Court : Karnataka
Decided on : Apr-16-2010
..... were sent independently to each of the equity shareholders, secured creditors (banker's of the company), secured creditors (debenture holders) and unsecured creditors (deposit holders) of the company, together with a copy of scheme of compromise and arrangement and the statement as required under section 393 of the companies act. notice of the meeting was also advertised in two daily news papers, viz., 'vijaya times ..... 393 r/w. section 394a of the companies act, 1956, praying for sanctioning of the scheme of compromise and arrangement so as to be binding on the company, its equity shareholders, creditors viz., debenture holders and its deposit holders.2. tulunadu finance & developments ltd., (the company) was incorporated on 2nd february 1985 under the provisions of companies act, 1956. the company filed an application under section 45-ia ..... of the reserve bank of india act, 1934 (hereinafter referred to as ' the rbi act' for short) dated 24.6.1987 .....Tag this Judgment!
Court : Mumbai
Decided on : Sep-01-2010
..... the contention was that clause-7 of the protocol agreement provides for right of preemption. that was against section 111 a of the companies act. for, the joint venture being a public company, the shares or debentures of such a company and any interest therein ought to be freely transferable. the decisions of the apex court both in the case of rangaraj and ..... next question is whether clause 6.1 itself is illegal and void. the defendants 3 & 4 contend that by virtue of section 111a of the companies act, the shares or debentures and any interest therein of a company shall be freely transferable. whereas, the arrangement provided by clause 6.1 infracts the principle of free transferability of shares. resultantly, the said clause ..... transfer shares and prohibit invitation to the public to subscribe for shares or debentures of the company. the position in law of a public company is materially different. by the provisions of the companies' act, 1956, restrictions on the transferability of shares which are contemplated by the definition of a "private company" under section 3(1)(iii) are expressly made impermissible in the ..... on hand was in relation to a public company. it is held that in case of public company, section 111 a provides that the shares or debentures and any interest therein of the company shall be freely transferable. reliance is also placed on section 9 of the companies act which stipulates that provisions of the act shall have the effect notwithstanding anything to the .....Tag this Judgment!
Court : Delhi
Decided on : Aug-17-2010
..... a period of 20 years in the ifci ltd. and had acquired a preferential right to vote under section 87(2)(b) of the companies act. optional convertible debentures (ocds) to the extent of rs. 923 crores were held by the government of india. these were convertible at par into equity shares ..... of the institution as a public financial institution and for the purposes of determining the validity of the notification under section 4a(2) of the companies act, 1956. it is open to the central government, at any subsequent point of time to de-notify an institution as a public financial institution ..... notification from the standpoint of shareholding would have to be examined as on the date on which the notification under section 4a(2) of the companies act is issued. the condition with regard to the government owning or controlling not less than 51% of the paid up share capital of an institution ..... the judgment, which reads as under: "21.let us now consider the second condition stipulated in the proviso to section 4a(2) of the companies act that no institution in which the central government holds or controls less than 51% of the paid up share capital of such institution, can be ..... any modification in the regulations to be approved by both the houses of the parliament. this makes ifci ltd. very different from any other company registered under the companies act. submissions of counsel9. the main thrust of the argument of mr. dinkar singh, the learned counsel for the petitioner was that the expression .....Tag this Judgment!
Court : Mumbai
Decided on : Aug-09-2010
..... the term "secured creditor" as defined in section 2(zd) of the securitisation act. that term includes debenture trustee appointed by the bank or financial institution or securitisation company or re-construction company, where acting as such or managing a trust set up by such securitisation company or reconstruction company for securitisation or reconstruction company as the case may be or any other trustee as contemplated by section ..... bank or financial 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 mortgaging a trust set up by such securitisation company or reconstruction company for the securitisation, reconstruction, as the case may be; or (iii) any other trustee holding securities ..... 23 to 26 thereof is misconceived. therein, the division bench held that the bank idbi acted as a trustee for the subscribers to the debentures of the appellant company. the entire claim was on behalf of the debenture holders for the amounts that they have subscribed to the debentures. the amount claimed was not of idbi but the dues was of the subscribers of the .....Tag this Judgment!
