Declaration as to shares held in trust ‑ Whether expression “trust money invested in shares or debentures of company”, occurring in sub‑section (4), as it stood before the Amendment Act, 1965, also covers shares obtained as gift or on allotment of bonus shares
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Trust investments in shares or debentures include gifts and bonus allotments, affecting declaration and valuation requirements. Shares or debentures received by a trust as gift or on allotment of bonus shares are included in the expression trust money invested in shares or debentures of a company for declaration purposes; valuation is ordinarily the cost to the trust, but for gifted or bonus securities that are quoted the market value at the time of receipt is used, and if unquoted the face value may be adopted.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Trust investments in shares or debentures include gifts and bonus allotments, affecting declaration and valuation requirements.
Shares or debentures received by a trust as gift or on allotment of bonus shares are included in the expression trust money invested in shares or debentures of a company for declaration purposes; valuation is ordinarily the cost to the trust, but for gifted or bonus securities that are quoted the market value at the time of receipt is used, and if unquoted the face value may be adopted.
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