Tag: companies act, 2013 - introduction and characteristics

Questions Related to companies act, 2013 - introduction and characteristics

A partnership firm cannot become member of the company registered under Section 8 of the Companies Act, 2013.

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

  1. True

  2. False

  3. Partly true

  4. Partly false

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Correct Option: B

As per Section 2(69) of the Companies Act, 2013, which of the following person can be treated as "Promoter"?
(I) Who has been named as such in a  prospectus or is identified by the company in the annual return referred to in Section 92. 
(II) Who has control over the affairs of the company, directly or indirectly whether as a shareholder, director or otherwise.
(III) In accordance with whose advice, directions or instructions the Board of Directors of the company is accustomed to act
(IV) Person who is acting in a professional capacity

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

  1. (I) and (II) only

  2. (II) and (III) only

  3. (II), (III) and (IV) only

  4. (I), (II), (III) of the above

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Correct Option: D

Rule 12 of the Companies (Incorporation) Rules, 2014 states that an application for incorporation shall be filed with ROC in _______ in case of one person company or _______ in case of other companies.

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

  1. Form INC-2; Form INC-5

  2. Form INC-7; Form INC-5

  3. Form INC-7; Form INC-2

  4. Form INC-2; Form INC-7

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Correct Option: D

According to the Companies Act, 2013, which of the following is/are treated as 'non-current investment'?

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

  1. Investment in Mutual Funds

  2. Investment in Govt. Securities

  3. Investment in Bonds

  4. All of the above

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Correct Option: D

Which of the following is not an object of the Companies Act, 2013?

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

  1. To encourage transparency

  2. To encourage profitability

  3. To encourage accountability

  4. None of these

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Correct Option: B

Consider the following statements :
1. Under the new Company Act, 2013, a director is treated as related party.
2.  Under the new Company Act, 2013, an 'Official Liquidator' should be appointed under subsection (1) of Section 359.
3. Life Insurance Corporation cannot be treated as a 'Public Financial Institution'.
Which of the above statement/s is/are not correct

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

  1. Only 3

  2. Only 2

  3. 1 and 3

  4. 1 and 2

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Correct Option: A
Explanation:

LIC is one of the financial institutions to be established in India after independence. The full form of LIC is life insurance corporation and it was established in 1956. The main aim behind the establishment was to spread the message of life insurance in the country. Also, it was required to mobilize people's savings.

Which of the following statements is correct?

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

  1. The 'Corporate Governance' is about ethical conduct only.

  2. The 'Corporate Governance' is beyond the realm of law.

  3. The 'Corporate Governance' stems from the culture and mind set of management and cannot be regulated by legislation alone.

  4. All of the above

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Correct Option: C

Which of the following is a correct statement?

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

  1. Goods and Service Tax (GST) is a consolidation of many indirect taxes already levied in India

  2. In India, Excise duty and Service tax are levied by the Central Government

  3. VAT is levied by the State Governments

  4. All of the above

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Correct Option: D

Consider the following statements :
1.Neither the Companies Act, 1956 not the Companies Act, 2013 defines the term 'Person' i.e. the one member of OPC
2. The one member of OPC can be either a natural person or a Juridical person.
3. An OPC cannot be converted into any other class of company.
Which of the above statement/s is/are not true?

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

  1. 1 and 2

  2. 2 and 3

  3. Only 2

  4. Only 3

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Correct Option: D
Explanation:

The conversion of a private limited into an OPC (One Person Company) is allowed as per the Companies Act, 2013, which provides a mechanism to convert one class of company into another.That the annual turnover of the company must be less than Rs. 2 crores during the past three consecutive financial years.

Which of the following is considered as a 'tangible asset'?

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

  1. Vehicles

  2. Computer Software

  3. Mining Rights

  4. Goodwill

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Correct Option: A