Court : Supreme Court of India
Decided on : May-05-2006
Reported in : AIR2006SC3626; 2006(5)SCALE384; (2006)6SCC94; 68SCL109(SC)
..... company or not. chapter viii of the tp act deals with transfers of actionable claims. section 137 ..... legislature is to enable transferability of bonds issued by government companies with greater facility and lesser formality, he referred to provisions of the companies act, 1956 and the transfer of property act, 1882 (hereinafter referred to as the 'tp act'). section 2(12) of the companies act, 1956 defines 'debenture' as including debenture stock bonds and any other securities of a company, whether constituting a charge on the assets of the ..... turn to the nature of the proceedings in misc. petition no. 81/95. this petition was presented under section 111 of the companies act, 1956. section 111(1) provides for the power of refusal by a company to register the transfer of debentures to a transferee. the transferor or the transferee has a right of appeal to the tribunal (then, the clb) under sub .....Tag this Judgment!
Court : Madhya Pradesh
Decided on : Aug-22-2006
Reported in : (2006)205CTR(MP)386
..... legislature is, therefore,,to include all kinds of debentures within the four corners of section 35d irrespective of name by ..... the limited companies in the share market for public. the intention of ..... laws relating to company affairs, there are several kinds of debentures which are usually issued by ..... would include all kinds of debentures, i.e., convertible and/or non- convertible. had the legislature used only one specific type of debenture in clause (iv) then in such eventuality it would have excluded all other kinds of debentures which are not mentioned in the clause. but such is not the case here. in the scheme of companies act and all other related corporate .....Tag this Judgment!
Court : Madhya Pradesh
Decided on : Aug-22-2006
Reported in : 303ITR451(MP)
..... legislature is, therefore, to include all kinds of debentures within the four corners of section 35d irrespective of name by ..... the limited companies in the share market for public. the intention of ..... laws relating to company affairs, there are several kinds of debentures which are usually issued by ..... would include all kinds of debentures, i.e., convertible and/or non-convertible. had the legislature used only one specific type of debenture in clause (iv) then in such eventuality it would have excluded all other kinds of debentures which are not mentioned in the clause. but such is not the case here. in the scheme of companies act and all other related corporate .....Tag this Judgment!
Court : Company Law Board CLB
Decided on : Sep-05-2006
Reported in : (2007)78SCL124
..... india act, 1992 or regulations made thereunder or the sick industrial companies (special provisions) act, 1985 or any other law for the time being in force within two months from the ..... or investor or securities and exchange board of india, if the transfer of shares or debentures is in contravention of any of the provisions of securities and exchange board of india act, 1992 or regulation made thereunder or the sick industrial companies (special provisions) act, 1995 or any other law for the time being in force, within two months from the date of transfer ..... . according to the petitioner, by virtue of sub-section (3) of section 111a of the act, the company law board (clb) may on an application made by a depository, company, participant or investor or the securities and exchange board of india, if the transfer of the shares or debentures is in contravention of any of the provisions of the securities and exchange board of ..... of any shares or debentures held by a depository, which applies to shares kept in dematerialised form or .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Mar-24-2006
Reported in : (2006)100ITD247(Ahd.)
.....  210 itr 580 stating that if a solitary decision is there, it is binding. he then referred to the provisions of section 81 of the companies act wherein both loan and debentures are covered by section 81(3). the cases cited by the id.departmental representative, he submitted have not considered the calcutta high court decision. in the fourth ..... a company, whether constituting a charge on the assets of the company or not. in view of the definitions given by the various authorities with ..... of legal charges for drafting the memorandum and articles of association of the company; (iii) by way of fees for registering the company under the provisions of the companies act, 1956 (1 of 1956); (iv) in connection with the issue, for public subscription, of shares in or debentures of the company, being underwriting commission, brokerage and charges for drafting, typing, printing and ..... part of the profits. the term 'debenture' is usually associated with a company of some kind, and most debentures are securities given by companies, but they are often granted by clubs and occasionally by individuals." the definition of the term 'debenture' as appearing in the companies act in section 2(12) was also noted as including debenture stock, bonds and any other securities of .....Tag this Judgment!
