JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY HYDERABAD
JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY HYDERABAD MBA 2021 LEGAL AND BUSINESS ENVIRONMENT Previous Question Paper (July/August - 2021 - R19)
Answer any five questions. All questions carry equal marks.
Main
What is Company? Explain Steps and procedure for incorporation of the company.
Answer
A Company is an artificial person created by law, having a separate legal entity, perpetual succession, and a common seal. It is an association of persons formed for a common objective, typically to carry on business for profit, and is distinct from its members.
The procedure for the incorporation of a company under the Companies Act involves the following steps:
- Name Reservation: The promoters must apply for the reservation of the company name through the RUN (Reserve Unique Name) service on the MCA portal. The name must not be identical or resemble an existing company name.
- Preparation of Documents: Drafting the Memorandum of Association (MoA) and Articles of Association (AoA). The MoA defines the company's objectives and scope, while the AoA contains the rules and regulations for internal management.
- Filing of Forms: Filing the SPICe+ (Simplified Proforma for Incorporating a Company Electronically) form with the Registrar of Companies (RoC). This integrated form covers name reservation, incorporation, Director Identification Number (DIN) allotment, and application for PAN and TAN.
- Payment of Fees: Payment of the prescribed registration fees and stamp duty based on the authorized capital of the company.
- Scrutiny and Approval: The RoC scrutinizes the submitted documents. If the documents are found to be in compliance with the Act, the RoC registers the company.
- Certificate of Incorporation: Upon successful registration, the RoC issues a Certificate of Incorporation. This certificate serves as conclusive evidence that all requirements of the Act have been complied with, and the company is now a legal entity.
Write about:
Different Company Meetings
Answer
Company meetings are essential for decision-making and ensuring transparency in corporate governance. The primary types of meetings include:
- Statutory Meeting: The first meeting of the members of a public company, which must be held within a period of not less than one month and not more than six months from the date at which the company is entitled to commence business.
- Annual General Meeting (AGM): A mandatory yearly meeting for every company (except a One Person Company) to discuss financial statements, director reports, auditor appointments, and dividend declarations.
- Extraordinary General Meeting (EGM): Any general meeting other than the statutory meeting or AGM, convened to transact urgent or special business that cannot wait until the next AGM.
- Class Meetings: Meetings convened by holders of a particular class of shares (e.g., preference shareholders) to discuss matters specifically affecting their rights or interests.
- Board Meetings: Meetings of the Board of Directors held to manage the day-to-day affairs and strategic policy decisions of the company.
Winding-up of a Company and modes of winding up.
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Define the term Contract and explain the nature and elements of contract.
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Distinguish between a Condition and Warranty.
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Explain the doctrine of Caveat Emptor with its exceptions.
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Define the term Negotiable Instrument. Discuss about parties to negotiable Instruments and their role.
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Explain about:
Bills of Exchange
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Promissory note
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Write a note on New Industrial Policy of India-1991 and what are the latest developments.
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Write a note on IT Act, 2000.
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