Court : Gujarat
Reported in : [1973]31STC396(Guj)
..... any law for the time being in force in india or stands to any such body corporate in the relation of a subsidiary company within the meaning of the indian companies act. the appellant-company in that case had closed down its business of insurance and still by virtue of the authority conferred upon it by section ..... 33 of the act, the government of india passed an order directing the controller of insurance to investigate the affairs of the company and to submit a report. the respondents were thereafter appointed to act ..... carried the matter in appeal to the supreme court. the argument on behalf of the appellant-company before the supreme court was based on the exhaustive definition of the word 'insurer' in section 2(9) of the act. the supreme court, while dealing with this contention, observed as follows : 'the main basis of this .....
Tag this Judgment!Court : Gujarat
Reported in : [1971]41CompCas1078(Guj)
..... any distance of time. further proceeding at page 50, the learned judges observed that, perhaps, the strongest point in the whole argument was the fact that section 235 of the indian companies act, 1913, was still a discretionary section. there was noting whatever to prevent the winding up court from taking the view in any particular case - even applying the analogy of a ..... coming into operation of the amendment, proceeded nevertheless that the express provisions as to limitation of the amended section 235(1) of the indian companies act. 1913, were themselves observed. after greater experience, the legislature became still wiser. when the new act came to be enacted, even for section 543, which gave the power of misfeasance summons in a winding-up proceeding, that provisions .....
Tag this Judgment!Court : Gujarat
Reported in : (1972)0GLR519; (1973)ILLJ143Guj
..... . 19, the supreme court held in state trading corporation of india v. commercial tax officer, a.i.r. 1963 s.c. 1811, that a company registered under the indian companies act is not a citizen within the meaning of art. 19 of the constitution and cannot ask for the enforcement of fundamental rights granted to citizens under the ..... said article. 7. the above decision of the supreme court still holds the field and in the instant case the petitioner is a limited company and, ..... declared any bonus for its employees. the respondent-union made a demand for the payment of minimum bonus under s. 10 of the bonus act from the petitioner-company. as the petitioner-company did not agree to that demand, dispute was referred to the conciliation officer but no settlement was arrived at before that officer and thereafter .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1972Guj255
..... under section 80 of the civil procedure code as the railway failed to pay the said amount, it filed a suit to recover the ..... insurance company bombay in full and final settlement of their claim for non-delivery of the consignment and, therefore, they had no objection to their paying the amount of compensation to the said insurance company. the vulcan insurance company thereafter served a notice on the union of india under section 77 of the indian railways act and also ..... delivery under policy no. m-82465 issued by you on the undermentioned goods, we hereby assign transfer and abandon to you all our rights against the railway company-administration or other persons whatsoever, caused or arising by reason of the said damage or loss and grant you full power to take and use all .....
Tag this Judgment!Court : Gujarat
Reported in : [1974]44CompCas90(Guj); [1974]93ITR369(Guj)
..... judge say : 'his interest (that is, interest of a shareholder) is represented by the share he holds and the share is a movable property according to the indian companies act... ordinarily, he is entitled to enjoy the income arising from the shares in the shape of dividends; the share like any other marketable commodity can be sold or transferred ..... . 11. the analysis of the mechanics of issue of bonus shares is clearly borne out by regulation 96 in table a to the companies act, 1956. the material portion of this regulation provide : '96. (1) the company in general meeting may, upon the recommendation of the board, resolve - (a) that it is desirable to capitalise any part of ..... of the rights in action which a shares confers on a shareholder. these rights are numerou : they are rights in the company as well as against it. they are contractual as well as conferred by the companies act, 1956. but, whatever be the nature and extent of these rights conferred by a share, one thing is clear, as .....