Court : Chennai
Decided on : Oct-10-2006
Reported in : 137CompCas917(Mad); 78SCL442(Mad)
..... with effect from 20-9-95 to exclusively deal with public companies. the depositories act, 1996 made substantial amendment, wherein section 111a was inserted to provide for the free transferability of shares and debentures of a public company other than the private company or a deemed public company under section 43a of the companies act. thus all public companies came to be covered undersection 111a on and from 20 ..... for rectification under section 155 of the companies act. the provision of section 155 of the companies act relating to the power of the court to rectify was omitted ..... by introducing amendments to various related statutes like companies act, indian stamp act, it act, securities contract (regulatory) act. prior to the enactment of the depositories act, 1996, two remedies were available to the aggrieved investors as regards the transfer of shares or debentures of a public or a private company to appeal to the central government under section 111 of the companies act or to appeal before the high court .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Aug-31-2006
Reported in : (2006)105TTJ(Mum.)926
..... on various dates of hearing and the undermentioned issues were confronted from the assessee-company: (b) allowability of depreciation claimed by the assessee-company acting as lessor in alleged bogus lease transactions; (d) taxability of income on remaining miscellaneous issues emanating from found and seized and found cash, shares and debentures and loose papers etc.17. after considering the transactions on sale and lease ..... aug., 1996. as it is clear from the inventory of seizure of contents of fire safe vault made, the articles in the said fire safe vault were shares and debentures of different companies. though the initial restraint order under section 132(3) was revoked on 10th aug., 1996, the said fire safe vault was further restrainted on several dates upto 25th oct ..... various dates by officers other than the officers who were authorized under the warrant of authorization. on final revocation of the prohibitory orders, under section 132(3) of the act, shares of different companies were found totalling item nos. 1 to 15 as per the inventory prepared on 20th sept., 1996 and were seized on the date itself. the perusal of the ..... by the search team on 19th july, 1996 as per the panchnama issued on 20th july, 1996. notice under section 158bc of the it act was issued by the assessing authority on 31st march, 1997 asking the assessee-company to file the return of total income for the block period within 15 days from the date of service of the said notice. in .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : May-31-2006
Reported in : (2006)9SOT197(Delhi)
..... pvt. ltd. we may also, at this stage, refer to the provisions of section 164 of the companies act, 1956 where it has been laid down that register of members, the register of debenture-holders and the annual reports, certificates and statements referred to in sections 159,160 and 161 shall be prima ..... of the annual reports filed by the assessee with the roc, delhi and haryana. as per the provisions of section 159 of the companies act, 1956, every company having a share capital within 60 days from the day on which each of the agm is held has to prepare and file with the ..... resulting company to the shareholders of the demerged company (whether or not there is a reduction of capital in the demerged company).explanation 1 : the expression "accumulated profits", wherever ..... to the extent to which it is so set off; (iv) any payment made by a company on purchase of its own shares from a shareholder in accordance with the provisions of section 77a of the companies act, 1956 (1 of 1956); (v) any distribution of shares pursuant to a demerger by the ..... filed before the assessing officer. these documents were impounded by the assessing officer under section 131(3) of the income tax act.the assessing officer wrote to the registrar of companies (hereinafter referred to as roc) on 16-2-2001 asking for details of the shareholding as reflected in the annual .....Tag this Judgment!
Court : Mumbai
Decided on : Mar-31-2006
Reported in : 2006(4)BomCR358; (2006)6CompLJ74(Bom); 69SCL349(Bom)
..... controller of capital issues sanctioned the issue of shares of the face value of rs.39 lakhs and debentures of the face value of rs.64 lakhs subject to the provisions of section 81 of the companies act. this section provided that the new shares would be offered in the first instance to the existing ..... when we come to the second point for determination, dr.tulzapurkar has relied upon the judgments of english courts to explain the aspect of oppression under the companies act. amongst others he has relied upon the judgment in re london school of electronics limited decided in 1985 and reported in 1986 (1) ch. division ..... have to be applied. if the reliefs which are prayed are not granted on the ground that the remedy under section 433(f) of the companies act namely winding up is available, it would cause injustice to sippy group and the purpose of protecting opposite group would suffer. (iv). dr.tulzapurkar ..... continue the agency. they resorted to a passing off action to begin with and thereafter filed the proceedings under sections 397 and 398 of the companies act after seven and half months in july 2002 when the agency with sea world had already become operational. as far as the letter of termination ..... sippys within the meaning of section 397 or that it led to mis-management of ssts and ssco within the meaning of section 398 of the companies act? (iii) whether any such findings and directions based thereon given by the clb and as sustained and/or modified by the learned single judge were .....Tag this Judgment!
Court : Kerala
Decided on : Oct-27-2006
Reported in : 137CompCas288(Ker); (2007)2CompLJ479(Ker); 77SCL178(Ker)
..... ) to relieve the company from any obligation to take notice of equitable interests in its ..... in his name. the respondent stated that the company law board has rightly directed transfer of the share in his favour. section 153 of the companies act states that no notice of any trust, express, implied or constructive shall be entered on the register of members or of debenture holders. the object of section is : (1 ..... -petitioner and to issue duplicate certificate after registering the transfer.2. the respondent herein filed a petition under section 111 of the companies act, 1956, seeking a direction to the company to enter his name in the register of members. the petitioner stated that hie has purchased one share held in the name ..... and persons. it is also receiving dividends and all other benefits in respect of the abovesaid share from damien subsidies and kuries ltd., the appellant-company. it is also the beneficiary of the share which belongs to the trust since 1957 and no other person has valid right to transfer the abovementioned ..... whose name is on the register. lord esher m. r., in the same has put it as follows (page 618):the law has given the company the right to say, 'we do not care whether you are a cestui que trust or not; if you are, we have a right to .....Tag this Judgment!