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Judgment Search Results Home > Cases Phrase: debentures companies act Year: 2005 Page 1 of about 136 results (0.110 seconds)

May 09 2005 (SC)

Administrator of the Specified Undertaking of the Unit Trust of India ...

Court : Supreme Court of India

Decided on : May-09-2005

Reported in : AIR2005SC2520; III(2005)BC14(SC); [2005]125CompCas389(SC); (2005)4CompLJ531(SC); JT2005(5)SC300; (2005)10SCC682; [2005]60SCL512(SC)

..... agree with the submission of dr. dhawan that clause 7.5 puts a total embargo on the part of the company or other creditors to file a compromise under section 391 of the companies act without obtaining the consent of all debenture holders. clause 7.5 neither can be read in such a manner nor should be read. such a construction ..... an application before the high court of judicature at bombay in terms of section 391 of the companies act which was marked as company petition no.269 of 2003. in the said proceedings except uti, all other debenture holders sanctioned the restructuring package. 8. before the learned company judge, the appellants herein, inter alia, contended : (1) having regard to clause 7.5 ..... of redemption will be reduced proportionately but will however be payable on the due date as specified.3.9 debenture certificate :the company shall issue debenture certificate/s to the debenture holder/s after making necessary compliance to the provisions of section 113(1) of the companies act, 1956 read with the companies (issues of share certificate) rules, 1960.7.5 negative covenants :unless the ..... debenture holders/trustees shall otherwise agree, the company shall not : a) dividenddeclare and/or pay any dividend to any of its shareholders, whether equity or preference, during any .....

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Nov 22 2005 (HC)

In Re: Spartek Ceramics India Ltd. Rep. by Its Group Deputy General Ma ...

Court : Andhra Pradesh

Decided on : Nov-22-2005

Reported in : 2006(1)ALT589; [2007]7SCL548(AP)

..... to certain creditors excluding uti. on that ground the scheme entails rejection. the uti constitutes a different class of secured creditors since it is a debenture holder as per section 117c of the companies act. therefore, the petitioner company cannot hold a single meeting of all the creditors since uti constitutes a different class among the secured creditors. the uti granted earlier a reschedule ..... , however, been not pressed later because of the clear case of the petitioner company.12. point no 1: obviously unlike the other secured creditors uti is a debenture holder. section 117c of the companies act mandates that where a company issues debentures, it shall create a debenture redemption reserve for the redemption of such debentures to which adequate amounts shall be credited from out of its profits every ..... to know whether there are any classes amongst the secured creditors. as discussed hereinabove, merely because section 117c of the companies act mandates a reserve to be created and funds are to be deposited in that reserve for redemption of the debentures, the debentures holder will not constitute as a separate class from among the secured creditors. the debts of the other secured creditors .....

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Feb 21 2005 (HC)

The Peerless Genreal Finace and Investmet Co. Ltd. Vs. Essar Oil Limit ...

Court : Gujarat

Decided on : Feb-21-2005

Reported in : [2006]129CompCas353(Guj); [2005]59SCL734(Guj)

..... application before this court under section 391 of the companies act, 1956 for convening meetings of the aforesaid four categories ..... of debenture holders for considering and if thought fit, to approve the ..... 391 of the companies act, 1956 for settlement of dues of four categories of debenture holders of the company. so far as the applicant is concerned, it was pointed out by the company that the applicant is covered by 4th category of debenture holders which read as 'holders of fully paid debentures holding more than 2000 debentures'. it was further submitted by the company that the company has filed an .....

