Supreme Court · 2005 INSC 349 · Decided 9 August 2005
Bhagwati Developers v. Peerless General Finance & Investment CO. LTD. and ORS.
- Court
- Supreme Court of India
- Citation
- 2005 INSC 349 · [2005] SUPP. 2 S.C.R. 502
- Case number
- CIVIL APPEAL No. 12640/1996
- Decided
- 9 August 2005
- Bench
- S.N. VARIAVA, AR. LAKSHMANAN (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Companies Act Section 205
Headnote
Companies Act, 1956 : S. 205-Issue of Bonus Shares-Permissibility of-Peerless General Finance and Investment Company-Article of Association-Articles 2 and 182-Company issuing bonus shares out of Revaluation Reserve-Held, Companies Act specifically permits utilization of reserve arising from of issuing fully paid up bonus shares­ Accordingly, Article 182 authorises the Company to issue Bonus Shares out of reserve arising from revaluation of capital assets. Reserve Bank of India issued directions to investment companies, inter alia, that depositors' monies must be shown in their
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