LAW Flashcards
1
Q
Section 149 of companies act
A
Company to have Board of Directors.
2
Q
Section 150 of companies act
A
Manner of selection of independent directors and maintenance of data bank of independent
directors
3
Q
Section 151 of companies act
A
Appointment of director elected by small shareholders
4
Q
Section 152 of companies act
A
. Appointment of directors
5
Q
Section 153 of companies act
A
Application for allotment of Director Identification Number.
6
Q
Section 154 of companies act
A
Allotment of Director Identification Number.
7
Q
Section 155 of companies act
A
Prohibition to obtain more than one Director Identification Number.
8
Q
Section 156 of companies act
A
Director to intimate Director Identification Number.
9
Q
Section 157 of companies act
A
Company to inform Director Identification Number to Registrar
10
Q
Section 158 of companies act
A
Obligation to indicate Director Identification Number.
11
Q
Section 159 of companies act
A
Punishment for contravention
12
Q
Section 160 of companies act
A
Right of persons other than retiring directors to stand for directorship
13
Q
Section 161 of companies act
A
Appointment of additional director, alternate director and nominee director
14
Q
Section 162 of companies act
A
Appointment of directors to be voted individually.
15
Q
Section 163 of companies act
A
Option to adopt principle of proportional representation for appointment of directors.
16
Q
Section 164 of companies act
A
Disqualifications for appointment of director.
17
Q
Section 165 of companies act
A
Number of directorships
18
Q
Section 166 of companies act
A
Duties of directors
19
Q
Section 167 of companies act
A
Vacation of office of director
20
Q
Section 168 of companies act
A
Resignation of director.
21
Q
Section 169 of companies act
A
Removal of directors.
22
Q
Section 170 of companies act
A
Register of directors and key managerial personnel and their shareholding.
23
Q
Section 171 of companies act
A
Members‘ right to inspect.
24
Q
Section 172 of companies act
A
Punishment
25
Section 173 of companies act
Meetings of Board
26
Section 174 of companies act
Quorum for meetings of Board
27
Section 175 of companies act
Passing of resolution by circulation.
28
Section 176 of companies act
Defects in appointment of directors not to invalidate actions taken
29
Section 177 of companies act
Audit committee.
30
Section 178 of companies act
Nomination and Remuneration Committee and Stakeholders Relationship Committee.
31
Section 179 of companies act
Powers of Board.
32
Section 180 of companies act
Restrictions on powers of Board
33
Section 181 of companies act
Company to contribute to bona fide and charitable funds, etc
34
Section 182 of companies act
Prohibitions and restrictions regarding political contributions
35
Section 183 of companies act
Power of Board and other persons to make contributions to national defence fund, etc.
36
Section 184 of companies act
Disclosure of interest by director
37
Section 185 of companies act
Loan to directors, etc.
38
Section 186 of companies act
Loan and investment by company
39
Section 187 of companies act
Investments of company to be held in its own name.
40
Section 188 of companies act
Related party transactions.
41
Section 189 of companies act
Register of contracts or arrangements in which directors are interested.
42
Section 190 of companies act
Contract of employment with managing or whole-time directors.
43
Section 191 of companies act
Payment to director for loss of office, etc., in connection with transfer of undertaking, property or shares.
44
Section 192 of companies act
Restriction on non-cash transactions involving directors.
45
Section 193 of companies act
Contract by One Person Company
46
Section 194 of companies act
Prohibition on forward dealings in securities of company by director or key managerial
personnel.
47
Section 195 of companies act
Prohibition on insider trading of securities.
48
Section 196 of companies act
Appointment of managing director, whole-time director or manager
49
Section 197 of companies act
Overall maximum managerial remuneration and managerial remuneration in case of absence or inadequacy of profits.
50
Section 198 of companies act
Calculation of profits.
51
Section 199 of companies act
Recovery of remuneration in certain cases.
52
Section 200 of companies act
Central Government or company to fix limit with regard to remuneration
53
Section 201 of companies act
Forms of, and procedure in relation to, certain applications.
54
Section 202 of companies act
Compensation for loss of office of managing or whole-time director or manager
55
Section 203 of companies act
Appointment of key managerial personnel.
56
Section 204 of companies act
Secretarial audit for bigger companies.
57
Section 205 of companies act
Functions of company secretary
58
Person carrying on designated activity.
PMLA
RAP SONG – Inspector general of registration, real estate agent TO > 20L, Precious material in cash > 10L, Safekeeping of cash and liquid sec., Other activity, Games of chance.
59
* Specified Transactions
PMLA
Cash FIR – Txn. In Cash exceeding prescribed amount, txn. forex exceed pres amount, txn. In high value imports, high risk of ML or terrorist financing.
