Underwriting Agreement

Underwriting agreement, an underwriting agree-ment is a contract that the underwriters will either himself purchase or procure purchasers for the shares underwritten by him, Nami Gopal Lahiri v. State of Uttar Pradesh, (1965) 35 Comp Cas 30 (SC). [Companies Act, (10 of 1956), s. 76]...

Underwriting

Underwriting, means that the person who agrees to take up shares specified in the underwriting agreement if the public or other persons fail to subscribed for them. The consideration for this contract takes the form of payment of commission, called 'underwriting commission, CIT Kanpur v. Uttar Pradesh State Industrial Development Corporation, (1997) 4 SCC 701....

Undeveloped land

Underwriting agreement, an underwriting agree-ment is a contract that the underwriters will either himself purchase or procure purchasers for the shares underwritten by him, Nami Gopal Lahiri v. State of Uttar Pradesh, (1965) 35 Comp Cas 30 (SC). [Companies Act, (10 of 1956), s. 76]...

Underwriter

Underwriter, an insurer of ships, so called from his writing his name under the policy of insurance. See INSURANCE.Also subscribers (generally before a public issue by the company) offering to take all or a stated amount of the shares offered to and not taken up by the public. The sole consideration allowed is a commission at a rate which must be disclosed in the prospectus and not exceeding the rate authorized by the Articles of Association. This commission must not be confused with brokerage which companies are allowed to pay for placing their shares. [see (English) Companies Act, 1929, ss. 35 and 355, 4th Sch. (10)]A bona fide invitation to enter into an underwriting agreement does not require a prospectus within the meaning of s. 35 (ibid.). see PROSPECTUS....

insure

insure in·sured in·sur·ing vt : to assure against a loss by a contingent event on certain stipulated conditions or at a given rate of premium : give, take, or procure insurance on or for vi : to contract to give insurance : underwrite ;also : to procure or effect insurance ...

Payable

Payable, 'payable' generally means that which should be paid, New Delhi Municipal Committee v. Kalu Ram, AIR 1976 SC 1637 (1639): (1976) 3 SCC 407: (1976) Supp SCR 87.The expression 'the full amount payable by the foreign buyer in respect of the goods' occurring in cl. (b) would mean merely the total amount which is due from the foreign buyer in respect of the goods actually exported; and what would be due from a foreign buyer has to be merely the price which he has been agreed to pay and not any fanciful, unreal or inflated price which the exporter may choose to falsely incorporate in the invoice with any ulterior motives. The foreign buyer cannot, by any stretch of imagination, be held to be liable to pay any amount over and above the price which he has promised to pay for the goods received by him and any difference between that price and the price given in the invoice can therefore not have the attribute of having become 'payable' by him, Director, Enforcement Directorate, Ministry...

Underwrite

Underwrite, means to agree to purchase (all or part of a security issue) usually on a fixed date at a fixed price with the purpose or plan to resell by means of a public offering, UFITEC, S.A. v. Carter, 135 Cal Rptr. 607 (1977).The expression 'underwrite' signifies 'accept liability under'. Although normally the expression 'underwrite' is used in marine insurance but the expression used in Chapter III of the Financial Powers of the Standing Order in this case specifically used the expression 'underwriting and revivals' of policies in case of Life Insurance Corporation and stated that it was the Divisional Manager who was competent to underwrite policy for Rs 50,000 and above, Life Insurance Corporation of India v. Raja Vasireddy Komalavalli Kamba, AIR 1984 SC 1014 (1018): (1984) 2 SCC 719: (1984) 3 SCR 350. (Contract Act, 1872, ss. 7 & 8)...

Insurance

Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...

Abandonment

Abandonment [fr. Abandonner, Fr.], the relinquish-ment of an interest or claim.Means the relinquishing of a right or interest with the intention of never again claiming it. In the context of contracts of the sale of land, courts sometimes use the term abandonment as if it were synonymous with rescission, but the two should be distinguished. An abandonment is merely the acceptance by one party of the situation that a non-performing party has caused. But rescission due to a material breach by the other party is termination or discharge of the contract for all purposes., Black Law Dictionary, 7th Edn., p. 1.The relinquishment by an assured person to the assurers of his right to what saved out of a wreck, when the thing insured has, by some of the usual perils of the sea, become practically valueless. Upon abandonment, the assured is entitled to call upon the assurers to pay the full amount of the insurance, as in the case of a total loss. The loss is in such case called a 'constructive to...

treaty reinsurance

treaty reinsurance : reinsurance under a general agreement that automatically reinsures in accordance with its terms all risks of a given class to a predetermined extent as soon as they are insured by the direct underwriter compare facultative reinsurance ...

Underwriting Agreement - Law Dictionary Search Results