Court : Andhra Pradesh
Reported in : 2009STR350
..... of the matter for consideration is as to whether the petitioners' business i.e., chit fund fall within the mischief of expression 'cash management', as amended under sub-section 12 of section 65 of the finance act, 2007 and consequently under the impugned circular issued by the respondents is valid?9. at the outset, for convenience sake, instead of referring to all the provisions ..... lend money belonging to him. the dominant purpose of the act is to regulate the chit and control the activity of the foreman and protect the interests of the subscribers. the pith and substance of the act is that it provides for a special contract. the legislation provides for a special kind of contract and thus squarely falls within entry 7 of list iii ..... are members. in the writ petitions, the petitioners sought for a mandamus and assailing the correctness of circular no. 96/7/2007-st (circular no. 034-04) dated 23-8-2007 and proceedings no. hast 141/2007, dated 18-12-2007 issued by the second respondent as being violative of articles 14, 19(1)(g) and 265 of the constitution of india and ..... section (12) of section 65, which reads as under:banking and other financial services' means;(a) the following services provided by a banking company or a financial institution including a non-banking financial company or any other body corporate, namely:(i) financial leasing services including equipment leasing and hire purchase by a body corporate(ii) credit card services(iii) merchant banking services(iv) securities .....Tag this Judgment!
Court : Andhra Pradesh
Reported in : (2008)220CTR(AP)28; (2008)17VST128(AP)
..... lend money belonging to him. the dominant purpose of the act is to regulate the chit and control the activity of the foreman and protect the interests of the subscribers. the pith and substance of the act is that it provides for a special contract. the legislation provides for a special kind of contract and thus squarely falls within entry 7 of list iii ..... clause 5 of section 65(12) of finance act, 1994 was amended with the deletion of the expression 'it does not include cash management'. accordingly, the second respondent issued the impugned circular dated 23rd august, 2007 classifying the chit funds into two categories i.e., simple chit funds and business chit funds and calling upon the petitioners to pay service tax.4. in reply, ..... are members. in the writ petitions, the petitioners sought for a mandamus and assailing the correctness of circular no. 96/7/2007-st (circular no. 034-04) dated 23.8.2007 and proceedings no. hast 141/2007 dated 18.12.2007 issued by the second respondent as being violative of article 14, 19(1)(g) and 265 of the constitution of india and ..... section (12) of section 65, which reads as under;banking and other financial services' means;a) the following services provided by a banking company or a financial institution including a non-banking financial company or any other body corporate, namely:i) financial leasing services including equipment leasing and hire purchase by a body corporateii) credit card servicesiii) merchant banking servicesiv) securities .....Tag this Judgment!
Court : Mumbai
Reported in : 1995(3)BomCR313; (1995)97BOMLR779
..... powers under s. 250 of the companies act has become final.4. the parliament enacted securities contracts (regulation) act, 1956 to prevent undesirable transactions in securities by regulating the business or dealing therein by prohibiting options and by providing certain matters connected therewith. the parliament, by securities contracts (regulation) amendment act, 1985 inserted new s. 22a and which came into force in january 1986. the amended section deals with free transfer-ability and registration of ..... transfers of listed securities of companies. the expression ' ..... company' under s. 22a(1)(a) means a company whose securities are listed on recognised stock exchange. the section demands that a company shall before the .....Tag this Judgment!
