Court : US Supreme Court
Electric Bond & Share Co. v. SEC - 303 U.S. 419 (1938) U.S. Supreme Court Electric Bond & Share Co. v. SEC, 303 U.S. 419 (1938) Electric Bond & Share Co. v. Securities and Exchange Commission No. 636 Argued February 7, 8, 9, 1938 Decided March 28, 1938 303 U.S. 419 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE SECOND CIRCUIT Syllabus 1. A system of holding companies controlled, through stock ownership, the operations of subsidiary companies which served gas and electricity to the public in many States, partly in interstate commerce. Some of the holding companies were themselves partly engaged in selling, purchasing, or transmitting electricity across state lines. The system furnished expert service, and performed construction work, for the subsidiary utilities, and, in so doing, made continuous and extensive use of the mails and the instrumentalities of interstate commerce. And such instrumentalities were from time to time used in other transactions, such as the distri...
Tag this Judgment!Court : US Supreme Court
Adams v. Nagle - 303 U.S. 532 (1938) U.S. Supreme Court Adams v. Nagle, 303 U.S. 532 (1938) Adams v. Nagle No. 123 Argued December 16, 17, 1937 Reargued March 8, 9 1938 Decided March 28, 1938 * 303 U.S. 532 CERTIORARI TO THE CIRCUIT COURT OF APPEAL FOR THE THIRD CIRCUIT Syllabus Stockholders of the "P" and "R" national banks brought bills in equity to enjoin the receiver from enforcing assessments, ordered by the Comptroller of the Currency pursuant to the statute governing the additional liability of shareholders, on the grounds that the action of the Comptroller in ordering the assessments was in excess of his statutory power, arbitrary, capricious, and a denial of due process of law. The bills alleged, inter alia, that the Comptroller erroneously disregarded agreements theretofore entered into between the "P" and "R" and the "F" banks whereby the first two conveyed all of their assets to the last, which assumed all of their liabilities except liabilities to stockhold...
Tag this Judgment!Court : US Supreme Court
United States v. Bekins - 304 U.S. 27 (1938) U.S. Supreme Court United States v. Bekins, 304 U.S. 27 (1938) United States v. Bekins Nos. 757 and 772 Argued April 7, 1938 Decided April 25, 1938 304 U.S. 27 APPEALS FROM THE DISTRICT COURT OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF CALIFORNIA Syllabus 1. Proceedings for voluntary composition of debts without adjudication of bankruptcy are within the scope of the bankruptcy power. P. 304 U. S. 47 . 2. California Law, 1934, Extra Sess., gave the State's consent to the application to state "taxing districts," of the Bankruptcy Act and amendments, including Chapter X, added to that Act Aug. 16, 1937. P. 304 U. S. 47 . 3. The omission from c. X of the Bankruptcy Act of a provision specifically requiring that the petition of a state taxing district under that chapter be approved by a governmental agency of the State held unimportant in determining the validity of the legislation where the State has actually consented....
Tag this Judgment!Court : US Supreme Court
Wright v. Union Central Life Ins. Co. - 304 U.S. 502 (1938) U.S. Supreme Court Wright v. Union Central Life Ins. Co., 304 U.S. 502 (1938) Wright v. Union Central Life Insurance Co., 304 U.S. 502 (1938) Nos. 715 and 716 Argued April 6, 1938 Decided May 31, 1938 304 U.S. 502 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE SEVENTH CIRCUIT Syllabus 1. The filing by a farmer debtor of a petition for composition and extension, and an amended petition to be adjudged bankrupt, under 75 of the Bankruptcy Act before its amendment by the Act of August 28, 1935, did not bring within the control of the bankruptcy court mortgaged land listed in the schedules as his property and of which he acquired the equity during the proceeding, but in which he held no interest when the petitions were filed. P. 304 U. S. 507 . 2. Land in which a farmer debtor had an equity of redemption, but which was not subject to administration in a pending proceeding under 75 of the Bankruptcy Act because ...
Tag this Judgment!Court : Chennai
Reported in : (1939)2MLJ639
Alfred Henry Lionel Leach, C.J.1. The petitioner in this case applies for the committal of Sir James Taylor, the Governor of the Reserve Bank of India, Mr. M.M. Bhargava, the Manager of the Madras Branch of that Bank, and Mr. G.A. Johnson, the acting Editor of the 'Madras Mail' for alleged contempt of Court. The action of the first respondent complained of is that he procured the publication of a letter dated 22nd July, 1938, written by him to the Prime Minister of the Madras Government with reference to a petition then before this Court for the compulsory winding up of the Travancore National and Quilon Bank, Limited. The letter was published in the lopal press on the 9th August at the request of the first respondent conveyed in a letter by the second respondent to the Secretary for the Government of Madras, Development Department. The complaint against the acting Editor of the 'Madras Mail' is that he published the letter and also published a leading article commenting on a scheme fo...
