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...
Lands Clauses Consolidation Act, 1845, (English) (8 & 9 Vict. C. 18), amended by 23 & 24 Vict. C. 106, and 32 & 33 Vict. c. 18, applicable to England and Ireland, the Public Act of Parliament whereby railway companies and other public bodies, authorised by special Act of Parliament to take the land of individuals for the purpose of such special Act, enter upon and make compensation for the land. Ss. 3 and 5 apply this general Act to every undertaking established by any special Act passed after its date by which the purchase or taking of lands for such undertaking is authorised and incorporate the general Act with such special Act except when or in so far as it is expressly excluded.The (English) Acquisition of Land (Assessment of Compensation) Act, 1919 (15 & 16 Geo. 5, c. 59), varied the principles of compensation provided by the Lands Clauses Acts upon compulsory purchase by a Government Department or a local or public authority, inter alia, compensation under the Act of 1919, is to ...
Banking company, shall have same meaning assigned to it in clause (c) of s. 5 of the Banking Regulation Act, 1949 (10 of 1949) [Income Tax Act, 1961 (43 of 1961), s. 47 (vi-aa) Exp. (i).]--'Banking company' means a banking company as defined in the Banking Regulation Act, 1949. S. 5(c) of the Act of 1949 defines a banking company to mean any company which transacts the business of banking in India (subject to the provision contained in the Explanation to the section). Thus, in order that a bank may be a banking company, it is in the first place necessary that it must be a 'company', State Bank of Travancore v. Mohammed Mohammed Khan, AIR 1981 SC 1744: (1982) 1 SCR 338: (1981) 4 SCC 82 (88).does not include a foreign company within the meaning of s. 591 of the Companies Act, 1956. [Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), s. 2 (a)]means any company which transacts the business of banking in India. [The Banking Regulation Act, 1949 (10 of 1949)...
Railway servant, Acts has to be construed as a reference to corresponding provision of the re-enacted Act. It may be recalled that any reference in such cases to the provisions of the repealed, Ram Prosad Ramnarain v. Bejoy Kumar Sadhukhan, AIR 1966 Cal 488.Means any person employed by the Central Government or by a railway administration in connection with the service of a railway. [Railways Act, 1989, s. 2 (34)]...
Private company. A 'private company' is defined by s. 26 of the (English) Companies Act, 1929, as follows:-Company privately formed by members who subscribe the whole of the capital among them-selves.26. --(1), For the purposes of this Act the expression 'private company' means a company which by its articles-(a) restricts the right to transfer its shares; and(b) limits the number of its members to 50, not including persons who are in the employment of the company and persons who, having been formerly in the employment of the company, were, while in that employment and have continued after the determination of such employment to be, members of the company; and(c) prohibits any invitation to the public to subscribe for any shares or debentures of the company.(2) Where two or more persons hold one or more shares in a company jointly they shall, for the purposes of this section, be treated as a single member.S. 27, ibid., provides that if a company alters its articles so that the provisio...
Foreign company. Every Company incorporated outside the United Kingdom, which has a place of business in the United Kingdom, has to comply with certain regulations laid down by Part XI., ss. 343-352 of the Companies Act, 1929. The regulations relate, inter alia, to the registration with the registrar of companies of a copy or translation of the instrument and regulations constituting the company, a list of directors with the statutory particulars and the names and addresses of one or more residents in Great Britain for service of notices and process on the company, and other important provisions. Companies incorporated in a British possession are empowered to hold land in the United Kingdom without prejudice to their powers by virtue of registration in Northern Ireland (s. 345). Special regulations are made for companies incorporated in the Channel Islands and the Isle of Man (s. 343).The general provisions of the Companies Act, 1929, relating to charges on property in England and on p...
Reconstruction company, means a company formed and registered under the Companies Act, 1956 (1 of 1956) for the purpose of asset reconstruction. [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), s. 2(1)(v)]Reconstruction of a company, upon a voluntary winding-up the company may sell its undertaking for property of (including profits in) the purchas-ing company; see Companies Act, 1929, s. 234....
Cost-book mining companies. The statutory regulations relating to these Companies are contained in the Stannaries Acts, 1869 (32 & 33 Vict. c. 19) and 1887 (50 & 51 Vict. c. 43), and the Companies Act, 1929. The Latter Act (s. 357) has preserved the then existing provisions of the earlier Acts. Subject to the statutory provisions, it maybe said that these companies are formed thus:-A number of adventures, who have obtained permission from the landowner to work a lode, assemble; they decide on the number of shares into which their capitalis to be divided, and the number to be allotted to each; they appoint an agent, commonly called a purser, for the purpose of managing the affairs of the mine, and enter in a book, called the cost book, the minutes of their proceedings, which are signed by all present. A license to try for ores, for twelve months, or some short period, is then obtained; followed, if the search be promising, by a set, that is, a lease of the minerals, or a license to ding...
Dissolved Company, 'dissolved company' means the Institute of Company Secretaries of India registered under the Companies Act, 1956, [Company Secretaries Act, 1980 (56 of 1980), s. 2(1)(e)]...
Credit Information Company, means a company formed and registered under the Companies Act, 1956 (1 of 1956) and which has been granted a certificate of registration under sub-s. (2) of s. 5 [Credit Information Companies (Regulation) Act, 2005 (30 of 2005), s. 2(e)]...