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Harinarayan G. Bajaj Vs. Union of India (Uoi), Through Secretary, Mini ...

Court : Mumbai

Reported in : 2008(1)ALLMR604; 2008(2)BomCR780; [2009]147CompCas579(Bom); [2008]82SCL79(Bom)

..... shares in unlisted companies; and according to mr. chagla, the only shares acquired by respondent no. 5 (acting through early guard) were the shares in finsider international company (finco), respondent no. 4, which is a foreign, unlisted company.56. in the case of shirish finance v. sreenivasulu reddy (2002) 2 comp. l.j. 386 (bom), a division bench of this court held that by virtue ..... acquire shares or voting rights in the target company, or acquiresor agrees to acquire control over the target company, either by himself orwith any person acting in concert with the acquirer'regulation 2(c)no concept of 'control'regulation 2 (c)'control shall include the right to appoint majority of the directorsor to control the management or policy decisions exercisable by a person orpersons .....

Barkha Investmnt and Trading Co. Vs. Commissioner of Income Tax

Court : Gujarat

Reported in : (2006)200CTR(Guj)342; [2006]281ITR316(Guj)

..... of the explanation to sub-section (8) of section 40a of the act a 'financial company' means - (i) a hire purchase finance company; (ii) an investment company; (iii) a housing finance company; (iv) a loan company; (v) a mutual benefit finance company; and (vii) a miscellaneous finance company. the present controversy centres around the definition of an 'investment company ..... on which the tribunal had placed reliance are in context of section 23a of the indian income tax act, 1922 (the 1922 act) and had no relevance as the language employed by the said provision was different from the one which was under consideration. he placed reliance on the ..... the directions issued by the rbi, it was submitted that the assessee company had already been held to be an investment company as defined in paragraph no. 2(1)(i) of notification dated 20th june, 1977; and the tribunal had erred in ignoring this piece of evidence. mr. shah submitted that various decisions .....

Prahlad Singh Chadha Vs. Collector of Customs

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Reported in : (1996)(88)ELT200TriDel

..... , bus chassis etc. was entitled to concessional rate of sales tax applicable to "raw materials (inputs)". it was held :- "raw material is not defined in the act. it has, therefore, to be understood in the ordinary and well-accepted connotation of it in the common parlance of the persons who deal with it. the ordinary common ..... importer was an actual user (non-industrial) owning 40 vehicles, and needed the goods for servicing. the department contended that they were consumer goods attracting serial no. 121 of appendix 2 part b of the policy.definition of "consumer goods" in the relevant policy was the same as the one in the subject policy. the tribunal affirmed ..... did not possess.accordingly various items of goods were confiscated under section 111(m), or section 111(b) or section 111(m) and (b) of the customs act, 1962 respectively. however, redemption was allowed on payment of separate amounts as fine in regard to each bill of entry. six containers were also confiscated, allowing redemption .....

Reserve Bank of India and Others Vs. Peerless General Finance and Inve ...

Court : Supreme Court of India

Reported in : 1996IAD(SC)774; AIR1996SC646; [1996]85CompCas920(SC); JT1996(1)SC8; 1996(1)SCALE13; (1996)1SCC642; [1996]1SCR58

..... from general public on a large scale, it became necessary to make suitable provisions for regulating the same. the reserve bank of india act, 1934 (hereinafter referred to as 'the act') was amended by act no. 55 of 1963 and chapter iii-b (sections 45(h) or 45(q) which contains provisions relating to non-banking institutions receiving ..... -k(3), we cannot lose sight of the object underlying the said provision. section 45-k is part of chapter iii-b which was inserted in the act by act no. 55 of 1963. in the statement of objects and reasons appended to the bill it was expressly mentioned that 'it is desirable that the reserve bank should ..... reserve bank of india v. peerless general finance & investment co. ltd. : [1987]2scr1 , (hereinafter referred to as 'peerless i'). the court, after examining the various schemes offered by peerless, held that the said schemes were not covered by the expression 'prize chits' as defined in section 2(e) of the said act. while upholding the decision of the .....

Kanta Mehta Vs. Union of India and Others

Court : Delhi

Reported in : [1987]62CompCas769(Delhi)

..... mean a non-banking company which is a financial institution within the meaning of clause (c) of section 45i of the reserve bank of india act. rule 3(ii) further provides that no company shall accept deposits as exceeds 10 per cent of the aggregate of the paid up share capital and free reserves of the company. rule ..... an expanding operation, the question of safeguarding the interest of depositors has assumed greater importance. it, thereforee, recommended that the reserve bank's control be extended to finance corporations and necessary enabling legislation be passed to that effect. it, however, recognised that the administrative task of watching and regulating the operations of a large number of ..... to individuals accepting deposits, the petitioners would possibly be worse off. this would be clear if a reference is made to the balance-sheet of finance india in c.w.no. 1806 of 1985. it shows that the partners` capital is rs.a lakh and about rs.3.75 lakhs is in current accounts and deposits .....

