CMA Exam Prep
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Interpretation of Statutes Question 1.Give the difference between interpretation and construction. [MTP-March 18, March 21]Answer:Difference between Interpretation and Construction:More often the two terms are used interchangeably to denote a process adopted by the courts to ascertain the meaning of the legislature from the words with which it is expressed, these two terms have different connotations. […]
Audit and Auditors Question 1.State the procedure for the following, explaining the relevant provisions of the Companies Act, 2013: Appointment of First Auditor, when the Board of Directors did not appoint the First Auditor within one month from the date of registration of the company.Answer:Procedure for appointment of First Auditor:Sec. 139(6) of the Companies Act, […]
Declaration and Payment of Dividend Question 1.AB Ltd. has issued equity shares having face value of ₹ 10 per share. The shares are currently quoting on the NSE at ₹ 250 per share. The company at its AGM held on 27.07.22 has declared a dividend of 20%. Mr. Shekar owns 1,000 shares which he purchased […]
Management and Administration Question 1.Mr. Zoey purchased the shares of Luxy Hairstyles Private Limited, at market price. In the name of his daughter, Mita, who is 4 years old. Mr. Joe, the Director of the Company, has approached you to advise him on the updation of said change In the register of members, since Mita, […]
Registration of Charges Meaning & types of Charges Question 1.Mind Limited realised on 2nd May, 2022 that particulars of charge created on 12th March, 2022 in favour of a Bank were not filed with Registrar of Companies for Registration. What procedure should the company follow to get the charge registered with the Registrar of Companies? […]
Acceptance of Deposits by Companies Question 1.Soorya Ltd. has raised ₹ 2,00,000 through issue of non-convertible debenture not constituting a charge on the assets of the company and listed on a recognised stock exchange as per applicable regulations made by Securities and Exchange Board of India. Whether the amount so received can be treated as […]
Prospectus and Allotment of Securities Question 1.The Board of Directors of Dr. Sunny Pharmaceutical Limited has allotted shares to the investors at large without issuing a prospectus. State whether the allotment made by the company is valid and briefly describe the related consequences.Answer:Issue of Securities to Public: As per Sec. 23 of the Companies Act, […]
Incorporation of Company and Matters Incidental Thereto Question 1.XYZ a One Person Company (OPC) was incorporated during the year 2020-21 with an authorized capital of ₹ 45 lakh (4.5 lakh shares of ₹ 10 each), the capital was fully subscribed and paid up. Turnover of the company during 2020-21 & 2021-22 was ₹ 2 crores […]
Preliminary Question 1.X Industries Ltd. is a company in which 25% of shareholding is held by Central Government; 10% shareholding is held by Government of Maharashtra and 15% shareholding is held by Central Government and Government of Rajasthan jointly. Examine whether, X Industries Ltd. Is a government company.Answer:Government Company: As per Sec. 2(45) of Companies […]