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Sep 30 2005 (TRI)

Essar Steel Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Sep-30-2005

Reported in : (2005)97TTJ(Ahd.)985

..... . (supra) it is an allowable expenditure.29. the learned departmental representative referred to the provisions of section 78 of the companies act and submitted that the payment was related to shares and not the debentures because it was to be paid only when the debenture-holders became shareholders and retain the shares for three years period. he, therefore, supported the order of the cit ..... noted that entries passed in the books of account by the assessee are in conformity with the aforesaid accounting standard as well as the statutory provisions enacted in the it act, 1961, and the companies act. we have, therefore, no hesitation in answering the question referred to us as under: the gains earned on cancellation of the foreign exchange forward contracts by the ..... standard had rightly shown this receipt on revenue account. the entries were made as per report of the directors and in accordance with sch. 2 to part-i of the companies act.the assessee, therefore, could not be heard to contend that. receipts were wrongly shown in the books of account as of revenue nature. the special bench did not take ..... (in liquidation) (supra) a case before their lordships of the bombay high court, a private limited company decided to convert itself into a public limited company and as per the provisions of the companies act the private company was would up on 23rd april, 1947, and the public company was incorporated later on the same day. an agreement was executed on 5th april, 1948, between the .....

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Sep 30 2005 (TRI)

Essar Steel Ltd. Vs. Deputy Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Sep-30-2005

Reported in : (2005)97ITD125(Ahd.)

..... ltd. (supra) it is an allowable expenditure.the learned departmental representative referred to the provisions of section 78 of the companies act and submitted that the payment was related to shares and not the debentures because it was to be paid only when the debenture holders became shareholders and retain the shares for three years period. he, therefore, supported the order of the cit ..... entries passed in the books of account by the assessee are in conformity with the aforesaid accounting standard as well as the statutory provisions enacted in the income tax act, 1961, and the companies act. we have, therefore, no hesitation in answering the question referred to us as under : the gains earned on cancellation of the foreign exchange forward contracts by the assessee ..... standard had rightly shown this receipt on revenue account. the entries were made as per report of the directors and in accordance with sch. 2 to part-i of the companies act.the assessee, therefore, could not be heard to contend that receipts were wrongly shown in the books of account as of revenue nature. the special bench did not take into ..... . (in liquidation) (supra) a case before their lordships of the bombay high court, a private limited company decided to convert itself into a public limited company and as per the provisions of the companies act the private company was would up on 23-4-1947, and the public company was incorporated later on the same day. an agreement was executed on 5-4-1948, between the .....

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Jan 12 2005 (TRI)

Nath Seeds Ltd. Vs. Securities and Exchange Board of India

Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT

Decided on : Jan-12-2005

Reported in : (2005)3CompLJ512SAT

..... basis shall be governed by these guidelines. 13.1 such preferential issues by listed companies by way of equity shares/fully convertible debentures (fcds)/partly convertible debentures (pcds) or any other financial instruments which would be converted into/exchanged with equity ..... the shareholders of nath seeds ltd. (nsl) passed a special resolution under section 81(1a) of the companies act, 1956 according sanction to the board of directors to issue 25 lakh optional fully convertible debentures (ofcds) of rs. 100/- each to another group company namely, nath royal ltd. (nrl) in consideration for acquisition of its business. the resolution provided that the ..... issue of equity shares/fully convertible debentures (fcds)/partly convertible debentures (pcds) or any other financial instruments which would be converted into or exchanged with equity shares at a later date, by listed companies whose equity share capital is listed on any stock exchange, to any select group of persons under section 81(1a) of the companies act, 1956, on private placement ..... clause means the date thirty days prior to the date on which the meeting of the general body of shareholders is held in terms of section 81(1a) of the companies act, 1956, to consider the proposed issue. (b) "stock exchange" for the purpose of this clause means any of the recognized stock exchanges in which the shares are .....

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Aug 10 2005 (TRI)

Central Government Vs. Sterling Holiday Resorts (India)

Court : Company Law Board CLB

Decided on : Aug-10-2005

Reported in : (2006)131CompCas6

..... . v. union of india (1991) 71 cc 300 held that "powers under section 408 of the companies act, 1956, can be exercised only when the appropriate authority is satisfied that the affairs of the company are being conducted in a manner prejudicial to the interest of the company and to public interest on the basis of sufficient evidence on record. such a power cannot ..... .2002 exceeded an amount of rs. 8.65 crores.the company, instead of redeeming 5,00,000 preference shares, converted the same ..... rs. 161.58 crores. the company has not paid dividend since june 1998.the company failed to redeem the debentures which ought to have been redeemed in december, 1997 incurring disqualification of the directors of the company under section 274(1)(g) of the act, from being appointed as directors of any other public company. the total amount payable to the debenture holders as at 30.06 ..... into sterling holiday time share units at the cost of other time-share membe rs. the company had as .....

