Bare Act Search Results

Specific Relief Act 1963 Part II

Title: Specific Relief

State: Central

Year: 1963

.....vendor professes to sell unencumbered property, but the property is mortgaged for an amount not exceeding the purchase money and the vendor has in fact only a right to redeem it, the purchaser may compel him to redeem the mortgage and to obtain a valid discharge, and, where necessary, also a conveyance from the mortgagee; (d) where the vendor or lessor sues for specific performance of the contract and the suit is dismissed on the ground of his want of title or imperfect title, the defendant has right to a return of his deposit, if any, with interest thereon, to his costs of the suit, and to a lien for such deposit, interest and costs on the interest, if any, of the vendor or lesser in the property which is the subject-matter of the contract. (2) The provisions of sub-section (1) shall also apply, as far as may be, to contracts for the sale or hire of movable property. Section 14 - Contracts not specifically enforceable (1) The following contracts cannot be specifically enforced, namely:-- (a) a contract for the non-performance of which compensation is an adequate relief; (b) a contract which runs into such minute or numerous details or which is so dependent on the.....

Specific Relief Act, 1963 Complete Act

State: Central

Year: 1963

.....vendor professes to sell unencumbered property, but the property is mortgaged for an amount not exceeding the purchase money and the vendor has in fact only a right to redeem it, the purchaser may compel him to redeem the mortgage and to obtain a valid discharge, and, where necessary, also a conveyance from the mortgagee; (d) where the vendor or lessor sues for specific performance of the contract and the suit is dismissed on the ground of his want of title or imperfect title, the defendant has a right to a return of his deposit, if any, with interest thereon, to his costs of the suit, and to a lien for such deposit, interest and costs on the interest, if any, of the vendor or lessor in the property which is the subject-matter of the contract. (2) The provisions of sub-section (1) shall also apply, as far as may be, to contracts for the sale or hire of movable property. SECTION 14: CONTRACTS NOT SPECIFICALLY ENFORCEABLE (1) The following contracts cannot be specifically enforced, namely:- (a) a contract for the non-performance of which compensation in money is an adequate relief; (b) a contract which runs into such minute or numerous details or which is so dependent on the.....

Specific Relief Act 1963 Chapter III

Title: Rectification of Instruments

State: Central

Year: 1963

(1) When, through fraud or a mutual mistake of the parties, a contract or otherinstrument in writing (not being the articles of association of a company to which the Companies Act, 1956, applies) does not expresstheir real intention, then-- (a) either party or his representative in interest may institute a suit to have the instrument rectified; or (b) the plaintiff may, in any suit in which any right arising under the instrument is in issue, claim in his pleading thatthe instrument be rectified; or (c) a defendant in any such suit as is referred to in clause (b), may, in addition to any other defence open to him, askfor rectification of the instrument. (2) If, in any suit in which a contract or other instrument is sought to be rectified under sub-section (1), the court finds thatthe instrument, through fraud or mistake, does not express the real intention of the parties, the court may, in its discretion, directrectification of the instrument so as to express that intention, so far as this can be done without prejudice to rights acquired by thirdpersons in good faith and for value. (3) A contract in writing may first be rectified, and then if the party claiming.....

Specific Relief Act 1963 Section 26

Title: When Instrument May Be Rectified

State: Central

Year: 1963

(1) When, through fraud or a mutual mistake of the parties, a contract or otherinstrument in writing (not being the articles of association of a company to which the Companies Act, 1956, applies) does not expresstheir real intention, then-- (a) either party or his representative in interest may institute a suit to have the instrument rectified; or (b) the plaintiff may, in any suit in which any right arising under the instrument is in issue, claim in his pleading thatthe instrument be rectified; or (c) a defendant in any such suit as is referred to in clause (b), may, in addition to any other defence open to him, askfor rectification of the instrument. (2) If, in any suit in which a contract or other instrument is sought to be rectified under sub-section (1), the court finds thatthe instrument, through fraud or mistake, does not express the real intention of the parties, the court may, in its discretion, directrectification of the instrument so as to express that intention, so far as this can be done without prejudice to rights acquired by thirdpersons in good faith and for value. (3) A contract in writing may first be rectified, and then if the party claiming.....

Securities Contracts Regulation Act, 1956 (42 of 1956) Section 27B

Title: Right to Receive Income from Mutual Fund

State: Central

Year: 1956

.....lodging of any security, being units or other instruments issued by the mutual fund, and other documents relating to the transfer due to causes connected with the post, by the actual period of the delay. (2) Nothing contained in sub-Section (1) shall affect- (a) the right of a mutual fund to pay any income from units or other instruments issued by the mutual fund which has become due to any person whose name is for the time being registered in the books of the mutual fund as the holder of the security being units or other instruments issued by the mutual fund in respect of which the income in respect of units or other instruments issued by mutual fund has become due; or (b) the right of transferee of any security, being units or other instruments issued by the mutual fund, to enforce against the transferor or any other person his rights, if any, in relation to the transfer in any case where the mutual fund has refused to register the transfer of the security being units or other instruments issued by the mutual fund in the name of the transferee."] ___________________________ 1. Inserted vide The Securities Laws (Amendment) Act, 2004

