The Companies Act One Liner Notes

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The Companies Act, 2013

PREAMBLE
What is the subject matter of the Companies Act, 2013?	Consolidation and amendment of the law relating to companies.
What is the Act number of the Companies Act, 2013?	Act No. 18 of 2013.
On what date did the Companies Act, 2013 receive assent?	29th August, 2013.
By whom was the Companies Act, 2013 enacted?	Parliament.
In which year of the Republic of India was the Companies Act, 2013 enacted?	The Sixty-fourth Year of the Republic of India.
What is the purpose of the Companies Act, 2013?	To consolidate and amend the law relating to companies.

CHAPTER-I
PRELIMINARY
What is the subject matter of Section 1 of the Companies Act, 2013?	Short title, extent, commencement and application.
What is the short title of the Act?	The Companies Act, 2013.
To what extent does the Companies Act, 2013 extend?	It extends to the whole of India.
Which provision of the Companies Act, 2013 comes into force at once?	Section 1 comes into force on 12th September, 2013.
Who is empowered to appoint the date of commencement of the remaining provisions of the Act?	The Central Government.
How does the Central Government appoint the date of commencement of the remaining provisions of the Act?	By notification in the Official Gazette.
Can different dates be appointed for different provisions of the Companies Act, 2013?	Yes, different dates may be appointed for different provisions.
How is a reference to the commencement of the Act construed in any provision?	As a reference to the coming into force of that provision.
To which companies do the provisions of the Companies Act, 2013 apply?	Companies incorporated under this Act or under any previous company law.
Do the provisions of the Companies Act, 2013 apply to insurance companies?	Yes, except where inconsistent with the Insurance Act, 1938 or the Insurance Regulatory and Development Authority Act, 1999.
Do the provisions of the Companies Act, 2013 apply to banking companies?	Yes, except where inconsistent with the Banking Regulation Act, 1949.
Do the provisions of the Companies Act, 2013 apply to companies engaged in the generation or supply of electricity?	Yes, except where inconsistent with the Electricity Act, 2003.
To which body corporates may the provisions of the Companies Act, 2013 apply by notification?	Such body corporate incorporated by any Act for the time being in force as the Central Government may specify.
How may the Central Government specify a body corporate for the application of the Act?	By notification.
Subject to what conditions may a notified body corporate be brought within the application of the Act?	Subject to such exceptions, modifications or adaptations as may be specified in the notification.
What is the subject matter of Section 2 of the Companies Act, 2013?	Definitions.
What is the definition of “abridged prospectus” under Section 2(1)?	A memorandum containing such salient features of a prospectus as may be specified by SEBI by regulations.
What is the definition of “accounting standards” under Section 2(2)?	The standards of accounting or any addendum thereto for companies or class of companies referred to in section 133.
What is included in “alter” or “alteration” under Section 2(3)?	The making of additions, omissions and substitutions.
What is the definition of “Appellate Tribunal” under Section 2(4)?	The National Company Law Appellate Tribunal constituted under section 410.
What is the definition of “articles” under Section 2(5)?	The articles of association of a company as originally framed or as altered from time to time or applied under any previous company law or this Act.
What is the definition of “associate company” under Section 2(6)?	A company in which another company has a significant influence but which is not its subsidiary company and includes a joint venture company.
What does “significant influence” mean under the Explanation to Section 2(6)(a)?	Control of at least twenty per cent of total voting power or control of or participation in business decisions under an agreement.
What does “joint venture” mean under the Explanation to Section 2(6)(b)?	A joint arrangement whereby parties having joint control have rights to the net assets of the arrangement.
What is the definition of “auditing standards” under Section 2(7)?	The standards of auditing or any addendum thereto for companies or class of companies referred to in section 143(10).
What is the definition of “authorised capital” or “nominal capital” under Section 2(8)?	Such capital as is authorised by the memorandum to be the maximum amount of share capital of the company.
What is the definition of “banking company” under Section 2(9)?	A banking company as defined in section 5(c) of the Banking Regulation Act, 1949.
