https://www.taxtmi.com/caselaws?id=96924 Patron bonds were treated as debentures because their substance showed an acknowledgment of indebtedness, a promise to repay at a fixed time, issue in a numbered series under seal, and a repayment structure supported by a reserve fund and implied charge on company assets. The court held that the absence of some ordinary debenture features was not decisive. As the bonds were issued to the public, the company lost the character of a private company and became subject to the filing obligations applicable to a public company; the penalty under the Companies Act, 1913 was upheld. en-us Thu, 23 Nov 1944 00:00:00 +0630 Fri, 13 Jan 2012 11:46:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96924 Patron bonds were treated as debentures because their substance showed an acknowledgment of indebtedness, a promise to repay at a fixed time, issue in a numbered series under seal, and a repayment structure supported by a reserve fund and implied charge on company assets. The court held that the absence of some ordinary debenture features was not decisive. As the bonds were issued to the public, the company lost the character of a private company and became subject to the filing obligations applicable to a public company; the penalty under the Companies Act, 1913 was upheld. Case-Laws Companies Law Thu, 23 Nov 1944 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=96924