Court : Mumbai
Decided on : Feb-13-2009
Reported in : 2009(4)BomCR823; 2009(111)BomLR1366; 2009BusLR315(Bom); 178TAXMAN247(Bom)
..... appeal. the cit(a) found that the amount of unclaimed matured debentures cannot be treated as an income of the assessee in view of section 205c of the companies act and as per the said provision, the said matured debentures shall not form part of the fund unless such amount has remained unclaimed ..... whether the tribunal was justified in law in holding that redemption of redeemable debentures, issued in 1988 was due in 1995 and thereafter it became income of the appellant, despite the proviso to section 205c of the companies act, according to which the liability of the assessee has not ceased?3. ..... the appellant-assessee borrowed money from the public byway of secured loan through the instruments 14% redeemable debentures and as per the terms of the issue, the ..... 'investor education &protection; fund' as per the companies act. the assessee has utilized this money as its own money in its trading activity. till date this money was utilized by the assessee. thus the assessee not only failed to trace the debenture-holders to payback the money but also not transferred ..... argument only on the ground that the claim is not barred by limitation and in this respect, he has relied upon section 205c of the companies. act. section 205c reads as under:[205c. establishment of investor education and protection fund. (1) the central government shall establish a fund to be .....Tag this Judgment!
Court : SEBI Securities and Exchange Board of India or Securities Appellate Tribunal SAT
Decided on : Jul-22-2009
..... per share having regard to the date on which the bod passed the resolution to convene the egm under section 81(1a) of the companies act for seeking approval of the shareholders for allotment of part a convertible debentures to the appellants on preferential basis. this meeting of the bod was held on march 3, 2006 and, according to the appellants, it ..... informing them that an egm would be held on march 27, 2006 for seeking their approval for allotment to the appellants on preferential basis 50,32,700 part a convertible debentures of rs.100 each carrying interest of 7 per cent per annum which ..... appellants on preferential basis in order to raise additional resources amounting to rs.122.40 crores to be utilized for returning the target companys debt and also for additional working capital requirements. a notice dated march 3, 2006 was issued under section 81(1a) of the companies act to the shareholders, inter alia, ..... incorporated under the companies act, 1956 with its registered office in hyderabad. its shares are listed on the bombay stock exchange limited (bse). on march 3, 2006 the board of directors of the target company (hereinafter referred to as bod) passed a resolution to convene an extraordinary general meeting (egm) for seeking the approval of its shareholders for allotting convertible debentures to the .....Tag this Judgment!
Court : Punjab and Haryana
Decided on : Jan-20-2009
Reported in : 310ITR90(P& H)
..... ) on printing of the memorandum and articles of association ;(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 advertisement of the prospectus ;(d) such other items ..... of expenditure (not being expenditure eligible for any allowance or deduction under any other provision of this act) as may ..... company commences ;(ii) in a case referred to in clause (ii) of sub-section (1), the aggregate of the issued share capital ..... or the setting up of the new industrial unit of the assessee;(b) 'capital employed in the business of the company means-(i) in a case referred to in clause (i) of sub-section (1), the aggregate of the issued share capital, debentures and long-term borrowings as on the last day of the previous year in which the business of the .....Tag this Judgment!
Court : Chennai
Decided on : Feb-13-2009
Reported in : 152CompCas116(Mad); 92SCL133(Mad)
..... country is concerned, a share is not merely a chose-in-action; it is also as per the definition of share or debentures under section 82 of the companies act is a 'movable property'. however, shares or debentures become equivalent to 'goods' as per the decision kunhunni elaya nayar v. p.n. krishna pattar (1942) 12 comp ..... court has power to entertain the present suit as the dispute is purely in civil nature and that by virtue of section 9 and 10 of the companies act 1956, the jurisdiction of civil court has not been ousted, etc., in this connection, it is relevant for this court to point out that order ..... for the purposes by this extent, in discriminatory conduct is a fraudulent conduct. as a matter of fact, when no specific remedy is provided under the companies act, the proper remedy is a suit which is to be filed in an appropriate court, which may be a court subordinate to high court. indeed, unless ..... shall be on the party who asserts that the civil court's jurisdiction is ousted. even otherwise, the civil court's jurisdiction is not completely ousted under the companies act, 1956.he also cites the decision dr. t.m. paul v. city hospital p. ltd. and anr. , whereby it is held that 'under section ..... and anr. v. ramesh chandra agarwal (2003) 117 comp cas 200 (sc), wherein it is held as follows:by sections 9 and 10 of the companies act, 1956, the jurisdiction of the civil court has not been ousted section 9 of the code of civil procedure, 1908 confers jurisdiction upon the civil courts to .....Tag this Judgment!
