Tag: company

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Questions Related to company

Multiple choice business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

A company cannot be registered with the name -
(1) Which is undesirable
(2) Which is identical to name of an existing company
(3) Which is identical to or too nearly resembles the name of an existing company
Select the correct answer from the options given below -

  1. 1

  2. 2

  3. 3

  4. All of the above are correct
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
A legal entity must have a name, which forms the identity of the enterprise. The name clause, the first of the MOA, protects the entity against future registrations of the same or closely identical name. Likewise, the name of the entity shouldn’t be similar or closely identical to any other operating entity.  The Central Government may find a name to be undesirable and misleading, in which case it may prohibit it. A company should end with the word ‘limited’ in case of a public limited enterprise, and ‘private limited’ in the case of a private limited enterprise.

Multiple choice business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

As per Section 275 of the Companies Act, 2013, Company Secretaries have been recognized to be appointed as ______from a panel to be maintained by the Central Government.

  1. Financial Liquidator or Company Liquidator.

  2. Provisional Liquidator or Company Liquidator.

  3. Provisional Liquidator or Financial Liquidator.

  4. Both (A) and (B)
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Section 275 of the Companies Act 2013 talks about the appointment of the Company liquidators in case of winding up. As per clause (2) of the section, the provisional liquidator or the Company Liquidator, shall be appointed from a panel maintained by the Central Government consisting of the names of chartered accountants, advocates, company secretaries, cost accountants or firms or bodies corporate having such chartered accountants, advocates, company secretaries, cost accountants and such other professionals as may be notified by the Central Government or from a firm or a body corporate of persons having a combination of such professionals as may be prescribed and having at least ten years’ experience in company matters.

Multiple choice business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

Secretarial Audit is also known as - 

  1. Complementary Audit

  2. Corporate Governance audit

  3. Compliance Audit

  4. Total Audit
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Secretarial Audit is a process of verification of compliance with the provisions of various laws and rules by a company. It is essentially a compliance audit performed by a practicing company secretary.

Multiple choice business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

As per the Rule 8 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, every listed company and every other public company having a paid-up share capital of ______or more shall have whole-time key managerial personnel.

  1. Rs. 5 Crore

  2. Rs. 8 Crore

  3. Rs. 2 Crore

  4. Rs. 10 Crore
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Rule 8 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 mandates that every listed company and every other public company having a paid-up share capital of Rs. 10 Crore or more must appoint whole-time key managerial personnel.

Multiple choice business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

As per Rule 9 of Companies (Incorporation ) Rules, 2014, for reservation of name, application shall be made in ________

  1. From No. INC-1A

  2. From No. INC-5

  3. From No. INC-1

  4. From No. INC- 1B
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

As per rule 9 of the Companies (Incorporation ) Rules, 2014, an application for the reservation of a name shall be made in Form No. INC.1 along with the fee as provided in the Companies (Registration offices and fees) Rules, 2014. 


Multiple choice business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

Appointment of Company Secretary is mandatory in -
(a) Every listed company
(b) Every unlisted private company having paid-up share capital of Rs.10 Crore or more
(c) Every public company having paid-up capital of Rs.5 Crore or more
(d) Every public company having turnover of Rs. 5 Crore or more
Select the correct answer from the option given below :-

  1. (a) & (b)

  2. (a) & (c)

  3. (a) & (d)

  4. (a), (c) & (d)
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

  • As per Section 2 (24) of Companies Act, 2013, Company Secretary or Secretary means a Company Secretary as defined in clause (c) of sub-section (1) of section 2 of the Company Secretaries Act, 1980 who is appointed by a company to perform the functions of a Company Secretary under this Act. As per Company Secretaries Act, 1980 “Company Secretary” means a person who is a member of the Institute of Company Secretaries of India.
  • Following Companies need to appoint whole time company secretary :
1. All Listed Companies 
2. Every Public Company having paid-up share capital of Rs. 10 Cr. or More 
3. Every other Company having paid-up share capital of Rs. 5 Cr. or More. 

Multiple choice business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

A public company must have atleast _______ and a private company must have at least _______.

  1. 5 Directors; 3 Directors

  2. 2 Directors; 3 Directors

  3. 3 Directors, 2 Directors

  4. 10 Directors; 4 Directors
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

According to the Companies Act, 2013, a public company must have at least 3 directors, while a private company must have at least 2 directors.

Multiple choice business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

For ascertaining as to whether the proposed name is available for adoption, the promoters are required to make an application to the Registrar of Companies in From No. INC 1 along with fee as provided in ____

  1. Companies (Registration Office and Fees Rules, 2014)

  2. Companies (Incorporation and Fees) Rules, 2014

  3. Companies (Fees and Penalties) Rules, 2013

  4. Companies (Fees and Penalties) Rules, 2014
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

As per rule 9 of the Companies (Incorporation ) Rules, 2014, an application for the reservation of a name shall be made in Form No. INC.1 along with the fee as provided in the Companies (Registration offices and fees) Rules, 2014. 


Multiple choice business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

Small company as defined in Section 2(85) of the Companies Act, 2013 means which of the following company?

  1. Public Company of which turnover does not exceed Rs. 2 Crores

  2. A Company registered under section 8

  3. Public company of which paid-up share capital does not exceed Rs. 50 Lakhs

  4. Private company of which paid-up share capital does not exceed Rs. 50 Lakhs
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

A small company is defined under Section 2(85) as a company other than a public company, with a paid-up share capital not exceeding Rs. 50 Lakhs (or higher prescribed limit) and a turnover not exceeding Rs. 2 Crores (or higher prescribed limit).

Multiple choice business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

Which of the following person is NOT eligible to incorporate One Person Company (OPC) as per Companies Act, 2013?
(1) Indian citizen and resident in India
(2) Person who has already incorporated one OPC in India
(3) Artificial person
(4) Indian citizen and non-resident in India
Select the correct the answer from the options given below

  1. (1), (3) and (4)

  2. (2), (3) and (4)

  3. (1), (2) and (4)

  4. (2) and (4)
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

As per Section 2(62) of the Company’s Act 2013, a company can be formed with just 1 Director and 1 member which is known as One Person Company. It is a form of a company where the compliance requirements are lesser than that of a private company. Only a natural person who is an Indian citizen and resident in India shall be eligible to incorporate and act as a member and nominee of an OPC. For the above purpose, the term "resident in India" means a person who has stayed in India for a period of not less than one hundred and eighty two days during the immediately preceding one financial year.