What is the definition of “Board of Directors” or “Board” under Section 2(10)?	The collective body of the directors of the company.
What is included in the definition of “body corporate” or “corporation” under Section 2(11)?	A company incorporated outside India.
What is excluded from the definition of “body corporate” under Section 2(11)(i)?	A co-operative society registered under any law relating to co-operative societies.
What may be excluded from the definition of “body corporate” under Section 2(11)(ii)?	Any other body corporate, not being a company under this Act, as specified by the Central Government by notification.
What is included in “book and paper” or “book or paper” under Section 2(12)?	Books of account, deeds, vouchers, writings, documents, minutes and registers maintained on paper or in electronic form.
What is the definition of “books of account” under Section 2(13)?	Records maintained in respect of matters specified in clauses (i) to (iv).
What records relating to receipts and expenditure are included in “books of account” under Section 2(13)(i)?	Records of all sums of money received and expended by a company and matters relating thereto.
What records relating to business transactions are included in “books of account” under Section 2(13)(ii)?	Records of all sales and purchases of goods and services by the company.
What records relating to financial position are included in “books of account” under Section 2(13)(iii)?	Records of the assets and liabilities of the company.
What cost records are included in “books of account” under Section 2(13)(iv)?	Items of cost as prescribed under section 148 for specified classes of companies.
What is the definition of “branch office” under Section 2(14)?	Any establishment described as such by the company.
What is the definition of “called-up capital” under Section 2(15)?	Such part of the capital which has been called for payment.
What is the definition of “charge” under Section 2(16)?	An interest or lien created on the property or assets of a company or any of its undertakings or both as security and includes a mortgage.
Does the definition of “charge” under Section 2(16) include a mortgage?	Yes.
What is the definition of “chartered accountant” under Section 2(17)?	A chartered accountant as defined in the Chartered Accountants Act, 1949 holding a valid certificate of practice under that Act.
What is the definition of “Chief Executive Officer” under Section 2(18)?	An officer of a company designated as such by it.
What is the definition of “Chief Financial Officer” under Section 2(19)?	A person appointed as the Chief Financial Officer of a company.
What is the definition of “company” under Section 2(20)?	A company incorporated under this Act or under any previous company law.
What is the definition of “company limited by guarantee” under Section 2(21)?	A company whose members' liability is limited by the memorandum to the amount undertaken to be contributed to the assets of the company on winding up.
To what extent is the liability of members limited in a company limited by guarantee under Section 2(21)?	To the amount undertaken in the memorandum to be contributed on winding up.
What is the definition of “company limited by shares” under Section 2(22)?	A company whose members' liability is limited by the memorandum to the amount, if any, unpaid on the shares held by them.
To what extent is the liability of members limited in a company limited by shares under Section 2(22)?	To the amount unpaid on the shares respectively held by them.
What is the definition of “Company Liquidator” under Section 2(23)?	A person appointed by the Tribunal under section 275 for winding up a company under this Act.
Who appoints the Company Liquidator under Section 2(23)?	The Tribunal.
What is the definition of “company secretary” or “secretary” under Section 2(24)?	A company secretary appointed by a company to perform the functions of a company secretary under this Act.
What is the definition of “company secretary in practice” under Section 2(25)?	A company secretary deemed to be in practice under section 2(2) of the Company Secretaries Act, 1980.
What is the definition of “contributory” under Section 2(26)?	A person liable to contribute towards the assets of the company in the event of its winding up.
Whether a holder of fully paid-up shares is a contributory under the Explanation to Section 2(26)?	Yes.
What liability does a holder of fully paid-up shares have as a contributory under the Explanation to Section 2(26)?	No liability as a contributory while retaining the rights of a contributory.
What is included in “control” under Section 2(27)?	The right to appoint a majority of directors or to control management or policy decisions.
Can control under Section 2(27) be exercised individually or in concert?	Yes.
Can control under Section 2(27) be exercised directly or indirectly?	Yes.
Can control under Section 2(27) arise through shareholding?	Yes.
Can control under Section 2(27) arise through management rights?	Yes.