Court : Delhi
Decided on : Jan-29-2010
Reported in : 167(2010)DLT123
..... /debentures within two months after the application for registration of transfer of any share/debenture is submitted to it. it was contended before the hon'ble supreme court that the ..... on the part of the company in delivering the share certificate/debenture certificate or transferring shares/debentures, it cannot be said that it is only the shareholders of the company, who would be persons aggrieved by offence. in respect of violations of section 212(a) read with section 212(1) of companies act, section 211(7) read with schedule vi of companies act or section 217(5) read ..... decision of the hon'ble supreme court in registrar of companies v. rajshree sugar and chemical limited air 2000 sc 1643. in the case before the hon'ble supreme court, prosecution of the respondent was initiated by the appellant for violation of section 113 of companies act which requires a company to deliver shares certificates/debenture certificates, within three months after allotment and transfer shares .....Tag this Judgment!
Court : Allahabad
Decided on : Aug-02-2010
..... rights option by operation of law under section 81 of the companies act, 1956 by virtue of being a holder of equity shares of ballarpur industries ltd."3. the assessee having share of ballarpur industries ltd. received 1867 right shares which were partly convertible debentures of ballarpur industries ltd. this was in the nature of ..... its transfer. the proviso to section 2(42a) further provides that in case of a share held in a company, the word "36 months" shall be substituted by word "12 months". since the assessee sold the share within one month it shall be short term ..... term capital gain has been defined as capital gain arising from the term capital asset.6. under definition clause section 2(42a) of the income tax act, the short term asset has been further defined as the capital asset hold by an assessee for not more than 36 months immediately preceding the date of ..... admitted on the following substantial questions of law:-"(a) whether explanation 1(i)(e) of section 2(42a) of the income tax act, which has been inserted by the finance act, 1994 and has been brought into effect from 01.04.1995, can be applied to the facts and circumstances of the present case ..... method for computation of "cost of acquisition" of a rights option was prescribed in the income tax act prior to the insertion of section 55(2)(aa)(ii) of the income tax act by the finance act, 1994 brought into effect from 01.04.1995.(c) whether the period of holding of a rights .....Tag this Judgment!
Court : Andhra Pradesh State Consumer Disputes Redressal Commission SCDRC Hyderabad
Decided on : Feb-01-2010
..... and to pay costs of rs.5000/- . the opposite parties 1 and 2 filed counter stating that they filed a petition in high court of mumbai under section 392 of companies act,1956 for a scheme of arrangements between opp.party no.1 and its equity shareholders for buy back shares and the said scheme was approved and sanctioned by the high ..... respect of the 125 shares. the complainant did not receive interest and warrants on the 625 debentures issued to him against the shares held on certificate no. r26025. the complainant returned the debenture certificates and unencashed warrants and the cheques and requested the opposite party company to process dematerialization. this request was forwarded to m/s.gayatri capital limited. the complainant sent shares ..... at my home when the letter comes ? .. ? this exhibit clearly states that the complainant was aware of the option letter sent by the company but did not take necessary steps about the option letter. the appellants have only acted within the orders of the honble high court of bombay which reads as follows: ??and this court doth further order that on or ..... .1 of the scheme, the petitioner company shall, within 7(seven) days from the date of purchase of the equity shares, without any further application, act or deed by the shareholders (i) pay to the shareholder a cash consideration of rs.100 (rupees one hundred); and (ii)issue and allot to the shareholder 5 (five) debentures on the terms and conditions contained in .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Jan-11-2010
Reported in : (2010)228CTR(SC)478; 320ITR708(SC); JT2010(1)SC298; 2010(1)SCALE251; (2010)2SCC525; 187TAXMAN283(SC); 2010(2)LC571(SC)
