Which among the following remedies is available for a person who acted upon a false prospectus?
A. Damages for fraudulent misrepresentation
B. Compensation for untrue statement
C. Damages for non-compliance with the requirements of section 26 of the Companies Act, 2013
D. All of these
Select an option to see the answer and solution.
Under which provision of the Companies Act, 2013, will members be liable for a reduction of the statutory minimum number of members, in the Company?
A. Section 3A
B. Section 7
C. Section 3
D. Section 4
Select an option to see the answer and solution.
A company shall be deemed to be unable to pay its debts:
A. If the company has failed to pay the sum within 21 days after the receipt of such demand
B. If any execution process issued on a decree in favour of a creditor is returned unsatisfied
C. If it is proved to the satisfaction of the Tribunal that the company is unable to pay its debts
D. All of the above
Select an option to see the answer and solution.
In which of the following cases, the Court cannot order rectification of instrument-
A. Where the instrument through fraud does not express their real intention
B. Where the instrument through mutual mistake does not express their real intention
C. Where the instrument is the articles of association of a company
D. Where the rectification of the instrument can be done without prejudice to right acquired by third persons in good faith and for value
Select an option to see the answer and solution.
Directors of a company are
A. Debtors of company
B. Trustees of company
C. Landlords of company
D. Tenants of company
Select an option to see the answer and solution.
Articles of a company can be altered by
A. The directors of the company
B. The official of the company
C. Share holders by passing an ordinary resolution
D. Share holders by passing a special resolution
Select an option to see the answer and solution.
Which section of the Companies Act, 2013 deals with corporate social responsibility?
A. Section 133
B. Section 134
C. Section 135
D. Section 136
Select an option to see the answer and solution.
Which one of the following is primary source of equity?
A. Custom
B. Written law
C. Judicial decision
D. Conscience
Select an option to see the answer and solution.
Starax Ltd. has the paid-up equity capital structure in the following proportion - Central Government: 38%; State Government: 10%; Subsidiary of a Government Company: 17.50%; and remaining shares by retail shareholders. Which of the following classes of companies would it belong to?
A. Government company
B. Non-government company
C. Deemed public company
D. Deemed private company
Select an option to see the answer and solution.
The statutory formulation of directors' duties under Companies Act, 2013 have been spelt out in
A. Section 166
B. Section 151
C. Section 171
D. Section 289
Select an option to see the answer and solution.
In which of the following cases corporate veil of the company has not been lifted by the court:
A. Gilford Motor Co. Ltd. v. Horne
B. Daimler Co. Ltd. v. Continental Tyre & Rubber Co. Ltd.
C. Dinshaw Maneckjee Petit, Re
D. People Pleasure Park Co. v. Rohleder
Select an option to see the answer and solution.
Match
List-I with
List-II and select the correct answer using the given below the Lists:
List-I (Decided Cases)
List-II (Principle Stated)
a. Royal British Bank v. Turquand
1. Corporate personality
b. Salomon v. Salomon & Co. Ltd.
2. Rule of majority
c. Foss v. Harbottle
3. Doctrine of ultra vires
d. Ashbury Railway Carriage and Iron Co. Ltd. v. Riche
4. Indoor management
A. a-4, b-1, c-2, d-3
B. a-4, b-3, c-2, d-1
C. a-3, b-2, c-1, d-4
D. a-1, b-2, c-3, d-4
Select an option to see the answer and solution.
Which of the following statements is not correct?
A. A company cannot have more than one Manager at the same time
B. A company can have more than one Manager at the same time
C. A firm cannot be appointed as Manager of a company
D. A Manager can be appointed for a period of 5 years at a time
Select an option to see the answer and solution.
Who is authorized to issue license to Section 8 company under Companies Act, 2013?
A. NCLT
B. Any one of the above
C. Registrar of Companies
D. Regional Director
E. None of the above
Select an option to see the answer and solution.
Which of the following case is about doctrine of ultra vires?
A. Royal British Bank v. Turquand
B. Premier Industrial Bank Ltd. v. Carlton Mfg. Co. Ltd.
C. Rajendra Nath Dutta v. Shibendra Mukherjee
D. Attorney General v. Great Eastern Railway Co.
Select an option to see the answer and solution.
The Companies Act, 2013 has done a tremendous job by providing Company's Social Responsibility (CSR) as a mandatory activity. A company has to comply with mandatory CSR norms where
A. The net worth of the company is INR (Indian National Rupee) 1,000 crores or more
B. The turnover of the company is INR 1,000 crores or more
C. Its net profit during any financial year is INR 50 crores or more
D. Its paid-up share capital is INR 200 crores or more
Select an option to see the answer and solution.
Producer company is based on the principles of . .
A. Patronage
B. Mutual Assistance
C. Limited Return
D. All of these
Select an option to see the answer and solution.
To safeguard the interest of the shareholders through class action suits, an application may be made to the Tribunal. Which one of the following is wrong?
An application
A. To restrain the company from committing an act which is ultra vires the Articles or Memorandum
B. To restrain the company from committing breach of any provision of the Company's Memorandum and Articles
C. To restrain the Company from taking action to any resolution passed by members
D. To restrain the Company and its Directors from acting on a resolution obtained by mis-statement to the members or depositors
Select an option to see the answer and solution.
How much amount of the profits of a company can be distributed as dividend amongst its shareholders?
A. 10% of the profit
B. 15% of the profit
C. 5% of the profit
D. No fixed
Select an option to see the answer and solution.
A public company can be converted into a private company only after the approval of the
A. State Government
B. High Court
C. Regional Director
D. National Company Law Tribunal
Select an option to see the answer and solution.