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The Directors of Silver tongue Solutions Limited proposed dividend at 18% on equity shares for the financial year 2018-2019. The same was approved in the Annual general body meeting held on 30th September 2019. The Directors declared the approved dividends. Mr. Jagan was the holder of 2000 equity of shares on 31st March, 2019, but he transferred the shares to Mr. Rajiv on 8th August 2019. Mr. Rajiv has sent the shares together with the instrument of transfer to the company for registration of the shares in his favour only on 25th September 2019. The registration of the transfer of shares is pending on 30th September 2019. With respect to the dividend declared the correct action to be taken by the company is:
The Board of Directors of Jip Rise Pharmaceuticals Limited are contemplating to declare interim dividend in the last week of July, 2018 but the company has incurred loss during the current financial year up to the end of June, 2018. However, it is noted that during the previous five financial years i.e., 2013-14, 2014-15, 2015-16, 2016-17 and 2017- 18, the company had declared dividend at the rate of 8%, 9%, 12%, 11% and 10% respectively. Advise the Board as to the maximum rate at which they can declare interim dividend despite incurring loss during the current financial year.
CSR Committee of the Board shall consist of:
Provisions of CSR are applicable to:
One Person Company shall file a copy of the duly adopted financial statements to the Registrar in:
Vandana Operations Limited has reported a net profit of ` 2 crores for the half year ended 30th September 2020. During the previous financial year 2019-2020, the company has paid up share capital of ` 40 crore and outstanding loan from bank amounting to ` 80 crores on the date of last audited financial statement. Whether the company is required to appoint internal auditor for the current financial year ending on 31st March 2021?
Ayush Power Limited has reported a net profit of ` 6 crore, ` 7.5 crore and ` 3 crore for the financial year(s) ended on March 2017, March 2018 and March 2019 respectively. The board’s report of the company for the year ended March 2020 did not disclose the composition of the CSR Committee on the grounds that company is not required to constitute CSR committee as net profit during the immediately preceding financial year is less than the statutory requirements laid down in section 135. You are required to examine in the given scenario whether the act of non-composition and non- disclosure of the composition of CSR committee in the Board’s Report is valid in law?
During the half year ended September 2019, the board of directors (BOD) of Vidyut Manufacturing Limited has made an application to the Tribunal for revision in the accounts of the company for the financial year ended on March 2017. Further during the year ended March 2020, the BOD has again made an application to the Tribunal for revision in the board’s report pertaining to the year ended March 2019. You are required to state the validity of the acts of the Board of directors.
Adani Enterprises Limited has its shares listed on a recognized stock exchange in India. During the current financial year ended March 2020, the securities and exchange board of India (SEBI) has found some irregularities in the filings made by the company. Accordingly, SEBI proposes to make an application to the Tribunal for reopening of the books of accounts of the Company. You, as an expert, are called upon by SEBI to advise with which last financial year for reopening of books of accounts an application can be made?
Ganesh Company Ltd, a public company incorporated under the Companies Act, 2013 has Mr. Jay- Director, Mr. Sagar – Independent Director, Mr. Abhishek – Nominee Director and Mr. Yash – Whole time director. Mr. Abhishek wants to inspect the books of accounts of Shankar Company Limited, the subsidiary of Ganesh Company Limited. You are required to state whether Mr. Abhishek is eligible to inspect the books of accounts of Ganesh Company Limited?
For appointing an auditor other than the retiring auditor,
The auditor of a Government Company shall be appointed or re- appointed by-
Which of the following is a prohibited service to be rendered by the auditor of the Company?
The word ‘firm’ for the purpose of Section 139 shall include-
In view of the fact that a private company enjoys a number of privileges, Orange Pharma Limited having 20 members is contemplating to convert itself into the private company. For this purpose the company needs to alter its articles by inserting three restrictive clauses as specified in Section 2 (68) and the change in name is to be authorized by members by passing –.
