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Judgment Search Results Home > Cases Phrase: share capital companies act Page 1 of about 38,192 results (0.185 seconds)

Jan 24 1997 (SC)

Anarkali Sarabhai, Shahibag House, Ahmedabad Vs. Commissioner of Incom ...

Court : Supreme Court of India

Reported in : AIR1997SC1677; [1997]89CompCas28(SC); [1997]224ITR422(SC); JT1997(2)SC192; 1997(1)SCALE465; (1997)3SCC238; [1997]1SCR500

..... , in our view the transaction amounts to 'sale'.9. under the provisions of the companies act, 1956 the share capital of a company limited by shares may be of two kinds- (a) equity share capital and (b) preference share capital. section 85 of the companies act has defined 'preference share capital' to mean that part of the share capital of the company which fulfils both the following requirements:(a) as respects dividends, it carries or will carry ..... preference shares which are, or at the option of the company are to be liable, to be redeemed. this section ..... date of the winding up or repayment of capital; and(ii) any fixed premium or premium on any fixed scale, specified in the memorandum or articles of the company.section 85(2) of the companies act has defined 'equity share capital' to mean 'all share capital which is not preference share capital.' section 80 of the companies act lays down that a company limited by shares may, if so authorised by its articles, issue .....

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Nov 12 1975 (HC)

Commissioner of Income-tax, Gujarat-iii Vs. Sercon Pvt. Ltd.

Court : Gujarat

Reported in : [1978]114ITR913(Guj)

..... are creditors, having no part or parcel in the company's affairs unless the instrument acknowledging the loan so provides, i.e. if the ..... of the contentions urged on behalf of the assessee-company was that the capital gains realised from the sale of shares were really in the nature of accretion of one item of capital assets which could not be treated as capital gains for distribution and such distribution of capital gains would be contrary to the provisions of the companies act. a division bench of the madras high court ..... page 302, the following observations is to be found : 'loan capital. - this is a term sometimes applied to debentures and other loans for fixed terms. the employment of the term is not happy, since these loans do not form part of a company's capital, and the regulations as to share capital contained in companies act do not apply to them. they are liabilities, and the lenders ..... sum up, therefore, we may see that the law tries to ensure that a company with a share capital raises it and subsequently makes no returns to its shareholders unless net assets are retained which equal or exceed the value of that capital. the fund of credit thus created acts as a substitute for the personal credit of a private credit or private trade or .....

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Nov 12 1975 (HC)

The Commissioner of Income-tax, Gujarat-iii, Ahmedabad Vs. M/S. Sercon ...

Court : Gujarat

Reported in : (1976)5CTR(Guj)187

..... lenders are creditors, having no part of parcel in the companys affairs unless the instrument acknowledging the loan so provides, i.e. if the ..... of the contentions urged on behalf of the assessee-company was that the capital gains realised from the sale of shares were really in nature of accretion of one item of capital asset which could not be treated as capital gains for distribution and such distribution of capital gains would be contrary to the provisions of the company act. a division bench of the madras high court ..... at page 302, the following observation is to be found :'loan capital - this is a term sometimes applied to debentures and other loans for fixed terms. the employment of the term is not happy, since these loans do not form part of a companys capital, and the regulations as to share capital contained in companies acts do not apply to them. they are liabilities, and the ..... concluding the topic of raising and maintenance of capital :'to sum up, therefore, we may say that the tries that a company with a share capital raises it and subsequently makes no return to its shareholders unless net assets are retained which equal or exceed the value of that capital. the fund of credit thus created acts as a substitute for the personal credit of .....

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May 04 1973 (SC)

Workmen Vs. Management of Dunlop Rubber Company of India Limited

Court : Supreme Court of India

Reported in : AIR1973SC2394; [1973(27)FLR37]; (1973)IILLJ321SC; (1973)2SCC492; [1974]1SCR228

..... the shareholders who ask for it and who pay the premium amount in addition to the nominal value of the share. a capital introduced by the shareholders in the company is shown as part of share capital according to the companies act upto 1956. when the said act was amended, it had to be shown in accordance with schedule vi as a separate item, as it was ..... was justified in claiming 6% return on this amount. the share premium is not undistributed profit and cannot be distributed as dividend. we are satisfied, in ..... general reserves and they were really the share capital of the company and, therefore, the company ..... only available for issue to shareholders and could not be distributed as dividend. the said share premium amount had no bearing as .....

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Jun 14 1996 (HC)

In Re: Sumitra Pharmaceuticals and Chemicals Ltd.

Court : Andhra Pradesh

Reported in : [1997]88CompCas619(AP)

..... instead of 5 : 100 and 5 : 400 in respect of fully paid and partly paid shares. (2) a separate application has to be filed before this court under section 100 of the companies act for reduction in share capital which cannot be part of the arrangement. (3) delisting of shares on the stock exchange can be done only with the approval of the concerned stock exchanges ..... and the company cannot unilaterally delist. (4) the financial competency of the managing director is not shown ..... . no. 203 of 1995. according to the petitioner, the petitioner company was incorporated on november 30, 1988, under the companies act. the authorised capital is rs. 35 crores consisting of 3.2 crores equity shares of rs. 10 each and the issued and subscribed capital is rs. 24,53,82,000 while the fully paid-up capital is rs. 19,53,82,000 and partly paid-up ..... capital is rs. 1,25,00,000. the main objects of the .....

