University of Delhi 2010-2nd Year M.Com Commerce CORPORATE LAW UNIVERSITY - exam paper
This question paper contains 31 printed pages]
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Your Roll No .
6487
M.Com7II
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Course 449CORPORATE LAW (Admission of 2004 and onwards)
Time 3 Hours TFPT r 3
Maximum Marks * 75
: 75
Note : The maximum marks printed on the question paper
are applicable for the candidates registered with the School of Open Learning. These marks will, however, be scaled down proportionately in respect of the students of regular colleges, at the time of posting of awards for compilation of result
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Note Answers may be written either in English or in Hmdi;
but the same medium should be used throughout the paper
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All questions are compulsory and cany equal marks. Credit will be given for the answers supported by relevant provision and case laws, if any
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Trace out in brief the history of company law in India and explain the mam agencies provided in the Companies Act, 1956 those administer the Act m the country 15
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State with reasons in very brief, whether the following statements are correct ?
(i) East India Company was established by the royal charter of King of England in 1660
() Regional Director of northern region sits at Kanpur
(tu) DIN is compulsory for the directors of foreign companies
(w) A company having a share capital of Rs 5 lakh and above is required to file a secretarial compliance certificate
(u) The correctness of the statutory report shall be certified by at least two directors and a managing director, if there be any
(vi) The Registrar can extend the time for holding any annual general meeting
(uti) If within half an hour from the time appointed for holding general meeting, a quorum is not present, the meeting called on the request of the members is adjourned
(um) Only a shareholder can chair the general meeting
(uc) Even one member constitutes a valid quorum for shareholderss meeting.
(x) The quorum of the board meeting has to be present only at the beginning of meetmg
Ow) Additional director holds office up to the date of next AGM
(xu) A small shareholders director may be elected by the company *suo>moto
0aw) Manager and managing director can be appointed simultaneously.
(xiv) If directors do not hold AGM m time, they shall vacate office latest on the date on which AGM was to be held.
(xv) Proxy in the meeting cannot participate m the discussion 15
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Dunng the recent years, some new concepts have emerged in the company law m India. Explain briefly any ten such emerging issues 15
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Attempt any four giving reasons Three marks credit will be given for the answers supported by relevant provision and case laws, if any
(a) A company was formed for aerial top-dressing
L, a qualified pilot held all but one share of
the share capital of 3000 He voted himself
as managing director and got himself appointed
as chief pilot officer at a salary L was killed
in an accident while piloting the company work, f 5
His widow claimed compensation for death in
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the course of employment Company opposed the claim on the ground that same person cannot be an employer as well as employee Decide
(b) The assessee, a wealthy man receiving huge dividends and interest income on his investments, formed four private companies to reduce his tax liability He transferred his investments to these four private companies in exchange of their shares These companies did no business except receipt of dividends and interest on the investments of him, which was transferred in companies account Income , received from his investments was credited to
the accounts of these four companies and each company handed back the same to him as loan In this way he divided his income into four parts and reduced his tax liability Decide if the income of company and member is taxed as that of one person
(c) Mr B has been appointed as a director of ACE
Automobiles Ltd on 2nd April 2002 The
articles of association of the company provide
that the qualification of a director shall be
holding of at least 10 shares m the company.
Mr B applied for 10 equity shares of the
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company on 31st May, 2002 But the shares were allotted only at the board meeting held on 19th August, 2002 Examine with reference to the relevant provisions of the Companies Act, 1956 whether Mr B has complied with the requirements relating to qualifications shares If not, what are the consequences ?
(d) The articles of association of M/s XYZ Ltd.
provide for five directors and all the five directors are in positions How many directors are liable to retire at the ensuing AGM 9
(e) With reference to the provisions of the
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Companies Act, 1956 examine the validity of the following
D, who is a director already in 14 public limited companies, accepts the directorships of the following companies .
(i) BC Private limited, which is the holding company of a public limited company.
(li) RM Company which is an unlimited company
(m) MJ and Company Ltd. as an alternate director. 15
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3. Attempt any four giving reasons Three marks credit
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will be given for the answers supported by relevant provision and case laws, if any
(a) As the accounts books were seized by the police, the directors failed to place the Balance Sheet and P&L A/c before the AGM and also failed to file the same with the Registrar of Companies Decide giving case law, if the directors were guilty of the default in not filing the Balance Sheet and P&L A/c and not calling the AGM What better course was available to the directors in such a situation ?
(6) If at the time when AGM is due to be held
there is only one member present (the other
having died), decide, if any offence is committed
when the AGM is not held
(c) The request for requisition not having been
acted upon, the requisitionists called their
meeting at the registered office of the
company The item of the agenda was the
removal of the managing director The
managing director, on the day of meeting,
locked the company premises and the
members moved to a place a few yards of
the registered office and held the meeting there Decide, if the meeting was a valid meeting
(d) A few members did not receive a notice
, because their addresses were inadvertently not
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put in an addressing machine Decide giving case law, if the non-receipt of notice m the case will invalidate the proceedings of the meeting.
(e) All the seven members of X Ltd. (registered x office Mumbai) requested the company to hold
the next AGM, at Bangalore. Can their request
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4 Attempt any two of the following
(a) Define the terms Consumer*, Enterprise*, Person under the Competition Act, 2002
(6) Discuss the eligibility conditions for appointment of the Chairman and Members of the
Competition Commission of India 9 Discuss briefly the duties and powers of the
Competition Commission ?
(c) Discuss in brief the provisions regarding composition and jurisdiction of the State Commission under the Consumer Protection Act, 1986 and the manner in which complaints are filed with them 7V,7V6
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() Discuss the conditions of service of Chairman
and members of the SEBI and when can they
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be removed Explain the powers of SEBI to regulate and issue of prospectus.
() SEBI received a - complaint from an investor that he has not received the payment due to
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< him from a registered stock broker Explain the action that can be taken by SEBI against the stock broker under the SEBI Act, 1992
(c) Mr Shekhar resided for a penod of 150 days m India dunng the financial year 2003-2004 and thereafter went abroad He came back to India on 1st April 2004 as an employee of a business organization What would be his residential status during the financial year 2004-2005 9 7V2,7V2
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HTTcT WTO 3TITT| farfa 2004-2005 3 Mifilii yiRfn TO 7 Write short notes on any four ii) Corporate governance reforms,
(u) 21 clear days notice,
(m) Quorum,
(w) Ad hoc director,
(u) Licensing of Industries under the Industrial (Development and Regulation) Act, 1951,
(yi) Objectives of Environment Protection Act,
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6487 31 600
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| Earning: Approval pending. |
