Judgment Search Results Home > Cases Phrase: depositories act 1996 22 of 1996 section 2 definitions Page 1 of about 27,789 results (0.186 seconds)

Dinesh Kumar Jhunjhunwala Vs. the Karur Vysya Bank Ltd.

Court : Chennai

Reported in : (2007)5CompLJ131(Mad); [2007]79SCL227(Mad)

..... at this juncture, it is just and proper to verify the definition of member defined under section 41, prior to the enactment of depositories act, 1996, which reads as follows:41. ..... the learned counsel also submitted that as per section 11 of the depositories act, 1996, every depository shall maintain a register and index of beneficial owners in the manner provided under section 150, 151 and 152 of the companies act, 1956, and section 11 of the depositories act, 1996, does not exclude companies from maintaining the register of members including the beneficial owners. ..... in the reply that in terms of section 6(2) of the depositories act, 1996, the name of the depository is entered in the register of members of the company as registered owners of the demat shares and once the name of the depositories are entered in the register of members, the said register is complete in respect of the shares issued by the company, fulfilling the requirements of section 150 of the companies act, 1956, and the register of beneficial owners is maintained only by a depository in terms of section 11 of the depository act and not by the company and ..... (3) every person holding equity share capital of company and whose name is entered as beneficial owner in the records of the depository shall be deemed to be a member of the concerned company.section 41(3) was inserted after the enactment of depositories act, 1996 (act 22 of 1996), with effect from 20.9.1995. .....

JM Financial Asset Reconstruction Company Pvt. Ltd. Vs. State of Mahar ...

Court : Mumbai

..... the preamble of this amending act indicates that the same was intended to further amend the sarfaesi act, the rddb act, the indian stamp act, 1899 and the depository act, 1996 and for matters connected therewith or incidental thereto. 16. ..... section 2 of the sarfaesi act is the definitions clause and inter alia stipulates that in this act, unless the context otherwise requires, secured asset means the property on which a security interest is created [section 2(zc)]. ..... , the state government may, by notification in the official gazettee, direct that - (a) in relation to any relief undertaking and in respect of the period for which the relief undertaking continues as such under sub-section (2) of section 3 - (i) all or any of the laws in the schedule to this act or any provisions thereof shall not apply (and such relief undertaking shall be exempt therefrom), or shall, if so directed by the state government, be applied with such modifications (which do not however affect ..... , award, submission, settlement, standing order, or any other provisions whatsoever, the state government may by notification in the official gazette direct that in relation to any relief undertaking [in respect of which it continues as such under the provisions of section 3(2)], any right, privilege, obligation or liability agreed or incurred before the undertaking was declared a relief undertaking and remedy for the enforcement thereof shall be suspended, and all proceedings relating thereto pending before any .....

Pushpanjali Tie Up Pvt. Ltd. Vs. Renudevi Choudhary and Others

Court : Mumbai

..... thus, even assuming that section 176 of the contract act applies to pledges created under the depositories act, 1996, and that respondent nos.1 and 2 failed to exercise their rights as pawnees in accordance with the provisions of section 176 of the contract act, it would make no difference as far as respondent no.3 is concerned for ..... the depository is entitled to act as a registered owner for the purpose of effecting transfer of ownership of security on behalf of a beneficial owner vide section 10 of the depositories act, 1996. ... ... ..... pledge was admittedly not created in accordance with the provisions of the depositories act, 1996 and in particular, section 12 thereof. ..... in fact, it appears that the provisions have been enacted in the depositories act, 1996, for the purpose of recording accurately the transfers and pledges of shares including those in a dematerialised ..... the appellant admittedly did not follow the provisions of the depositories act, 1996, and the regulations made thereunder relating to the creation of ..... is entitled to assume and proceed on the basis that a pledge, if any, would be created in the manner prescribed by the depositories act, 1996, and the regulations made thereunder. ..... , since it is not possible to physically deliver demated shares and therefore pledge them in accordance with the indian contract act, 1872, it must be held that a pledge of such shares can only be validly created in accordance with the provisions of the depositories act, 1996. 22. ..... definitions .....

Jayanand Jayant Salgaonkar and Others Vs. Jayashree Jayant Salgaonkar ...

