Skip to content


Judgment Search Results Home > Cases Phrase: debentures companies act Year: 2011 Page 1 of about 54 results (0.026 seconds)

Jun 14 2011 (HC)

Jer Rutton Kavasmanek and anr. Vs. Gharda Chemicals Ltd. and ors.

Court : Mumbai

Decided on : Jun-14-2011

..... 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 the transfer of its shares. in this behalf, part iv of the companies act, 1956 which contains section 82 clarifies that the shares or debentures, other interest of any member in a company shall be moveable property, transferable in the manner provided by the articles of the company. that they are moveable property and, therefore, transferable is amply clear in law .....

Tag this Judgment!

Dec 13 2011 (HC)

Cit Vs. Jet Life India Ltd

Court : Delhi

Decided on : Dec-13-2011

..... a company, whether constituting a charge on the assets of the company or not;".8. on reading of the two provisions, it has been rightly held ..... by the commissioner of income tax (appeals) and the tribunal that debentures or bonds were not covered ..... as under:- "2(12) "debentures" includes debenture stock, bond and any other securities of ..... case of such bonds or debentures secured by the mortgage of any immoveable property the amount of such bonds or debentures shall not exceed the market value of ita 1276/2011 and 1277/2011 page 3 of 5 such immovable property.".7. reference was also made to the definition of term "debentures" given in section 2(12) of the companies act, 1956, which reads .....

Tag this Judgment!

Jun 16 2011 (HC)

National Insurance Co. Ltd. Vs. Commissioner of Income-tax-ii, Kolkata ...

Court : Kolkata

Decided on : Jun-16-2011

..... engaged in the business of insurance other than that of life insurance. the petitioner company is also categorized as public financial institution under section 4a of the companies act, 1956 and is also engaged in the investment activities like purchase and sale of shares, debentures, bonds, government securities etc. as part of its investment business, the appellant also provides various ..... types of loans and advances to different companies as well as credit institutions under different schemes like term ..... banking not being a co-operative society providing credit facilities to farmers or village artisans; (ii) a public financial institution as defined in section 4a of the companies act, 1956 (1 of 1956); (iii) a state financial corporation established under section 3 or section 3a or an institution notified under section 46 of the state financial ..... of deposits from its members and which is declared by the central government under section 620a of the companies act, 1956 (1 of 1956), to be a nidhi or mutual benefit society; or (vi) a miscellaneous finance company, that is to say, a company which carries on exclusively, or almost exclusively, two or more classes of business referred to in .....

Tag this Judgment!

Jun 16 2011 (HC)

National Insurance Co. Ltd. Vs. Commissioner of Income-tax, Kol-ii and ...

Court : Kolkata

Decided on : Jun-16-2011

..... engaged in the business of insurance other than that of life insurance. the petitioner company is also categorized as public financial institution under section 4a of the companies act, 1956 and is also engaged in the investment activities like purchase and sale of shares, debentures, bonds, government securities etc. as part of its investment business, the appellant also provides various ..... types of loans and advances to different companies as well as credit institutions under different schemes like term ..... banking not being a co-operative society providing credit facilities to farmers or village artisans; (ii) a public financial institution as defined in section 4a of the companies act, 1956 (1 of 1956); (iii) a state financial corporation established under section 3 or section 3a or an institution notified under section 46 of the state financial ..... of deposits from its members and which is declared by the central government under section 620a of the companies act, 1956 (1 of 1956), to be a nidhi or mutual benefit society; or (vi) a miscellaneous finance company, that is to say, a company which carries on exclusively, or almost exclusively, two or more classes of business referred to in .....

Tag this Judgment!

Feb 09 2011 (HC)

Miss Aarti Mukund Pardhanani D/O Sri M.B.Pardhanani. Vs. M/S Mac Charl ...

Court : Karnataka

Decided on : Feb-09-2011

..... court in these petitions.3. heard arguments on both the side and perused the entire petition papers.4. under section 108 of the indian companies act, 1956, a company shall not register the transfer of shares or debentures of the company unless a proper instrument of transfer duly stamped and executed by or on behalf of the transferor and by or on behalf of transferee ..... has been delivered to the company along with the certificate relating to the shares or debentures therefore. the requirement under section 108 of the companies act, 1956 is that the instrument of transfer should be duly stamped and that the same should be delivered to the ..... company. the provisions contend in section 108 of the companies act are mandatory in nature. on the face of it if the company is satisfied that an entry in ..... respondents 2 and 3 and to show the name of petitioners as the owner of equity shares of the company.2. the first respondent is a public limited company incorporated under the companies act, 1956 on 28.9.1979. the object of the first respondent company is 10 carry on the business of hotel, restaurant etc. petitioner in co.p.no. 109/1987 and the .....

Tag this Judgment!

Jan 25 2011 (HC)

Yashdeep Trexim Vs. Board for Industrial and Financial Reconstruction ...

