Chapter 1: Preliminary features and types

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Chapter 1 PRELIMINARY FEATURES AND TYPES

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The minimum number of members in a private company and public company are *

10 分

Three and Seven respectively

Two and seven respectively

Two and nine respectively

None of the above

Subsidiary company means a company in which the holding company controls _____ of the total voting power.

10 分

One Half

More than one half

Three fourth

Less than one half

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Maximum number of layers of subsidiaries:

10 分

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Small Company means a Company having Paid up share capital of:

10 分

Rs. 50 Lakh

Not more than Rs. 50 Lakhs

Exceeding Rs. 50 Lakh

None of the above

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Angel Infrastructures Pvt. Ltd. with a paid-up capital of Rs.45 Lacs and annual turnover of Rs.175 Lacs, is a wholly owned subsidiary of Almightly Infrastructure Development Ltd. a listed company. Can Angel Infrastructures be called a small company?

10 分

Yes. The paid up capital and annual turnover of Angel Infrastructure Pvt. Ltd. is not exceeding the limit as specified under the definition of Small company.

No. Because Angel Infrastructure Pvt. Ltd. is a wholly owned subsidiary company.

No. Because Angel Infrastructure Pvt. Ltd. is not a subsidiary of a listed company.

No. Because the paid-up capital is Rs. 45 lacs less than prescribed limit of Rs. 50 Lacs but its turnover is exceeding Rs.100 Lacs.

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Seema Bulbs Ltd. is desirous of having significant influence in Shaukeen LED Bulbs and Tubes Ltd. so that the latter becomes its ‘associate company’. For exercising ‘significant influence’ one of the options available to Seema Bulbs is to control at least twenty per cent of total voting power of Shaukeen LED Bulbs and Tubes. What is the other option available?

10 分

To control or participate in the recruitment decisions relating to appointment of middle management personnel of Shaukeen LED Bulbs and Tubes under an agreement.

To control or participate in the dividend decisions of Shaukeen LED Bulbs and Tubes under an agreement.

To control or participate in the business decisions of Shaukeen LED Bulbs and Tubes under an agreement.

To control or participate in the export decisions of Shaukeen LED Bulbs and Tubes under an agreement.

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Rukmani, a fresh science graduate, wants to make available the farmers good quality seeds and manure. For her business she is contemplating to form a company and is weighing various options. Sometimes before she came to know that a ‘One Person Company’ has minimum one member and one director whereas a private company has minimum two members and two directors. As regards a public company, she has vague idea that there should be minimum three directors, but she does not know about the minimum members required in this case. Advise.

10 分

When there is requirement of minimum three directors, the public company can be formed by minimum three persons.

There should be minimum five persons for formation of a public company though requirement of minimum directors shall remain three.

There should be minimum seven persons for formation of a public company though requirement of minimum directors shall remain three.

There should be minimum nine persons for formation of a public company though requirement of minimum directors shall remain three.

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Ravi is the owner of a grocery store. In March 2018, he got the idea of forming a ‘One Person Company’ and convinced his sister Ruchika, an Indian citizen who resides in London but visits India from time to time, to become nominee in his OPC. In the year 2017, Ruchika first came to India on 10th January and left for London on 26th February. Thereafter, she again visited India on 7th June and remained here till 10th October and boarded an evening flight for London on the same day. From then onward she did not visit India in the year 2017 but on 2nd January 2018 she came to India for a short duration and left for London on 14th February 2018. Is it possible for Ravi to appoint Ruchika as nominee?

10 分

Ruchika can be appointed as nominee by Ravi because she is a natural person, an Indian citizen and resided in India for more than 90 days during the year 2017.

Ruchika can be appointed as nominee by Ravi because she is a natural person, an Indian citizen and resided in India for more than 182 days during the years 2017 and 2018 i.e. prior to March 2018 when Ravi contemplated to form his OPC.

Ravi cannot appoint Ruchika as nominee in his OPC because she did not reside in India for 182 days or more during the year 2017 though she is a natural person and also an Indian citizen.

Since Ravi is the sole member of his OPC who will look after all its affairs and the appointment of nominee is just a formality, a visit to India during 2017 for any number of days would make Ruchika eligible to be appointed as nominee.

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Ruchir Marcons Ltd. which provides marketing and consultancy services is keen to have a ‘significant influence’ in Ruchika Marketing Ltd. so that it becomes its ‘associate company’. For having ‘significant influence’ Ruchir Marcons Ltd. needs to control certain percentage of total voting power of Ruchika Marketing Ltd. What is that?

10 分

For creating ‘significant influence’ Ruchir Marcons Ltd. must control at least five per cent of total voting power of Ruchika Marketing Ltd.

For creating ‘significant influence’ Ruchir Marcons Ltd. must control at least ten per cent of total voting power of Ruchika Marketing Ltd.

For creating ‘significant influence’ Ruchir Marcons Ltd. must control at least fifteen per cent of total voting power of Ruchika Marketing Ltd.

For creating ‘significant influence’ Ruchir Marcons Ltd. must control at least twenty per cent of total voting power of Ruchika Marketing Ltd.

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Jatin is desirous of forming a ‘One Person Company (OPC)’ for which he wants to nominate his wife Jasmin who in the event of his death shall become the member of OPC. However, he is not aware of as to which document should contain the name of the nominee. Advise him in the matter.

10 分

Name of the nominee should be mentioned in the Articles of Association after the names of the directors.

Name of the nominee should be mentioned in the Memorandum of Association

Either Articles of Association or Memorandum of Association may contain the name of the nominee.

There is no need to mention the name of the nominee in either Articles of Association or Memorandum of Association; a simple consent letter obtained from the nominee and kept in the records is sufficient.

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In the famous case of Salomon vs. Salomon & Co. Ltd., regarding separate legal entity, it was held that ___________.

10 分

Company is at law a different person from its promoters.

Company is at law a different person from its directors.

Company is at law a different person from its members.

All of the above

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The shares of a company are transferable in the manner provided in the _________of the company.

10 分

Share certificate

Articles of Association

Memorandum of Association

Prospectus

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‘__________________’, in relation to another company, means a company in which that other company has a significant influence.

10 分

Associate Company

Joint Venture Company

Subsidiary Company

Holding company

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‘_________________’ is an association which is formed not for making profits but for promotion of commerce, art, science, religion, charity or any other useful social purpose.

10 分

Joint venture company

Private company

Public company

Section 8 company

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Based on the current provisions and limits prescribed in the Companies Act, 2013, “Small company’ means a company, other than a public company,Paid-up share capital of which does not exceed ₹ ___; andTurnover of which as latest profit and loss account does not exceed ₹ _______.

10 分

10 Crs; 100 Crs

50 Crs; 150 Crs

50 Lakh; 2 Crs

20 Crs; 10 Crs.

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Mr. Kamaluddin set up an OPC in Mumbai last year being the only member of the company. He wants to set up another OPC in Delhi as he is planning to start another business. Can he set up another OPC under the Companies Act, 2013?

10 分

Yes, A natural person can set up as many OPC as and wherever he wants.

Yes. A natural person can set up in the same city as the first OPC.

No. A natural person can form only one OPC.

No. A natural person cannot set up an OPC within a span of 5 years from the incorporation of his first OPC.

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According to Section 3 of Companies Act, 2013, a Guarantee Company can be __________.

10 分

Public Company

Private Company

One Person Company

Any of the (a), (b) or (c)

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Which Section of the Companies Act, 2013 defines a Small Company?

10 分

Sec. 2(43)

Sec. 2(85)

Sec. 2(47)

Sec. 2(51)

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While calculating maximum number of members (i.e. 200) in case of private company which of the following will not be included?

10 分

Employees who are members

Members + Employees who are members

Members

None of the above

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