Can control under Section 2(27) arise through shareholders agreements?	Yes.
Can control under Section 2(27) arise through voting agreements?	Yes.
Can control under Section 2(27) be exercised in any other manner?	Yes.
What is the definition of “Cost Accountant” under Section 2(28)?	A cost accountant as defined in the Cost and Works Accountants Act, 1959 who holds a valid certificate of practice under that Act.
What is the definition of “court” under Section 2(29)?	The courts specified in clauses (i) to (v) of Section 2(29).
Which High Court is included in the definition of “court” under Section 2(29)(i)?	The High Court having jurisdiction over the place where the registered office of the company is situated.
What is the exception under Section 2(29)(i) regarding the jurisdiction of the High Court?	To the extent jurisdiction has been conferred on a district court under Section 2(29)(ii).
When is a district court included in the definition of “court” under Section 2(29)(ii)?	When empowered by the Central Government by notification to exercise all or any jurisdiction conferred upon the High Court.
In respect of which companies may an empowered district court exercise jurisdiction under Section 2(29)(ii)?	Companies whose registered office is situated within that district.
Which Court of Session is included in the definition of “court” under Section 2(29)(iii)?	The Court of Session having jurisdiction to try offences under this Act or any previous company law.
Is the Special Court established under section 435 included in the definition of “court” under Section 2(29)(iv)?	Yes.
Which Magistrates are included in the definition of “court” under Section 2(29)(v)?	Any Metropolitan Magistrate or Judicial Magistrate of the First Class having jurisdiction to try offences under this Act or any previous company law.
What is the definition of “debenture” under Section 2(30)?	Debenture stock, bonds or any other instrument of a company evidencing a debt, whether constituting a charge on the assets of the company or not.
Does a debenture under Section 2(30) necessarily create a charge on the assets of the company?	No.
What instruments are excluded from the definition of “debenture” under the proviso to Section 2(30)(a)?	Instruments referred to in Chapter III-D of the Reserve Bank of India Act, 1934.
What instruments may be excluded from the definition of “debenture” under the proviso to Section 2(30)(b)?	Such other instruments as may be prescribed by the Central Government in consultation with the Reserve Bank of India.
With whom must the Central Government consult before prescribing instruments excluded from “debenture” under Section 2(30)(b)?	The Reserve Bank of India.
What is the definition of “deposit” under Section 2(31)?	Any receipt of money by way of deposit or loan or in any other form by a company.
What amounts are excluded from the definition of “deposit” under Section 2(31)?	Such categories of amount as may be prescribed in consultation with the Reserve Bank of India.
What is the definition of “depository” under Section 2(32)?	A depository as defined in section 2(1)(e) of the Depositories Act, 1996.
What is the definition of “derivative” under Section 2(33)?	A derivative as defined in section 2(ac) of the Securities Contracts (Regulation) Act, 1956.
What is the definition of “director” under Section 2(34)?	A director appointed to the Board of a company.
What is included in “dividend” under Section 2(35)?	Any interim dividend.
What is included in “document” under Section 2(36)?	Summons, notice, requisition, order, declaration, form and register maintained on paper or in electronic form.
Can a document under Section 2(36) be maintained in electronic form?	Yes.
What is the definition of “employees’ stock option” under Section 2(37)?	An option given to directors, officers or employees giving them the right to purchase or subscribe for shares of the company at a future date at a predetermined price.
Who may be granted an employees’ stock option under Section 2(37)?	Directors, officers or employees of the company or its holding company or subsidiary company.
What benefit does an employees’ stock option confer under Section 2(37)?	The right to purchase or subscribe for shares of the company at a future date.
At what price may shares be purchased or subscribed under an employees’ stock option?	At a predetermined price.
What is the definition of “expert” under Section 2(38)?	An engineer, valuer, chartered accountant, company secretary, cost accountant or any other person having the power or authority to issue a certificate under any law in force.
Who may be treated as an expert under Section 2(38)?	Any person having the power or authority to issue a certificate in pursuance of any law for the time being in force.
