Trending ▼   ResFinder  

CA IPCC : Sample / Mock Test Paper (with Model Answers) - BUSINESS LAWS, ETHICS & COMMUNICATION Oct 2014

16 pages, 33 questions, 1 questions with responses, 1 total responses,    0    0
CA IPCC
Tilak Vidyalaya Higher Secondary School (TVHSS), Kallidaikurichi
+Fave Message
ProfileTimelineUploadsQ & A
 Home > ca_ipcc >

Formatting page ...

Test Series : October, 2014 Mock Test Paper 2 INTERMEDIATE (IPC): GROUP I PAPER 2: BUSINESS LAWS, ETHICS AND COMMUNICATION Question No.1 is compulsory. Attempt any five questions from the remaining six questions. Time Allowed 3 Hours 1. Maximum Marks 100 (a) Mr. X authorises Y to buy 500 bags of wheat for him. Y buys 500 bags of wheat and 200 bags of rice for a sum of Rs. 10,000. State the legal position of X, whether he is liable for the transaction of Y, in the given case as per the Indian Contract Act, 1872. (5 Marks) (b) Under what circumstances a company becomes subsidiary of another company under the provisions of the Companies Act, 2013? (5 Marks) (c) Explain the benefits of business ethics with respect to the following: (i) Ethics programs help to manage values associated with quality management, strategic planning and diversity management. (ii) Ethics programs help guarantee that personnel policies are legal. (d) State the merits of the grapevine phenomenon? 2. (a) (i) (5 Marks) (5 Marks) The management of X Ltd. entered into an agreement with their employees to pay them bonus based on production in lieu of Bonus based on profits, for the accounting year 2014. The employees further agreed to forego their right to receive minimum bonus and instead accept 25% of their salary/wage as bonus based on productivity. Is such an agreement valid? Examine in the light of the provisions of the Payment of Bonus Act, 1965. (4 Marks) (ii) Explain the manner in which the gratuity payable to employees in a seasonal as well as other establishments is calculated under the Payment of Gratuity Act, 1972. State also the maximum amount of gratuity payable under the Act. (4 Marks) (b) What is CSR? How adoption of CSR in business may minimise ecological damage. (4 Marks) (c) Why is the 'critical thinking' important part of success and wisdom. How one can (4 Marks) develop the critical thinking in a right direction. The Institute of Chartered Accountants of India 3. (a) Give the answer of the following: (i) A draws a cheque in favour of M, a minor. M endorses the same in favour of X. The cheque is dishonoured by the bank on grounds of inadequate funds. Discuss the rights of X. (ii) A promissory note was made without mentioning any time for payment. The holder added the words on demand on the face of the instrument .Does this amount to material alteration? (iii) A draws a cheque for ` 100 and hands it over to B by way of gift. Is B a holder in due course? Explain the nature of his title, interest and right to receive the proceeds of the cheque. (iv) A cheque is drawn payable to B or order . It is stolen and the thief forges B s endorsement and endorses it to C. The banker pays the cheque in due course. Can B recover the money from the banker. (8 Marks) (b) Ethical behaviour is essential to working environment at the workplace , explain. (4 Marks) (c) Suggest guidelines to handle communication ethics dilemmas. 4. (4 Marks) (a) A General Meeting to be held on 15th April, 2014 at 4.00 P.M. As per the notice the members who are unable to attend the meeting in person can appoint a proxy and the proxy forms duly filled should be sent so as to reach at least 48 hours before the meeting. Mr. A, a member of the company appoints Mr. P as his proxy and the proxy form dated 10.4.2014 was deposited by Mr. P with the company at its Registered Office on 11.04.2014. However, Mr. A changes his mind and on 12.04.2014 gives another proxy to Mr. Q and it was deposited on the same day with the company. Similarly another member Mr. B also gives to separate proxies to two individuals named Mr. R and Mr. S. In the case of Mr. R, the proxy dated 12.04.2014 was deposited with the company on the same day and the proxy form in favour of Mr. S was deposited on 14.04.2014. All the proxies viz., P, Q, R and S were present before the meeting. In the light of the relevant provisions of the Companies Act, 2013 who would be the persons allowed to represent at proxies for members A and B respectively? (8 Marks) (b) State with reasons whether the following statement is correct or incorrect: (i) A nation should satisfy its social and economic requirements without damaging the interest of future generations. (ii) Depletion of Ozone layer will have adverse effect on human beings and not on vegetation. (4 Marks) The Institute of Chartered Accountants of India (c) Draft a Power of Attorney of the Company authorising a Chartered Accountant to appear before the Registrar of Companies to do the needful for the purpose of incorporation of the company. (4 Marks) 5. (a) Briefly explain when the principal is liable for the acts of an agent and state under what circumstances an agent is personally liable. (8 Marks) (b) What is meant by 'Pre-Incorporation Contracts'? Can these contracts be enforced by the prospective company after its incorporation against the third