This Paper has 31 answerable questions with 0 answered.
| Roll No…………………… | |
| Total No. of Questions— 10 | Total No. of Printed Pages—4 |
| Time Allowed : 3 Hours | Maximum Marks : 100 |
| Answers to questions are to be given only in English except in the cases 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. |
| Questions 1 and 7 are compulsory. |
| Candidates are required to attempt three questions out of questions 2, 3, 4, 5 and 6 and two questions out of questions 8, 9 and 10 |
| Marks |
| 1. | Answer any six of the following: | 6x4=24 | ||||||||
| (a) | What is meant by `Undue Influence'? `A' applies to a banker of a loan at a time where there is strigency in the money market. The banker declines to make the loan except at an unusually high rate of interest. A accepts the loan on these terms. Whether the contract is induced by undue influence? Decide. | (0) | ||||||||
| (b) | Explain the meaning of `Holder' and `Holder in due course' of a negotiable instrument. The drawer, `D' is induced by `A' to draw a cheque in favour of P, who is an existing person. `A' instead of sending the cheque to `P', forges his name and pays the cheque into his own bank. Whether `D' can recover the amount of the cheque from `A's banker. Decide. | (0) | ||||||||
| (c) | What are the implied warranties in a Contract of Sale under the Sale of Goods act, 1930? | (0) | ||||||||
| (d) | What acts do not fall within the implied authority of a partner under the Indian Partnership Act, 1932? | (0) | ||||||||
| (e) | Explain the meaning of `Allocable Surplus' and `Available Surplus' stated in the Payment of Bonus Act, 1965. | (0) | ||||||||
| (f) | State the conditions which are essential for the registration of `Multi-State Cooperative Society under the Multi-State Cooperative Societies Act, 1984. | (0) | ||||||||
| (g) | State the kinds of establishments which are not covered under the Employee's Provident Funds and Miscellaneous Provisions Act, 1952. | (0) | ||||||||
| (h) | State the ways in which a society may invest its own funds under the Cooperative Societies Act, 1912. Whether such funds may be divided among the members of the Society? | (0) | ||||||||
| 2. | (a) | `A' stands surety for `B' for any amount which `C' may lend to B from time to time during the next three months subject to a maximum of Rs.50,000. One month later A revokes the guarantee, when C had lent ot B Rs.5,000. Referring to the provisions of the Indian Contract Act, 1872 decide whether `A' is discharged from all the liabilities to `C' for any subsequent loan. What would be your answer in case `B' makes a default in paying back to `C' the money already borrowed i.e. Rs.5,000? | 6 | (0) | ||||||
| (b) | Explain the provisions of law relating to unpaid seller's `right of lien' and distinguish it from the "right of stoppage the goods in transit". | 6 | (0) | |||||||
| 3. | (a) | State the grounds upon which a contract may be discharged under the provisions of Indian Contract Act, 1872. | 6 | (0) | ||||||
| (b) | Whether a minor may be admitted in the business of a partnership firm? Explain the rights of a minor in the partnership firm. | 6 | (0) | |||||||
| 4. | (a) | When a bill of exchange may be dishonoured by `non-acceptance' and `non-payment' under the provisions of Negotiable Instruments Act, 1881? | 6 | (0) | ||||||
| (b) | X, a temporary employee drawing a salary of Rs.3,000 per month, in an establishment to which the Payment of Bonus Act, 1965 applies was prevented by the employers from working in the establishment for two months during the financial year 2001-2002, pending certain inquiry. Since there were no adverse findings `X' was re-instated in service, later, when the bonus was to be paid to other employees, the employers refuse to pay bonus to `X' even though he has worked for the remaining ten months in the year. referring to the provisions of the Payments of Bonus Act, 1965 examine the validity of employer's refusal to pay bonus to `X'. | 6 | (0) | |||||||
| 5. | (a) | In What way is the "Employee's Deposit-linked Insurance Scheme&wuot; regulated under the provisions of the Employee's Provident Funds and Miscellaneous Provisions Act, 1952? Explain. | 6 | (0) | ||||||
| (b) | Explain the manner in which `Net Profits' of a Multi-State Cooperative Society can be appropriated. Examine also the validity of the following acts of the society during a particular year:
| 3+3 | (0) | |||||||
| 6. | (a) | A Cooperative Society with unlimited liability wants to expel its member, who prejudices the society by his misconduct. For this purpose the society wants to amend its bye-laws. State the grounds which should be included in the bye-laws of the society so as to expel such member from the membership of the society. | 6 | (0) | ||||||
| (b) | Referring to the provisions of the Negotiable Instruments Act, 1881, examine the validity of the following Promissory Notes: | 6 | ||||||||
| (i) | I owe you a sum of Rs. 1,000.`A' tells `B' | (0) | ||||||||
| (ii) | `X' promises to pay `Y' a sum of Rs. 10,000, six months after `Y's Marriage with `Z'. | (0) | ||||||||
| 7. | Answer any four of the following : | 5x4=20 | ||||||||
| (a) | Explain clearly the meaning of a `Private' and `Public' Company after companies (Amendment) Act, 2000. | (0) | ||||||||
| (b) | Describe the ways to become a member of a company A company issued 20 partly paid equity shares and registered them in the name of the minor describing him as minor. The father of the minor signed the application on the minor's behalf. After some time company went into liquidation. The company filed a suit against father of the minor to recover the remaining amount on the shares. Whether the company will succeed? Advice. | (0) | ||||||||
| (c) | Whether a company can issue shares at premium? State the purposes for which the Securities Premium account can be used under the provisions of the Companies Act, 1956. | (0) | ||||||||
| (d) | In what way does the Companies Act, 1956 regulate the holding of an Annual general Meeting by a public limited company? Explain. | (0) | ||||||||
| (e) | Explain the limitations relating to alternation of Articles of Association of a company. | (0) | ||||||||
| 8. | (a) | Explain clearly the meaning of Lifting the Corporate Veil, as applicable in case of companies incorporated under the Companies Act, 1956. Under what circumstances the veil of a company can be lifted by the court? | 5 | (0) | ||||||
| (b) | Who is an `Expert'? When an expert is not liable for the mis-statement in the prospectus of a public company? | 5 | (0) | |||||||
| 9. | (a) | ABC Company Limited at a general meeting of members of the company pass an ordinary resolution to buy-back 30% of its Equity Share Capital. The Articles of the Company empower the company for buy-back of shares. The company further decide that the payment for buy-back be made out of the proceed of the company's earlier issue of equity shares. Explaining the provisions of the Companies Act 1956, and stating the sources through which the buy-back of companies own shares be executed. Examine. | 5 | |||||||
| (i) | Whether company's proposal is in order? | (0) | ||||||||
| (ii) | Would your answer be still the same in case the company instead of 30% decide to buy–back only 20% of its Equity Share Capital? | (0) | ||||||||
| (b) | State the types of debentures which may be issued by a public company. | 5 | (0) | |||||||
| 10. | (a) | Define the term `Small Depositors'. State the legal provisions relating to acceptance, repayment and further deposits of such small depositors under the Companies Amendment Act, 2000. | 5 | (0) | ||||||
| (b) | `A' commits forgery and thereby obtains a certificate of transfer of shares from a company and transfers the shares to `B' for value acting in good faith. Company refuses to transfer the shares to `B. Whether the company can refuse? Decide the liability of `A' and of the company towards `B'. | 5 | (0) | |||||||