Dr. Harsh Vardhan and ors. Vs. Haryana Urban Development Authority and ...

Court : Punjab and Haryana

Reported in : (2000)125PLR295

..... attractive but we cannot accept the same and legitimise the land grabbing campaign of the petitioners and others. the word 'amenity' defined in section 2(a) of the act includes roads, water supply, street lighting drainage, sewerage, public works tourist spots, open spaces, parks, landscaping, play fields etc. the expression ..... would welcome maintenance of these spaces as grassy greens with ornamental trees and flowers, their usurpation for individual use and enjoyment cannot be permitted. no permanent or obstructive structures can be allowed on the same. any such hedges, fences or masonry, structures should be removed by 5th oct ..... finance, accounts and audit. chapter-vi contains provisions relating to power of the authority to require local authority to assume responsibility for providing amenities in certain cases and control by the state government. chapter-vii contains provisions relating to inspection and penalties and chapter-viii contains miscellaneous provisions. section 53 of the act .....

Reserve Bank of India Vs. Dhanalakshmi Funds (India) Ltd. and anr

Court : Chennai

Reported in : [1987]167ITR658(Mad)

..... , 35 and 36 of 1986, on his file. those revision peitions came before him under the following circumstances. 2. as per section 45s(1) of the reserve bank of india act, 1934 (2 of 1934), as it stands amended now, hereinafter referred to as 'the act', no person, being an individual or a firm or an unincorporated association of individuals shall, at any time, have ..... firm, excluding in either case depositors who are relatives of the individuals or anyu of partners. m/s. dhanalakshmi consolidated finance and industrial investments, 158, commander-in-chief road, madras-105, and asian integrated finances and industrial corporation, 95, mount road, madras-2, are two partnership firms, hereinafter referred to as 'the firms'. on the belief entertained that these firms, and a few .....

Reserve Bank of India Vs. Integrated Finance Company Ltd. a Company In ...

Court : Chennai

Reported in : 2008(3)CTC705; (2008)5MLJ980

..... proposes to convert the debentures to equity shares to the bond holders and deposit holders, the company had to comply with section 81 of the act.2. the integrated finance company depositors association, an association representing the depositors and several other depositors, filed objections raising several contentions regarding the validity of the scheme. objections ..... the directors of the petitioner company and for granting stay of commencement of the suit or proceedings against the company, during pendency of such c.p. no. 160 of 1995.4. ultimately, the learned single judge sanctioned the scheme, subject to the condition that the scheme will not exonerate or protect the ..... scheme rather than its supervisory jurisdiction.11. mr. v. prakash, learned senior counsel appearing for the appellant in o.s.a. no. 309 of 2006, on behalf of integrated finance company depositors association has raised several questions touching upon the pros and cons of the scheme and has submitted that it would have .....

Universities Superannuation Scheme Limited as Trustee of Universities ...

Court : Authority for Advance Rulings

..... the rate of thirty per cent; * special things derogate from general (latin for lawyers) ======================= the following proviso shall be inserted in clause (ii) of sub-section (i) of section 115ad by the finance (no.2) act, 2004, w.e.f. 1.4.2005: provided that the amount of income-tax calculated on the income by way of short-term capital gains ..... by a fii, and cannot claim to be covered by section 48 read with section 112 of the act together with indexation provisions for computing capital gains/losses arising to it from its investment activities in india. question no.2 that it is a consequential to the ruling pronounced on the first question, so in view of our ..... ruling on question no.1, this question does not arise. question no.3 that the provisions of section 115ad of the act would apply to an assessee who has suffered capital .....

LandT Finance Limited Vs. M/s. Saumya Mining Ltd and Others

Court : Mumbai

..... counsel for respondent no.1 and 2 that the petitioner not having obtained money lending licence under the provisions of bengal money lending act, 1940, no interim measures can be granted by this court on that ground has no merits and is rejected. 37. gujarat high court in case of sunderam finance limited (supra) ..... has considered the similar situation and after interpreting the provisions of reserve bank of india act ..... from the date of receipt of the court receiver's communication letter to exercise such option. in the event of the respondent nos. 1 and 2 being desirous of acting as agents of the receiver, they shall be appointed as agents of the receiver, on usual terms and conditions including security and .....