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Posted By: Ramesh Gupta Member Level: Diamond Posted Date: 26 Sep 2008
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2008 The Institute of Chartered Accountants of India PCC MAY 2008 – LAW University Question paper
PCC MAY 2008 – LAW
NOTE:
Answers to questions are to be given only in English except in the case of candidates who have opted for Hindi medium. If a candidate who has not opted for Hindi medium, answers in Hindi, his answers in Hindi will not be valued.
PART – I
Question Nos. 1 and 2 are compulsory. Attempt any eight questions from rest.
1. (a) P appoints A as his agent to sell his estate. A, on looking over the estate before selling it, finds the existence of a good quality GraniteMine on the estate, which is unknown to P. A buys the estate himself after informing P that he (A) wishes to buy the estate for himself but conceals the existence of GraniteMine.
P allows A to buy the estate, in ignorance of the existence of Mine. State giving reasons in brief the rights of P, the principal, against A, the Agent. What would be your answer if A had informed P about the existence of Mine before he purchased the estate, but after two months, he sold the estate at a profit of Rs. 1 lac? (05 Marks)
(b) (2X1=2 Marks)
(i) State with reasons whether the following statements are correct or incorrect:
(a) In a contract of guarantee, forbearance by the creditor to sue the Principal Debtor discharges the surety.
(b) A pledge of documents of title to goods by a mercantile agent is a valid pledge.
(ii) Pickup the correct answer from the following and give reasons: (3X1=3)
(a) If time is the essence of the contract and there is a failure to perform the contract and there is to perform specified time, the contract:
(1) becomes voidable at the option of the promisee
(2) becomes unenforceable
(3) becomes void
(4) remains valid.
(b) A contingent contract is
(1) valid
(2) void
(3) voidable
(4) illegal.
(c) A Promissorynote drawn jointly by X, a minor and Y, a major is
(1) void
(2) valid but not negotiable
(3) valid but can be enforced only against Y
(4) None of the above.
2. (a) MN Limited held its Annual General Meeting on 27th March, 2008. Mr. M, the Chairman of the said meeting died on 1st April, 2008, when minutes of' the annual general meeting were not yet recorded and signed. How would you deal with the situation? Would your answer be different in case the meeting held on 27th March, 2008 was a Board meeting? (05 Marks)
(b)
(i) State whether the following statements are True or False and give reasons. (2x1=2)
(a) A certificate of incorporation issued by the Registrar of Companies is not valid if all the signatures of the subscribers to memorandum of association have been forged.
(b) A Public Company can issue either redeemable or irredeemable preference shares.
(ii) Pickup the correct answer from the following and give reasons: (3x1=3)
(a) A Public Company need not offer further shares to existing shareholders, if:
1) Ordinary resolution is passed to that effect by the company in General meeting.
2) Special resolution is passed to that effect by the company in General meeting.
3) Resolution is passed by Board of Directors and approved by Company Law Board.
4) Special resolution is passed by the Company in General meeting and approved by Registrar of Companies.
(b) Resolution requiring special notice is required
1) For appointment of a person other than the retiring auditor as auditor at the Annual General Meeting
2) For removing a Director before the expiry of the period of his office
3) For both (1) and (2)
4) For None of the above.
(c) Quorum for a General meeting of a Public Company is
1) 5 members present in person or by proxy
2) 3 members personally present as required by the Articles of Association of the company
3) 5 members personally present
4) 2 members personally present.