Insurance Act, 1938 (4 of 1938) Part IV

Title: Mutual Insurance Companies and Co-operative Life Insurance Societies

State: Central

Year: 1938

..... 4. Substituted by Act 13 of 1941, section 53, for "equal to one-third of the gross premium" (with restrospective effect). 5. Substituted by Act 6 of 1946, section 43, for "gross premium income received in the previous calendar year" (w.e.f. 20-3-1946). 6. Added by Act 13 of 1941, section 53 (with retrospective effect). 7. The words "Mutual Insurance Company and" omitted by Act 62 of 1968, section 32 (w.e.f. 1-6-1969). Section 98A - Prohibition of loans 1[ 98A . Prohibition of loans The provisions of section 29 shall apply to Co­operative Life Insurance Societies as they apply to other insurers,2[ * ** ].] _________________ 1. Inserted by Act 6 of 1946, section 44 (w.e.f. 20-3-1946). 2. Certain words omitted by Act 47 of 1950, section 56 (w.e.f. 1-6-1950). Section 99 - Transferees and assignees of policies not to become members No transferee or assignee of a policy issued by an insurer to whom this Part applies shall become a member of a Mutual Insurance Company or Co-operative Life Insurance Society merely by reason of any such transfer or assignment. Section 100 - Publication of notices and documents of Mutual Insurance Companies and.....

Income Tax Act, 1961 Section 115T

Title: Unit Trust of India or Mutual Fund to Be an Assessee in Default

State: Central

Year: 1961

.....or a Mutual Fund and the specified company] or the Mutual Fund, as the case may be, does not pay tax, as is referred to in sub-section (1) or sub-section (2) of section 115R, then, he or it shall be deemed to be an assessee in default in respect of the amount of tax payable by him or it and all the provisions of this Act for the collection and recovery of income-tax shall apply. Explanation : For the purposes of this Chapter, (a) Mutual Fund means a Mutual Fund specified under clause (23D) of section 10 ; (b) 2[***] equity-oriented fund means (i) the Unit Scheme, 1964 made by the Unit Trust of India ; and (ii) such fund where the investible funds are invested by way of equity shares in domestic companies to the extent of more than 3[sixty-five per cent] of the total proceeds of such fund : Provided that the percentage of equity share holding of the fund shall be computed with reference to the annual average of the monthly averages of the opening and closing figures ; (c) Unit Trust of India means the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963);] 4[(d) money market mutual fund means a money market mutual fund as defined.....

Securities and Exchange Board of India Act, 1992 Section 15D

Title: Penalty for Certain Defaults in Case of Mutual Funds

State: Central

Year: 1992

.....be liable to 5 [a penalty of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less]. ______________________ 1. Substituted by Act 59 of 2002, section 12, for "a penalty not exceeding ten thousand rupees for each day during which he carries on any such collective investment scheme, including mutual funds, or ten lakh rupees, whichever is higher" (w.r.e.f. 29-10-2002). 2. Substituted by Act 59 of 2002, section 12, for "a penalty not exceeding ten thousand rupees for each day during which such failure continues or ten lakh rupees, whichever is higher" (w.r.e.f. 29-10-2002). 3. Substituted by Act 59 of 2002, section 12, for "a penalty not exceeding five thousand rupees for each day during which such failure continues or five lakh rupees, whichever is higher" (w.r.e.f. 29-10-2002). 4. Substituted by Act 59 of 2002, section 12, for "a penalty not exceeding one thousand rupees for each day during which such failure continues" (w.r.e.f. 29-10-2002). 5. Substituted by Act 59 of 2002, section 12, for "a penalty not exceeding five lakh rupees for each such failure" (w.r.e.f. 29-10-2002).

Limitation Act, 1963 (36 of 1963) Section 17

Title: Effect of Fraud or Mistake

State: Central

Year: 1963

.....the plaintiff or the applicant first had the means of producing the concealed document or compelling its production: Provided that nothing in this section shall enable any suit to be instituted or application to be made to recover or enforce any charge against, or set aside any transaction affecting, any property which-- (i) in the case of fraud, has been purchased for valuable consideration by a person who was not a party to the fraud and did not at the time of the purchase know, or have reason to believe, that any fraud had been committed, or (ii) in the case of mistake, has been purchased for valuable consideration subsequently to the transaction in which the mistake was made, by a person who did not know, or have reason to believe, that the mistake had been made, or (iii) in the case of a concealed document, has been purchased for valuable consideration by a person who was not a party to the concealment and, did not at the time of purchase know, or have reason to believe, that the document had been concealed. (2) Where a judgment-debtor has, by fraud or force, prevented the execution of a decree or order within the period of limitation, the court may, on the.....

Income Tax Act, 1961 Section 115BBB

Title: Tax on Income from Units of an Open-ended Equity Oriented Fund of the Unit Trust of India or of Mutual Funds

State: Central

Year: 1961

1[(1) Where the total income of an assessee includes any income from units of an open-ended equity oriented fund of the Unit Trust of India or of a Mutual Fund, the income-tax payable shall be the aggregate of (a) the amount of income-tax calculated on income from units of an open-ended equity-oriented fund of the Unit Trust of India or of a Mutual Fund, at the rate of ten per cent ; and (b) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (a). (2) Nothing contained in sub-section (1) shall apply in relation to any income from units of an open-ended equity-oriented fund of the Unit Trust of India or of the Mutual Fund arising after the 31st day of March, 2003. Explanation : For the purposes of this section, the expressions Mutual Fund, open-ended equity-oriented fund and Unit Trust of India shall have the meanings respectively assigned to them in the Explanation to section 115T.] ________________________ 1. Inserted by the Finance Act, 2002, with effect from 1st April, 2003.