ICWA INTERMEDIATEJune 2005 - Revised Syllabus The paper consists
of Section I (Business Law) of 70 marks and Answer question No. 1
[both (a) and (b)] which is compulsory and Section –I (Business Laws) Q 1 (a)
Comments on following statements (i) 21 days notice cannot be avoided to
convene a valid Annual General Meeting. (ii) Eligibility to Bonus depends
on the period of actual service (iii) ABC Ltd. who acquires 51% equity
shares of VK Ltd., proposed for directorship of VK Ltd. (iv) Preparation
and submission of ‘Statutory Report’ is compulsory for every Company (v)
Best Co. Ltd. has seven shareholders which includes three directors. All
the shareholders and directors became insolvent. Hence the Company ceases
to exist. (vi) A minor can be admitted as a Partner in a Partnership firm.
(vii) All dealership agreements require registration (MRTP Act, 1969).
(viii) An apprentice is a workman under Industrial Dispute Act. (ix) Goods
bought and used exclusively for purpose of earning one’s livelihood by
means of self-employment is a commercial purpose Q 2 (a) What are the restrictions on use of stream or well for disposal of Polluting matter, Water (Prev. & Control of Pollution) Act, 1974? (b) The Statutory auditor certified the account of the Company without giving ‘True or Fair View’. Can the Company adopt such Accounts on the basis of clarification given by the Board of Directors? (c) Mention the list of business in which resolutions may be passed through Postal Ballot. (d) Board of Directors of ABC Ltd. want to contribute Rupees Ten Lakhs to National Defence Fund but Memorandum and Articles of Association have not empowered. Advice whether the Board can contribute the said amount (4+3+5+4 = 16 marks) Q 3 (a) What are the restriction or prohibition under Air (Prev. & Control of Pollution) Act, 1981 on the use of Industrial plant? (b) How a Statutory Auditor of a Company is appointed? (c) Certain resolutions require special notice at general meeting. What are those? (d) (i) How name of the Company (under Companies Act, 1956 ) can be changed? (ii) Mr. A who is Director of 14 Public Limited Companies received offer from (1) Janata Charitable Trust for Director (2) ABC Ltd. for an Alternate Director (3) XYZ Ltd. for Director (4) S.S. Pvt. Ltd. for Director. He wants to accept all the offers. Advice (4+5+3+4 = 16 marks). Q 4 (a) Explain the essential elements of a valid contract. (b) State the Law relating to borrowing of funds by the Company. (c) What are the procedures followed for appointment of Managing Director? (d) What is motion and the different kinds of motion? (4+4+5+3 = 16 marks) Q 5 (a) Distinguish between Ordinary Resolution and Special Resolution. (b) Can dividend be withheld after declaration in Annual General Meeting? Explain legal provisions. (c) State the time limit for holding Annual General Meeting by a Public Limited Company. (d) When notice for dishonour is not necessary (N.I.Act)? (5+3+4+4 = 16 marks) Q 6 Write explanatory notes on any four (a) Resale Price Maintenance (MRTP) (b) Conditions & Warranties (Sale of Goods Act) (c) Authentication of Balance Sheet and Profit & Loss Account (d) Lifting of Corporate veil (e) Quorum for Board meeting (4 x 4 = 16 marks) December 2004 - Revised Syllabus The paper consists
of Section I (Business Law) of 70 marks and Answer question No. 1
[both (a) and (b)] which is compulsory and Section –I (Business Laws) Q 1 (a) Comment on the following statements: (i) When contract becomes impossible to perform subsequent to the agreement, it is called “Doctrine of Frustration”? (ii) Stop payment instruction can stop prosecution (N.I. Act). (iii) Even a minor can be appointed as proxy (iv) A qualified Homoeopathic Physician treated a patient with alopathic medicine and the patient died. Can the said Physician be guilty of negligence under Consumer Protection Act, 1986? (v) Partner can be expelled from the firm (vi) Secretarial compliance certificate is compulsory in all public limited companies having authorised capital of Rs. 2 crores and above (vii) There is no time limit for issue of share certificates by a company. (viii) The procedure of appointment of Director and Nominee Director are same. (ix) Payment of Bonus is limited to available surplus (b) Are all contracts without consideration void? Do you agree? (18+4 = 22 marks) Q 2 (a) How share premium money are utilised by a Company? (b) Distinguish between “Sale” and “Agreement to Sale” (c) Workers are entitled to wages for strike period also. State the legal position (d) A Company is not ready with the Annual Accounts, the Board of Directors decided to hold the AGM before the due date and adjourn it to be held after Annual Accounts are ready. Is there any violation