3. A workshop is employing 50 workmen. A shop supervisor is drawing monthly wages of Rs. 9,000. HRD paid annual bonus to all employees except the Supervisor. The Supervisor contends that he is also entitled to bonus. Referring to the provisions of the Payment of Bonus Act, 1965 decide whether the HRD's action is correct. (05 Marks)
4. What is meant by `Presentment' of a bill of exchange under the Negotible Instrumerts Act, 1881? When is such a bill of exchange presented for payment? State when is the presentment not necessary. (05 Marks)
5. Describe in brief the mode of transfer of balance to the credit of Provident Fund Account of an employee leaving one organisation and joining another organisation, to the new employer under the provisions of the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952. (05 Marks)
6. `A' draws a bill of exchange payable to himself on `X'. Who accepts the bill without consideration just to accommodate `A'. `A' transfers the bill to ‘P’ for good consideration. State the rights of `A' and `P'. (05 Marks)
Would your answer be different if 'A' transferred the bill to `P’ after maturity? (05 Marks)
7. Examining the provisions of the Payment of Gratuity Act. 1972, state whether gratuity is payable to an employee for the periods when he does not actually work in the organization. Explain the manner in which gratuity is calculated for regular employees. (05 Marks)
8. A Public Company proposes to issue `Sweat Equity Share' to it= employees. Referring to the provisions of the Companies Act, 1956, state the conditions required to be fulfilled by the Company. (05 Marks)
9. Charge requiring registration with Registrar of Companies was created 1 st February, 2008 by XYZ Limited. The Secretary of the Company realised on March, 2008 that the charge was not filed with the Registrar. State the steps to be taken by the Secretary to get the charge registered with the Registrar. (05 Marks)
10. What is meant by 'Redherring prospectus’? State the circumstances under which such prospectus is required to be filed with the Registrar of Companies. What is the requirement relating to filing of final prospectus in such cases? (05 Marks)
11. VD Company Ltd. is registered in Tamil Nadu within the jurisdiction of the Registrar of Companies, Chennai. The company proposes to shift its registered office to a place within the jurisdiction of Registrar of Companies, Coimbatore. State the steps to be taken by the company to give effect to the proposed-h sting of its registered office. (05 Marks)
12. DJA Company Ltd., desirous of buying back of all its equity shares from the existing shareholders of the company, seeks your advice. Examining the provisions of the Companies Act, 1956 advise whether the above buy back of equity shares by the company is possible. Also state the sources out of which buyback of shares can be financed. (05 Marks)
PART – II
Question No. 13 is compulsory. Answer any two questions of the rest.
13.
(a) Explain the role played by different committees in regulating the 'Corporate Governance'. (05 Marks)
(b) Self interest threats may occur as a result of financial or other interests of finance and accounting professional. Give three examples each of such threats when the accounting professional is working as
(i) An auditor or consultant
(ii) An employee in a company. (05 Marks)
14.Explain the extent to which it is possible to observe ethical behaviour in marketing. Also explain in brief the merits and demerits of the above. (05 Marks)
15.Answer any two out of four. You are required to state whether the statement is correct or incorrect with brief reasons: (2X21/2=5)
(a) Ensuring fair treatment to whistle blowers w ill help in creating good ethical accounting environment in a business enterprise.
(b) Ethical behavior in marketing is necessary to avoid Government intervention/ regulation.
(c) Promotion policies based on individual merit and not purely on the basis of seniority is discriminatory.
(d) Depletion of Ozone layer will have adverse effect on human beings and not on vegetation.
16. State the benefits of socially responsible corporate performance. (05 Marks)
PART – III
Question No. 17 is compulsory. Attempt any two questions of the rest.
17.
(a) Explain clearly the meaning of the term `Grapevine' as applicable to `Communication'. (05 Marks)
(b) Draft a `Power of Attorney' by an assesses authorizing a Chartered Accountant to appear before Income tax officer in respect of the pending taxation matter. (05 Marks)
18. Board of Directors of Prakash Traders Private Limited propose to convene an extraordinary general meeting for changing the name of the company to Prakash International Private Limited. Draft the notice for calling the Extraordinary General Meeting of the Members. (05 Marks)
19.Draft a notice for calling the Board of Directors meeting of M/s. MN Limited where Mr. RS is to be coopted as an Additional Director and also to consider buyback of company's equity shares to an extent of 10% , of issued share capital. (05 Marks)
20.Explain clearly the process of Communication. (05 Marks)
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