Indexation benefit available from the year in which asset was held by previous owner to compute cost of acquisition
IT: When an asset is acquired by way of inheritance, cost of acquisition of asset should be calculated on basis of cost of acquisition to previous owner and said cost of acquisition of previous owner has to be calculated on basis of indexed cost of acquisition as provided in Explanation (3) to section 48
| Subject Index - Company Cases (CC) |
COMPANY CASES
Offences and prosecution --Offence by company--Failure by company engaged in collective investment scheme to register within time prescribed and repay investors--Directors--Vicarious liability--Managing director involved in day to day business of company and raising funds from investors--No plea that due diligence was taken to prevent commission of offence by company--Conviction of managing director proper--No evidence to show that other directors also in charge of and responsible to company for conduct of its business--Conviction of other directors, set aside--Securities and Exchange Board of India Act, 1992, ss. 12(1B), 24, 27--Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999, regln. 73-- S. S. Thakur v. SEBI (Delhi) . . . 134
Scheme of arrangement or compromise --Company court--Powers--Modification of scheme--Court not to rewrite scheme or introduce into it clauses that plainly do not exist--Court to ensure that basic nature of arrangement remains and modification made should be necessary for working arrangement--Companies Act, 1956, ss. 391, 392--Companies (Court) Rules, 1959, r. 9-- Real Lifestyle Broadcasting P. Ltd . v . Turner Asia Pacific Ventures Inc. (No. 1 ) (Delhi) . . . 150
----Company court--Powers--Modification of scheme--Power to modify though of widest amplitude not unlimited--Discretionary power to be exercised fairly and on facts of each case--Companies Act, 1956, ss. 391, 392--Companies (Court) Rules, 1959, r. 9-- Real Lifestyle Broadcasting P. Ltd. v . Turner Asia Pacific Ventures Inc. (No. 2 ) (Delhi) . . . 177
----Modification of scheme--Application for modification after sanction of scheme--No time limit prescribed for filing application--Application maintainable--Companies Act, 1956, ss. 391, 392(2)--Companies (Court) Rules, 1959, r. 9-- Real Lifestyle Broadcasting P. Ltd. v . Turner Asia Pacific Ventures Inc. (No. 1 )
(Delhi) . . . 150
(Delhi) . . . 150
----Modification of scheme--Application seeking directions for making scheme workable--Prayer for transfer of “distribution networkâ€--Accepting prayer amount to ordering specific performance of agreement already worked out--No specific mention in entire scheme of transfer of distribution network and such omission not accidental--Court cannot read into scheme binding obligation to ensure transfer and pleas to go beyond mere modification of scheme--Scheme not modified--Companies Act, 1956, ss. 391, 392--Companies (Court) Rules, 1959, r. 9-- Real Lifestyle Broadcasting P. Ltd. v . Turner Asia Pacific Ventures Inc. (No. 1 ) (Delhi) . . . 150
----Modification of scheme--Application seeking directions for making scheme workable--Prayer for transfer of “distribution networkâ€--No specific mention in entire scheme of transfer of distribution network and omission not accidental--No finding that scheme unworkable--Rejection of prayer for winding up of transferor company--Proper--Companies Act, 1956, ss. 391, 392-- Real Lifestyle Broadcasting P. Ltd. v. Turner Asia Pacific Ventures Inc. (No. 2 ) (Delhi) . . . 177
Shares --Transmission of shares--Shares jointly held by deceased shareholder and her son--High Court in testamentary proceedings passing probate order in terms of will and consent of parties--Competent court passing probate based on settlement between joint holder of shares and petitioners--Order binding on company--Son remaining ex parte to transmission proceedings--Consent disclosing son relinquishing his rights over shares--Articles of association prohibiting transmission of shares cannot be invoked by company--Probate order binding--Petitioners-daughters of deceased shareholder entitled to transmission of shares in their names--Companies Act, 2013, s. 59-- Sooni Jal Taraporevala v . Nestle India Ltd . . . . 145
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