of Companies Act, 1956 (4+6+2+4 = 16 marks) Q 3 (a) Mention the powers of official liquidator in winding up by the Tribunal. (b) State the provisions of Companies Act to protect the interest of small depositors. (c) Who is interested director and what are the restriction if any for such directors? (d) Gratuity can be forfeited without issue of Show Cause Notice – Comment. (4 x 4 = 16 marks) Q 4 (a) What are the remedies available for default in holding Annual General Meeting? (b) State the procedures for conversion of a Private Company to a Public Company by own volition (c) Board of Directors can exercise certain powers at Board meeting without the consent of Shareholders – Explain. (d) How are the Industrial Disputes settled? (4+4+5+3 = 16 marks) Q 5 (a) Discuss the different types of meetings which are held in a Public Limited Company. (b) State the provisions of Water (Prevention & Control of Pollution) Act, 1974 regarding offences by the company (c) State the procedures for payment of dividend to Equity Shareholders (d) State the limitations to alteration of Articles of Association (4 x 4 = 16 marks). Q 6 Write explanatory notes on any four (a) Sweat equity shares (b) Doctrine of Ultra-virus (c) Drawee in case of need (N. I. Act) (d) Restrictive Trade Practice (MRTP Act, 1961) (e) Goods sent on “Approval” or “Sale” or “Return” (4 x 4 = 16 marks). ICWA INTERMEDIATEJune 2004 - Revised Syllabus The paper consists
of Section I (Business Law) of 70 marks and Answer question No. 1
[both (a) and (b)] which is compulsory and Section –I (Business Laws) Q 1 (a) Comments on the following statements: (i) Mere sharing of profit is not conclusive evidence of partnership. (ii) An individual dispute is not an industrial dispute (iii) Bonus payment may be linked to production or productivity (iv) an offer must be communicated to the acceptor (v) A surety is not discharged even when the creditor changes his terms of contract with principal debtor (vi) ‘Complainant’ means any person. (Consumer Protection Act, 1986) (vii) The title to goods is transferred to the buyer immediately on payment of first installment in Hire Purchase Agreement. (viii) Shareholders can over-rule the decisions of the Board of Directors (ix) It is illegal to pay gratuity in excess of the limits prescribed in the Payment of Gratuity Act. (b) Distinguish between Bailment and Pledge [18+4 = 22 marks]. Q 2 (a) Explain the remedies available to aggrieved party for breach of contract (b) What are the businesses required to be considered in the Annual General Meeting? (c) In what way does the Companies Act protect the interest of Deposit Holders in the repayment of deposit on maturity? (d) Any Public Ltd. Company can appoint both Managing Director and Manger [6+4+4=2 = 16 marks]. Q 3 (a) Under what circumstances a person automatically vacates his office as a Director? (b) State the consequences if the resolutions for reappointment of a retiring director is not passed at Annual General Meeting (c) Violation of requirements of a valid allotments of shares by a company has serious consequences – Comment. (d) What do you mean by Demat of shares? [6+4+4+2 = 16 marks] Q 4 (a) Mr. Ram bought a Maruti Zen car from Mr. Shyam at Rs. one lakh. Mr. Ram was running the car for sometime. Subsequently due to Mr. Shyam’s defective title, Mr. Ram had to return the car to Mr. Laxman who was the true owner. Is Mr. Ram entitled to recover the price from Mr. Shyam? (b) State the provisions regarding postal ballot for General Meeting under Companies Act, 1956. (c) How the object clause of Memorandum of Association can be altered? (d) What are the consequences of winding up orders by Tribunal? [4+4+4+4 = 16 marks] Q 5 (a) Define “Inter-connected Undertaking”. (MRTP Act, 1969) (b) Describe in brief the procedures for incorporation of a Public Company (c) Discuss the procedures for appointment of Cost Auditor (d) Is it mandatory for all companies to appoint a Company Secretary? [4+6+4=2 = 16 marks] Q 6 Write short notes on any four (a) Environment Audit, (b) Dissolution of Partnership (c) Corporate Governance (d) Audit Committee (e) Bouncing of Cheques [4 x 4 = 16 marks]. ICWA INTERMEDIATEDecember 2003 - Revised Syllabus The paper consists
of Section I (Business Law) of 70 marks and Answer question No. 1
