Amalgamation - Law Dictionary Search Results
Home Dictionary Name: amalgamation Page 1 of about 28 results (0.002 seconds)Amalgamation
Amalgamation, in amalgamation two or more companies are fused into one by merger or by taking over by another. Reconstruction or 'amalgamation' has no precise legal meaning. The amalgamation is a blending of two or more existing undertakings into one undertaking, the share-holders of each blending company become substantially the shareholders in the company which is to carry on the blended undertakings. There may be amalgamation either by the transfer of two or more undertakings to a new company, or by the transfer of one or more undertakings to an existing company. Strictly 'amalgamation' does not cover the mere acquisition by a company of the share capital of other company which remains in existence and continues its undertaking but the context in which the term is used may show that it is intended to include such an acquisition, Saraswati Industrial Syndicate Ltd. v. C.I.T., 1990 Supp SCC 675 (679).Amalgamation, in an amalgamation two or more companies are fused into one by merger o...
Railways Amalgamation Tribunal
Railways Amalgamation Tribunal. A temporary court of record established under the (English) Railways Act, 1921, to deal with the amalgamation of railways under the Act....
Accumulated loss
Accumulated loss, means so much of the loss of the amalgamating banking company under the head 'profits and gains of business or profession' (not being a loss sustained in a speculation business) which such amalgamating banking company, would have been entitled to carry forward and set off under the provisions of section 72 if the amalgamation had not taken place. [Income Tax Act, 1961 (43 of 1961), s. 72AA, Exp.]Means so much of the loss of the amalgamating banking company under the head 'Profits and gains of business or profession' is not being a loss sustained in a speculation business which such amalgamating bank company, would have been entitled to carry forward and set-off under the provisions of section 72 if the amalgamation had not taken place, [Income Tax Act, 1961, s. 72AA Explanation]...
Heard
Heard, The word 'heard' means that cases which have already been instituted or filed at Lucknow may in the discretion of the Chief Justice under the second proviso to paragraph 14 of the U.P. High Court (Amalgamation) Order, 1948 be directed to be heard at Allahabad, Nasiruddin v. State Transport Appellate Tribunal, AIR 1976 SC 331: (1975) 2 SCC 671: (1976) 1 SCR 505 [U.P. High Courts (Amalgamation) Order, 1948 (Para 7, 14)]...
Church of Scotland
Church of Scotland. The authority and jurisdiction of the Pope were abolished in 1567, and since then, except for some intervals of first, Presbytery has been the form of Church Government in Scotland. The Church has independent power to legislate and to adjudicate finally in all matters of doctrine, worship, government, and discipline within itself. Its Supreme Court is the General Assembly, which consists of ministers and elders elected by the Presbyteries, Universities, and the Royal Burghs and by the Church in India. Its sittings are attended by a Lord High Commissioner, representing the King, and it is presided over by a Moderator, who is nominated each year by a selection committee. The tenure of ecclesiastical property and endowments was reorganized by the Church of Scotland (Property and Endowments) Act, 1925 (15 & 16 Geo. 5, c. 33), the general effect of which was to transfer all ecclesiastical property and endowments, as well as the responsibility, for their maintenance and c...
Uses
Uses (History). A use is the intention or purpose, express or implied, upon which property is to be held. The Common Law treated the actual possessor for all purposes as the owner of the property. It was not difficult to find him out, since the possession of his estate was conferred upon him by a formal and notorious ceremony, technically called livery of seisin, which was performed openly and in the presence of the people of the locality.It soon became evident that the simple rules of the Common Law were stumbling-blocks to the complicated wants of an enterprising people.Hence ingenuity was sharpened to hit upon a device which should set at nought the rigidity of existing law and formalities.A system was found by the monastic jurists upon a model furnished by the Civil Law, which, by a nice adaptation, evaded, without overturning, the Common Law. Two methods of transferring realty began to co-exist in this country-the ancient Common Law system, and the later invention, which is denomi...
Novation
Novation, the substitution, with the creditor's consent, of a new debtor for an old one. The cases on novation between a customer and a firm will be found discussed in Lindley on Partnership. Slight evidence is sufficient to show that a creditor who continue his dealings with in coming partners accepts the new firm as his debtors instead of the old firm, see Smith v. Patrick, 1901 AC 282. Even in the case of an amalgamation of companies there is nothing to prevent novation if established by sufficient evidence. Many such cases arose in the winding-up of the Albert Company and the European Company, which will be found collected in Buckley on Companies.Substitution of a new contract is the core of novation. If the new contract suffers from legal flaw such as want of registration, stamps etc., on account of which it becomes unenforceable, the original contract will not be extinguished and there would be no novation, Vishram Arjun v. Irukulla Shankariah, AIR 1957 AP 784....
Financial non-viability
Financial non-viability, The expression 'financial non-viability' has not been defined in the Income Tax Act but the Finance Minister's speech, the Notes on Clauses of the Bill and the Memorandum explaining the provisions thereof make it clear that the financial non-viability of an undertaking has been equated with the 'sickness' of such undertak-ing and obviously in the context of its revival by a sound undertaking the sickness must be of a temporary character and not any basic or permanent sickness. An undertaking which is basically or potentially non-viable will ordinarily be incapable of revival and would face a closure; in other words, the financial non-viability spoken of by the s. must refer to sickness brought about by temporary adverse financial circumstances that disables the unit to stand and work on its own. Since the expression is occurring in a taxing statute in the context of amalgamation of companies it will have to be understood in its popular sense, that is to say, th...
City of London Court
City of London Court. The City of London Court was, prior to the County Courts Act, 1867 (30 & 31 Vict. c. 142), s. 55, known as the 'Sheriffs Court of the City of London.' Its procedure was, theretofore, regulated by Acts and Rules peculiar to itself; but by the County Courts Act, 1934, s 186, replacing s. 185 of the County Courts Act, 1888, it becomes to all intents and purposes a county Court. by amalgamation with the Mayor's Court of London, it becomes the Mayor's and City of London Court, and the latter possesses the powers and jurisdiction of both the former Courts. See Mayor's and City of London Court Act, 1920 (c. cxxxiv.). As to sittings of the High Court of Justice in the city of London, see ROYAL COURTS OF JUSTICE....
Unabsored depreciation
Unabsored depreciation, means so much of the allowance for depreciation of the amalgamating banking company which remains to be allowed and which would have been allowed to such banking company is amalgamation had not taken place. [Income Tax Act, 1961 (43 of 1961), s. 72AA]...
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