalgamation scheme, the property including the liabilities are transferred as provided in section 394 of the companies act and on that transfer instrument, stamp duty is levied. it, therefore, cannot be said that the state legislature has ..... decree where the terra of the settlement was admittedly a conveyance, transferring property alone. that the order passed by the high court under section 394 of the companies act cannot be equated with a consent order. this submission cannot be accepted. the court held that consent decree was an instrument. it was not held to be an instrument ..... the word 'conveyance'.32. in view of the aforesaid discussion, we hold that the order passed by the court under section 394 of the companies act is based upon the compromise between two or more companies. function of the court while sanctioning the compromise or arrangement is limited to oversee that the compromise or arrangement arrived at is lawful and mat ..... plaintiffs.' the aforesaid decree was based on an agreement between the parties. so is the case with an order under section 394 of the companies act which is also based on an agreement between the transferor company and the transferee company. 31. learned counsel for the appellants argued that the ruby sales and services (p) ltd., (supra) was a case of consent .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Sep-26-2003
Reported in : AIR2003SC4325; 97(2004)CLT363(SC); 120CompCas63(SC); 2003(4)CTC418; JT2003(Suppl1)SC470; 2003(3)KLT876(SC); (2004)ILLJ161SC; 2003(8)SCALE143; (2003)10SCC733; 2004(1)S
..... or any other persons or otherwise for fraudulent or unlawful purpose. then a reference has been made to section 250 of the companies act which empowers the central government to impose restriction upon the transfer of shares and debentures of the company. any transfer of shares made during the period of the restriction, would be void under clause (a) of sub-section (2). such ..... deputed for special audit. the special auditor, in the audit report shall include all the matters required to be included in an auditor's report under section 227 of the companies act and the matters as the central government may, also direct to include. the central government is also authorized to direct any particular person to furnish such information or additional information ..... instrumentalities.17. the appellant in reply also referred to the praga tools corporation v. shri c.a. imanual and ors., : (1969)iillj479sc where it was held that a company registered under the companies act is neither statutory nor any public duty is imposed on it by any statute in respect of which enforcement would be sought by means of a mandamus. mandamus lies ..... and increments etc. as if he had been continued in service, a plea in reply has been raised by the appellant that it being a private body incorporated under the companies act it is not amenable to writ jurisdiction of the high court. it is in the above background that the learned single judge considered the matter and held that the federal .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Apr-16-2003
Reported in : AIR2003SC3157; 2003(2)ALT(Cri)76; 114CompCas515(SC); (2003)3CompLJ75(SC); 2003CriLJ2514; [2003(97)FLR828]; JT2003(4)SC64; (2003)IILLJ829SC; 2003(4)MhLj637; 2003MPLJ8(
..... prevention of oppression and mismanagement, winding-up of the company, etc. the heading of part xiii of the companies act is 'general' and a few provisions ..... offender incapable of its commission. the companies act is entirely different from those statutes which basically deal with offences and punishment like indian penal code, terrorist and disruptive activities (prevention) act, etc. it makes provision for incorporation of the companies, its share capital and debentures, management and administration, allotment of shares and debentures, constitution of board of directors, ..... gurushiddaiah hiremath and ors., : 1scr396a , the court following baldev krishna sahi (supra) and amrit lal chum (supra) held that section 630 of the companies act embraced both present and past officers and employees within its fold and having regard to the words 'wrongfully withholding the property' observed that the offence continues until the ..... for the same. having regard to the purpose for which section 630 has been enacted viz. to retrieve the property of the company and the salient features of the statute (companies act) it is not possible to hold it as a penal provision as the normal attributes of crime and punishment are not present here .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Lucknow
Decided on : Apr-24-2003
Reported in : (2003)80TTJLuck625
..... property in the shares to the transferee gets completed by the delivery of the share certificate and execution of transfer deed, etc. section 108 of the companies act, which deals with the transfer of shares and debentures provides that transfer cannot be registered except on production of instrument of transfer. thus, section 108 regulates registration of transfer of shares. for transfer of shares ..... transfer of shares by the assessee. he also submitted that the transfer of shares or sale of shares is to be done in accordance with the provisions of the companies act and the company shall not register the transfer of shares, unless transfer instrument is duly executed by both the parties and duly stamped, etc. and the share are also delivered. according to ..... madras high court held that the transfer of interest in the shares from the transferor to the transferee is independent of the requirement of its registration for the purposes of companies act., as without an interior transfer, there can be no question of applying for registration of it.it was held by the hon'ble court that there should first be a ..... executing the contract of sale. however, since the transfer of shares involves acquisition of certain rights and interest in such property by the purchaser of shares, the provisions of the companies act, which regulate the mode of acquiring such rights also become relevant.43. the issue relating to mode of transfer of shares came before the hon'ble supreme court of india .....Tag this Judgment!
Court : Allahabad
Decided on : Nov-25-2003
Reported in : 120CompCas18(All); (2004)2CompLJ446(All); 49SCL77(All)
..... m.a. kazmi for the petitioner and shri s.p. gupta for the respondent no. 4.3. the petitioner no. 1 is a public ltd. company incorporated under the indian companies act, 1956 carrying on inter alia the business of collective hi-tech and hi-brid agro-plantation sale and development of orchards on behalf of the owners, cottages ..... like nature in or of any incorporated company or other body corporate;(ii) government securities;(iia) such other instruments ..... in force. there are already regulations for the registration of the debenture trustees made under the sebi act, and the present regulations require the appointment of trustees to be the custodian of public funds. although the trustee is appointed by the collective investment management company, the trustees act in a fiduciary capacity in respect of the trust property which ..... such matters, shall be disclosed by the companies;' section 2(i) of the sebi act defines 'securities' as having the same meaning as in section 2 of the securities contracts (regulation) act, 1956.section 2(h) of the securities contracts (regulation) act, 1956 defines securities to include :-- '(i) shares, scrips, stocks, bonds, debentures, debenture stock or other marketable securities of a .....Tag this Judgment!