Court : Allahabad
Decided on : Sep-22-2003
Reported in : (2003)185CTR(All)136; 264ITR646(All)
..... standing counsel for the department, and shri percy pardiwalla and shri s.d. singh for the respondents.3. we have carefully perused the record. the respondent-company is a company registered under the indian companies act. in the order of the cit(a) in ita no. 154 of 2000, it is mentioned that as per the memorandum of association the objects ..... imposed only on the chargeable interest.credit institution has been defined in section 2(5a) of the act to mean :(i) a banking company to which the banking regulation act, 1949, applies;(ii) a public financial institution as defined in section 4a of the companies act, 1956;(iii) a state financial corporation established under section 3 or section 3a or an institution ..... local authority, or other marketable securities of a like nature;(iii) a housing finance company, that is to say, a company which carries on, as its principal business, the business of financing of acquisition or construction of houses ..... (5a), being :(i) a hire-purchase finance company, that is to say, a company which carries on, as its principal business, hire-purchase transactions or the financing of such transactions;(ii) an investment company, that is to say, a company which carries on, as its principal business, the acquisition of shares, stock, bonds, debentures, debenture stock, or securities issued by the government or a .....Tag this Judgment!
Court : Rajasthan
Decided on : Jul-21-2003
Reported in : (2004)186CTR(Raj)548; 264ITR117(Raj)
..... the submission even if it is not revenue expenditure and is a capital expenditure, the expenses incurred on issue of public subscription, of shares or of debentures of the company, any payment made against commission, brokerage and charges for drafting, typing, printing and advertisement of the prospectus, which are clearly referred to in sub-clause ..... and steel co. ltd. : 250itr84(bom) and allowed the benefit under section 35d of the act. the case before the bombay high court for the expenditure incurred on payment of stamp duty for debenture issue, whether the benefit under section 35d should be allowed or not. the bombay high court has allowed ..... amount out of that amount is incurred on the aforesaid items given in sub-clause (iv), he should allow the benefit of section 35d of the act to the assessee. 10. in the result, we answer the question in the negative, i.e., in favour of the assessee and against the revenue ..... on 'expansion' of business and not on 'extension' of business. therefore, the assessee is not entitled even for the benefit under section 35d of the act. 5. heard learned counsel for the parties. there is no dispute that the assessee has incurred rs. 6,30,177 on the public issue to ..... head lamps per annum to 12 lakhs head lamps per annum as expansion and not extension as envisaged in section 250 (sic) of the income-tax act, 1961, and consequently holding that the assessee was not entitled to deduction under section 35d in respect of expenses as public issue.' 2. the .....Tag this Judgment!
Court : Jharkhand
Decided on : May-07-2003
Reported in : [2003(3)JCR663(Jhr)]
..... to therein. the right to nominate the chairman, the secretary and the treasurer of the society was available to the company provided the company subscribed 50% of the issued share capital or 25% debentures or a loan like amount of rs. 2,50,000/- free' of interest and it provided sufficient accommodation required by ..... p.k. balasubramanyan, c.j. 1. the bokaro steel ltd. was incorporated in the year 1961 under section 617 of the companies act, 1956 for establishing a steel plant in the undivided state of bihar. a large number of engineering, managerial, legal and clerical staff ..... squarely applies to the case on hand. hence also, the co-operative society is admittedly governed by the bihar co- operative societies act and there is no statutory obligation on the company to establish and run a society like the one in question. the decision in reserve bank of india v. workmen, (1996) ..... nomination of three of the members of the managing committee. in the context of the relevant provisions of the co-operative societies act, it cannot be said that the company exercised deep and pervasive control over the society or its employees or even its business. the society had members who were not ..... a co-operative society known as the 'bokaro steel product employees co-operative consumers store, ltd.. it was subsequently registered under the bihar co-operative societies act and its registration no was bgs 1/73. the society was registered with the object of (sic) the common interest of its members and for .....Tag this Judgment!
