CA Inter Law MCQ Quiz ( ICAI MCQ 21-40)

21. Where there is a change in the rights of one class of shareholders of a company that also affects the rights of another class therein, then:

22. Rajesh Infrastructure Limited wants to issue preference shares for a period exceeding 20 years for financing its proposed infrastructure project. On the basis of which statement, company can do so?

23. If a company has Authorised Share Capital of ₹ 6,00,000, Paid-up Share Capital of ₹ 5,00,000 and a loan of ₹ 2,00,000 obtained from the State Government. The State Government has directed the company to convert its loan into equity shares, then such order shall have the effect of increasing:

24. A company bought back 10% of its equity shares in August 2020. Due to certain miscalculations during the first buy-back, it again bought back another 10% equity shares in September 2020. Is second buy-back valid?

25. Swagat Hospitality Limited defaulted in the repayment of last two instalments of term loan availed from National Commercial Bank. On 30 th September, 2019, they cleared all the dues by repaying it. When can it issue equity shares with differential voting rights?

26. Radha, the original allottee of 2000 equity shares in Murti Mechanical Toys Private Limited has transferred the same to Ruchi. The instrument of transfer dated 21st August, 2020, duly stamped and signed by Radha was handed over to Ruchi. Advise Ruchi regarding the latest date by which the instrument of transfer along with share certificates must be delivered to the company, to register the transfer in its register of members.

27. Shreem Lakshmi Jewellery Store Private Limited was incorporated on 27 th August, 2020 with 30 persons as subscribers to the Memorandum of Association and with an Authorised share capital of ₹ 1 crore divided into equal number of shares off ₹ 1 each. Each subscriber subscribed for ₹ 1.00 lac shares. Advise the company about by what date it needs to deliver the share certificates to the subscribers.

28. Keshika, the original allottee and owner of 1000 equity shares of ₹ 50 eachin Modern Biscuits Private Limited, wanted to transfer these shares to her younger sister Vanshika by way of gift. She completed the transfer deed in all respects and delivered the same to the company along with the share certificates on 17 th July, 2020. However, the company di not register the transfer even after the expiry of more than one month nor did it send any notice of refusal. The lone reminder to the company remained unanswered. An appeal is to be filed against the company with the National Company Law Tribunal (NCLT) against this failure to register transfer of the said shares. Who has the right to file the appeal in this regard?

29. Vanita Watches Limited has proposed to issue sweat equity shares to five of its employees for the ‘value additions’ made by them in term of economic benefits which proved beneficial to the company. The period for which the employees who have been allotted the said sweat equity shares cannot transfer them is:

30. Prithvi Cements Limited is desirous of issuing debentures carrying voting rights. Choose the right option from the following:

31. While making an application to the Tribunal for seeking its confirmation in respect of extinguishing the liability of ₹ 3 per equity share, Medhavi Publishers Limited has to file a certificate along with the application, that the accounting treatment proposed by it for such reduction of share capital is in conformity with the accounting standards specified in the prescribed Section. Advise the company as to who can issue such certificate?

32. A reserve account that shall not be used by the company for any purpose other than repayment of deposits is called:

33. Normally no deposits are repayable earlier than ______ from the date of such deposits or renewal thereof.

34. Bhumi Real Estate Developers Limited has accepted deposits from its members. There is no default in repayment of such deposits on their maturity. The statutory amount to be deposited by the company on or before 30th April of each year in a specified account opened with its bankers, till the deposits are fully repaid is:

35. A Limited Company is accepting deposits of various tenures from its members from time to time. The current Register of Deposits, maintained at its registered office is complete. State the mandatory minimum period for which it should be preserved in good order.

36. Dream World Entertainment Limited, has accepted deposits worth ₹ 50.00 lacs from public on 1 st April 2019 for a period of 24 months i.e. repayment of deposit would be made on 31 st March 2021. The rate of interest payable on such deposits is 9% p.a. One of the depositors Mr. Aman requested the company on 1 st June 2020 for premature repayment of his deposit of ₹ 6.00 lacs along with interest. Advise the company in the said matter.

37. Suneet Spices Limited decides to raise deposits of ₹ 20.00 lacs from its members. However, it proposes to secure such deposits partially by offering a security worth ₹ 15.00 lacs. Which of the following options best describe such deposits:

38. What is the maximum tenure for which a company can accept or renew deposits from its members as well as public?

39. Ruchita wants to renew her deposit of ₹ 5.00 lakh with Kewal Constructions Limited before the expiry of original period for availing higher rate of interest. The fresh period, for which Ruchita is required to renew her deposit to be eligible for the higher rate shall be

40. Any person acquiring property, on which charge is registered under section 77, shall be deemed to have notice of the charge from:

Leave a Reply

Your email address will not be published. Required fields are marked *