60
* Powers of Adjudicating authority and Appellate Tribunal
PMLA
PARCERO – Production of docs, Attendance and oath, Requisitioning any public record/doc, Issue commission for examination of witness or docs, Evidence on affidavits, dismissing representation for default, Other matter.
61
* If during inquiry director finds non compliance as per Sec-13, director may
PMLA
MEASURE WIP – Direct to send report on measure taken, issue warning in writing, direct to comply with instructions, impose penalty (10k to 1L)
62
* Person to whom section 3 not applicable
FCRA
Salary/Stipend R2 BAD – Salary or wages due to him, Scholarship/stipend payment, Relative, Remittance in OCOB by post office, Payment in course of int trade or OCOB o/s india, agent of FS wrt txn with CG/SG, Gift/presentation as member of Indian delegation.
63
* What constitutes administrative expense
FCRA
AW Land Rover SUV – Accounting cost, report writing cost, legal cost, repair and rent, salaries/wages/travel exp., utilities, vehicle running and maintenance.
64
* Registration of certain person with CG
FCRA
REECS – Religion, Economic, environmental, cultural, social.
65
* Conditions for grant of CoR/Prior permission
FCRA
ABC2D PSU – contravention of act, fictitious/benami, Convicted-communal tension, diversion, prohibited, sedition, use in undesirable purpose
66
* Cancellation of CoR reasons
FCRA
TAPID – T&C breach, against Act, public int., Incorrect/false info while applying, defunct/not functional.
67
* Power of CG to prohibit receipt of FC
FCRA
HI EPF – Harmony between cultures, Integrity, Fairness of election, public interest, friendly relation with foreign state.
68
* Moratorium prohibits
IBC
RAIES – Recovery of any property, T/f dispose/encumber asset, security interest, supply of essential goods not stop, suit and pending suits.
69
* Public announcement to contain
IBC
RAPID2 – Registered authority, name/address of CD, Penalty for false claim, IRP details, last date – claims submission, last date – CIRP.
70
* Approval of COC for certain actions of RP
IBC
FITS CCD MCD T – Interim finance raise more than limit, security int. over assets, debit txn more than limit, disposal of shares, change in ownership, change in capital structure, delegate his authorities, changes in mgmt., constitutional amend, terms of appointment of – stat auditor, personnel.
71
* Not eligible to be submit resolution plan
IBC
CID AT SEBI 164 Guarantee – convicted, undischarged insolvent, willful defaulter, NPA account, PUFE txn, prohibited by SEBI, Guarantee on behalf of CD whose CIRP going and the amount is payable in full or part. + connected person + foreign law.
72
* RP to examine resolution plan on basis of
IBC
COMILO – Cost of IRP priority, OC atleast liquidation paisa mila, management, implementation, law, others.
73
* Additional conditions to apply for dormant
Mics
IPL mein Deposit ko leke Dispute hua Govt aur Workmen ke beech Stock girne lage – Investigation/inquiry not taken up, No prosecution initiated and pending, No loan o/s, no deposit and default, no dispute in mgmt., no govt dues, no workmen dues default, Not listed in stock.
74
* Restriction of making application u/s 248 (removal of name)
Misc
PAT and Net Worth – If during last 3 months – disposed any property, engaged in activity (except – affairs, stat req, 248), Tribunal for compromise arrangement and amalgamation & matter not concluded, Change name/RO office, WUP.
75
* Condition of registration as RV with IBBI
Misc
CG kehta hai Qualification ke liye SR Firm ko Law ka compliance zaroori hai – Code of conduct, grievances, qualification, shifting membership, records – 3 years, firm 3 points, law compliance.
76
* Special court shall consider following before imposing fine
IBC
SIR ka Nature – Size of co., Injury to public interest, Repetitiveness, Nature of co., nature of default.
77
* Removal of members
SEBI
I M OFF Abused – Adjudicated insolvent, Unsound Mind, offense convict for moral turpitude, abused his position as per CG to public interest.
78
* Power of SEBI while inquiry
SEBI
I am S2AD because Access chingaya – Impound and retain proceed of security, Suspend trading of any security, suspend any office bearer or SRO, Attach bank account or other property, Direct to not dispose any asset forming part of txn, restrain person access to market.
79
* Penalties –
SEBI
15A – Accounts 15B – Bhai agreement karlena 15C – chid gaya due to grievances 15D – Dhoka CIS ka 15E – ek ek ko comply karna hoga - AMC 15EA – AIF,REIT,IIT 15EB – Investment advisor/research analyst 15F(1) – Failure of stock broker- contract note 15F(2) – security issue 15F(3) – brokerage high 15G – Galti se bhi insider trading nahi karna 15H – Hostile takeover 15HA – Haan maine fraud kiya 15HAA – Haaan maine virus daala 15HB – Hadd hai isse alag penalty ki bhi.