Court : Mumbai
Decided on : Mar-16-2009
Reported in : 2009(5)BomCR383; 2009(111)BomLR1197; 91SCL372(Bom)
..... to have decided the application under section 163. section 163 of the companies act reads and under:163. place of keeping, and inspection of registers and returns.- (1) the register of members commencing from the date of the registration of the company, the index of members, the register and index of debenture holders, and copies of all annual returns prepared under sections 159 and ..... blatant lies. i have considered the request of the petitioner's counsel but i find as per section 621 the offences against the companies act to be cognizable only on the complaint made by the registrar of companies/shareholder of the company or a special officer so permitted by the central government. this bench has no such power. however, the petitioner if he feels ..... , and copies of certificates and other documents referred to in subsection (1) shall, except when the register of members or debenture holders is closed under the provisions of this act, be open during business hours (subject to such reasonable restrictions, as the company may impose, so that not less than two hours in each day are allowed for inspection) to the inspection-(a ..... ) of any member,or debenture holder, without fee; and(b) of any other person, on payment of [such sum as may be .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Feb-27-2009
Reported in : 153CompCas497(SC); JT2009(3)SC216; 2009(3)SCALE451; (2009)4SCC94; (2009)12VatReporter137; (2009)21VST505(SC); JT2009(1)SC216
..... creditors, in accordance with inter se agreement/arrangement between them and to the other persons entitled thereto in accordance with the priority in law.section 529a of the companies act no doubt contains a non obstante clause but in construing the provisions thereof, it is necessary to determine the purport and object for which the same was enacted.in ..... rajasthan state financial corporation v. official liquidator : air2006sc755 and held:allahabad bank therefore, is not an authority for the proposition that in terms of section 529a of the companies act the distinction between two classes of secured creditors does no longer survive. the high court, thus, in our considered opinion, was not correct in that behalf.in fact in ..... or financial institution or any consortium or group of banks or financial institutions and includes (i) debenture trustee appointed by any bank or financial institutions, or (ii) securitisation company or reconstruction company, whether acting as such or managing a trust set up by such securitization company or reconstruction company for the securitisation or reconstruction, as the case may be, or (iii) any other ..... company consequent upon acquisition by it of any right or interest of any bank or financial institution in relation to such financial assistance. section 2(ha) declares that 'debt' shall have the meaning assigned to it in clause (g) of section 2 of the drt act. section 2(k) defines 'financial assistance' to mean any loan or advance or any debentures .....Tag this Judgment!
Court : Gujarat
Decided on : Mar-25-2009
Reported in : (2009)2GLR1322
..... not applicable to the present case. the reason is that this section which is equivalent to section 143 of the english companies act, 1929, and section 180 of the companies act, 1948, cannot apply to a transaction where a director or a de facto director invokes the rule so as to validate ..... procedure for reduction of securities premium account is required to be followed. mr. thakore has referred to sections 100 and 101 of the companies act, 1956 and submitted that reduction contemplated in the scheme does not involve either diminution of liability in respect of unpaid share capital or payment ..... , purchase or supply of any goods, materials or services; or (b) after the commencement of this act, for under writing the subscription of any shares in, or debentures of, the company.17. the petitioner-company has given a provisional reply, to the said allegation, in following terms (by its letter dated november ..... .[provided that in the case of a company having a paid-up share capital of not less than rupees one crore, no such ..... company of which the director is a member or director, shall not enter into any contract with the company -(a) for the sale, purchase or supply of any goods, materials or services; or(b) after the commencement of this act, for underwriting the subscription of any shares in, or debentures of, the company .....Tag this Judgment!
