LL.B. (Five Years) Sem 7 Company Law Dec 2012 Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q.1 Answer in not more than two sentences 20 Marks

1. (a) What do you mean by allotment of shares?
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2. (b) What is meant by surrender of shares?
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3. (c) Who is a promoter?
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4. (d) What is Blank Transfer?
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5. (e) What is meant by statement in lieu of prospectus?
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6. (f) Point out any two distiuctions between a company and a partnership.
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7. (g) What do you mean by Sick Industrial Company?
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8. (h) What is Debentures?
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9. (i) Define Capital Account Transaction under the Foreign Exchange Management Act, 1999.
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10. (j) Define security under the Foreign Exchange Management Act, 1999.
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2. Q.2 Write short notes on any four of the following 20 Marks

1. (a) Doctrine of Ultra-Vires in relation to the object clause.
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2. (b) Cumulative and Non Cumulative Shares.
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3. (c) Liability for misstatement in prospectus.
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4. (d) Position of dirctors.
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5. (e) Statutory meeting.
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6. (f) Adjudicatory Authority under the Foreign Exchange Management Act, 1999.
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3. Q.3 Answer any two of the following 12 Marks

1. (a) The promoters of a Company, before its incorporation entered into an agreement with X to buy a plot of land on behalf of the company. After the incorporation the company refuses to buy the said plot of land.
   • (i) Has X any remedy against the company?
   • (ii) Are the promoters liable on the contract?
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2. (b) A transfers his shares in a public company to Y. the directors, however, refuse to register the transfer or give reasons.
   • (i) Can the directors be compelled to state their reasons for so refusing?
   • (ii) Has A any redressal?
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3. (c) Articles of Association of Balaji Co. Ltd. provided for preferential shares carrying a 'Cumulative Preferential Dividend'. Later on the company altered its Articles by striking the word 'Cumulative' before preference. Answer:
   • (i) Does preferential share holder of the company still entitle to a Cumulative preferential dividend?
   • (ii) Distinguish between Cumulative and Non Cumulative preference shares.
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4. Q.4 Answer any four of the following 48 Marks

1. (a) "A company is a legal entity distinet from its members." In what cases do the Courts ignore this principle?
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2. (b) Explain the rule in Royal British Bank V Turquand. What are the exceptions to this rule?
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3. (c) Define 'Share'. What are the different types of shares that may be issued by a company?
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4. (d) "The will of the majority must prevail" is the principle of company management. Are there any exceptions to this rule?
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5. (e) Explain the various theories of incorporation of corporate personality.
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6. (f) What is winding up of a company? Who are entitled to file a petition for the winding up of a company?
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