https://www.taxtmi.com/caselaws?id=102551 Debentures before allotment were treated as instruments of debt and actionable claims, not goods, so convertible debentures retained that character until conversion. The mere invitation of applications for debentures to raise capital was regarded as a financing activity, not trade or trade practice, because it did not amount to carrying on trading operations. The Commission also found that a prospective subscriber receives no service for consideration at the application stage, so no service is made available within the Act. On that basis, the preliminary objections succeeded and the proceedings were closed. en-us Thu, 11 Aug 1994 00:00:00 +0530 Tue, 02 Apr 2019 10:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102551 Debentures before allotment were treated as instruments of debt and actionable claims, not goods, so convertible debentures retained that character until conversion. The mere invitation of applications for debentures to raise capital was regarded as a financing activity, not trade or trade practice, because it did not amount to carrying on trading operations. The Commission also found that a prospective subscriber receives no service for consideration at the application stage, so no service is made available within the Act. On that basis, the preliminary objections succeeded and the proceedings were closed. Case-Laws Companies Law Thu, 11 Aug 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102551