Court : Kolkata Appellate

Decided on : Jan-25-2011

..... on, viz. the decision of the house of lords in knightsbridge estates trust ltd. v. byrne reported in (1940) all er 401 holding that the mortgage was a debenture within the meaning of the companies act, 1929, and the supreme court decisions in reserve bank of india v. peerless general finance and investment co. ltd. reported in (1987) 1 scc 424 dealing with ..... below - (i) 'company' means a company formed and registered under this act or an existing company as defined in clause (ii); ii) "existing company" means a company formed and registered under any of the previous companies laws specified below (a) any act or acts relating to companies in force before the indian companies act, 1866 and repealed by that act; (b) the indian companies act, 1866; (c) the indian companies act, 1882; (d) the indian companies act, 1913; (e ..... ) the registration of transferred companies .....

Tag this Judgment!

Jan 24 2011 (HC)

K.V.Krishnamurthy. Vs. State of Bihar, and anr.

Court : Patna

Decided on : Jan-24-2011

..... incur or may have to pay in connection therewith".4. it was further submitted that after coming to know about default by the company in relation to re-payment of debentures, immediately a suit vide suit no.572 of 2002 in the high court of judicature at bombay for the purposes of enforcement was ..... re-payment proposed by the company. it was submitted that the bank of india and its officials had properly acted in the interest of debenture holders under the trust deeds and terms of the s.e.b.i. rights/regulations and directions. shri ..... with possession or creating any third party rights in respect of suit securities. thereafter, even accused no.1 i.e. mafatlal finance company ltd. had also convened a meeting of debenture holder on 14.3.2003 as per order of bombay high court passed in suit no.572 of 2002 to consider the scheme of ..... of india, head office, and mumbai and was not responsible for payment of debenture on redemption/maturity. it was submitted that the bank of india as trustee of debenture floated by the company m/s mafatlal finance ltd. (accused no.1) had acted in accordance with law. it was further submitted that the petitioner was appointed as ..... the bank of india in the year 2000 that too by the order of central government, ministry of finance. in case of floating debentures by accused no.1 i.e. m/s mafatlal finance company ltd., the bank of india had agreed to become a trustee for the benefit of the holders of the .....

Tag this Judgment!

Sep 09 2011 (TRI)

M/S.Shriram Chits (P) Ltd., Rep. by Its Branch Manager Vs. Rachamalli ...

Court : Andhra Pradesh State Consumer Disputes Redressal Commission SCDRC Hyderabad

Decided on : Sep-09-2011

..... finance compnay limited. the opposite party converted the prize amount of rs.2,72,000/- into debentures. the district forum had held that ??there is no provision in the a.p.chit fund act, 1971 authorizing the foreman to convert the prize amount into debentures of any company even at the request of the prized subscriber ? . in the absence of any provision in the ..... chit fund act or any clause in the chit agreement as to authorizing the foreman of the opposite ..... and not five monthly instalments as contended by the opposite party company. 9. the district forum has referred to sec.14 of a.p. chit fund act while discussing the inability of the foreman of the opposite party company to convert the prize money into debentures. sec.14 of a.p. chit fund act reads as under: (1) the foreman shall, on the prized subscriber ..... party company on receipt of application from the prized subscriber, the opposite party company cannot deposit the prize amount with .....

Tag this Judgment!

Dec 13 2011 (HC)

Meena Chawla Vs. Prism Entertainment Pvt. Ltd

Court : Delhi

Decided on : Dec-13-2011

..... in sub-sections (2), (3) and (4) respectively, on such conditions as the board may prescribe.".27. section 292 of the companies act enjoins that the board of directors of a company should exercise the power to borrow money otherwise than on debenture only by means of resolutions passed in said regards at the meetings of the board of directors..28. it is settled ..... legal position that every person is presumed to know the law. a creditor dealing with company shall be presumed to know the requirement of section 292 of the companies act that no director or other officer ..... ] 6 comp cas 90 ; air 1936 bom 62." (emphasis supplied).26. applying the doctrine in the instant case we need to note sub-section 1 of section 292 of the companies act and its relevant sub-clauses. it reads as under:- "s.292. certain powers to be exercised by board only at meeting - (1) the board of directors of a ..... air 1964 sc 381). furthermore, what cannot be achieved directly cannot be achieved indirectly. thus, in the teeth of section 292 of the companies act, it cannot be held that since the money was ultimately utilized by the company, it would be liable to repay the same..36. thus, we agree with the reasoning of the learned single judge that the defendant no .....

Tag this Judgment!

Dec 19 2011 (HC)

Karnataka Rajya Kaigarika, Sahakara Bank Niyamita and anr. Vs. V. Kris ...

Court : Karnataka

Decided on : Dec-19-2011

Reported in : 2012(3)KCCR2092

..... trust set up by such securitisation company or reconstruction company for the securitisation or reconstruction, as the case may be; or](iii) any ..... the benefit of underlying securities and facilitating easy transferability of financial assets by the securitisation company or reconstruction company to acquire financial assets of banks and financial institutions by issue of debentures or bonds or any other security in the nature of debenture and empowering banks and financial institutions to take possession of securities given for financial ..... in the case of greater bombay cooperative bank ltdand contend that the co-operative bank is not included within the definition of the banking company in the banking regulation act, therefore, the said act is not applicable.26. in greater bombay co-operative bank ltd. case, the question that arose for consideration was the application of ..... to banks and financial institutions act, 1993 (51 of 1993)"2(1) z (d) "secured creditor"means any 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 managing a .....

Tag this Judgment!


Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //