Legal Aspects of Finance SCDL Solved Paper - 56

This solved paper of SCDL Legal Aspects of Finance of SCDL Pune has been contributed by XYZ

Multiple Choice Single Answer
Question	What do you mean by accounting year?
Answer	Day on which books of accounts of the corporation are closed
True/False
Question	Directors' Report may contain details/ state of affairs of its subsidiaries.
Answer	TRUE
True/False
Question	A part time worker as sweeper engaged in regular business is entitled bonus.
Answer	TRUE
Multiple Choice Single Answer
Question	In which case did the Bombay high court observe the general purpose of the act?
Answer	Arvind mills ltd case
Select The Blank
Question	First AGM should be held within ________ from closure of financial year.
Answer	9 months
Multiple Choice Single Answer
Question	Quorum required to hold a valid meeting can be prescribed in :-
Answer	Articles of Association
Select The Blank
Question	Private Company prohibits public to ________ for any shares.
Answer	Subscribe
Multiple Choice Single Answer
Question	Payment of wages act came into existence :-
Answer	To ensure regular and timely payment of wages to employed persons
Select The Blank
Question	For making alterations before ROC, ________ is required.
Answer	Power of Attorney
Multiple Choice Multiple Answer
Question	What is the main purpose of the payment of wages act 1936?
Answer	Ensure payment of wages to the employed , Prevent unauthorised deductions , Prevent arbitrary fines
True/False
Question	Company can not issue shares with differential voting/ dividend rights.
Answer	FALSE
True/False
Question	The Board has power to alter Articles of Association being internal document.
Answer	FALSE
Multiple Choice Multiple Answer
Question	What is the board procedure ?
Answer	Meeting to be held 4 times in a year , Should not be a gap of more than 4 months between 2 meetings , Minimum information should be made available
Multiple Choice Single Answer
Question	When was the factories act passed?
Answer	In 1948
True/False
Question	No additional fees is payable on increased authorised capital since already paid on original authorised capital.
Answer	FALSE
Select The Blank
Question	RBI in consultation with ________ regulates the capital transactions.
Answer	Central govt.
Multiple Choice Multiple Answer
Question	Following Resolutions must be passed by Postal Ballot :-
Answer	Alteration in Object Clause , Buy-back of own shares , Variation in rights attached to class of shares
Select The Blank
Question	It is the primary ________ of the company to file the documets of creation of charge.
Answer	Responsibility
Select The Blank
Question	For Special Resolution, votes cast in favour of the resolution should be ________ times more than votes cast against the resolution.
Answer	3
Multiple Choice Single Answer
Question	Who issues a certificate of compliance of conditions of corporate governance?
Answer	Auditors or company secretaries
Multiple Choice Multiple Answer
Question	Public limited company's directors have following conditions :-
Answer	Minimum number is three , Should be individuals , Have sound mind
True/False
Question	Debenture holders are creditors of the company.
Answer	TRUE
Multiple Choice Single Answer
Question	Present limit for giving details of employees in Directors' Report is :-
Answer	Rs. 2 lac p.m.
Multiple Choice Single Answer
Question	What has the national labour omission described about passing of the act?
Answer	Landmark in the history of labour legislation in the country
True/False
Question	Financial year and calendar year are one and the same thing.
Answer	FALSE
Multiple Choice Single Answer
Question	For public company, quorum for general meeting is :-
Answer	5 members in person
Multiple Choice Single Answer
Question	As per section 3 who fixes the minimum rate of wages to be paid to the employees ?
Answer	Appropriate government
True/False
Question	Default in placing annual accounts before AGM may result in imprisonment.
Answer	TRUE
Multiple Choice Multiple Answer
Question	Under which circumstances will the worker not receive wages for full normal working days ?
Answer	If failure to work is caused by unwillingness to work , Not by omission of the employer to provide him with work
Multiple Choice Multiple Answer
Question	Who is an independent director?
Answer	Non executive director , Who receives director remuneration , Who is not related to the promoters
Multiple Choice Single Answer
Question	Company has to make application to central government, in case of appointment of managing director is not made accordance with part I & II of schedule XIII, within :-
Answer	90 days
Multiple Choice Single Answer
Question	In case of cost audit, the report of cost auditor has to be submitted to central government, within :-
Answer	120 Days

 


Note: Please tally the answers and verify them from SCDL textbooks as all answers might not be correct.