Court : Allahabad
Decided on : Aug-07-2009
Reported in : AIR2010All3; 2010(1)AWC51
..... institution or any consortium or group of banks or financial institutions and includes- (i) debenture trustee appointed by any bank or financial institution; or (ii) securitisation company or reconstruction company, whether acting as such or managing a trust set up by such securitisation company or reconstruction company for the securitisation or reconstruction, as the case may be; or (iii) any other ..... by any borrower of any financial assistance.3. the financial institution is defined under section 2(m) of the act to mean:(m) 'financial institution' means-(i) a public financial institution within the meaning of section 4a of the companies act, 1956 (1 of 1956);(ii) any institution specified by the central government under sub-clause (ii) of clause ..... (h) of section 2 of the recovery of debts due to banks and financial institutions act, 1993 (51 of 1993);(iii) the international finance corporation established under ..... whether the security was created prior to the enforcement of the act or the notification by which the banking company is notified for applicability of the act, will not make any difference. the act may be divided in two parts, namely the registration and regulation of securitisation companies or reconstruction companies by the reserved bank of india and the facilitation of .....Tag this Judgment!
Court : Karnataka
Decided on : Jul-01-2009
..... whether the tribunal was correct in ignoring the finding recorded by the appellate commissioner that the assessee had violated section 11(5) of the act by making investment in chit funds and debentures of sriram group of companies by drawing an analogy from one other sale transaction of m/s. classic developers and recorded a perverse finding by taking into consideration irrelevant ..... circumstances and ignoring the cogent evidence examined by the appellate commissioner.?3. whether the tribunal was correct in proceeding to hold that the income of the assessee was exempt from tax under section 11 of the act ..... . therefore, the petitioner, in the best interests of public educational institution did not want to forefeit the larger amount by discontinuing the contribution immediately after the finance (no. 2) act 1998 came into force as such foreclosure without further contribution would result in a larger loss.8. she also further contends that in view of clause 10(23c)(vi) of ..... examined by the assessing officer and thus it would serve no purpose. she also further contends that they have also obtained registration certificate as contemplated under section 12a of the act and in view of this prays for dismissal of the appeal.9. the issue that arise for our consideration would be as to whether the assessee has dis-invested .....Tag this Judgment!
Court : Rajasthan
Decided on : May-06-2009
Reported in : (2009)IVLLJ225Raj; RLW2009(3)Raj2029; 2009(3)WLN571
..... force.26. as per the provisions of section 3(1) of the companies act, 1956, there are three categories of the company; existing company, private company, and public company.27. admittedly, the respondent bank was initially established under the mewar companies act, 1942 and the said act was subsequently repealed by the companies act of 1956, now governs the respondent bank. the share capital of the ..... scheduled bank but not a nationalized bank and it is merely a private ltd. company.28. section 3(1)(iii) of the companies act, 1956 reads as follows:3. definitions of 'company', 'existing company', 'private company' and 'public company'.(1) _ _ _ _(iii) 'private company' [means a company which has a minimum paid-up capital of one lakh rupees or such higher ..... writ petition no. 1536/2002, decided on 11.05.2002, wherein the learned single judge was of the view that the bank of rajasthan being a private company registered under the companies act, 1956, is neither held to be a state, nor any instrumentality of the state.4. again similar question came for consideration before this court in the ..... debentures of, the company;[(d) prohibits any invitation or acceptance of deposits from persons other than its members, directors or their relatives:]provided that where two or more persons hold one or more shares in a company jointly, they shall, for the purposes of this definition, be treated as a single member.29. in section 617 of the companies act, 1956, the definition of 'government company .....Tag this Judgment!