What is the definition of “financial institution” under Section 2(39)?	A scheduled bank and any other financial institution defined or notified under the Reserve Bank of India Act, 1934.
Is a scheduled bank included in the definition of “financial institution” under Section 2(39)?	Yes.
What is the definition of “financial statement” under Section 2(40)?	The documents specified in clauses (i) to (v) of Section 2(40).
What is included in a financial statement under Section 2(40)(i)?	A balance sheet as at the end of the financial year.
What profit-related account is included in a financial statement under Section 2(40)(ii)?	A profit and loss account or, in the case of a not-for-profit company, an income and expenditure account.
What is included in a financial statement under Section 2(40)(iii)?	A cash flow statement for the financial year.
When is a statement of changes in equity included in a financial statement under Section 2(40)(iv)?	Where applicable.
What explanatory material is included in a financial statement under Section 2(40)(v)?	Any explanatory note annexed to or forming part of the documents referred to in clauses (i) to (iv).
Which companies may exclude the cash flow statement from their financial statements under the proviso to Section 2(40)?	One Person Company, small company and dormant company.
What is the definition of “financial year” under Section 2(41)?	The period ending on the 31st day of March every year in respect of which the financial statement is made up.
What is the financial year of a company incorporated on or after 1st January under Section 2(41)?	The period ending on the 31st day of March of the following year.
When may the Central Government permit a different financial year under the first proviso to Section 2(41)?	Where a holding, subsidiary or associate company of a company incorporated outside India is required to follow a different financial year for consolidation of accounts outside India.
Who may apply for permission to follow a different financial year under the first proviso to Section 2(41)?	The concerned company or body corporate.
To whom is the application for a different financial year made under the first proviso to Section 2(41)?	The Central Government.
Can the Central Government allow a financial year that is not a full year under the first proviso to Section 2(41)?	Yes.
How must an application for a different financial year be made under the first proviso to Section 2(41)?	In the prescribed form and manner.
How are applications pending before the Tribunal on the commencement of the Companies (Amendment) Act, 2019 dealt with under the second proviso to Section 2(41)?	They shall be disposed of by the Tribunal under the provisions applicable before such commencement.
Within what period must an existing company align its financial year with Section 2(41)?	Within two years from the commencement of the Act.
What is the definition of “foreign company” under Section 2(42)?	A company or body corporate incorporated outside India satisfying the conditions in clauses (a) and (b).
What is the first condition for a foreign company under Section 2(42)(a)?	It has a place of business in India by itself or through an agent, physically or through electronic mode.
Can a foreign company have a place of business in India through an agent under Section 2(42)(a)?	Yes.
Can a foreign company have a place of business in India through electronic mode under Section 2(42)(a)?	Yes.
What is the second condition for a foreign company under Section 2(42)(b)?	It conducts any business activity in India in any other manner.
What is the definition of “free reserves” under Section 2(43)?	Such reserves as per the latest audited balance sheet which are available for distribution as dividend.
On what basis are free reserves determined under Section 2(43)?	The latest audited balance sheet of the company.
Are unrealised gains treated as free reserves under the proviso to Section 2(43)(i)?	No.
Are notional gains treated as free reserves under the proviso to Section 2(43)(i)?	No.
Is revaluation of assets treated as free reserves under the proviso to Section 2(43)(i)?	No.
Does it matter whether unrealised gains or revaluation are shown as reserves or otherwise for the purpose of free reserves?	No.
Is any change in carrying amount of an asset recognised in equity treated as free reserves under the proviso to Section 2(43)(ii)?	No.
Is any change in carrying amount of a liability recognised in equity treated as free reserves under the proviso to Section 2(43)(ii)?	No.
Is surplus in the profit and loss account arising from fair value measurement of an asset treated as free reserves under the proviso to Section 2(43)(ii)?	No.
Is surplus in the profit and loss account arising from fair value measurement of a liability treated as free reserves under the proviso to Section 2(43)(ii)?	No.
What is the definition of “Global Depository Receipt” under Section 2(44)?	Any instrument in the form of a depository receipt, by whatever name called, created by a foreign depository outside India and authorised by a company making an issue of such depository receipts.