Court : Chennai
Reported in : 2008BusLR908; 2009(1)CTC227; (2008)8MLJ261
..... reforms, transactions in 'derivatives' stormed the market. to begin with, 'derivatives in securities/shares', were statutorily recognised under amendment act 31 of 1999 to the securities contracts (regulation) act, 1956. by the said amendment act, which came into force with effect from 22.2.2000, section 18a was inserted in the securities contracts (regulation) act, 1956. section 18a reads as follows:18a.contracts in derivative: notwithstanding anything contained in any other law for the time being ..... hit by section 23 of the contract act. it is the further contention of the plaintiff that since there was no underlying exposure, the contract was, per se, speculative and a wagering contract, hit by section 30 of the contract act. therefore, it is necessary to analyse whether the contract in question is hit by section 23 and/or section 30 of the contract act. 54. though the indian contract act, 1872 defines a 'contingent contract' under section 31 ..... plaintiff and is, therefore, not binding upon the plaintiff and/or is not enforceable against the plaintiff. (iv) for a permanent injunction restraining the defendants, their men, agents, servants from in any way acting in furtherance of contract in opt no. 727 dated 22.06.2007 with the schedule thereon by initiating any proceedings for recovering any amount from the plaintiff or seeking recovery .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1992SC847; 73CompCas762(SC); JT1992(1)SC463; 1992(1)SCALE264; (1992)2SCC255; 1SCR481
..... in on that stock exchange has been preferred under section 22 of the securities contracts (regulation) act, 1956 (42 of 1956), such allotment shall not be void until the dismissal of the appeal.(2) where the permission has not been applied for as aforesaid, substituted for 'or has not been granted as aforesaid' by the companies (amendment) act, 1974, w.e.f. 1.2.1975 ..... that the interest bore the character of a penalty. it was according to the learned judges 'penal interest'. the learned judge failed to notice section 3(5) and section 4 and the other provisions of the cess act'.85. the last question will be that in view of the clear terms of the statute whether the administrative inconvenience could be pleaded. this ..... directors who were not directly in charge of the administration of the company and the need to make listing of public issues compulsory, further amendments to the section became necessary.23. accordingly the amendment act of 1988 introduced several amendments to section 73, one of them being the substitution of a part of subsection (2a) making the company and every director of the company who ..... no liability to pay interest, for time had been extended by the madhya pradesh stock exchange. but this argument is clearly contrary to the provisions contained in sub-section (4) of section 73 of the act which reads:-section 73(4). any condition purporting to require or bind any applicant for shares or debentures to waive compliance with any of the requirements of this .....Tag this Judgment!
Court : Allahabad
Reported in : 120CompCas18(All); (2004)2CompLJ446(All); 49SCL77(All)
..... such matters, shall be disclosed by the companies;' section 2(i) of the sebi act defines 'securities' as having the same meaning as in section 2 of the securities contracts (regulation) act, 1956.section 2(h) of the securities contracts (regulation) act, 1956 defines securities to include :-- '(i) shares, scrips, stocks, bonds, debentures, debenture stock or other marketable securities of a like nature in or of any incorporated company ..... its fold various activities which have been found to have certain specific characteristics. it is alleged that the definition of collective investment schemes as inserted by the securities laws (amendment) act, 1999 is substantially the same as mentioned in the dave committee report. the expression 'collective investment scheme' though not initially defined under the statute, was ..... affidavit, these companies promised very high returns which were wholly unrealistic. details are given in paragraphs 21 and 22 of the counter-affidavit.86. in para 23 of the counter-affidavit it is stated that the sebi started receiving a deluge of complaints from across the country informing thatthe cheques issued by the plantation ..... the entities were found to be lacking in application of fundamental accounting principles while preparing their accounts. true copy of the dave committee report submitted on 5-4-1999 is annexure 12 to the counter-affidavit.many points noted by the dave committee are mentioned in paragraph 34 of the counter-affidavit. these points show .....Tag this Judgment!
Court : Gujarat
Reported in : 87CompCas186(Guj)
..... mean a place or institution where the business of selling or buying of securities is carried on. selling, buying or dealing with securities is the essential ingredient of a market. though 'securities market' has not been defined, the definition of 'stock exchange' under section 2(i) of the securities contracts (regulation) act means any body of individuals whether corporated or not, constituted for the ..... according to learned counsel, refers only to persons enumerated in clause (ba) of sub-section (2) which has been inserted by the securities laws (amendment) act, 1995, [see  83 comp cas (st.) 25. ] with effect from january 25, 1995. his further contention is that section 11b confers on the sebi power to issue directions in pursuance of any inquiry. for ..... whose attendance is required either to give evidence or to produce documents or such other objects as aforesaid; (c) order any fact to be proved by affidavit.' 23. section 30 empowers the court on its own motion to issue summonses to person whose attendance is required either to give evidence or to produce documents or such other objects ..... india, extraordinary, dated october 25, 1995, which were laid before parliament and are in existence in the present form. 12. regulation 3 prohibits the buying or selling of or dealing with securities in a fraudulent manner. regulation 4 prohibits manipulative trade practices which include entering into any transactions with the intention of artificially raising or depressing the prices of .....Tag this Judgment!
