Court : Delhi
Reported in : 1995(35)DRJ233
..... which is now sought to be recovered from the defendants is unpaid sale consideration or loan and in case it is a loan whether the suit is barred by section 22 of securities contract regulations act? 2.whether the plaintiffs are entitled to stay in respect of entire lot of shares or only in respect of that number of shares by the sale of which the ..... to plaintiff no.1 and was never intended to create any right in favor of any person. it is also contended that this letter will be hit by sections 13 and 14 of securities contract regulations act because direct sale of shares is not permissible in respect of company which is listed with the stock exchange and that memorandum of understanding dated 17th august, 1990 ..... amount of rs.9.45 crores will be secured ?) under section 22 of the sick industrial companies (special provisions) act, no suit or proceedings for enforcement of any guarantee in respect of any ..... suit. (5) defendant nos.1 and 2 have filed written statement, while no written statement has been filed by defendant nos.3 and 4. instead defendant no.3 has filed an application under section 15 and 16 read with section 22 of the sick industrial companies (special provisions) act 1985 as amended by the sick industrial companies (special provisions) amendment act (12) of 1994. defendant no.3 .....Tag this Judgment!
Court : Authority for Advance Rulings
..... investors in share market notwithstanding the availability of cost inflation index to the latter. 41.2. the act has, therefore, amended section 112 of the income-tax act to limit the tax on long term capital gains at 10% of the capital gain on securities as defined in section 2(h) of the securities contracts (regulation) act, 1956 and listed in recognized stock exchanges in india before allowing adjustment for cost inflation ..... a direct answer to the question of interpretation of the particular words used in the proviso. 12.4. another point - debentures are also included within the definition of ??securities ? in section 2(h) of the securities contracts (regulation) act, 1956. debentures listed in a recognized stock exchange in india fall within the domain of the proviso to s, 112(1) though such listing seems to be rare ..... payable by the assessee ? . (emphasis supplied) the explanation defines ??listed securities ? for the purposes of sub-section (1) of section 112. listed securities means, according to the explanation, the securities as defined in clause (h) of section 2 of the securities contracts (regulation) act, 1956. under section 2(h) of the said act, securities include shares, scrips, stocks, bonds, debentures, debenture stock or other marketable securities of like nature in or of any incorporated company or .....Tag this Judgment!
Court : Allahabad
Reported in : AIR2009All14; 2008(4)ARBLR432(All); 2008(4)AWC3807
..... court while considering the bombay stock exchange byelaws no. 248 and 249(a) made under section 2(4) and 10 of the securities contracts (regulation) act, 1956 held that challenge to the composition of arbitration tribunal of two members (even numbers) would prevail over section 10 of the arbitration & conciliation act. the bombay high court held that since the byelaws are framed in exercise of powers ..... under section 9 of the regulation act and are statutory, they would squarely fall under the phrase 'under ..... however, the order was stayed in writ petition no. 2425 (m/b) of 1998. the matter has been referred for arbitration to industry facilitation council under section 6(2) of the amended act 28 of 1998 and that in order to preserve and to keep the property in safe custody and for its inspection and for preserving the amount, the orders ..... this provision the court has been allowed to remove the impasse.21. the development of law by section 16 of the arbitration & conciliation act, 1996 has been recognized by the courts. in gas authority of india ltd. v. keti construction (i) ltd. : (2007)5scc38 the supreme court held that the arbitral tribunal may rule on any objection with respect to .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1964SC648; (1964)0GLR481; 5SCR294
..... case to which a reference may be made is madhubhai amathalal gandhi v. the union of india(1). in that case this court was dealing with a notification under the securities contracts (regulation) act, no. 42 of 1956. there was however no dispute in that case on the question whether the notification was law or not and it was accepted without question that the ..... see the contents of the order passed under art. 258(1) to see whether it satisfies the definition of law as contained in s. 2(d) of the reorganisation act. section 2(d) says that law includes any enactment, ordinance, regulation, order, bye-law, rule, scheme, notification or other instrument having, immediately before the appointed day, the force of law in the whole or in ..... under that section could not be delegated by the commissioner, and that the report made by the additional special land acquisition officer could not in any event be considered by the commissioner. it may be useful to set out certain statutory provisions in the context of the relevant constitutional set up. by the constitution as amended by the seventh constitutional amendment act, 1956, legislative ..... which the land is situate", were deemed to be substituted. in other words, by the issue of- the presidential notification, the land acquisition act must be deemed pro tanto amended. it would be difficult to regard such an amendment as not having the force of law. in this connection we may refer to the decision of this court in the edward mills company .....Tag this Judgment!
Court : Chennai
..... explanation for the purposes of this clause,-(a) 'cost' means the amount actually paid for acquiring specified securities and where no money has been paid, the cost shall be taken as nil;(b) 'specified security' means the securities as defined in clause (h) of section 2 of the securities contracts (regulation) act, 1956 (42 of 1956), and includes employees' stock option and sweat equity shares;(c) 'sweat ..... in the case of commissioner of income tax v. infosys technologies ltd. reported in : (2008) 297 itr 167, has considered the scope of amended provision of section 17(2)(iiia) which was inserted by the finance act 1999 with effect from april 1, 2000. the issue in that judgment is whether the said provision comes into effect retrospectively or prospectively. the supreme ..... books of account and therefore, the assessing officer was justified in estimating the income under the head 'profession'. alternatively the learned counsel relied on the amended provision of section 17(3)(iii) of the act and contended that even though the said provision was inserted with effect from 01.04.2002, it is only clarificatory in nature and therefore, the assessment ..... court, in the case of virtual soft systems ltd. v. commissioner of income-tax reported in : (2007) 289 itr 83, has considered the scope of interpretation of statute and held that there is no assumption as to the retrospectivity of an amendment. retrospectivity has to be enacted specifically in the fiscal statute and it is more so in the case .....Tag this Judgment!
