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MBA/Management CLAT/CE-Law Finance/CA K-12-Commerce ...
13 followers study24x7 09 Apr 2021 04:13 PM study24x7 study24x7

Committee of creditors of Corporate debtors was constituted on 17.3.2018. Time limit, within which the first meeting of committee of creditors should be held, is ----------------.

A

20.3.2018

B

22.3.2018

C

24.3.2018

D

31.3.2018

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13 followers study24x7 09 Apr 2021 04:11 PM study24x7 study24x7

As per the Insolvency & Bankruptcy Code, 2016, resolution plan is prepared by ----------- is submitted to -----------------

A

Committee of Creditors, Adjudicating Authority

B

Resolution applicant, committee of creditors

C

Resolution applicant, Resolution Professional

D

Committee of Creditors, Resolution Professional

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13 followers study24x7 09 Apr 2021 04:04 PM study24x7 study24x7

A financial creditor, FC through an assignment agreement, assigned here the debt to the X trust. X trust filed the petition for initiation of corporate Insolvency resolution process (CIRP) against Corporate debtor, CR. State the correct statement with respect to the competency of the X trust in the filing of the petition in the above situation-

A

X Trust is not a competent applicant as per section 6 of the IBC, 2016

B

X Trust is being authorized by the FC to file an application

C

X Trust in the capacity of financial creditor can file a valid petition.

D

None of the above

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13 followers study24x7 09 Apr 2021 03:55 PM study24x7 study24x7

The Board of directors of Very Well Ltd., wants to contribute Rs. 60,000 to a charitable organization during the financial year 2017-2018. During the financial year 2015-2016, the company suffered losses. The directors are contemplating to contribute the said amount in spite of the losses. In this connection, state whether the directors can do so?

A

No, Very Well Ltd. cannot contribute Rs. 60,000 in 2017-2018 as the company suffered losses in 2015-2016.

B

No, the board of directors are not authorized to contribute to bonafide charitable and other funds.

C

No, Permission of the company in general meeting shall be required for contribution to bonafide charitable and other funds.

D

Yes, Very Well Ltd. Can contribute Rs. 60,000 to a charitable organization inspite of losses in 2015-2016 provided it is to a bonafide charitable fund.

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13 followers study24x7 09 Apr 2021 03:53 PM study24x7 study24x7

The Board of Directors of ABV Limited is desirous to delegate some of its powers to its committee of directors as they find it difficult to manage everything on their own. The Board of Directors are confused between the various powers of the Board as which power can be delegated or not. Advice the Board amongst the following powers which they can delegate to its committee of directors:

A

To authorise buy-back of securities

B

To invest the funds of the company

C

To diversify the business of the company

D

To take over a company or acquire a controlling or substantial stake in another company

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13 followers study24x7 08 Apr 2021 02:11 PM study24x7 study24x7

Seafood Limited, a public limited company was incorporated on 1st April, 2016. The company has conducted four Board Meetings during the financial year 2016-17 i.e. on 6th April, 2016, 28th August, 2016, 30th September, 2016 and 30th March, 2017. Decide on the validity of the frequency of the Board Meeting:

A

There is no contravention of the provision related to holding of board meeting as 4 board meetings has been held during the year.

B

There is no contravention of the provision related to holding of board meeting as the first board meeting was held within 30 days of incorporation.

C

There is a contravention in respect of the conduct of the board meetings as gap between two consecutive board meetings (6th April and 28th August) is 143 days and gap between two consecutive board meetings (30th September and 30th March) is 181 days.

D

There is a contravention in respect of the conduct of the board meetings as gap between two consecutive board meetings (6th April and 28th August) is 123 days and gap between two consecutive board meetings (30th September and 30th March) is 141 days.

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13 followers study24x7 08 Apr 2021 02:06 PM study24x7 study24x7

There are 9 directors in a company and out of which 2 officers of the directors have fallen vacant. What will be the quorum for the board meeting?

A

2

B

4

C

3

D

5

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13 followers study24x7 08 Apr 2021 02:02 PM study24x7 study24x7

XYZ Limited is a listed public company having a paid-up capital of twenty crore rupees as on 31st March, 2017 and a turnover of one hundred fifty crore rupees during the year ended 31st March, 2017. The total number of directors is thirteen. State the minimum number of independent directors that the company should appoint.

A

2

B

3

C

4

D

5

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13 followers study24x7 08 Apr 2021 02:01 PM study24x7 study24x7

Mr. Q, a Director of PQR Limited proceeding on a foreign tour for six months, appointed Mr. Y as an alternate director to act for him during his absence. The articles of the company provide forappointment of alternate directors. Mr. Q claims that he has a right to appoint alternate director. Examine the validity of Mr. Q claim.