Court : Allahabad
Decided on : Oct-30-2003
Reported in : 2004(1)AWC280; 53SCL119(All)
..... in satish nayak v. cochin stock exchange limited, ernakulam and others, air 1995 ker 373, wherein a similar dispute arose and the court held that it was a company registered under the companies act and not amenable to writ jurisdiction. while deciding the said case, the kerala high court referred to and relied upon large number of judgments of the hon'ble apex ..... the division bench of this court in veena ojha's case.39. the association had been formed by the private individuals for carrying on the business of dealing in shares, debentures and government securities. it does not perform any governmental function/public or statutory duty. existence of the association is independent of any statutory provision. state does not have pervasive and ..... other state agency/ instrumentality. from the memo of article, it is evident that the primary function of the association is to carry out the business of shares and dealing with debentures and government securities, etc., which even by stretch of imagination cannot be held to be a public function or a public duty, nor there can be any trappings of the ..... to take a number of shares in the capital of the company, shown opposite to their respective names. the main object of the association-respondent no. 1 has been as under :'(i) to organise and carry on the stock exchange and regulate that business of exchange of stocks and shares, debentures and debenture stocks, government securities, bonds and equities of any description and .....Tag this Judgment!
Court : Kolkata
Decided on : May-20-2003
Reported in : 121CompCas150(Cal),55SCL146(Cal)
..... date. rather it is an admitted position the repayment has not been made.now, in the aforesaid background, it is to be examined whether the aforesaid amended provision of the companies act, 1956, will have any applicability to disqualify defendants nos. 1 and 2 or not30. the law courts of our country as well as the english court consistently laid down the ..... -clause (a) or has failed to pay its deposit or interest or redeem its debentures on due date or pay dividend referred to in sub-clause (b).'it appears to me the governing language of the aforesaid section is 'such person is already a director . . .' and 'such company has failed to repay its deposit or interest. . .'46. the language mentioned in clause ..... failed to repay its deposit or interest thereon on due date or redeem its debentures on due date or pay dividend and such failure continuous for one year or more :provided that such person shall not be eligible to be appointed as a director of any other public company for a period of five years from the date on which such public ..... annual returns, under sub-clause (a) or has failed to repay its deposit or interest or redeem its debentures on due date or pay dividend referred to in clause (b).'learned counsel for both the parties have argued and agreed that any act cannot have any retrospective operation and the law is very well settled that unless expressly it is intended by .....Tag this Judgment!
Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
Decided on : Mar-28-2003
..... on the resolution effecting variation in the terms of the ocnt warrants issued, that it was for the respondent to adduce evidence to show that the section 300 of the companies act attracted. except making a blatant statement that provisions of sections 61 and 300 have not been complied with, the respondent has not substantiated the said version. since the appellants ..... in the general meeting, it cannot be said that the said variation was unauthorized. with reference to the respondent's contention that the requirement of section 61 of the companies act was not followed, it is to be first noted that the appellants have not varied the terms and conditions of the prospectus. variation of the terms and conditions in ..... such terms and conditions and at such price including security, rate of interest etc. as may be deemed appropriate, by the board of directors, * equity shares/fully convertible debentures/partly convertible debentures and /or any one or more of such securities and or other instruments with or without detachable warrants or naked warrants with a right exercisable by the warrant holders ..... such terms and conditions and at such price including security, rate of interest etc. as may be deemed appropriate, by the board of directors, * equity shares/fully convertible debentures/partly convertible debentures and or any one or more of such securities and or other instruments with or without detachable warrants or naked warrants with a right exercisable by the warrant holders .....Tag this Judgment!
Court : Delhi
Decided on : Jan-29-2003
Reported in : 103(2003)DLT491; 2003(67)DRJ773; 44SCL498(Delhi)
..... company refused, whether in pursuance of any power of the company under its articles or otherwise, to register the transfer of, or the transmission by operation of law of the right to, any shares or interest of a member in, or debentures of, the company, it shall ..... of nominating its directors on the board of defendant-tc.7. according to mr. kathpalia grievance of the plaintiff is redressable only under the provisions of section 111 of the companies act or in a title suit as the instant suit is a suit for permanent injunction implicate without any substantive relief and is against the provisions of the ..... companies act as every company is obliged to hold the board meetings as per provisions of companies act and there can be no injunction against such meetings. section 111 of the companies act provides as under:-111. power to refuse registration and appeal against refusal:- (1) if a ..... defendant tc cannot have the benefit of 38% of shares of a person whom they do not at all recognize a member of the company and at the same time hold the board meetings without quorum which is in violation of provisions of company act. in view of this, the interim relief sought is granted in terms of prayer 'a' of the application. .....Tag this Judgment!