Court : Mumbai

..... section 8 then said that payment made in accordance with the previous sections would discharge the insurer; and then followed section 8(2), one that is without a comparable parallel in section 109a and the depositories act, 1996 ..... nominations under sections 109a and 109b of the companies act and bye-law 9.11 of the depositories act, 1996 cannot and do not displace the law of succession, nor do they open a ..... section under consideration contained no non-obstante clause akin to the ones in section 109a of the companies act, 1956 or bye-law 9.11.7 under the depositories act, 1996 ..... court decision in sarbatidevi, its attention was not drawn to several other binding decisions of the supreme court and of this court, all of which considered statutory provisions in pari materia with section 109a of the companies act, 1956 and bye-law 9.11 under the depositories act, 1996. ..... fundamental definitions to the decisions cited, it is clear that a nomination only provides the company or the depository a ..... says, is a definition wholly unrelated to any fiduciary responsibilities, and there is no other section that deals with ..... iyersjudicial dictionary includes this definition under the entry nomination: ..... one looks at the accepted definitions of nominee rather than vesting ..... that definition, he says, makes it clear that the nominee holds title in a fiduciary ..... is the third of these definitions that mr. ..... that definition will tell us whether or not a nominee properly so called can ever acquire the full panoply of .....

Sahara India Real Estate Corporation Limited and Others. Vs. Securitie ...

Court : Supreme Court of India

Reported in : (2013)1SCC1

..... . ofcourse, it would not have been apt to rely on section 2(19a) of the companies act, if the term hybrid had also been defined in the sebi act or had even been defined in the sc(r) act on the depositories act, 1996, because section 2(2) of the sebi act postulates, that words and expressions used but not defined under the sebi act, but defined in the sc(r) act or in the depositories act, 1996 would be attributed the meaning given to them in the said acts ..... . the only difference in the definition of the term securities under the sebi act and the companies act is, that whilst the sebi act fully adopts the definition of term securities as is contained in section 2(h) of sc(r) act; the companies act while adopting the definition of the term securities as in section 2(h) of the sc(r) act, makes an express amendment thereto by adding the words and includes hybrids.85 ..... to fifty or more persons prior to 14.12.2011;g) whether after the insertion of the definition of securities in section 2(45aa) as including hybrids and after insertion of the separate definition of the term hybrid in section 2(19a) of the act, the provision of section 67 would apply to ofcds issued by saharas and what is the effect of the definition clause 2(h) of scr act on it;h) whether ofcds issued by saharas are convertible bonds falling within the scope of section 28(1)(b) of the scr act, therefore, not securities or, at any rate, not listable under the .....

Shakti Yezdani Vs. Jayanand Jayant Salgaonkar

Court : Supreme Court of India

..... accordingly, the following questions were formulated for decision in the appeals: (i) whether a nominee of a holder of shares or securities appointed under section 109a of the companies act, 1956 read with the bye-laws under the depositories act, 1996 is entitled to the beneficial ownership of the shares or securities subject matter of nomination to the exclusion of all other persons who are entitled to inherit the estate of the holder as per the ..... . the appellants case is grounded in the interpretation of the term vest in section 109a of the companies act, 1956 and bye-law 9.11.1 under the depositories act, 1996, and according to them, the use of the term vest indicates the intent to bestow page 30 of 43 ownership of the securities upon the nominee on ..... in a capacity as a beneficiary for the legal representatives who are entitled to inherit securitie or shares under the law of inheritance?. (iii) whether a bequest made in a will executed in accordance with the inidan succession act, 1925 in respect of shares or securities of the deceased supersedes the nomination made under the provisiosn of sections 109a and bye law no.9.11 framed under the depositories act, 1996?.11 ..... . looking at the dissimilarities and the fact that uniform definition is not available relating to the rights of nominee and/or whether such nomination bestows absolute ownership over nominees, it is only appropriate that the terms are considered as ordinarily understood by a reasonable person making nominations .....

Anis Ur Rehman vs.mohd. Tahir and Ors

Court : Delhi

..... in sub-section (1) shall apply to- (a) the purchase of property by any person in the name of his wife or unmarried daughter and it shall be presumed, unless the contrary is proved, that the said property had been purchased for the benefit of the wife or the unmarried daughter; (b) the securities held by a- (i) depository as registered owner under sub-section(1) of section 10 of the depositories act, 1996 (ii) participant as an agent of a depository. ..... have been available, if the expressions fiduciary capacity or trustee were specifically defined under the repealed provision of section 4(3) as including certain transactions in these expressions and specifically otherwise barring certain transactions as benami (as not being exempted from being benami), and that now by the altered definition of the benami transaction in the amended act defining and specifically specifying what is included (and thus also excluded) in the expressions fiduciary capacity and trustee ..... it is, therefore, held that definitions of the exempted transactions to the prohibited benami property transactions, and now contained in the four exceptions in section 2(9) of the act are always deemed to have been included in the exceptions to the prohibited benami transactions, and in the facts of the present case, the suit of the appellant/plaintiff would be maintainable by the third exception contained in section 2(9) of the amended act, and that whether or not on facts, the appellant/plaintiff is able to make out .....