A contracts to save B against the consequences of any proceedings, which C may take against B in respect of a certain sum of 500 rupees. This is a:
S and P go into a shop. S says to the shopkeeper, C, “Let P have the goods, and if he does not pay you, I will.” This is a
A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself or by the conduct of any other person is called as:
Any guarantee obtained by means of misrepresentation made by the creditor or with his knowledge and assent concerning a material part of the transaction is
A continuing guarantee may at any time be revoked by the surety as to future transaction by giving notice to
Atul contracts to indemnify Neha against the consequences of any proceedings which Chirag may take against Neha in respect of a sum of 15000/- advanced by Chirag to Neha. Now, Neha who is called upon to pay the sum of money due to Chirag but she fails to do so. Now, as per the provisions of the Indian Contract Act, 1872, advise the future course of action to be taken by Chirag.
The position of a finder of lost goods is that of a
The delivery of goods by one person to another for some specific purpose and time is known as:
With respect to Contract of Bailment, which of the following statement is incorrect
Mr. Vishal parks his car at a parking lot, locks it, and keeps the keys with himself. Which of the following statement is correct in this regard?
The Pawnee doesn’t have the right to retain the goods pledged for
A hires a carriage of B. The carriage is unsafe though B is not aware of it and A is injured
is one who represents to be an agent of another when in reality he has no such authority from the other agent at all.
L made an offer to MD of a company. MD accepted the offer though he had no authority to do so. Subsequently L withdrew the offer but the company had already ratified the MD’s acceptance. State which of the statement given hereunder is correct:
A is residing in Delhi and has a house in Mumbai. A appoints B by a power of attorney to take care of his house. State the nature of agency created between A and B:
An agent is not liable to the principal if
Mr. Jane has appointed Ms. Vinita as his agent to sell the garments manufactured by Jane. Vinita due to her personal issues could not work effectively. Hence she appointed Mr. Kanth to sell on her behalf. Can Mr. Jane be bound by the acts of Mr. Kanth?
Days of grace provided to the Instruments at maturity is—
Parties to a negotiable instrument can be discharged from liability by—
Validity period for the presentment of cheque in bank is—
A negotiable instrument that is payable to order can be transferred by:
A negotiable instrument drawn in favour of a minor is
As per the Negotiable Instruments Act, 1881, when the day on which a promissory note or bill of exchange is at maturity is a public holiday, the instrument shall be deemed to be due on the…….. .
As per a Rule of an Educational Institution, every student may come on weekends for extra classes but every student shall appear on a weekly test conducted in the institute, which means:
Which of the following is not an Immovable Property?
Where an act of parliament does not expressly specify any particular day as to the day of coming into operation of such Act, then it shall come into operation on the day on which
Where an act or omission constitutes an offence under two or more enactments, then the offender shall be liable to be prosecuted and punished under
Formal legal document which creates or confirms a right or record a fact is a—
The Rule in Heydon’s case is also known as—
Pick the odd one out of the following aids to interpretation—
Which rule of construction is applicable where there is a real and not merely apparent conflict between the provisions of an Act, and one of them has not been made subject to the other—
An internal aid that may be added to include something within the section or to exclude something from it, is—
Namita Ceramic Goods Limited having 152 members was incorporated with the main objects to manufacture ceramic goods, glazed, unglazed floor and wall tiles, etc. and to carry on trading in such products. After three years of successful operation, it wants to diversify its business by entering into the field of manufacturing electronic goods for which it is required to alter its objects clause. Advise the company in relation to alteration of Memorandum.
Swara Musical Instruments Private Limited was incorporated on 10th October, 2018 by converting existing partnership firm into company. Sohini and Mohini became the promoters of the company. Sohini’s premises which was rented out to the partnership firm was to be used as the registered office. Mention the documents which need to be filed with the Registrar of Companies (ROC) for verification of registered office.
Anupam got incorporated ‘One Person Company’ with his sister Alpana as the nominee and about three years have passed satisfactorily. From time to time Anupam does a number of charitable works and is associated with three NGOs. In the meantime his business under his OPC has also flourished. Now he is contemplating to convert the OPC either as a Section 8 company (i.e. formation of companies with charitable objects). Choose the correct option.