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CA IPCC : Question Paper (with Answers) - BUSINESS LAWS, ETHICS & COMMUNICATION May 2014

17 pages, 31 questions, 0 questions with responses, 0 total responses,

CA IPCC
Tilak Vidyalaya Higher Secondary School (TVHSS), Kallidaikurichi

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PAPER 2 : BUSINESS LAWS, ETHICS AND COMMUNICATION Question No. 1 is compulsory. Attempt any five questions from the remaining six questions. Question 1 (a) Sunil borrowed a sum of ` 3 lakh from Rajendra. Sunil appointed Rajendra as his agent to sell his land and authorized him to appropriate the amount of loan out of the sale proceeds. Afterwards, Sunil revoked the agency. Decide under the provisions of the Indian Contract Act, 1872 whether the revocation of the said agency by Sunil is lawful ? (5 Marks) (b) Anson Limited held equity shares in Booban Limited. Later on, Anson Limited became a subsidiary company of Booban Limited. Decide under the Companies Act, 1956, whether it is necessary for Anson Limited to surrender the equity shares of Booban Limited? (5 Marks) (c) State with reasons whether the following statements are correct or incorrect : (i) Consumer Interest and Public Interest are synonymous. (3 Marks) (ii) The phrase Iron Law of Responsibility means that the institution of business exists only because it performs invaluable services towards its promoters. (2 Marks) (d) What important factors should be considered to make oral communication effective? (5 Marks) Answer (a) The given problem is based on the provision related to agency coupled with interest . According to Section 202 of the Indian Contract Act, 1872 an agency becomes irrevocable where the agent has himself an interest in the property which forms the subject-matter of the agency, and such an agency cannot, in the absence of an express provision in the contract, be terminated to the prejudice of such interest. In the instant case the rule of agency coupled with interest applies and does not come to an end even on death, insanity or the insolvency of the principal. Thus, when Sunil appointed Rajendra as his agent to sell his land and authorized him to appropriate the amount of loan out of the sale proceeds, interest was created in favour of Rajendra and the said agency is not revocable. The revocation of agency by Sunil is not lawful. (b) As per section 42 of the Companies Act, 1956, a body corporate cannot be a member of a company which is its Holding company and any allotment or transfer of shares in a company to its subsidiary or nominee for its subsidiary shall be void, except: The Institute of Chartered Accountants of India

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