(CA Inter)Jan 27/Sep26

5. I.T.C limited changed its name to ITC limited. Company and officers thereat made default by failing to makealteration in every issued copy of memorandums and articles. In this context you are required to pick incorrect statements out of followings (i) Alternation shall be made to every copy of MOA/AOA because these are considered as public document. (ii) Alternation shall be made to every copy be it in electronic form or otherwise. (iii) Penalty shall be rupees one thousand for every copy of the articles issued without such alteration. (a) (ii) only (b) (iii) only (c) (ii) and (iii) only (d) None of (i), (ii) and (iii)

4. Modern Furniture incorporated on 30th June 2022, its directors filled a declaration under section 10A (1)(a)regarding receipt of payment i.e. value of share (against share subscribed by subscriber) to registrar on 18thApril 2023. The company and its officers (officers who are in default) shall be charged with penalty of: (a) ₹ 1,11,000 and ₹ 1,11,000 respectively (b) ₹ 50,000 and ₹ 1,11,000 respectively (c) ₹ 1,11,000 and ₹ 50,000 respectively (d) ₹ 50,000 and ₹ 1,00,000 respectively

2. Today, it’s May 2023. Mr. Nilanjan Chattopadhyay a 24 years old Indian youngster, who returned back to India in January month of 2023 after completing his education in bio nutrient and willing to form an OPC; but not sure about the requirements or pre conditions regarding eligibility. He read some articles on provisions related to OPC and concluded; (i) OPC can be formed by Indian Citizen only (ii) He can’t form OPC because in immediate previous year he was not resident in India

🌟Company Law MCQ's🌟 Chapter 2 : Incorporation of Company

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A Ltd. is the holding company of B Ltd. Another company C Ltd. is the subsidiary company of B Ltd. Is there any relationship between A Ltd. and C Ltd. (a) There is no relationship between A Ltd. and C Ltd. (b) C Ltd. is deemed to be the subsidiary of A Ltd. (c) A Ltd. shall be deemed to be the holding company of C Ltd. provided A Ltd. acquires at least 10% stake in C Ltd. (d) C Ltd. shall be deemed to be the subsidiary of A Ltd. if the latter company acquires minimum 10% stake in the former company within six months after C Ltd. becomes subsidiary of B Ltd.

Abhilasha and Amrita have incorporated a ‘not for profit’ private limited company which is registered under Section 8 of the Companies Act, 2013. One of their friends has informed them that their company can be categorized as a ‘small company’ because as per the last profit and loss account for the year ending 31st March, 2022, its turnover was less than 40 crore and its paid up share capital was less than 4 crore. Advise. a) A section 8 company, which meets the criteria of ‘turnover’ and ‘paid-up share capital’ in the last financial year, can avail the status of ‘small company’ only if it acquires at least 5% stake in another ‘small company’ within the immediately following financial year. b) If the acquisition of minimum 5% stake in another ‘small company’ materializes in the second financial year (and not in the immediately following financial year) after meeting the criteria of ‘turnover’ and ‘paid-up share capital’ then with the written permission of concerned ROC, it can acquire the status of ‘small company’. c) The status of ‘small company’ cannot be bestowed upon a ‘not for profit’ company which is registered under Section 8 of the Companies Act, 2013. d) A section 8 company, if incorporated as a private limited company (and not as public limited company) can avail the status of ‘small company’ with the permission of concerned ROC, after it meets the criteria of ‘turnover’ and ‘paid-up share capital

Kaveri Goods Carriers Private Limited (KGCPL) issued 9% Non-convertible Debentures worth ` 10 lakhsand thereafter, the directors contemplated to get them listed. After due formalities, these privately placed non- convertible debentures of ` 10 lakhs were listed. Which of the following options is applicable in the given situation: a) KGCPL shall be considered as a listed company. b) KGCPL shall not be considered as a listed company. c) KGCPL shall be considered as a listed company only when minimum amount of listed privately placed non-convertible debentures is ` 15 lakhs. d) KGCPL shall be considered as a listed company only when minimum amount of listed privately placed non-convertible debentures is minimum ` 20 lakhs

A Ltd. is the holding company of B Ltd. Another company C Ltd. is the subsidiary company of B Ltd. Is there any relationship between A Ltd. and C Ltd.(RTP May ’19) (a) There is no relationship between A Ltd. and C Ltd. (b) C Ltd. is deemed to be the subsidiary of A Ltd. (c) A Ltd. shall be deemed to be the holding company of C Ltd. provided A Ltd. acquires at least 10% stake in C Ltd. (d) C Ltd. shall be deemed to be the subsidiary of A Ltd. if the latter company acquires minimum 10% stake in the former company within six months after C Ltd. becomes subsidiary of B Ltd.

Roma along with her six friends has got incorporated Roma Trading Ltd. in May 2019. She kept the paid-up share capital at ` 30 lacs. Further, in April 2020, she noticed that in the last financial year, the turnover of the company was well below ` 2 crores. Advise whether the company can be treated as a ‘small company’.