A

Claim by Mr. Q is valid as the Articles provide for appointment of alternate directors

B

Claim by Mr. Q is not valid as the authority to appoint alternate director has been vested in the board of directors only and that too subject to empowerment by the Articles

C

Mr. Y cannot be appointed as alternate director as Mr. Q proceeds on a foreign tour for six months only

D

None of the above

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13 followers study24x7 08 Apr 2021 01:56 PM study24x7 study24x7

Prince Ltd. desires to appoint an additional director on its Board of directors. The Articles of the company confer upon the Board to exercise the power to appoint such a director. As such M is appointed as an additional director on 12th December, 2017. The Annual General Meeting ought to have been held on 17th August, 2018 but adjourned to 5th October, 2018. Decide the date upto which M can continue as director in Prince Ltd.?

A

17th August, 2018

B

30th September, 2018

C

5th October, 2018

D

The appointment of additional director is not valid.

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13 followers study24x7 07 Apr 2021 02:04 PM study24x7 study24x7

Operational creditors are entitled to receive notice of meetings of Committee of creditors if their aggregate dues are not less than …. % of the total debts of the corporate debtor

A

20%

B

10%

C

15%

D

5%

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13 followers study24x7 07 Apr 2021 01:56 PM study24x7 study24x7

ABC and Co, the tax consultants of X Limited, for which an interim resolution professional – Mr A, has been appointed under the Corporate Insolvency resolution process has refused to furnish information to Mr A on the grounds of client confidentiality. Are they right

A

Yes, they are right

B

No, the Code provides powers to the IRP to access all information from various parties

C

Partly right, they can do so only after consent of the directors

D

Mr A is not right in even asking for this information

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13 followers study24x7 07 Apr 2021 01:46 PM study24x7 study24x7

The time line of 180 days for the Corporate Insolvency Resolution process commences from the

A

Date of Debt

B

Date of preferring the application

C

Date of admission of application by NCLT

D

90 days after the debt is due

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13 followers study24x7 07 Apr 2021 01:45 PM study24x7 study24x7

RAB Bank Limited, a banking company, has defaulted in the payment of dues to their catering contractor. Can the contractor, as an operational creditor initiate insolvency process against the bank-

A

Yes, operational creditors are entitled

B

No, financial service providers are excluded

C

Yes, banking companies are covered under this code

D

No, catering is an excluded service under the Code

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13 followers study24x7 07 Apr 2021 01:44 PM study24x7 study24x7

Mr. Mahesh returned from abroad, was left unspent with the foreign currency USD 1,000.This amount can be retained with him –

A

for 60 days

B

for 90 days

C

for 120 days

D

for 180 days

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13 followers study24x7 06 Apr 2021 04:22 PM study24x7 study24x7

In compliance to the Companies Act, 2013, at least one woman director shall be on Board of such class or classes of companies as may be prescribed. Ms. Riya is keen to hold the office of woman director in a company. She has selected some companies in which there is a vacancy for the woman director. Advice Ms. Riya in selecting the companies which are mandatorily required to appoint a woman director:

A

PQR Limited which is a unlisted company and having paid up share capital of 150 crore rupees as per the last date of latest audited financial statements.

B

ABC Limited which is a listed company and having a turnover of 150 crore rupees as per the last date of latest audited financial statements.

C

XYZ Limited which is a unlisted company and having a turnover of 350 crore rupees as per the last date of latest audited financial statements.

D

Both in ABC Limited and XYZ Limited

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13 followers study24x7 06 Apr 2021 04:21 PM study24x7 study24x7

Mr. X, a director of the company, intimated of his participation in the meeting scheduled on August, 2018. He declared his participation through electronic mode, in April 2017. State whether Mr. X is entitled to participate in the meeting to be conducted in August 2018 –

A

(a) Yes, intimation about such participation was made at the beginning of the calendar year

B

No, because intimation was made in previous calendar year

C

Yes, because company was intimated of its participation in the meeting.

D

No, because valid period of declaration (i.e., 1 year) of his participation expired.

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13 followers study24x7 06 Apr 2021 04:19 PM study24x7 study24x7

PQR Company give its assent to give guarantee to ABZ Company on the taking of loan from financial institution. According to the Companies Act, 2013, the said act should be approved by the Board of Directors. State the mode of approval adopted by the board of directors of PQR company-

A

Board shall give approval for giving guarantee on the loan by simple majority

B

Board shall give approval by passing circular resolution.

C

Board shall give approval by passing resolution through special majority

D

Board shall give unanimous approval.

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13 followers study24x7 06 Apr 2021 04:13 PM study24x7 study24x7

Mr. Raman, is appointed as valuer in April, 2018 in ABC Ltd. He undertook the valuation of the assets of the company in 2018. In case Mr. Raman becomes interested in any property, stock etc of the company, he may be not be eligible to undertake valuation in such property of the company till:

A

2019

B

2020

C

2021

D

He will never be appointed as Registered Valuer of ABC Ltd.

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