parties with whom the promoters had entered into certain contracts? Explain in the light of the Companies Act, 1956. (4 Marks) (c) State, how far a sound ethical environment in a company may be created and corporate scandals may be avoided. (4 Marks) 6. (a) Moon Star Ltd is authorised by its articles to accept the whole or any part of the amount of remaining unpaid calls from any member although no part of that amount has been called up. A , a shareholder of the Moon Star Ltd., deposits in advance the remaining amount due on his shares without any calls made by Moon Star Ltd. . Referring to the provisions of the Companies Act, 1956, state the rights and liabilities of Mr. A, which will arise on the payment of calls made in advance. (8 Marks) (b) Draft a notice to the defaulter for making the payment of due amount. In case of failure to pay, initiation of legal action against him. (4 Marks) (c) State whether the following statements are correct or incorrect: (i) (4 Marks) The right of subrogation in a contract of guarantee is available to the surety. (ii) An acceptance by the promisee of a lesser fulfillment of the promise made is called as Rescission. (iii) As per the Companies Act, 2013, any document by which the offer or sale of shares or debentures to the public is made shall for all purpose be treated as prospectus issued by the company. (iv) Person whose name has been entered in the register of members are the shareholders of the company. 7. Answer any FOUR of the following: (4 x 4=16 Marks) (a) State the law with respect to protection of the amount standing to the credit of an employee in provident fund under the Employees Provident Funds and Miscellaneous Provisions Act, 1952. X, an employee in ABC Ltd died in an accident. Examine, to whom the amount standing in his account be payable under the provisions of the EPF & MP Act, 1952. (4 Marks) (b) What is E filing? List the advantages of E filing under MCA 21. The Institute of Chartered Accountants of India (4 Marks) (c) At a General meeting of a company, a matter was to be passed by a special resolution. Out of 40 members present, 20 voted in favour of the resolution, 5 voted against it and 5 votes were found invalid. The remaining 10 members abstained from voting. The Chairman of the meeting declared the resolution as passed. With reference to the provisions of the Companies Act, 2013, examine the validity of the Chairman s declaration. (4 Marks) (d) What are the United Nations guidelines themes on consumer protection? (4 Marks) (e) The Board of Directors of Surya Limited agrees with X to hire his (X's) flat at Delhi on lease for ten years @ ` 20,000 per month for marketing office of the company. Being an legal officer of the surya limited, the board asks you to prepare the lease deed for the agreement. Draft a lease deed. (4 Marks) The Institute of Chartered Accountants of India Test Series: October, 2014 MOCK TEST PAPER 2 INTERMEDIATE (IPC): GROUP I PAPER 2 : BUSINESS LAWS, ETHICS AND COMMUNICATION SUGGESTED ANSWERS/HINTS 1. (a) This problem deals with the principal s liability for the acts of the agent. As per the Indian Contract Act, 1872, an agent acting on behalf of the principal creates liability of the principal to third parties as it is the general rule of agency. An agent acting within the scope of his authority, binds the principal. However, as per section 228 of the Indian Contract Act, 1872, where an agent does more than he is authorized to do, and what he does beyond the scope of his liability, cannot be separated from what is within it, there the principal is not bound to recognize the transaction. He is in such a case is entitled to repudiate the whole transaction. Accordingly, in the given situation X may repudiate the whole transaction. (b) Holding and Subsidiary Companies are relative terms. As per clause 2(46) of the Companies Act, 2013, company is a holding company of another only if the other is its subsidiary. Whereas clause 2(87) of the Companies Act, 2013, lays down the subsidiary company in relation to the other company(holding company). Any of the circumstances illustrated below must exist to constitute the relationship of holding and subsidiary companies: (a) When one company controls the composition of Board of Directors of the other companies. (b) Exercises or controls more than one-half of the total share capital either at its own or together with one or more of its subsidiary companies (c) Where a company is subsidiary of another company which is subsidiary of still another company, provided that such class or classes of companies of holding companies shall not have layers of subsidiaries beyond such numbers as may be prescribed. The Ministry vide General Circular No. 20 /2013 clarified that the shares held by a company or power exercisable by it in another company in a 'fiduciary capacity' shall not be counted for the purpose of determining the holdingsubsidiary relationship in terms of the provision of section 2(87) of the Companies Act, 2013. (c) (i) Ethics programs help to manage values associated with quality management, strategic planning and diversity management. Ethics programs help identifying preferred values and ensuring that organizational The Institute of Chartered Accountants of India behaviors are aligned with those values. This includes recording the values, developing policies and procedures to align behaviours with preferred values, and then training all personnel about the policies and procedures. This overall effort is very useful for several other programs in the workplace that require behaviors to be aligned with values, including quality management, strategic planning and diversity management. For example, Total Quality Management initiatives include high priority on certain operating values, e.g., trust among stakeholders, performance, reliability, measurement, and feedback. (ii) Ethics programs help guarantee that personnel policies are legal: A major objective of personnel policies is to ensure ethical treatment of employees , For example, in matters of hiring, evaluating, disciplining, firing, etc., an employer can be sued for breach of contract for failure to comply with any promise it made, so the gap between stated corporate culture and actual practice has significant legal, as well as ethical implications. Attention to ethics ensures highly ethical policies and procedures in the workplace. Ethics management programs are also useful in managing diversity. Diversity programs require recognizing and applying diverse values and perspectives which are the basis of a sound ethics management program. Most organisations feel that it is far better to incur the cost of mechanisms to ensure ethical practices than to incur costs of litigation later. (d) Merits of the grapevine phenomenon (i) Speedy transmission: The greatest merit of this phenomenon is that it transmits information very speedily. The very moment a worker comes to know that something is top secret or confidential he tries to look into it or have some idea of it and pass it on to others. Thus it spreads within minutes. (ii) Feedback value: It is primarily through the grapevine that the managers or top bosses of an organisation get the feedback regarding their policies, decisions, memos etc. The feedback reaches them much faster through the informal channel than through the formal channel. (iii) Support to other channels: The grapevine or informal channel functions as a supplementary or parallel channel of communication. The formal channels not only take more time but also impose certain constraints on the process of communication. (iv) Psychological satisfaction: The grapevine gives immense psychological satisfaction to the workers and strengthens their solidarity. It draws them nearer to each other and thus keeps the organisation intact as a social entity. 2. (a) (i) Payment of bonus linked with productivity: No, such an agreement is null and void. The problem is based on Section 31A of the Payment of Bonus Act, 1965 which allows an agreement between employers and employees for The Institute of Chartered Accountants of India payment of bonus linked with productivity. But such payment is subject to two restrictions: (1) That such agreement whereby the employees relinquish their right to receive minimum bonus under Sec.10, shall be null and void. (2) If the bonus payable under such agreement exceeds 20% of the salary/wages earned by the employees during the relevant accounting year, such employees are not entitled to the excess over 20% of the salary/wages. Accordingly, in the given problem, the agreement to forego the right of receiving minimum bonus is null and void. The employees shall not be entitled to receive the excess over 20% of salary/wages in case of bonus payable linked with productivity. (ii) Computation of gratuity amount: Section 4 of the Payment of Gratuity Act, 1972 stipulates the manner in which the amount of gratuity payable to an employee will be calculated. In the case of establishments other than seasonal establishments, the employer shall pay the gratuity to an employee at the rate of 15 days wages based on the rate of wages last drawn by the employee concerned for every completed year of service or part thereof in excess of 6 months. In the case of piece rated employees, daily wages, shall be computed on the average of the total wages received by him for a period of 3 months immediately preceding the termination of his employment and for this purpose the wages paid for any overtime work shall not be taken into account. In the case of a monthly rated employee 15 days wages shall be calculated by dividing the monthly rate of wages last drawn, by 26 and by multiplying the quotient by 15. In the case of seasonal establishment the employees can be classified into 2 groups. (1) Those who work throughout the year and (2) Those who work only during the season. The former are entitled to get the gratuity at the rate of 15 days wages for every completed year of service or part thereof in excess of 6 months. The latter are entitled to receive gratuity at the rate of 7 days for each season. The amount of gratuity payable shall not exceed ` Ten lakhs. (b) Corporate social responsibility is the commitment of businesses to behave ethically and to contribute to sustainable economic development by working with all relevant stakeholders to improve their lives in ways that are good for business, the The Institute of Chartered Accountants of India sustainable development agenda, and society at large. Social responsibility becomes an integral part of the wealth creation process - which if managed properly should enhance the competitiveness of business and maximize the value of wealth creation to society. There is a growing body of data, quantitative and qualitative, that demonstrates many benefits of socially responsible corporate performance. Adoption of CSR helps to minimize Ecological Damage The effluents of many businesses damage the surrounding environment. By their own socially responsible behaviour, they can prevent government intervention if they are proactive in recognising their ecological responsibility towards society. Companies recognize that a strategy for corporate responsibility can play a valuable role not only in meeting the challenges of globalization by mitigating risks domestically and internationally, but also in providing benefits beyond risk management. (c) Critical thinking is the discipline of rigorously and skillfully using information, experience, observation and reasoning to guide our decisions, actions and beliefs. By developing the skills of critical thinking and bringing rigour and discipline to the thinking processes, a person stands at a better chance of being right and likely to make good judgments, choices and decisions in all areas of the life. This kind of questioning is called Socratic questions based upon logic, originated by Greek Philosopher Socrates, founder of Critical Thinking. Thus, this forms an important part of success and wisdom . Developing Critical thinking: To develop critical thinking in a right direction, one must be motivated to develop the following attributes: 1. 2. Well informed: Knowledge of the facts and what is happening on all fronts. 3. Experimental: Thinking through 'what if scenarios to create probable options and then test the theories to determine what will work and what will not be acceptable. 4. Contextual: Keeping in mind the appropriate context in the course of analyses. Apply factors of analysis that are relevant or appropriate. 5. 3. Open-minded: Readiness to accept and explore alternative approaches and ideas. Reserved in making conclusion: Knowledge of when, a conclusion is a 'fact' and when it is not only true conclusions support decisions. (a) (i) As per Section 26, a minor may draw, endorse, deliver and negotiate the instrument so as to bind all parties except himself. Therefore, M is not liable. X can, thus, proceed against A. (ii) As per the provision of the Negotiable Instruments Act, 1881 this is not a material alteration as a promissory note where no date of payment is specified The Institute of Chartered Accountants of India will be treated as payable on demand. Hence adding the words on demand does not alter the business effect of the instrument. (iii) B is a holder but not a holder in due course as he does not get the cheque for value and consideration. His title is good and bonafide. As a holder he is entitled to receive ` 100 from the bank on whom the cheque is drawn. (iv) According to Section 85, the drawee banker is discharged when he pays a cheque payable to order when it is purported to be endorsed by or on behalf of the payee. Even though the endorsement of Mr. B is forged, the banker is protected and he is discharged. The true owner, B, cannot recover the money from the drawee bank. (b) Every organization, whether a business or a government agency, is first and foremost a human society. In all these setups, ethical behaviour is essential to working environment. If an employer does not take steps to create a working environment where the employees have a clear, common understanding of what is right and wrong, and feel free to discuss and ask questions about ethical issues and report violations, some significant problems may arise namely: (i) Increased risk of employees making unethical decisions. (ii) Increased tendency of employees to report violations to outside regulatory authorities (whistle blowing) because they lack an adequate internal forum. (iii) Inability to recruit and retain top people. (iv) Diminished reputation in the industry and the community. (v) Significant legal exposure and loss of competitive advantage in the market place. Therefore ethical behaviour is essential to working environment at the workplace. (c) Guidelines to handle communication ethics dilemmas: (i) Maintain candour: Candour refers to truthfulness, honesty, frankness and one should stick to these elements while communicating with others. (ii) Keep message accurate: At the time of relaying information from one source to another, communicate the original message as accurately as possible. (iii) Secrecy: One has to maintain secrecy and confidence in communication. So one should not divulge such information to others (iv) Ensure timeliness of communication: The timing of messages can be critical. Delay in sending messages can be assumed unethical. (v) Avoid deception: Ethical communicators are always vigilant in their quest to avoid deception, fabrication, intentional distortion or withholding of information in their communication. The Institute of Chartered Accountants of India (vi) Confront unethical behaviour: One must confront an unethical behaviour in order to ensure a consistent ethical view point. 4. (a) A Proxy is an instrument in writing executed by a shareholder authorizing another person to attend a meeting and to vote thereat on his behalf and in his absence. As per, the provisions of Section 105 of the Companies Act, 2013 every shareholder who is entitled to attend and vote has a statutory right to appoint another person as his proxy and the proxy need not be a member of the company. Further, any provision in the articles of association of the company requiring instrument of proxy to be lodged with the company more than 48 hours before a meeting shall have effect as if 48 hours had been specified therein. The members has a right to revoke the proxy s authority by voting himself before the proxy has voted but once the proxy has voted the member cannot retract his authority. Where two proxy instruments by the same shareholder are lodged in respect of the same votes before the expiry of the time for lodging, there the proxies, the second in time will be counted and where one is lodged before and the other after the expiry of the date fixed for lodging proxies, the former will be counted. Thus in case of Member A, the proxy Q (and not Proxy P) will be permitted to vote on his behalf. However, in the case of Member B, the proxy R (and not Proxy S) will be permitted to vote as the proxy authorizing S to vote was deposited in less than 48 hours before the meeting. (b) (i) Correct: An element of resource regeneration and positive approach to environment has to be incorporated in developmental programmes. Sustainable development is necessary because it meets the needs of the present without compromising the ability of future generations to meet their own needs. (ii) Incorrect: Ozone depletion results in the increase of ultraviolet rays. Experts believe that this could cause several hundred thousands of new cases of skin cancer and could also lead to considerable destruction of 75% of the world s major crops that are sensitive to ultraviolet light. (c) General Power of Attorney: Know we all subscribers of the Memorandum and Article of Association of the Proposed Company, do hereby appoint and constitute son of (hereinafter called chartered Accountant who has subscribed his signature hereunder in token of identification) presently residing as lawful Chartered Accountant in our name and on our behalf do it any one or all the following acts, namely 1. to give all particulars necessary for incorporation of company. 2. to give affidavit to the Registrar of Company for the purpose of incorporation. 3. to do needful acts necessary for incorporation of the company The Institute of Chartered Accountants of India 4. he is authorized to include promissory notes letter of declaration and indemnity for the purpose of incorporation. 5. to receive documents on behalf of the members of the company. 6. to sign forms, documents and papers required for the purpose of incorporation of the company. This power of attorney executed by company at - this day of - 2014. Specimen signature of the Chartered Accountant above named Signatures of the Subscribers of the Company 5. (a) Principal s liabilities for Agents acts 1. When the agent exceeds his authority principal is liable for such acts. 2. Principal is bound by notice given to agent in the course of business. 3. A principal is liable where he has by words or conduct induced a belief in the contracting party that the act of the agent was within the scope of his authority. 4. The principal is liable for misrepresentation or fraud of his agent acting within the scope of his actual or apparent authority during the course of the agency business. Agent is personally liable 1. When the contract expressly provides for the personal liability of the agent. 2. When the agent signs a negotiable instrument in his own name without making it clear that he is signing as agent. 3. Where the agent acts for a principal, who cannot be sued on account of his being a foreign sovereign, ambassador, etc., (b) Pre-incorporation Contracts and its Enforcement: Pre-incorporation contracts are those contracts which are entered into, by the promoters on behalf of a prospective company, before it has come into existence e.g. with the proprietor of business to sell it to the prospective company. Since a company comes into existence from the date of its incorporation, it follows that any act purporting to be performed by it prior to that date is of no effect so far as the company is concerned. Hence the vendor cannot sue or be sued by the company thereof, after its incorporation. After incorporation, the company may adopt the preliminary agreement. But this must be, by novation. However, in order to facilitate companies to adopt preincorporation contracts, special provisions are made in sections 15 and 19 of the The Institute of Chartered Accountants of India Specific Relief Act, 1963. Accordingly, pre-incorporation contracts can be enforced by the company, if the contract is for the purposes of the company, the contract is warranted by the terms of its incorporation is within the scope of the company's objects as given in the Memorandum of Association and the company has accepted the contract and has communicated such acceptance to the other party. (c) Creating an ethical environment in company: A sound ethical environment in a company may be created and corporate scandals may be avoided by adopting the following methods: 1. Ensuring that employees are aware of their legal and ethical responsibilities. Some ethical organisations are having policies to train and motivate employees towards ethical behaviour. To start with, such initiation should be from the top. A number of companies in India and abroad are being known for their quality and soundness of their ethics programmes. Companies like Raytheon, Texas Instruments, Wipro are pioneers in establishing ethical environment among the employees enabling them to take ethical decisions. 2. Providing a communication system between the management and employees so that anyone in the company can report fraud and mismanagement without the fear of being reprimanded. In India, Wipro has introduced a helpline comprising of senior members of the company, who are available for guidance on any moral, legal or ethical issues that an employee of the company may face. 3. Ensuring fair treatment to those who act as whistle blowers : This is perhaps the most important and sensitive issue. Fair treatment to whistle blowers is a basic necessity to check fraud. Some acts must be appreciated and that appreciation should be extended from within the company rather than outside. 6. (a) Mr. A, a shareholder of the Moon Star Ltd ., deposited in advance the remaining amount due on his shares without any calls made by Moon Star Ltd . Moon Star Ltd was authorized to accept the unpaid calls by its articles. According to section 50 of the Companies Act, 2013, a company may, if so authorized by the articles, accept from any member the whole or a part of the amount remaining unpaid or any shares by him although and even if no part of that amount has been called up. The amount so received or accepted is described as payment in advance of calls. When a company receives payment in advance of calls, the rights and liabilities of the shareholder will be as follows: (i) The shareholder is not entitled to voting rights in respect of the amount paid by him as per the provision 50(1) until that amount has been called up.[Section 50(2)]. The Institute of Chartered Accountants of India (ii) The shareholder s liability to the company in respect of the call for which the amount is paid is distinguished. (iii) The shareholder is entitled to claim interest on the amount of the call to the extent payable according to the articles of association. If there are no profits, it must be paid out of capital, because shareholder becomes the creditor of the company in respect of this amount. (iv) The amount received in advance of calls is not refundable. (v) In the event of winding up the shareholder ranks after the creditors, but must be paid his amount with interest, if any before the other shareholders are paid off. (vi) The power to receive the payment in advance of calls must be exercised in the general interest and for the benefit of the company. (b) Notice to the defaulter for making the payment of due amount ------------Company ------------Address To, -------------, ------------(Address) Subject: To clear the due payment Dear Sir, Despite the continuous request again and again to clear the due payment, you haven t taken note of our requests and failed to clear the account by making payment of due amount. By ignoring our requests, you are deteriorating the credit record which you have maintained with our company in the past. Besides, you are incurring additional expense in the form of overdue interest and penal interest to yourself. Please note if we don t hear from you with 15 days, we shall initiate legal action against you for recovery of the dues. Thanking you. Yours faithfully, ----------------(Manager of the company) (c) (i) Correct (ii) Incorrect The Institute of Chartered Accountants of India (iii) Correct (iv) Incorrect 7. (a) Protection of the amount standing to the credit of an employee in provident fund against attachment: As per Section 10 of the Employees Provident Funds and Miscellaneous Provisions Act,1952, the amount standing to the credit of any member in the fund or of any exempted employee in a provident fund shall not in any way be capable of being assigned or charged and shall not be liable to attachment under any decree or order of any court in respect of any debt or liability incurred by the member or exempted employee, and neither the official assignee, nor any receiver, shall be entitled to or have any claim on, any such amount. This protection also applies to provident fund, pension and insurance amount receivable by employee under the scheme. Payable of amount after the death of the employee: The amount standing to the credit of the person at the time of his death is payable to his nominees under the scheme or the rules vest in nominees. And the amount shall be free from any debt or other liability incurred by the deceased or the nominee before the death of the member or of the exempted employee and shall also not be liable to attachment under any decree or order of any Court. (Section 10, EPF & MP Act, 1952). (b) The term E-filing indicates the process of getting services electronically with a comprehensive on-line portal. The advantages are: 1. Instant registration of companies; 2. Simplified and more easy method of filing documents; 3. Total transparency; 4. Easier and better compliance of regulations; 5. Utmost customer care 6. Authentic and reliable filling of forms / returns through professionals; 7. Centralised database management; 8. Better service availability; 9. Filing of and inspection of documents anywhere and anytime. 10. Quick redressal of investor grievances 11. Supervisor and monitoring of compliance made easier. (c) Under Section 114 of the Companies Act, 2013 for a valid special resolution, the following conditions need to be satisfied: (i) The intention to propose the resolution, as a special resolution must have been specified in the notice calling the general meeting or other intimation given to the members; The Institute of Chartered Accountants of India (ii) The notice required under the Companies Act must have been duly given of the general meeting; (iii) The votes cast in favour of the resolution (whether by show of hands or on poll or electronically) by members present in person or by proxy or by postal ballot, are not less than 3 times the number of votes, if any, cast against the resolution. Thus, in terms of the requisite majority, votes cast in favour have to be compared with votes cast against the resolution. Abstentions or invalid, if any, are not to be taken into account. Accordingly, in the given problem, the votes cast in favour (20) being more than 3 times of the votes cast against (5), if other conditions of Section 114 are satisfied, the decision of the Chairman is in order. (d) The UN Guidelines call upon governments to develop, strengthen and maintain a strong consumer policy, and provide for enhanced protection of consumers by enunciating various steps and measures around eight themes (UNCTAD, 2001). These eight themes are: 1. 2. Physical safety Economic interests 3. 4. Standards Essential goods and services 5. Redress 6. Education and information 7. Specific areas concerning health 8. Sustainable consumption (e) This Lease is made on this the day of 1 st of September 2014, between, X (details of X), residing at Delhi (hereinafter called the LESSOR); and Surya Limited, Delhi (hereinafter called the LESSEE). Whereas, the lessor is the absolute owner of the property (1500 Squares of house bearing No. 56, Vasant Kunj at Delhi) and Whereas, the Lesssee is desirous of taking on lease the mentioned property for a period of 10 years and, whereas, the Lessor is agreeable for the same. Now therefore this deed witnessed that in pursuance of aforesaid agreement and in consideration of the rent hereinafter contained, the Lessor hereby demises by way of lease to Lessee the mentioned Property from today, on the following terms and conditions: 1. That the lessee has undertaken to pay the lessor a monthly rent of ` 20,000/(Rupees twenty thousand only) for the mentioned Property on or before the 10 day of the following calendar month, and 10 months rent of ` 2.00 lac only deposit by the lessee on the date of execution of this lease; the receipt where of the lessor hereby acknowledges and agrees to repay the same without The Institute of Chartered Accountants of India interest at the time of vacating the Property, after deducting for damages, if any. 2. The lessee shall use the mentioned Property only for official purpose and shall not assign or sublease or use the Scheduled Premises for any unlawful purposes or alter the mentioned Property without the consent of the lessor in writing. 3. During the lease period, the lessee shall pay the electricity and water charges to the respective departments promptly and obviate disconnection at any time. 4. The lessee shall permit the lessor or his agents, to enter the mentioned Property at all reasonable times for the purpose of periodical inspection. In witness whereof the parties hereto have their respective hands and seals to this Agreement on the 1st day of September, 2014 written above. Signature of Lessor Signature of Lessee Witness Witness The Institute of Chartered Accountants of India

Formatting page ...

Formatting page ...

Top Contributors
to this ResPaper
(answers/comments)


Sagar Chauhan
(1)

Formatting page ...

Formatting page ...

Formatting page ...

Formatting page ...

Formatting page ...

Formatting page ...

Formatting page ...

Formatting page ...

Formatting page ...

Formatting page ...

Formatting page ...

Formatting page ...

Formatting page ...

 

  Print intermediate debugging step

Show debugging info


 


Tags : CA IPCC, sample / model / mock / past / previous / old / online test papers, Group I, Group II, accounting technician course, atc, accounts, accounting, business laws, ethics, communiation, cost accounts, cost accounting, financial management, fm, tax, taxation, advanced accounting, audit, auditing, assurance, itsm, it & sm, information technology, strategic management, Integrated Professional Competence Course, may, november, 2015, 2014, 2013, 2012, 2011, 2010, 2009.  


© 2010 - 2025 ResPaper. Terms of ServiceContact Us Advertise with us

 

ca_ipcc chat