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Nov 30 2005 (TRI)

Utkarsh Fincap Pvt. Ltd. Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Nov-30-2005

Reported in : (2006)99ITD259(Ahd.)

..... loans" and "advances" the interest on which is chargeable under the interest tax act. the tribunal in this case as reported in 79 itd 56 observed that: the companies act also make a distinction between the loan and advances and investments in securities and debentures. therefore, the investment in securities and debentures is not the same as 'loans' or 'advances' envisaged in section 2(7 ..... ) and consequently the interest on securities and debentures cannot be equated or take colour of such 'interest ..... parlance in the sense of payment of money beforehand and which is likely to become due at some future time.25. it may be stated here that section 296 of companies act provides for the applicability of section 295 regulating loans to directors for book debt which is in the nature of loans or advances from its inception.26. the term ..... . the interest received by the assessee is interest from intercorporate deposit. these inter-corporate deposits are governed by section 58a of the companies invested through issue of prospectus required under the companies act. to assess a person under this act, we have to examine whether the interest is received by the assessee on the loans and advances and in that context, we have .....

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May 11 2005 (TRI)

Deputy Commissioner of Vs. Oscar Investments Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : May-11-2005

Reported in : (2006)98ITD339(Mum.)

..... other investments, whether proper records have been made therein, and also whether the shares, securities, debentures and other investments have been held by the company in its own name except to the extent of exemption, if any, granted under section 49 of the companies act, 1956. further the assessing officer of olpl has, in the assessment order, dealt with the ..... interest of the company. 8. the company has granted unsecured loans, to companies, firms or other parties listed in the register maintained under section 301 of the companies act, 1956. the terms and conditions on which these loans have been taken are not prima facie prejudicial ..... of establishing inter-lacing, connectivity, inter-dependence between the olpl and them, are reproduced as under: 7. the company has taken unsecured loans, from companies, firms or other parties listed in the register maintained under section 301 of the companies act, 1956. the terms and conditions on which these loans have been taken are not prima facie prejudicial to the ..... generally repaying the principal amounts as stipulated and are also regular in payment of interest wherever stipulated. 13. the company has not accepted any deposits from the public to which provisions of section 58a of the companies act, 1956, and the companies (acceptance of deposits) rules, 1975 apply.therefore, accordingly the findings of the statutory auditors in their report lending .....

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May 11 2005 (SC)

Shubh Shanti Services Ltd. Vs. Manjula S. Agarwalla and ors.

Court : Supreme Court of India

Decided on : May-11-2005

Reported in : AIR2005SC2506; 2005(5)ALLMR(SC)618; [2005]125CompCas477(SC); (2005)4CompLJ417(SC); [2005(107)FLR7]; JT2005(5)SC370; 2005(3)MhLj340; (2005)5SCC30; [2005]60SCL280(SC); 2005(2

..... , 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 ..... incapable of its commission. the companies act is entirely different from those statutes which basically deal with offences and punishment like the indian penal code, the 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 ..... and ors. : 2003crilj2514 has drawn a distinction between the provisions of the statute which are purely of a penal nature and the companies act, particularly provisions of section 628 to 631 of the companies act and held: (paragraphs 17 and 19)'the purpose of criminal justice is to award punishment. it is a method of protecting society ..... employee or ex-officer or anyone claiming under them.'17. the court has explained and interpreted the term `officer' or `employee' of the company in section 630 of the companies act and said that it would include the legal heirs and representatives of the employee or the officer concerned, continuing in occupation of the property .....

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