Who creates a Global Depository Receipt under Section 2(44)?	A foreign depository outside India.
By whom is a Global Depository Receipt authorised under Section 2(44)?	A company making an issue of such depository receipts.
What is the definition of “Government company” under Section 2(45)?	A company in which not less than fifty-one per cent of the paid-up share capital is held by the Central Government, State Government(s), or jointly by them, and includes its subsidiary company.
What is the minimum Government shareholding required under Section 2(45)?	Not less than fifty-one per cent of the paid-up share capital.
Can a company be a Government company if its share capital is held partly by the Central Government and partly by one or more State Governments?	Yes.
Does the definition of Government company under Section 2(45) include its subsidiary company?	Yes.
What is the definition of “holding company” under Section 2(46)?	A company of which one or more other companies are subsidiary companies.
What does the expression “company” include under the Explanation to Section 2(46)?	Any body corporate.
What is the definition of “independent director” under Section 2(47)?	An independent director referred to in section 149(6).
What is the definition of “Indian Depository Receipt” under Section 2(48)?	Any instrument in the form of a depository receipt created by a domestic depository in India and authorised by a company incorporated outside India making an issue of such depository receipts.
Who creates an Indian Depository Receipt under Section 2(48)?	A domestic depository in India.
By whom is an Indian Depository Receipt authorised under Section 2(48)?	A company incorporated outside India making an issue of such depository receipts.
What is the definition of “issued capital” under Section 2(50)?	Such capital as the company issues from time to time for subscription.
What is the definition of “key managerial personnel” under Section 2(51)?	The persons specified in clauses (i) to (vi) of Section 2(51).
Who is included as key managerial personnel under Section 2(51)(i)?	The Chief Executive Officer, managing director or manager.
Is a company secretary a key managerial personnel under Section 2(51)(ii)?	Yes.
Is a whole-time director a key managerial personnel under Section 2(51)(iii)?	Yes.
Is a Chief Financial Officer a key managerial personnel under Section 2(51)(iv)?	Yes.
Can an officer one level below the directors be key managerial personnel under Section 2(51)(v)?	Yes, if in whole-time employment and designated by the Board.
Can prescribed officers be key managerial personnel under Section 2(51)(vi)?	Yes.
What is the definition of “listed company” under Section 2(52)?	A company which has any of its securities listed on any recognised stock exchange.
Can certain prescribed companies be excluded from the definition of listed company under the proviso to Section 2(52)?	Yes.
In consultation with whom are excluded classes of listed companies prescribed under the proviso to Section 2(52)?	The Securities and Exchange Board.
What is the definition of “manager” under Section 2(53)?	An individual who, subject to the superintendence, control and direction of the Board, has the management of the whole or substantially the whole of the affairs of a company.
Can a director be a manager under Section 2(53)?	Yes.
Does the definition of manager under Section 2(53) include a person occupying the position of manager by any name?	Yes.
Is a contract of service necessary for a person to be a manager under Section 2(53)?	No.
What is the definition of “managing director” under Section 2(54)?	A director entrusted with substantial powers of management of the affairs of the company by the articles, an agreement, a resolution in general meeting, or by the Board.
How may a director be entrusted with substantial powers of management under Section 2(54)?	By the articles, an agreement with the company, a resolution in general meeting, or by the Board of Directors.
Does the definition of managing director under Section 2(54) include a director occupying that position by any name?	Yes.
Are routine administrative powers deemed to be substantial powers of management under the Explanation to Section 2(54)?	No.
Does the power to affix the common seal constitute substantial powers of management under the Explanation to Section 2(54)?	No.
Does the power to draw and endorse cheques constitute substantial powers of management under the Explanation to Section 2(54)?	No.
Does the power to draw and endorse negotiable instruments constitute substantial powers of management under the Explanation to Section 2(54)?	No.
Does the power to sign share certificates constitute substantial powers of management under the Explanation to Section 2(54)?	No.
Does the power to direct registration of transfer of shares constitute substantial powers of management under the Explanation to Section 2(54)?	No.
