Finance judiciary-2

Section 164 attracted when shares of beneficiaries are unknown

CIT v P. Sekar Trust (Madras High Court)

Section 164 gets attracted only when the shares of the beneficiaries are unknown, which is manifest from the marginal heading of that section itself; so long as the trust deed gives the details of the beneficiaries and the description of the person who is to be benefited, the beneficiaries cannot be said to be uncertain, merely because wi...

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Rights of owners versus right of company in liquidation over title deeds mortgaged by owners' POA for raising loans

The Committee Representing RBF Nidhi Ltd. v. Vipanchi Investments Pvt. Ltd. (Madras High Court)

The company in liquidation is entitled to invoke the provisions of section 171 of the Contract Act relating to general lien over the properties offered as security to cover all the loans availed by the owners' POA and the claim of the owners seeking redemption of the title deeds in terms of section 91 of the Transfer of Property Act must ...

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SC JUDGEMENT-Recovery of Debts Due to Banks and Financial Institutions

Greater Bombay Co-operative Bank Ltd. Vs United Yarn Tex. (P.) Ltd. (Supreme Court of India)

Section 1 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Applicability of Act - Whether co-operative banks established under Maharashtra Co-operative Societies Act, 1960, Andhra Pradesh Co-operative Societies Act, 1964 and Multi-State Co-operative Societies Act, 2002, transacting business of banking, do not f...

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