Court : Supreme Court of India
Reported in : (2013)1SCC1
..... the sebi.84. as against the aforesaid, the term securities has been defined in section 2(45aa) of the companies act (consequent upon an amendment made in 2000 with effect from 13.12.2000). section 2(45aa) of the companies act, is being extracted hereunder:2(45aa) securities means securities as defined in clause (h) of section 2 of the securities contracts (regulation) act, 1956 (42 of 1956), and includes hybrids;the aforesaid ..... date of receipt of notice, failing which it was informed that penal action would be initiated against the company and its directors under section 234(4)(a) of the companies act.13. sebi, in the meanwhile, sent a letter dated 23.9.2010 to sirecl reminding that it had not provided information/documents on the issue of ofcds. proceeding issued for appointing the investigating ..... for the three quarters ending 31.12.2007 were rs.9,292 and the loss carried forward to the balance sheet as on that date was rs.3,28,345.4. sirecl, in its extraordinary general meeting held on 3.3.2008, resolved through a special resolution passed in terms of section 81(1a) of the companies act to raise funds through unsecured ofcds ..... sahara india c junxion corporation limited on 28.10.2005 as a public limited company under the companies act and it changed its name to sirecl on 7.3.2008. as per the balance sheet of the company as on 31.12.2007, its cash and bank balances were rs.6,71,882 and its net current assets worth rs.6,54 .....Tag this Judgment!
Court : Mumbai
Reported in : AIR1995Bom194; 1995(3)BomCR656; 84CompCas910(Bom)
..... the statute which gives right of an appeal. under the companies act also the company law board is assigned several functions under the companies act. the present impugned order is obviously an order passed under section 22a of the securities contracts (regulation) act 1956 as amended in 1985 and therefore it is tried to be contended though section 10f provides that any person aggrieved by any decision or order ..... also took intoconsideration the reply received from the sebi wherein it was indicated that the appellants may follow a procedure as per securities contract (regulation) act, 1956/cornpanies act, while taking decision with regard to the registration of transfer. as required by section 22a(4)(c) the appellants made a reference to the clb and forwarded copies of such reference to the transferor and transferee. in the ..... order of the clb.5. on behalf of the appellants the main contentions which are urged before me are :firstly, that the clb, while considering the reference under section 22a(4)(c) of the securities contracts (regulation) act, 1956, has no power to go into the question about the correctness or otherwise of the decision of the board of directors of the appellants refusing the registration .....Tag this Judgment!
Court : Mumbai
Reported in : AIR1995Bom377; 1995(4)BomCR71; 1996(1)MhLj50
..... , that the. securities contracts (regulation) act, 1956, would be amended to ensure free transferability of securities of public limited companies whose securities are listed on the stock exchanges. for this purpose, it is proposed to incorporate a new section, namely, section 22a, in the securities contracts (regulation) act, 1956, and also make necessary consequential amendments in the act, to provide for free transferability of listed securities with adequate safeguards against ..... shall be registered by the company or that it need not be registered by it. (7) where on a reference under sub-section (4), the company law board directs that the transfer of the securities to which it relates-(a) shall be registered by the company, the company shall give, effect to the direction within ten ..... notice in the prescribed form about, the requirement under the law which has or which have to be compiled with for securing such, registration and in any other case as per clause (c) of sub-section (4), the company is required to make a reference to the clb. now, therefore, if the refusal is 911 the ..... -- and its twodirectors have challenged the order datedmarch 6, 1992 passed by the company lawboard, western region bench at bombay, onreferences under section 22a(4)(c) of thesecurities contracts (regulation) act, 1956 (for short 'the act') by the 1st petitioner,directing the 1st petitioner to register thetransfer of 14171 shares covering 1215transfer deeds in favour of the transferees, inthis writ .....Tag this Judgment!