Raman Jain vs.magan Mala Jain & Ors.

Court : Delhi

..... family; (ii) a person standing in a fiduciary capacity for the benefit of another person towards whom he stands in such capacity and includes a trustee, executor, partner, director of a company, a depository or a participant as an agent of a depository under the depositories act, 1996(22 of 1996) and any other person as may be notified by the central government for this purpose; (iii) any person being an individual in the name of his spouse or in the name of any ..... hereby declared that benami transaction shall not include any transaction involving the allowing of possession of any property to be taken or retained in part performance of a contract referred to in section 53a of the transfer of property act, 1882, if, under any law for the time being in force, (i) consideration for such property has been provided by the person to whom possession of property has been allowed but ..... the entire definition of 'benami transaction' as contained in section 2(9) of the new benami act is reproduced ..... as per the rfa no.12/2019 page 11 of 15 definition of benami transaction contained in section 2(9) of the new benami act, there is no exception provided as to a property being exempted from a benami transaction where a mother is an owner and the son claims ownership ..... act, there is an exhaustive definition of what is a 'benami transaction', and the same is the provision of section 2(9) of the amended act ..... the relevant definition of 'benami transaction' would be as contained in section 2(9)(a) exception .....

Union Of India Vs. M/s. Ganpati Dealcom Pvt. Ltd. Tthrough Managing Di ...

Court : Supreme Court of India

..... the known sources of the hindu undivided family; (ii) a person standing in a fiduciary capacity for the benefit of another person towards whom he stands in such capacity and includes a trustee, executor, partner, director of a company, a depository or a participant as an agent of a depository under the depositories act, 1996 (22 of 1996) and any other person as may be notified by the central government for this purpose; (iii) any person being an individual in the name of his spouse or in the name of any child of such individual and ..... , substituting and widening the definition of benami property and benami transaction , and in order to have retrospective operation for the period or transactions entered into prior to 01.11.2016, a provision to that effect should have been specifically providing under the said act; in the absence of any express provision to that effect, simply by virtue of the provisions contained in subsection (3) of section 1 of the 1988 act [which remained unaltered by the 2016 amendment act, and have consequently been ..... court cannot forcefully read the ingredients developed through judicial pronouncements or under section 4 (having civil consequence) into the definition provided under sections 2 and 3 (espousing criminal consequences), to save the enactment from ..... it is also argued that insertion of section 2(9) by an amendment to the parent act provides a new definition to benami transactions and has 10 substantially changed the scope of the offence by enlarging .....

Smt. Asha JaIn and anr. Vs. Sh. Anil Kumar JaIn A+

Court : Delhi

..... section (1) shall apply to(a) the purchase of property by any person in the name of his wife or unmarried daughter and it shall be presumed, unless the contrary is proved, that the said property had been purchased for the benefit of the wife or the unmarried daughter;(b) the securities held by a(i) depository as registered owner under sub-section (1) of section 10 of the depositories act, 1996(ii) participant as an agent of a depository ..... the court had, on previous date of hearing, indicated to the counsel for the defendant that the provisions of the benami transactions (prohibition) act, 1988 would be involved and that appropriate arguments might have to be addressed having regard to the fact that no document evidencing the agreement to sell the 50% share is on record and also ..... learned senior counsel relies upon section 2 of the act and submits that only such defences which are based on rights in respect of the property held benami are barred and not the kind which ..... seen from this perspective and in the context of section 4(3), which categorically enjoins only two exceptions to the ..... benami transactions are prohibited by virtue of section 3 of the enactment; section 3(3) deems it to be an offence punishable with imprisonment for a term which may extend to three years ..... definitions ..... it is further argued that the provisions of the benami transactions (prohibition) act, 1988 are inapplicable because the plea of the defendant being the benami owner of the property or any part of it has .....