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Oct 25 2004 (TRI)

Shri NavIn R. Shah, Smt. Chandri N. Vs. Simshah Estates and Trading Co ...

Court : Company Law Board CLB

Reported in : (2005)128CompCas55

..... memorandum and articles of association would have been passed without the consult of petitioner who hold 53.53% of the paid up share capital of the respondent no. 1 company.even ordinary resolution for reclassification of capital under section 106 of the companies act, 1956 cannot be passed without the consent of the petitioners who are the majority shareholders. no annual general meetings were held and ..... purportedly was held on 30^th sept. 1998 and a special resolution was supposedly passed under section 192 of the companies act, 1956 that preference share capital of the company consisting of 1000 1% redeemable preference shares of rs. 100/- each be reclassified as 2000 equity shares of rs. l00/- each. this resolution also altered the clause 5 of the memorandum of association and article 6 of ..... counsel for the petitioner submitted that the petitioners are shareholders of the respondent no. 1 company holding together a total of 4123 shares constituting 51,53% of the fully paid up capital of the respondent company and are entitled to file this petition under section 397/398 of the companies act, 1956. the petitioner no. 1 is one of the directors of the respondent no. 1 .....

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Jul 25 2003 (TRI)

Assistant Commissioner of Income Vs. Modern Cement Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2004)90ITD170(Ahd.)

..... cent of rs. 35,000) was paid in the previous year relevant to the asst. yr. 1993-94.14. the question whether section 68 of the act is applicable to the issue of share capital by a company, came for consideration of hon'ble delhi high court (full bench) in the case of sophia finance ltd. (supra). the full bench decision, after reconsidering the ..... the 373 allottees relating to preferential allotment and also furnished a copy of return of allotment filed with the registrar of companies. the counsel of the assessee appeared before the cit(a), also referred to the provisions of the companies act relating to share capital, etc. and submitted that names of 373 allottees were filed before the ao. the counsel of the assessee also drew ..... attention to the individual share application forms and also to the contents stated in the list of 373 allottees to prove that all ..... addition of rs. 58,56,000 on account of investment of share capital or whether jm is justified in setting aside the issue to the file of the ao to fresh adjudication ?" 2. the assessee-company was incorporated as a limited company under the companies act on 27th nov., 1991, out of the total authorised capital of rs. 5 crores it had issued, subscribed and paid up .....

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Sep 29 1995 (HC)

In Re: Novopan India Limited;

Court : Andhra Pradesh

Reported in : [1997]88CompCas596(AP)

..... the reduction on such terms and conditions as he may think fit. 22. section 100 of the act provides for reducing the share capital of a company by a social resolution extinguishing or reducing the liability on any of its shares in respect of share capital not paid-up or either with or without extinguishing or reducing liability on any of its ..... before the court for sanction under section 394 of the act. the proposed scheme itself envisaged reorganisation of the share capital including the reduction of the share capital. an objection was raised that inasmuch as the district and different procedure had to be adopted for reduction and increase of share capital under the companies act, it was not permissible for the court to sanction ..... scheme of amalgamation and the statement under section 393 of the companies act were circulated. the scheme with regard to reduction and consolidation of the share capital was also included in the statement under section 393 of the act. the particulars of shares held by the transferor company and the transferee company had also been set out in the scheme. it was also ..... court rejected this contention by holding that section 391 of the companies act was a complete code which provided for a scheme of reconstruction and amalgamation of companies which could conceivably include a reorganisation of the share capital of the company by consolidation of shares of different classes or by division of shares or by both these methods. the gujarat high court referred .....

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Jan 24 1997 (SC)

Anarkali Sarabhai Vs. Commissioner of Income Tax.

Court : Supreme Court of India

Reported in : (1997)138CTR(SC)253

..... apart, in our view the transaction amounts to 'sale'.7. under the provisions of the companies act, 1956 the share capital of company limited by shares may be of two kinds - (a) equity share capital and (b) preference share capital. sec. 85 of the companies act has defined 'preference share capital' to mean that part of the share capital of the company which fulfils both the following requirements :(a) as respects dividends, it carries or will carry ..... preference shares which are, or at the option of the company are to be liable, to be redeemed. this section ..... date of the winding up or repayment of capital; and(ii) any fixed premium or premium on any fixed scale, specified in the memorandum or articles of the company.sec. 85(2) of the companies act has defined 'equity share capital' to mean 'all share capital which is not preference share capital'. sec. 80 of the companies act lays down that a company limited by shares may, if so authorised by its articles, issue .....

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Jun 23 1961 (HC)

Juvansinhji Balusinhji and ors. Vs. Balbhadrasinhji Indrasinhji and or ...

Court : Gujarat

Reported in : [1962]32CompCas1162(Guj); (1962)GLR715

..... of 'preference share capital' inapplicable to the case. 'equity share capital' is defined by section 85(2) as meaning all share capital which is not preference share capital. the definition of 'equity share capital' is thus an exclusive definition and comprehends within its scope all share capital other than preference share capital. there are, therefore, now under the companies act, 1956, only two kinds of share capital, namely preference share capital and equity share capital. prior to the enactment of the companies act, 1956 ..... , it was not unusual to divide the shares in the capital of a company into two or more classes as, for example, preference shares and ordinary shares or preference shares and a ordinary shares and b ordinary shares or ordinary shares and deferred shares, or preference shares, ordinary shares .....

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