80
* When can CG file for oppression
Prevention and opp.
Boring GIF – No sound business policy, Guilty, Injury, Fraudulent/public interest/defraud.
81
* When making application under class action, tribunal will consider
Prevention and opp.
FIVOR – Good faith?, involvement other than director, vies of M/D not personally interested, whether M/D can make action on his own right, Ratify – act or omission if already occurred or likely to happen.
82
* Transaction through e-mode consists of
Co. Incorporated o/s india
CO. TDS – Data communication, Online services – Telemedicine/telecomuting/telemarketing/education, B2B/B2C txn or data interchange, Deposits from India or citizens, Services – Web based marketing/supply chain/database service/Financial settle
83
* Documents to be registered by foreign co
Co. incorporated o/s india
COP CARD – Charter docs – MOA/AOA, Other info, Particular of op./cl. Of POB on early occasions, Convicted director/AR, Address – POB in India and of O/S India, PRI address and name, name and address of all directors.
84
* Documents to be attached with prospectus
Co. incorporated O/s india
Instrument ki Incorporation ke liye ACP ko bulaya – Instrument defining constitution of co., Provisions of incorporation, address where these two are available in English, Country of incorporation, POB if any then address.
85
* Applicability for women director
Ch 1
Listed co, Public co. – PUSC >= 100cr TO >= 300cr.
86
* Applicability for Independent director
Ch 1
Listed co, Public co. – PUSC >= 10cr Loan > 50cr TO >= 100cr Except JV/WOS/Dormant.
87
* Who can be ID
Ch 1
IMP DOGS FVNK – Integrity, Monetary txn, Promoter, indebted, other pecuniary, guarantee, security, firm of auditor-legal, voting power, NPO CEO/Director, KMP.
88
* No deemed reappointment of director in case of rotation
Ch 1
LWR 162 164 – Resolution put and lost, unwillingness, SR/OR req., disqualified under sec 164, sec 162 is applicable.
89
* Disqualification for Appointment of director
Ch 1
IIM Calls OFF Order 152 165 188 – Undischarged Insolvent, Application for insolvent pending, Unsound mind, Calls not paid > 6m, Order of disqualification by court, 152 not complied, 165 not complied, 188 mai penalty.
90
* CP and CS to ensure while AC AV means of meeting
Ch 2
IFRS DHS – Integrity, facilities, record, store, no other person than director, everyone able to hear and see.
91
* Applicability for Audit Committee/NRC sec 177
Ch 2
Listed co, Public co. – PUSC >= 10cr Loan > 50cr TO >= 100cr. Except JV/WOS/Dormant.
92
* Role of Audit Committee
Ch 2
A SAFE RPT – Auditor – recommend/independence/report, scrutiny of loans and inv., Valuation of assets, funds manage, evaluation of IFC, RPT txn.
93
* Applicability of Vigil Mechanism
Ch 2
Listed co., co. having deposits, co. having borrow from PFI > 50cr
94
* Board to not perform certain activities without SR
Ch 2
SALE – Sell/lease undertaking, Invest fund of amalgamation, Loan + existing > PUSC + FR + SP, Extension of debt to director.
95
* Disqualification for Appointment of director
Ch 2
IIM Calls OFF Order 152 165 188 – Undischarged Insolvent, Application for insolvent pending, Unsound mind, Calls not paid > 6m, Order of disqualification by court, 152 not complied, 165 not complied, 188 mai penalty.
96
* No company to appoint MD/WTD/Manager having
Ch 3
AICC – Age <21 >70, Insolvent, Creditors payment, convicted > 6m.
97
* Additional eligibility for appointment of MD/WTD/Manager
Ch 3
RAID – Resident >12m, Age, Imprisonment or fine, detained under COFEPSA.
98
Applicability for Whole time KMP
Ch 3
Listed co., Public co. - PUSC >= 10cr.
99
* Non applicability of Chairperson and MD/CEO to be same
Ch 3
Public co. – PUSC >= 100cr and TO >= 1000cr. + multiple business + CEO at each business.
100
* Applicability of Secretarial Audit sec 204
Ch 3
Listed Co., Public co. – PUSC >= 50cr TO>= 250cr Borrow > 100cr.
101
* Sec 232 merging companies to circulate for meeting
CAA
TEVAR – Terms proposed, Effect on SH and SER, Valuation report of expert, Supplementary A/C, draft is filed with Registrar.
102
* Tribunal may make provision for merging
CAA
DIL DENA LODe – Date of t/f, Instrument, Legal proceeding, dissolution, employees, non resident, Authorised SC, Listed, Other, Dissenting SH.
103