What is the definition of “member” under Section 2(55)?	A person falling within clauses (i), (ii) or (iii) of Section 2(55).
Who is deemed to be a member under Section 2(55)(i)?	The subscriber to the memorandum of the company.
When is a subscriber to the memorandum entered as a member under Section 2(55)(i)?	On registration of the company.
What is the condition for membership under Section 2(55)(ii)?	The person agrees in writing to become a member and his name is entered in the register of members.
Who is a member under the depository system as per Section 2(55)(iii)?	A person holding shares whose name is entered as a beneficial owner in the records of a depository.
What is the definition of “memorandum” under Section 2(56)?	The memorandum of association of a company as originally framed or as altered from time to time under any previous company law or this Act.
What is the definition of “net worth” under Section 2(57)?	The aggregate value of paid-up share capital, reserves created out of profits, securities premium account and debit or credit balance of profit and loss account after specified deductions as per the audited balance sheet.
What items are included in net worth under Section 2(57)?	Paid-up share capital, reserves created out of profits, securities premium account and debit or credit balance of profit and loss account.
What items are deducted while computing net worth under Section 2(57)?	Accumulated losses, deferred expenditure and miscellaneous expenditure not written off.
On what basis is net worth determined under Section 2(57)?	The audited balance sheet.
Are reserves created out of revaluation of assets included in net worth under Section 2(57)?	No.
Is write-back of depreciation included in net worth under Section 2(57)?	No.
Is amalgamation reserve included in net worth under Section 2(57)?	No.
What is the definition of “notification” under Section 2(58)?	A notification published in the Official Gazette.
How is the expression “notify” construed under Section 2(58)?	In accordance with publication in the Official Gazette.
What is included in the definition of “officer” under Section 2(59)?	Any director, manager, key managerial personnel or person whose directions or instructions the Board is accustomed to act upon.
Who is an “officer who is in default” under Section 2(60)?	Any officer specified in clauses (i) to (vii) of Section 2(60).
Is a whole-time director an officer who is in default under Section 2(60)(i)?	Yes.
Are key managerial personnel officers who are in default under Section 2(60)(ii)?	Yes.
Who is an officer in default where there is no key managerial personnel under Section 2(60)(iii)?	The director(s) specified by the Board with written consent, or all directors if none is specified.
What is required for a director to be specified as an officer in default under Section 2(60)(iii)?	Written consent to such specification.
Can a person responsible for maintenance, filing or distribution of accounts or records be an officer in default under Section 2(60)(iv)?	Yes.
Under whose authority must such person function to be an officer in default under Section 2(60)(iv)?	Under the immediate authority of the Board or any key managerial personnel.
What conduct makes a responsible person an officer in default under Section 2(60)(iv)?	Authorising, actively participating in, knowingly permitting, or knowingly failing to prevent a default.
Can a person whose advice or directions the Board follows be an officer in default under Section 2(60)(v)?	Yes.
Who is excluded from Section 2(60)(v)?	A person giving advice to the Board in a professional capacity.
When is a director an officer in default under Section 2(60)(vi)?	When aware of a contravention through Board proceedings and not objecting, or when it occurs with his consent or connivance.
Can participation in Board proceedings without objection make a director an officer in default under Section 2(60)(vi)?	Yes.
Who are officers in default regarding issue or transfer of shares under Section 2(60)(vii)?	Share transfer agents, registrars and merchant bankers to the issue or transfer.
What is the definition of “Official Liquidator” under Section 2(61)?	An Official Liquidator appointed under section 359(1).
What is the definition of “One Person Company” under Section 2(62)?	A company which has only one person as a member.
What is the definition of “ordinary or special resolution” under Section 2(63)?	An ordinary resolution or a special resolution referred to in section 114.
What is the definition of “paid-up share capital” or “share capital paid-up” under Section 2(64)?	The aggregate amount credited as paid-up equivalent to the amount received as paid-up in respect of shares issued and amounts credited as paid-up in respect of shares.