..... manner of computation of capital gains shall be applicable in respect of capital gains accruing or arising from every re- investment thereafter in, and sale of, shares in, or debentures of, an indian company.explanation: for the purposes of this clause,-(i) `non-resident indian' shall have the same meaning as in clause (e) of section 115c;(ii) `foreign currency' and `indian ..... ; provided that in the case of an assessee, who is a non-resident indian, capital gains arising from the transfer of a capital asset being shares in, or debentures of, an indian company shall be computed by converting the cost of acquisition, expenditure incurred wholly and exclusively in connection with such transfer and the full value of the consideration received or accruing ..... find merit in this batch of civil appeals filed by the assessee(s). the right to subscribe for additional offer of shares/debentures on rights basis, on the strength of existing shareholding in the company, comes into existence when the company decides to come out with the rights offer. prior to that, such right, though embedded in the original shareholding, remains inchoate. the ..... has to go hand in hand. in other words, computation is an integral part of chargeability under the act. it is for this reason that we have opined that the right to subscribe for additional offer of shares/debentures comes into existence only when the company decides to come out with the rights offer. it is only when that event takes place, that .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Jan-11-2010
Reported in : 153CompCas674(SC); (2010)228CTR(SC)440; 320ITR577(SC); JT2010(1)SC14; 2010(1)SCALE329; (2010)2SCC548; 187TAXMAN346(SC); 2010(1)LC387(SC)
..... 7(1)(a) of part under clause 7(1)(b) of part - iii - iii of schedule vi of of schedule - vi of companies companies act, 1956 - act, 1 956 - reserve does not provision, inter alia, is to include any amount written off or provide for depreciation, retained by providing for ..... prepared in accordance with parts i and ii of schedule vi as provided under section 211 of the companies act, 1956 like any other company. schedule vi part i of the companies act, 1956 specifically provides that provision for doubtful debts should be reduced from the gross amount of debtors ..... june. the p&l; account and balance sheet is for shareholders, reserve bank of india (rbi) and registrar of companies (roc) under the companies act, 1956. however, for it act, a separate p&l; account is made out for the year ending 31st march and the balance sheet as on ..... back without making adjustment against them. schedule to the balance sheet 9bb. every nbfc shall append to its balance sheet prescribed under the companies act, 1956, the particulars in the format as set out in the schedule annexed hereto.(c) of prudential norms on income recognition, ..... company within the meaning of section 591 of that act;(c) 'financial institution' means any non-banking institution which carries on as its business or part of its business any of the following activities, namely:(i) the financing, whether by way of making loans or advances or othervise, of any activity other than its own;(ii) the acquisition of shares, stock, bonds, debentures .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Oct-01-2010
..... of its immovable property or any interest therein to trustees upon trust for the benefit of the holders of such debentures; or(iv) any endorsement upon or transfer of any debenture issued by any such company ; or (v) (any document other than the documents specified in sub-sec.(1a) except an agreement of sale ..... of the same suit or proceeding on the ground that the document has not been duly stamped. for ready reference section 61 of the indian stamp act reads as under: "61. revision of certain decisions of courts regarding the sufficiency of stamps: (1) when any court in the exercise of its ..... cross-examination was deferred and he has not raised any objection and at a later stage he raised objection, therefore, section 36 of the indian stamp act, 1899 comes into play. the language of section 36 is very clear and categorical which shows when a document is admitted in evidence, such admission shall ..... , 1872, and not conferred by a will, shall also be registered."he also drawn the attention of the court to section 36 of the indian stamp act, which reads as under:" 36. admission of instruments, where not to be questioned:- where an instrument has been admitted in evidence, such admission shall not ..... as would be regular. the omission to object becomes fatal because by his failure the party entitled to object allows the party tendering the evidence to act on an assumption that the opposite party is not serious about the mode of proof. on the other hand, a prompt objection does not prejudice .....Tag this Judgment!