LL.B. (Three Years) Sem 3 Company Law Dec 2012 Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Answer in not more than two sentences : 20 marks
   • (a) What do you mean by allotment of shares ?
   • (b) What is meant by surrender of shares ?
   • (c) Who is a promoter ?
   • (d) What is Blank Transfer ? What is meant by statement in lieu of prospectus ?
   • (f) Point out any two distiuctions between a company and a partnership
   • (g) What do you mean by Sick Industrial Company ?
   • (h) What is Debentures ?
   • (i) Define Capital Account Transaction under the Foreign Exchange Management
   • (j) Define security under the Foreign Exchange Management Act, 1999
2. Q2 Write short notes on any four of the following :— 20 marks
   • (a) Doctrine of Ultra-Vires in relation to the object clause
   • (b) Cumulative and Non Cumulative Shares
   • (c) Liability for misstatement in prospectus
   • (d) Position of dirctors
   • (f) Adjudicatory Authority under the Foreign Exchange Management Act, 1999
3. Q3 Answer any two of the following :— 12 marks
   • (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 ?
   • (b) A transfers his shares in a public company to Y. the directors, however, refuse to register the transfer or give reasons for their refusal
   • (i) Can the directors be compelled to state their reasons for so refusing ?
   • (ii) Has A any redressal ?
   • (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
   • (ii) Distinguish between Cumulative and Non Cumulative preference shares
4. Q4 Answer any four of the following :— 48 marks
   • (a) “A company is a legal entity distinet from its members.” In what cases do the Courts ignore this principle ?
   • (b) Explain the rule in Royal British Bank V Turquand. What are the exceptions to this rule ?
   • (c) Define ‘Share’. What are the different types of shares that may be issued
   • (d) “The will of the majority must prevail” is the principle of company management Are there any exceptions to this rule ?
   • (e) Explain the various theories of incorporation of corporate personality
   • (f) What is winding up of a company ? Who are entitled to file a petition for the winding up of a company ?
   • (S) OR ?
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   • (S) are

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