Court : Delhi
..... india. moreover, the objects and reasons of the amending act of the year 1944 by which proviso aforesaid was added to section 46 show that the proviso was added to remove the defect in the said provision which was seriously interfering with the normal business of marine insurers in as much as marine insurance contracts were international in scope and affected mostly for the ..... an arbitrary, unreasonable restriction, interference with the travel to the said countries. the argument given by the counsel for the respondent no.1 irda of the necessity of licencing for securing the interest of the insured, also does not apply. the grievance or the claims if any against the said foreign insurance companies cannot be addressed by the respondent no.1 ..... issued by an insurer in respect of insurance business transacted in india after the commencement of this act shall have the right, notwithstanding anything to the contrary contained in the policy or in any agreement relating thereto, to receive payment in india of any sum secured thereby and to sue for any relief in respect of the policy in any court of ..... regulatory and development authority (licensing of insurance agents) regulations, 2000 contended that the insurance agent also has to be licenced. it is further argued that the requirement for licencing is essential to enable the irda to, in the event of a complaint, take necessary action. 11. the counsel for the respondent no.2 uoi has stated that grant of no objection by .....Tag this Judgment!
Court : Mumbai
..... -section (1) of section 15 of sica, 1985. section 15(1) of sica, 1985 as amended by section 41 of the sarfaesi act, reads as under:- 15. reference to ..... a fresh enactment providing for a special procedure for recovery of dues of banks and financial institutions, but also sought to amend three other enactments, namely, (i) the companies act, 1956, (ii) the securities contracts (regulation) act, 1956, and (iii) sica, 1985. it is, by virtue of section 41 of the sarfaesi act read with the schedule thereto, that two provisos were inserted under the already existing proviso to sub ..... to any debt or receivables whether secured or unsecured. therefore, the intent of parliament when it introduced the two amendments to section 15(1) is clear. a special provision has been made in case of securitization and reconstruction companies, where a financial asset within the meaning of section 2(1) has been acquired after the enactment of the securitisation act of 2002. in such a case .....Tag this Judgment!
Court : Company Law Board CLB
Reported in : (1996)86CompCas596
..... the transfer of shares after splitting the share certificates for less than marketable lots and the company law board held that in view of the provisions of section 22a of the securities contracts (regulation) act providing for free transferability of shares, the company should not have refused the splitting of shares as the provisions in the articles cannot override the provisions of ..... the board took into account the fact that prior to its amendment in 1992, section 22a(3)(b) only permitted a company to refuse to register the transfer of its securities on the ground that the transfer was in contravention of any law and after the amendment the scope of this sub-section had been considerably widened. the board also considered the listing ..... which aggregate to a marketable lot or more, are tendered for transfer, the companies themselves, should effect consolidation and issue certificates in marketable lot to the extent possible. 2. wherever feasible, the companies should take the initiative and request the shareholders to tender their odd holdings for encashment. these odd lot holdings should then be consolidated into marketable ..... law board passed those two orders it was in accordance with the provision of section 22a(3)(b) of the scr act then existing, which was as follows ; 7. now the particular sub-section has been amended with the following provisions : "that the transfer of the securities is in contravention of any law or rules made thereunder or any administrative instructions .....Tag this Judgment!
Court : Company Law Board CLB
..... an aggrieved person or by a company.33. the depositories ordinance/act has brought about comprehensive changes in matters relating to transfer of securities, through amendments to various related statutes, like the companies act, indian stamp act, securities contracts (regulation) act, income-tax act and benami transactions (prohibition) act. the preamble to this act reads "an act to provide for regulation of depositories in securities and for matters connected therewith or incidental thereto". thus this ..... brought in some other statutes like the companies act, stamp act, etc. therefore, according to him, interpretation of these amended provisions will have to be in line with the object with which these amendments were brought about and should not be read in isolation. he drew our attention to section 2(e) of the depositories act which defines a depository.26. this, according to counsel, makes it ..... (4), continues even after the coming into force of the ordinance.38. second issue.--this issue relates to appeal to the company law board under section 111(2) in respect of public companies. this sub-section provides for appeal to the company law board in case a company refuses registration of transfer within two months of lodgment or delay in registering transfers. the .....Tag this Judgment!
Court : Company Law Board CLB
Reported in : (2000)100CompCas355
..... seervai in his reply submitted that the law has changed after the aforesaid cases have been decided with the insertion of section 22a of the securities contracts (regulation) act, 1956, and thereafter with the promulgation of the depositories act whereby the companies act has also been amended, thereby the shares of a public company have become freely transferable. he further submitted that the sebi take over code is ..... proviso to sub-section (2) relates to pre-registration issues, while sub-section (3) relates to post-registration issues. in case of post-registration, the register of members can be ordered to be rectified only on three grounds, i.e., if the transfer is in contravention of the provisions of the securities and exchange board of india act, 1992 (hereinafter "the sebi act") or regulations thereunder, the ..... in various decided cases. in this connection, he placed reliance on the following decided cases : (1) shri nathu singh v. punjab co-operative bank limited  6 cla 40 (clb). (2) ramachandra vinayak khare v. aphali pharmaceuticals limited  3 comp lj 108 (clb). (3) e. m. muthappa chettiar v. salem rajendra mills limited  25 comp cas 283 (mad).kinetic .....Tag this Judgment!