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of members Board of directors of the company takes a decision to convert the company into a private company.Being a legal advisor, the Board of directors seeks your advice about the steps to be taken for conversion of the company into a private company including reduction in the number of members, if necessary, as per the Companies Act, 2013.
Later on, internal auditors qualified their report on the ground that the company has violated the provisions of the Companies Act, 2013.
Directors explained that this is required to complete the order.
Was incorporated and the certificate of incorporation was issued by the Registrar of Companies, New Delhi.
The memorandum of association was duly signed, except that X, Y and Z signed it on behalf of five minors.
CFO contended that required to show the amount in the as a deposit.
Explain as per provisions of companies act 2013 [hint : considered as deposits] Q 2 pioneer Ltd.
Examining the relevant provisions of the Companies Act, 2013 state whether the explanation given by the directors is justified [hint: not justified, consider as deposit otherwise punishable with fine which shall not be less than one crore rupees but which may extend to ten crore rupees ] Q 6 Karnataka bank limited engaged in the business of banking provides a loan to the one of its director i.e.
mukesh, amount Rs 20 crore as on for it statutory auditor made an objection that it is violated the provision of companies act and BOD REQUIRED to give explanation on it.
[hint : sec 209(3) of co act 2013, director has a power to inspect] Q 2 District court pass an order to recasting the books of accounts of the pasco india limited on the application filled by the income tax department and company raised objection that district court doesn’t have a power to pass such type of order, clarify as per provisions of companies act?
[hint : district court doesn’t have a power to recast the account, NCLT have a power to recast] Q 3 Board of director of ITC LTD has approved the financial statement on which Mr sumit has signed as chairman, for which is no authorization has been received by the BOD for signed, ROC issued the show cause notice to the company why penalty under sec 134(8) shall not to be imposed. [hint : yes, penalty can be imposed] Q 4 financial statement of ITC LTD specified that net worth of the company for the FY ended 31 march 2016 600 crore, company wants to spend in the financial year 16-17 in Corporate Social Responsibility Policy, information in regards of profits of all preceding 3 financial years are as under :- BOD didn’t specified in board report about the amount and details of expenditure in CSR policy explain as per provisions of companies act, 2013 [hint : Rs 2.5 crore and required to disclose otherwise liable to impose penalty ] Q 5 Prism Ltd.