LL.B. (Three Years) Sem 3 Company Law May 2016 Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B: (1) All questions are compulsory. (2) Figures to the right indicate full marks.

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

1. (a) What is share warrant?
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2. (b) Who is proxy?
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3. (c) What is Lien on Shares?
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4. (d) What is voluntary winding up?
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5. (e) Define Debenture
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6. (f) Give any two purposes for which the security premium amount can be utilised by the company.
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7. (g) Who is contributory?
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8. (h) Who is "Authorised Person" under FEMA, 1999?
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9. (i) What is cumulative preference shares?
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10. (j) Give any two instances of Current Account Transaction under FEMA 1999.
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2. Q.2 Write short notes on any four of the following 20 Marks

1. (a) Capital Account Transaction
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2. (b) Statement in lieu of prospectus
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3. (c) Joint Venture Abroad
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4. (d) Equity Shares
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5. (e) Distinguish between Share & Stock
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6. (f) DEMAT
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3. Q.3 Solve any two of the following 12 Marks

1. (a) A bill of exchange was drawn upon a company in its proper name & it was accepted by two directors of the company. The word 'Limited' however, did not appear in acceptance. The reason was that the rubber stamp by which the words of acceptance were impressed on the bill was longer than the paper of the bill and therefore, the word 'Limited' over-lapped the paper. The company failed to pay the bill
   • (i) If the liability of the members of a Private company is limited, how will you write the name of the company ABC?
   • (ii) Can the directors be held personally liable?
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2. (b) Mhatre Transport Company created floating charge on the Debentures issued by the company. Answer :-
   • (i) What remedies are available to the debenture holder, if the company makes default in the payment of the principal on interest?
   • (ii) Under what circumstances floating charge becomes fixed charge?
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3. (c) 'ABC' public limited company has given advertisement in Newspaper stating 'some shares are still available for sale, according to terms of the prospectus of the company, which can be obtained on application' - Answer.
   • (i) What is prospectus?
   • (ii) Will such advertisement could be held as prospectus? Why?
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4. Q.4 Answer any four of the following 48 Marks

1. (a) Discuss various theories of corporate personality.
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2. (b) Define Private company. Distinguish between Public company and Private company.
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3. (c) Who is promoter? Discuss his position. State his duties and liabilities.
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4. (d) Explain the provisions relating to appointment of auditors.
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5. (e) Explain the provision relating to buy-back of shares.
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6. (f) Discuss the contents of 'Memorandum of Association' and explain the procedure for altering the Object Clause.
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