Tag this Judgment!Court : Gujarat
Reported in : [1974]93ITR563(Guj)
..... undertaking, the contingencies reserve can be utilised only in certain specified contingencies. the amount of the reserve had to be invested in securities authorised under the indian trusts act, 1882, and that had to be made within a specified time. paragraph v provides that the contingencies reserve shall not be drawn upon during the currency ..... pointed out in regard to certain features between this reserve and the consumers' benefit reserve with which the supreme court was concerned in the poona electric supply company case, we feel that the amount covered by the contingencies reserve is a diversion by reason of overriding obligation created by the statute and, therefore, for ..... court in poona electric supply co. ltd. v. commissioner of income-tax which is sought to be relied on by the assessee. the poona electric supply company ltd., a licensee, engaged in the business of distribution of electricity in the city of poona, claimed deduction of the amount credited to the consumers' benefit .....
Tag this Judgment!Court : Gujarat
Reported in : (1973)14GLR384
..... sri mamad kala is a desperate and dangerous man and is engaged in the commission of acts involving force and violence and acts punishable under chapter xvi and xvii of the indian penal code and he commits such acts within the localities known as city railway station, rajkot, bhagwatipara gate, mahatma gandhi harijan was, bedipara harijan was, bhagwatipara area, ..... decision to be reached by the statutory authority. this view taken by lord reid found quick approval from our supreme court in the well-known case of associated cement companies v. p.n. sharma : (1965)illj433sc and it was reiterated and reaffirmed in shri bhagwan v. ram chand : [1965]3scr218 . the supreme court also ..... narrow and limited grounds. it is now well-settled by several decisions of the supreme court of which we may mention only two, namely, barium chemicals ltd. v. company law board : [1967]1scr898 and rohtas industries ltd. v. s.d. agarwal : [1969]3scr108 that even where an order is made by a statutory authority which .....
Tag this Judgment!Court : Gujarat
Reported in : (1974)ILLJ1Guj
..... wholly oblivious of the present day conditions and the necessity for increased production, particularly in the matter of utility companies and the companies that are producing goods for essential services like those carried on by the indian railways. thus court has observed on more than one occasion that it is generally accepted that there are too ..... the bombay award was also interpreted differently. unlike major units in bombay, in almost all major industrial establishments in gujarat privilege leave was granted under the indian factories act and the grant of the same was not considered by us desirable at that juncture as that would start a chain of reaction. we were, therefore ..... their household duties and to fulfill social and moral obligations towards their families. 2. reliance was also placed on the provisions of the shops and establishments act and other acts and the award of the industrial court, maharashtra in the year 1963 in reference (ic) no. 130 of 1961 (reported in 1964 icr p. .....
Tag this Judgment!Court : Gujarat
Reported in : [1975]99ITR264(Guj)
..... clause (i) or clause (ii) or clause (iii) of this sub-section. (2) where the capital asset being a share or shares in an amalgamated company which is an indian company became the property of the assessee in consideration of a transfer referred to in clause (vii) of section 47, the cost of acquisition of the asset shall be ..... officer, therefore, levied capital gains tax on the difference between the sale price and the written down value as adjusted under section 50(1) of the aforesaid act. the claim of the petitioner-company was that, as the market price as on january 1, 1954, was rs. 2,50,000 and rs. 2,25,000 for machinery and building, ..... of shares in the amalgamating company.' '50. special provision for computing cost of acquisition in the case depreciable assets. - where the capital asset is an asset in respect of which a deduction on account of depreciation has been obtained by the assessee in any previous year either under this act or under the indian income-tax act, 1922 (11 of 1922), .....
Tag this Judgment!Court : Gujarat
Reported in : (1975)16GLR31
..... decision further lays down that section 20(a) of the code of the civil procedure applies not only to a statutory corporation but also to a company registered under the indian companies act and at the place where the corporation has its principal office it shall be deemed to carry on business and, therefore, the court at that place would ..... . 1924 bom. 381, a division bench consisting of macleod c.j. and shah j., in terms followed this decision in austrian lloyd steamship company's case when under section 19 of the indian arbitration act, 1899, this discretionary power of stay was sought to be invoked in the context of a similar marine insurance policy clause, providing that all ..... them shall be tried is one of such courts is not contrary to public policy. such an agreement does not contravene section 28 of the contract act. in that case, the defendant company had its head office where they carried on business at bombay and the parties had selected out of the two places, the bombay court as .....
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