Tag this Judgment!Court : US Supreme Court
Stoll v. Gottlieb - 305 U.S. 165 (1938) U.S. Supreme Court Stoll v. Gottlieb, 305 U.S. 165 (1938) Stoll v. Gottlieb No. 20 Argued October 14, 1938 Decided November 21, 1938 305 U.S. 165 CERTIORARI TO THE SUPREME COURT OF ILLINOIS Syllabus 1. A contention that a ruling of a state supreme court disregarded decrees of a court of the United States raised a federal question reviewable under 237b of the Judicial Code. P. 167. 2. An order of a federal District Court, which, in a proceeding to reorganize a corporation under 77B of the Bankruptcy Act, approved a plan of reorganization providing, inter alia, for discharge of the debtor's bonds and cancellation of a personal guaranty thereof, held res judicata, and proof against collateral attack, in an action in a state court, brought against the guarantor (who had appeared and approved the reorganization as proposed), by one of the holders of the guaranteed bonds, who had received notice of the hearing in the District Court up...
Tag this Judgment!Court : US Supreme Court
Minnesota v. United States - 305 U.S. 382 (1939) U.S. Supreme Court Minnesota v. United States, 305 U.S. 382 (1939) Minnesota v. United States No. 73 Argued November 10, 1938 Decided January 3, 1939 305 U.S. 382 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE EIGHTH CIRCUIT Syllabus 1. The United States is an indispensable party defendant in a condemnation proceeding brought by a State to acquire a right of way over lands which the United States owns in fee and holds in trust for Indian allottees. P. 386. 2. The exemption of the United States from being sued without its consent extends to a suit by a State. Such a suit cannot be maintained unless authorized by Act of Congress. P. 305 U. S. 387 . 3. The provision of 3 of the Act of March 3, 1901, that, where Indian allotted lands are condemned under state laws for a public purpose, "the money awarded as damages shall be paid to the allottee" does not require the conclusion that the United States is not an indispensab...
Tag this Judgment!Court : US Supreme Court
Connecticut Railway, & Lighting Co. v. Palmer - 305 U.S. 493 (1939) U.S. Supreme Court Connecticut Railway, & Lighting Co. v. Palmer, 305 U.S. 493 (1939) Connecticut Railway, & Lighting Co. v. Palmer No. 63 Argued November 10, 14, 1938 Decided January 3, 1939 305 U.S. 493 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE SECOND CIRCUIT Syllabus 1. Review by certiorari is limited to the grounds upon which the writ was sought and allowed. A ruling to which there was but a mere reference in the petition, without request for review, not considered. P. 305 U. S. 496 . 2. The measure of damages upon rejection of a lease in a railroad reorganization proceeding under 77 of the Bankruptcy Act, as amended Aug. 27, 1935, is the actual damages determinable as in equity proceedings and upon evidence. The Act fixes no limit to the amount of actual damages. Only such damages as are susceptible of definite, satisfactory proof may be allowed. Pp. 305 U. S. 497 -503. The provisions o...
Tag this Judgment!Court : Kolkata
Reported in : [1940]8ITR41(Cal)
Sir Wilfrid Greene, M.R. - This appeal from a decision of Lawrence, J., arises out of a claim by G. Scammell & Nephew, Ltd., to deduct for the purposes of ascertaining their taxable profits for the year 1933-34 three sums which they allege were expenses wholly and exclusively laid out or expended for the purposes of their trade. The sum in question are firstly, a sum of Pound 7,500 paid by the Company to one of their directors, Mr. Hood Barrs; secondly, a sum of Pounds 62 10s. 0d., being a contribution paid by them to a Mr. Toms towards his costs of certain litigation and thirdly a sum of Pound 53 10sh. 0d. representing costs incurred by them in connection with a compromise agreement.The circumstances giving rise to that claim for deduction are of a rather complicated nature; they are set out in the case but I must give a short summary of them in order to make this judgment intelligible. The Company (to whom I will refer as Scammells) carry on business as motor engineers and at the rel...
Tag this Judgment!Court : US Supreme Court
Taylor v. Standard Gas & Elec. Co. - 306 U.S. 307 (1939) U.S. Supreme Court Taylor v. Standard Gas & Elec. Co., 306 U.S. 307 (1939) Taylor v. Standard Gas & Elec. Co. No. 312 Argued January 5, 1939 Decided February 27, 1939 306 U.S. 307 CERTIORARI TO THE CIRCUIT COURT OF APPEALS FOR THE TENTH CIRCUIT Syllabus 1. Appraisal of the property of a corporation undergoing reorganization under 77B of the Bankruptcy Act accepted by this Court in view of concurrent findings of two courts below and substantial evidence sustaining their findings. P. 306 U. S. 314 . 2. The so-called instrumentality rule is but a convenient way of designating the application, in particular circumstances, of the broader equitable principle that the doctrine of corporate entity, recognized generally and for most purposes, will not be regarded when so to do would work fraud or injustice. This principle has been applied in appropriate circumstances to give minority stockholders redress against wrongful...
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