Court : Company Law Board CLB
Decided on : Jul-02-2003
Reported in : (2004)122CompCas312
..... etc. amount to frustration of the contract.10. as far as application of the amended articles retrospectively is concerned, the learned counsel pointed out to section 31(2) of the companies act and submitted that in terms of this section, the alterations be as valid as if originally contained in the articles. in calico dyeing case (supra), the supreme court has approved ..... capacity as the trustee of can bank mutual fund (the fund) has filed this petition under section 111(4) of the companies act, 1956 (the act) seeking for rectification of the register of members of m/s power grid corporation limited (the company) by inserting the name of canara bank trustee-can bank mutual fund a/c centriple plus, in place of can bank ..... question of registration of transfer of the bonds as sought for does not arise.16. the learned counsel for the company relied on certain cases to contend that if a company acts bonafide and in the interest of the company, such an action cannot be challenged. while it is so, the action should be based on correct principles. in the present case, bonds held ..... a petition under section 111 of the act seeking for rectification of the register of members. in that case also, the company forfeited the bonds on the ground that can fina had not repaid rs. 60 crores deposited by the company. two preliminary issues were raised by the company that the letters of allotment were neither shares nor debentures and as such section 111 was .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Guwahati
Decided on : Apr-30-2003
Reported in : (2003)87ITD99(Gau.)
..... chairman of the board of secondary education. since the entire shares are held by the state government of assam, the company is a government company within the meaning of the companies act. the learned counsel further submitted that the corporation even though has ancillary object, it has restricted its activity only in ..... corporation may from time to time think fit any money belonging to the corporation including those received by way of premium on shares or debentures issued at a premium by the corporation and any moneys received in respect of dividends accrued on forfeited shares and moneys arising from the ..... corporation may from time to time think fit any money belonging to the corporation including those received by way of premium on shares or debentures issued at a premium by the corporation and any moneys received in respect of dividends accrued on forfeited shares and moneys arising from the ..... corporation may from time to time think fit any money belonging to the corporation including those received by way of premium on shares or debentures issued at a premium by the corporation and any money received in respect of dividends accrued on forfeited shares and moneys arising from the ..... be said that it was not for the purpose of profit, according to him the assessee-corporation was not registered under section 25 of the companies act, 1956. the memorandum of association and articles of association of the assessee-corporation did not restrict the payment of dividend and issue of bonus .....Tag this Judgment!
Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
Decided on : Oct-31-2003
..... instrumental in the formulation of a plan or programme pursuant to which the securities are offered to the public; provided that a director/officer of the issuer company or person, it they are acting as such merely in their professional capacity shall not be included in the explanation.11.5 in light of the above provisions the argument of r&d that ..... , underwriters, sub-underwriters, agents and brokers for taking hold dealing in, converting stocks, shares and securities of all kinds, brokers for units of unit trust of india, brokers for debenture, bonds, government securities, national savings certificates, small savings schemes and generally for securities of all kinds and to carry on the business in india or abroad.4. the details of ..... and be responsible for the following activities in connection with the issue : (i) despatch of allotment advice / share debenture certificates / letters of allotment / refund orders / cancelled stock invests. it is clarified that the rti shall not handover these to the company or any other person for dispatch.13.3 r&d's submission that the conclusion arrived at by the enquiry ..... basis is required to be met. there is no legal bar for promoters to apply. as per offer document resident indian public, indian financial institution, banks, mutual funds, indian companies can apply. there is no restriction on allotment to the successful applicants. in the instant case, for the sake of arguments, even if the applications of sanjay agarwal, subodh bhandani .....Tag this Judgment!