Full Text Transcript
PE- II
Roll No............................... GROUP-I PAPER-3
MAY2010
BUSINfSSANGOORPOrlAlATEWS
Total No. of Questions-10] [Total No. of Printed Pages-10 4
Time Allowed-3 Hours Maximum Marks-100
KBC
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 has not opted for Hindi
medium, his answers in Hindi will not be valued.
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Answer all questions.
Marks
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1. (a) State with reasons whether there is any contract made in the followmg cases
as per Indian Contract Act, 1872 :
(i) J accepts an invitation to dinner but fails to attend.
(ii) J takes a seat in a Public Bus.
(iii) J tells M that N has expressed his willingness to marry hereM).
(iv) J bids at a Public auction.
(v) J puts three one Rupee coins in the slot of a Platform Ticket vending
machine at the Railway station.
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(b) X places an order with Y to supply 30 bags of Wheat. Y sf3nds 40 bags. 5
What should X do ? Advise in the light of the provisions of the Sale of Goods
Act, 1930.
2. (a) A, Band C enter into a partnership agreement to supply springs to car 5
manufacturers, for a period of ten years. The business was run for five years
resulting in loss each year. In spite of this, A insists on the business being
continued for the remaining period. Can A so insist? If he can, state the
course, if any, open to B alld C who are not anxious to run the business, with
reference to the provisions of the Indian Partnership Act, 1932.
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(b) A company which is covered by the Employees' Provident Fund and Miscellaneous 5
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Provisions Act, 1952 was adjudged insolvent and an order for winding up was
made. State, in this connection, whether the Provident Fund is attachable
and whether the-payment of Provident Fund contribution be considered as
priority over other Debts of the Company.
3. (a) A appoints M, a minor, as his agent to sell his watch for cash at a price not 5
less than Rs. 700. M sells it to D for Rs. 350. Is the sale valid? Explain the
legal position of M and D, referring to the provisions of the Indian Contract
Act, 1872.
(b) Raman is the payee of an order cheque. John steals the cheque and forges 5
Raman's signatures and endorses the cheque in his own favour. John then
further endorses the cheque to Ani!, who takes the cheque in good faith and
for valuable consideration.
Examine the validity of the cheque as per provisions of the Negotiable
Instruments Act, 1881 and also state whether Anil can claim the privileges
of a Holder in Due course.
4. (a) X sold a Motorcycle by auction. It was knocked down to Y who was allowed 5
to take it away on giving a cheque for the price and signing an agreement
that ownership should not pass to him until the cheque was cleared. The
cheque was not cleared; but meanwhile Y had sold the motorcycle to Z. Is the
sale valid? Discuss with reference to the provisions of the Sale of Goods Act,
1930!
(b) State the circumstances under which the Registrar of Co-operative Societies 5
may cancel the Registration of a Co-operative Society registered under the
Co-operative Societies Act, 1912. What is the effect of such a cancellation?
5. (a) An employee working in an establishment commits fraud during the accounting 5
year 2004-2005, but continues to work during the subsequent accounting years
2005-2006 and 2006-2007, and has a clean record during the subsequent
years. On the basis of the fraud committed in 2004-2005, the employee is
dismissed from service at the end of the accounting year 2006-2007. In this
case, does he lose the Bonus for the accounting year of misconduct i.e.
2004-2005 or for all 3 accounting years ending with 2006-2007 ? Discuss in
the light of the provisions of the Payment of Bonus Act, 1965.
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(b) A, Band C are partners. C retire;3 and A and B take D into partnership,
continuing the old firm name. A customer deals with the firm as newly constituted
without having notice of the change, and has to recover a sum of Rs. 20,000. ~
He wants to hold all the partn,ers liable. Advise the customer as to his course.
of action, as per the terms of the Indian Partnership Act, 1932.
6. (a) A sold Oats to B by sample, delivery to be made at Park Railway Station. 5
B resold the Oats to C. The Oats were d~livered at Park Station and B after
inspecting a sample of the Oats, sent it on to C. C rejected it as not being
according to sample, whereupon B claimed to be entitled to reject it. Discuss
the rights of B under the Sale of Goods Act", 1930.
5
(b) X draws a bill on Y for Rs. 10,000 payable to his order. Y accepts the bill but
subsequently dishonours it by non-payment. X sues Y on the bill, Y proves
that it was accepted for value as of Rs. 8,000 and as accommodation to X for
Rs. 2,000. How much can X recover from Y ? Decide with reference to the
provisions of the Negotiable Instruments Act, 1881.
7. (a) Sparkle .Infotech Ltd. was registered as a Public Company. There are 5
76 members in the company as stated below:
(i) Directors and their relatives 36
(ii) Employees 12
(iii) Ex-emp"loyees (Shares were allotted when they
were employees) 8
(iv) 7 couples holding shares jointly in the names of
husband and wife (7x2) 14
(v) Others 6
Total number of members 76
/
The Board of Directors of the Company propose to convert it into a Private
Company. Advise the Board of Directors about the steps to be t~ken for
conversion into a Private Company including reduction in the number of
members, if necessary, as per the Companies Act, 1956.
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(b) The promoters of your company incorporated on 10th September, 2009 has 5
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entered into a contract with A on 7th August, 2009 for supply of goods;. After'
incorporation, your company does not want to proceed with the contract. As
the Company's advisor, advise the management of the Company, referring to
the provisions of the Companies Act, 1956.
8. (a) A Company by a special resolution declared that Rs. 50 out of each Rs. 100 5
share should be the reserve Capital. The company then issued debentures
charging its undertaking and property including its uncalled capital. Two
. years later; the company went into liquidation. The debentureholders claimed
a first charge on the reserve capital. Is their claim Justified? Give reasons
referring to the provisions of the Companies Act, 1956.
(b) An allottee of shares in a company brought action against a Director in respect 5
of false statements in prospectus. The director contended that the statements
were prepared by the promoters and he has relied on th'em. Is the Director
liable under the circumstances? Decide referring to the provisions of the
Companies Act, 1956.
9. (a) C, a shareholder, after appointing B as his proxy at a meeting ofthe company, 5
himself attended the meeting and voted on a particular resoly.tion. B thereafter.
claimed to exercise his vote. Examine his claim in the light of the provisions
of the Companies Act, 1956.
(b) State with reasons, whether the following statements :ate.correct or incorrect, 5
according to the Companies Act, 1956 : .
(i) A special resolution is one to pass, where the votes cast in favour must
be twice the votes cast against it.
(ii) The statutory meeting is required to be held by all companies.,
(iii) If a registerable charge is not registered, the debt is not recoverable.
(iv) In the case of Public issue of shares, the subscription list is to be kept
open for a minimum period of 3 working days.
(v) Change of registered office of company from one place to another within
a State requires confirmation by the Regional Director.
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10, (a) The Board of Directors of Alltronlx Ltd, have passed a resolution to the effect
that no member who is indulging in activities detrimental to the interests of 4
the company be permitted to examine the records or obtain certified copies..
thereof. A member of the company, considered by the company to be acting
against the interests of the company, demands inspection of the register of
members and minutes of General Meeting and certified true copies thereof.
The company refuses the inspection etc. on the strength of the resolution
referred to above. Examine the correctness of the refusal by the company
referring to the provisions of the Companies Act, 1956,
. .
(b) 'The last General Meeting was conducted by the Chairman on 12th August, 5
2008, Thereafter, on 19th August, 2008, the Chairman died, before the minutes
of t~e said meeting could be signed. In such an eventuality, how. are the
Minutes book to be dated and signed? Discuss in terms of the provisions of
the Companies Act, 1956.
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