Companies Act 1956 - Law Dictionary Search Results
Home Dictionary Name: companies act 1956 Page: 3Establishment
Establishment, includes a shop, commercial estab-lishment, workshop, farm, residential hotel, restaurant, eating house, theatre or other place of public amusement or entertainment. [Child Labour (Prohibition and Regulation) Act, 1986, s. 2(iv)]1. The act of establishing, the state or condition of being established, 2. An institution or place of business, Black's Law Dictionary, 7th Edn., p. 566.It includes any place where any industry is carried on [and where an establishment consists of different departments or have branches, whether situated in the same place or at different places, all such departments or branches shall be treated as part of that establishment. [Apprentices Act, 1961 (52 of 1961), s. 2(g)]It means a corporation established by or under a Central, Provincial or State Act, or an authority or a body owned or controlled or aided by the government or a local authority or a Government company as defined in s. 617 of the Companies Act 1956 and includes Departments of a Gove...
Assignment
Assignment, 'assignment' means an assignment in writing by act of the parties concerned. [Semiconductor Integrated Circuits Layout-Design Act, (37 of 2000), s. 2(b)]'Assignment' means the transfer of the claim, right or property to another, C.G.T. v. Ms Getti Chettiar, (1971) 2 SCC 741: AIR 1971 SC 2410 (2413). [Gift-tax Act, 1958 s. 2(XXIV)]A transfer of an estate or interest in property. The usual operative verb is 'assign,' but any other word indicating an intention to make a complete transfer, e.g., 'convey,' will amount to an assignment.Assignment by Lessor or Lessee, Effect of. A lessor, notwithstanding assignment of his reversion, continues liable to his lessee on covenants running with the land, Stuart v. Joy, 1904 (1) KB 362, and so does a lessee to his lessor, notwithstanding assignment of his term, Barnard v. Godscall, (1613) Cro. Jac. 309. The assignee of a term is liable equally with the lessee (though the lessor cannot recover against both) during his possession, but unle...
May
May, Prima facie the word 'may' must be given its ordinary and natural meaning. Primarily it is permissive in its meaning and until the contrary is established the word 'may' in section 6 of the Criminal (Amendment) Act could be read to mean that 'It shall be lawful'. There is nothing in the provisions of the Act, which would compel a court to give to the word 'may' in section 6 of the Act a meaning other than its ordinary meaning and to interpret it as 'shall', State v. Surajdeo Sinha, 1953 BLJR 571: 1954 Cr LJ 139: 1954 Pat 80.The word 'may' does not always import that the matter is discretionary with the court in exercising its functions. Similarly, 'shall' sometimes imports that the matter is entirely discretionary with the court in exercise of its functions, State of Uttar Pradesh v. Jogendra Singh, 1963 SC 1613; State of Uttar Pradesh v. Manbodan Lal, 1957 SC 912; Kamar Singh v. Delhi Administration, 1965 SC 971; Banwari Lal v. State of Bihar, 1961 SC 849; Narayana Rao v. State o...
Industrial establishment
Industrial establishment, means an industrial undertaking or a company as defined under s. 3 of the Companies Act, 1956 or a firm registered unders. 59 of the Indian Partnership Act, 1932 which is engaged in any industry, or in any trade, business or service. [Central Industrial Security Force Act, 1968 (50 of 1968), s. 2 (1) (ca)]Industrial establishments, s. 1(3)(b) applies to every establishment within the meaning of any law for the time being in force in relation to establishments in a State. Such an establishment would include an industrial establishment within the meaning of s. 2(ii)(g) of the Payment of Wages Act. Accordingly, the Payment of Gratuity Act applies to an establishment in which any work relating to the construction, development or maintenance of buildings, roads, bridges or canals, or relating to operations connected with navigation, irrigation or the supply of water, or relating to the generation, transmission and distribution of electricity or any other form of po...
Investment company
Investment company, an 'investment company' was defined in s. 109(i) of the Act as meaning a com-pany whose business consisted wholly or mainly in the dealing in or holding of investments. The statutory percentage in the case of an investment company (whether Indian company or not) was fixed at 90 per cent by S. 109 (iii)(1) of the Act. It is significant that even in this Act, the restricted definition of the expression 'investment company' as appearing in s. 372(11) of the Companies Act, 1956 was not adopted by the Legislature. By Finance Act, 1966, which came into force with effect from April 1, 1966, the meaning of the term 'investment company' was clarified by amending clause (ii) of S. 109 and providing therein that investment company meant a company whose gross total income consisted mainly of income which, if it had been the income of an individual, would have been regarded as unearned income, Nawn Estate (P) Ltd. v. CIT, AIR 1977 SC 153 (161): (1977) 1 SCR 798: (1977) 1 SCC 7.I...
Industrial Finance Corporation
Industrial Finance Corporation, means the Indus-trial Finance Corporation of India Limited formed and registered under the Companies Act, 1956. [Industrial Development Bank of India Act, 1964, s. 2(d)]Means the Industrial Finance Corporation of India established under the Industrial Finance Corpora-tion Act, 1948. [Reserve Bank of India Act, 1934 (2 of 1934), s. 2 (c)]...
Withhold
Withhold, the words 'it shall be open to the appointing authority to withhold permission' indicate that the appointing authority has got an option to withhold permission and that could be exercised by communicating its intention to withhold permission to the Government servant. The word 'withhold' cannot be read to mean that in the absence of a communication it 'must be understood that permission was withhold', B.J. Shelat v. State of Gujarat, AIR 1978 SC 1109: (1978) 2 SCC 202: (1978) 3 SCR 533. [Bombay Civil Service Rules, R. 161(2)(ii) Proviso]The dictionary meaning of the word 'withholding' is to hold back, to keep back, to restrain or decline to grant. The holding back or keeping back is not an isolated act but is a continuous process by which the property is not returned or restored to the company and the company is deprived of its possession. If the officer or employee of the company does any such act by which the property given to him, is wrongfully withheld and is not restored...
Corporation owned or controlled by the State
Corporation owned or controlled by the State, the expression 'Corporation owned or controlled by the State' means any body corporate established by or under a Central, Provincial or State Act, and includes a Government company as defined in s. 617 of the Companies Act, 1956, a society registered under the Societies Registration Act, 1860, or under any corresponding law for the time being in force in a State, being a society established or admini-stered by Government and a co-operative society within the meaning of any law relating to co-operative societies for the time being in force in any State, being a co-operative society in which not less than fifty-one per centum of the paid-up share capital is held by the Central Government, or by any State Government or Governments, or partly by the Central Government and partly by one or more State Governments. [Land Acquisition Act, 1894 (1 of 1894), s. 3 (cc)]...
Government undertaking
Government undertaking, means any industrial undertaking carried on--(i) by a department of the Government, or(ii) by a corporation established by a Central, Provincial or State Act, which is owned or controlled by the Government, or(iii) by a Government company as defined in s. 617 of the Companies Act, 1956. [Patents Act, 1970 (39 of 1970), s. 2 (1) (h)]...
Industrial undertaking in public sector
Industrial undertaking in public sector, means an industrial undertaking owned, controlled or man-aged by--(i) a Government company as defined in s. 617 of the Companies Act, 1956;(ii) a corporation established by or under a Central Provincial or State Act, which is controlled or managed by the Government. [Central Industrial Security Force Act, 1968 (50 of 1968), s. 2 (1)]...
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