[both (a) and (b)] which is compulsory and Section –I (Business Laws) Q 1. (a) Comment on the following statements: (i) Bonus can be paid up to the total amount arrived at as available surplus. (ii) A partnership at will does not require notice for its termination. (iii) A company not having a minimum paid up capital may be penalized. (iv) A surety is a favoured debtor (v) A cheque issued without keeping sufficient funds in the bank account will have serious consequences. (vi) “Polluter pays” principle is an accepted principle in environment laws. (vii) A company wants to appoint Mr. A Chatterjee as its Managing Director, who is already Managing Director of another company. (viii) A company which adopts Table A need not insist on qualification shares for its directors. (ix) Quantum of gratuity depends on the length of service of an employee. [2 x 9 = 18 marks] (b) Distinguish between lay-off and lock–out [4 marks] Q 2. (a) State the significance of the expression ‘commercial purpose’ under the Consumer Protection Act. (b) State the importance of ‘explanatory statement’ for a meeting. (c) Certain matters cannot be transacted by passing circular resolution. (d) Distinguish between Managing Director and Manager. [4 x 4 = 16 marks] Q 3. (a) State the provisions under the Companies Act, 1956 about preparation of books of accounts. (b) What are the different ways in which a person may be appointed as Director? (c) The board of directors of a public company refused to transfer shares of a shareholder. He wants to know about his remedies under the Companies Act, 1956. (d) What are the ways in which a person may become a member in a company? [ 4 x 4 = 16 marks] Q 4. (a) Messrs Excellent Industries Private Ltd. has adopted its accounting year as April-March. Its Annual General Meeting was held on 31.05.2003 adopting annual accounts for the year 2002-03. When should the next meeting be held for 2003-04? (b) A private limited company wants to have provisions regarding meeting in its articles of association which are not in conformity with the Companies Act, 1956. Discuss. (c) What are the agreements declared as void under the Indian Contract Act? (d) State the contents of Annual Return. Who should sign it? [4 x 4 = 16 marks] Q 5. (a) Distinguish between Winding up and Dissolution of company. (b) Who may petition for winding up? [8+8 = 16 marks] Q 6. Write short notes on any four: (a) Directors’ Responsibility Statement. (b) Special Audit (c) Unfair Trade Practice (d) Supervening Impossibility (e) Minor as a partner. [ 4 x 4 = 16 marks] June 2003 - Revised Syllabus The paper consists
of Section I (Business Law) of 70 marks and Answer question No. 1
[both (a) and (b)] which is compulsory and Section I Q 1 (a) Comment on the following statements - (i) All employees are entitled to Bonus as per Bonus Act. (ii) In the absence of any Partnership Agreement, profit or loss are shared according to capital invested by the Partners (Partnership Act, 1932). (iii) Large Ltd., which commenced its business from 1st January, 2003, can carry on any type of business and in any area of the Country. (iv) A bank when gives a guarantee on behalf of a principal debtor, is called a guarantor. (v) As per Industrial Disputes Act, 1947, the Charitable Institutions are not industry. (vi) Drawee in case of need and Acceptor for honour are the same (vii) Air (Prevention and Control of Pollution) Act, 1981, provides certain measures to control air pollution (viii) Mr. B.S. Ghosh, aged 20 years, a qualified Company Secretary has been appointed as Managing Director of M/s. Well To Do. Mfg. Ltd. for a term up to 75 years of his age (ix) B, a partner, acting as an agent of the partnership firm transfers the firm’s immovable property, by virtue of implied authority. (x) Articles of Association of M/s. Reputed Mfg. Co. Ltd. provides Quorum for General Meeting as two (2), proxy being counted for purpose of Quorum. (xi) Sukumar joined M/s Reputed Manufacturing Ltd., on 25.12.1998 and superannuated on 31.05.2003. Determine Gratuity if his last salary was Rs. 7,000.00 per month. (xii) Mr. A Sen is appointed as an Alternate Director in place of Mr. D Sen being original Director. Alternate Director absented himself from 4 consecutive Board Meetings. The Secretary is of the view that Mr. B Sen who is the original Director is liable to vacate his office. [1.5 x 12 = 18 marks] Q 1 (b) Distinguish between Retrenchment and Lay off [4 marks] Q 2 (a) Mr. Buyer purchased a Scooter for Rs. 5,000/- on 1.7.02 from Mr. Seller, Mr. Buyer was running the Scooter from the date of purchase. Mr. Unknown who was a True Owner has now demanded the Scooter from Mr. Buyer who was not aware that Mr. Seller has no title to it. State the legal position. (b) What are the matters requiring special notice? (c) Under what circumstances would one person constitute a meeting? (d) When and how can a Shareholder of a company be the Chairman at the AGM? [4+4+4+4 = 16 marks] Q 3 (a) Discuss the rights and powers of the auditor of the company (b) Under Section 233A, when may the Central Government direct a special audit of the affairs of company? (c) Mention the