Corporate and Other Laws - November 2018

One-Person Company (OPC) was incorporated during the year 2014-15 with an authorized capital of ` 45.00 lakhs (4.5 lakh shares of ` 10 each), The capital was fully subscribed and paid up. Turnover of the company during 2014-15 and 2015-16 was ` 2.00 crores and ` 2.5 crores respectively. Promoter of the company seeks your advice in following circumstances, whether XYZ (OPC) can convert into any other kind of company during 2016-17. Please, advise with reference to relevant provisions of…

CA. M is a partner in SM & Company (Chartered Accountants) and ML & Company (Chartered Accountants). SM & Company are statutory auditors of M/s. Global Ltd. (listed) for past seven years as on 1-04-2018. Advice under relevant provisions of the Companies Act, 2013: (1) For how many more years SM & Company can continue as statutory auditors of M/s. Global Ltd. (listed)? PAPER – 2 : C ORPORATE AND OTHER L AWS 5 (2) Can ML & Company be…

(a) What is a Shelf-Prospectus? State the important provisions relating to the issuance of Shelf-Prospectus under the provisions of Companies Act,2013. (2 + 4 = 6 Marks) (b) (i) A Housing Finance Ltd. is a housing finance company having a paid up Share Capital of ` 11 crores and a turnover of ` 145 crores during the Financial Year 2017-18. Explain with reference to the relevant provisions and rules, whether it is necessary for A Housing Finance Ltd. to file…

(a) KMN Ltd. scheduled its annual general meeting to be held on 11 th March, 2018 at 11:00 A.M. The company has 900 members. On 11 th March, 2018 following persons were present by 11:30 A.M. (1) P1, P2 & P3 shareholders (2) P4 representing ABC Ltd. (3) P5 representing DEF Ltd. (4) P6 & P7 as proxies of the shareholders (i) Examine with reference to relevant provisions of the Companies Act, 2013, whether quorum was present in the meeting.…

(a) Teresa Ltd. is a company registered in New York (U.S.A.). The company has no place of business established in India, but it is doing online business through data interchange in India. Explain with reference to relevant provisions of the Companies Act, 2013 whether Teresa Ltd. will be treated as Foreign Company. (6 Marks) (b) Discuss the provisions relating to private placement of shares under the Companies Act, 2013. (5 Marks) PAPER – 2 : C ORPORATE AND OTHER L…

(a) The persons (not being members) dealing with the company are always protected by the doctrine of Indoor management. Explain. Also, explain when doctrine of Constructive Notice will apply. (6 Marks) (b) Explain the conditions and the manner in which a company may issue Global Depository Receipts in a foreign country. What is the time limit for registration of charge with the registrar? Where should the company's Register of charges be kept? State the persons who have the right to…