circumstances when payment of interest out of capital is allowed. Also point out the conditions for the same [6+6+4 = 16 marks] Q 4 Explain the validity of the following: (a) As per Section 10 of Contract Act, consideration is an important element for a contract to be valid. Hence all contract without consideration is void. (b) Entire amount of Profit can be distributed as dividend by a company (c) The Articles of Association are compulsorily required to be registered by every company (d) The principle of retirement by rotation is applicable to all types of companies [6+3+4+3 = 16 marks] Q 5 (a) Mention the circumstances in which a company may be wound up by the Court. (b) What is meant by mismanagement of a company? What are the remedial measures available to the minority shareholders? (c) What do you understand by authentication of Balance Sheet and Profit & Loss Account? Explain the provisions of law in this regard. [6+6+4 = 16 marks] Q 6 Write short notes on any four: (a) Service (Consumer Protection Act, 1986) (b) Depository system in India (c) Interim Dividend (d) Negotiation and Endorsement of a Negotiable Instrument (e) Special Director (f) Floating and Fixed Charges [ 4 x 4 = 16 marks] December 2002 - Revised Syllabus The paper consists
of Section I (Business Law) of 70 marks and Answer question No. 1
[both (a) and (b)] which is compulsory and Section I Q 1. (a) Comment on the validity of the following statements: (i) In case of joint holding of shares notice of the meeting is required to be sent to all the joint holders. (ii) Tea Party Ltd. paid dividend for financial year 2001-02 by way of ten grams of Darjeeling tea per equity share of Rs. 10 each. (iii) Mr. Ambitious is appointed as a non whole-time director of New Corporation Ltd. Mr. Ambitious is a director in 15 other companies. (iv) Perfect Ltd. declared interim dividend on 28-02-2002. The dividend cheques were posted on 30.04.2002. (v) Mr. Confused does supervisory work. Mr. Know has advised the company that the provisions of Industrial Disputes Act is not applicable. (vi) Mr. Gourmet has bought 20 kgs. of foodstuff against cash payment from Mr. Not-a-gain under a contract of sale (Sale of Goods Act). But half the consignment is rotten and Mr. Not-a-gain is refusing to refund the money. (vii) The decision of a lower court is not binding upon the higher court. (viii) An agreement which does not create legal relationships is enforceable in law. (ix) If a minor does not become a partner on attaining majority, his share in the firm will not be affected for any of the firm’s acts. (x) Set off and set on convey the same meaning. (xi) A loan to a director whether in a private or public company is unregulated. (xii) Every company should hold a statutory meeting. [1.5 x 12 = 18 marks] (b) Distinguish between Strike and Lock-out. [4 marks] Q 2. (a) A minor was taken to the nursing home by his parents for treatment. Who is the consumer in this case and who can claim compensation for deficiency in service? (b) A cost auditor submitted his cost audit report (in duplicate) to the Central Government on 15.10.2002, relating to financial year ending 31.03.2002. The Central Government’s letter dated 20.10.2002 was replied by the cost auditor by his latter dated 30.11.2002. Comment. (c) Distinguish between Special business and Special resolution. [3+5+8 = 16 marks] Q 3. (a) An EGM was held on 30.04.2002. There were 10 items of business to be transacted. After completion of the 7th item the meeting was adjourned till 15th June, 2002. The board of directors added two more items of business for consideration by the adjourned meeting. Advise on the legality and the procedure to be followed. (b) The accounting year of X Ltd. ends on 31st March. The 4th AGM was held on 28.08.2001. Determine the date by when the 5th AGM should be held. (c) Calculate the amount of gratuity payable to Mr. Retiree – monthly salary Rs. 25,000/-, date of joining 1.1.1977 and date of superannuation 31.08.2002. (d) It is mandatory for all companies to appoint a managing director. – Comment. (e) How does a person cease to be a director? [5+2+3+3+3 = 16 marks] Q 4. (a) Can shares be issued at a discount? Discuss the provision of law relating thereto. (b) Discuss the provisions relating to the appointment of directors in a company. [4+12 = 16 marks] Q 5. (a) Explain the essentials of a valid contract. (b) Distinguish between (i) Contract of indemnity and Contract of guarantee & (ii) Hire purchase and Purchase on instalments. [8+8 = 16 marks] Q 6. Write short notes on any four: (a) Holder in due course (b) Public company (c) Shelf prospectus (d) Asset management company (e) Remuneration of promoters (f) Continuous service [4 x 4 = 16 marks]. |