What is included in paid-up share capital under Section 2(64)?	Amounts received as paid-up and amounts credited as paid-up in respect of shares.
What is excluded from paid-up share capital under Section 2(64)?	Any other amount received in respect of shares by whatever name called.
What is the definition of “postal ballot” under Section 2(65)?	Voting by post or through any electronic mode.
What is the definition of “prescribed” under Section 2(66)?	Prescribed by rules made under this Act.
What is the definition of “previous company law” under Section 2(67)?	The laws specified in clauses (i) to (ix) of Section 2(67).
Which laws in force before the Indian Companies Act, 1866 are included in “previous company law” under Section 2(67)(i)?	Acts relating to companies in force before the Indian Companies Act, 1866.
Is the Indian Companies Act, 1866 included in “previous company law” under Section 2(67)(ii)?	Yes.
Is the Indian Companies Act, 1882 included in “previous company law” under Section 2(67)(iii)?	Yes.
Is the Indian Companies Act, 1913 included in “previous company law” under Section 2(67)(iv)?	Yes.
Is the Registration of Transferred Companies Ordinance, 1942 included in “previous company law” under Section 2(67)(v)?	Yes.
Is the Companies Act, 1956 included in “previous company law” under Section 2(67)(vi)?	Yes.
What corresponding laws are included in “previous company law” under Section 2(67)(vii)?	Laws corresponding to the specified Acts or Ordinances and in force in the territories mentioned in clauses (A) and (B).
Which corresponding laws are included under Section 2(67)(vii)(A)?	Laws in force in merged territories or Part B States, other than Jammu and Kashmir, before the extension of the Indian Companies Act, 1913 thereto.
Which corresponding laws are included under Section 2(67)(vii)(B)?	Laws in force in Jammu and Kashmir before the commencement of the specified extension Acts.
Before which Act must the corresponding law in Jammu and Kashmir have been in force for banking, insurance and financial corporations under Section 2(67)(vii)(B)?	Before the commencement of the Jammu and Kashmir (Extension of Laws) Act, 1956.
Before which Act must the corresponding law in Jammu and Kashmir have been in force for other corporations under Section 2(67)(vii)(B)?	Before the commencement of the Central Laws (Extension to Jammu and Kashmir) Act, 1968.
Is the Portuguese Commercial Code included in “previous company law” under Section 2(67)(viii)?	Yes, insofar as it relates to sociedades anonimas.
Is the Registration of Companies (Sikkim) Act, 1961 included in “previous company law” under Section 2(67)(ix)?	Yes.
What is the definition of “private company” under Section 2(68)?	A company having the prescribed minimum paid-up share capital and whose articles satisfy the conditions specified in clauses (i) to (iii).
What restriction must the articles of a private company contain under Section 2(68)(i)?	Restriction on the right to transfer its shares.
What is the maximum number of members permitted in a private company under Section 2(68)(ii)?	Two hundred members.
Does the limit of two hundred members apply to a One Person Company under Section 2(68)(ii)?	No.
How are joint holders of shares counted under the first proviso to Section 2(68)(ii)?	As a single member.
Are persons in the employment of the company counted in the maximum member limit under the second proviso to Section 2(68)(ii)(A)?	No.
Are former employees who became members during employment and continued thereafter counted in the maximum member limit under the second proviso to Section 2(68)(ii)(B)?	No.
What prohibition must the articles of a private company contain under Section 2(68)(iii)?	Prohibition on any invitation to the public to subscribe for any securities of the company.
What is the definition of “promoter” under Section 2(69)?	A person falling within clauses (a), (b) or (c) of Section 2(69).
Who is a promoter under Section 2(69)(a)?	A person named as such in a prospectus or identified by the company in its annual return under section 92.
Who is a promoter under Section 2(69)(b)?	A person who has control over the affairs of the company directly or indirectly as a shareholder, director or otherwise.
Who is a promoter under Section 2(69)(c)?	A person in accordance with whose advice, directions or instructions the Board of Directors is accustomed to act.
Is a person acting merely in a professional capacity a promoter under the proviso to Section 2(69)?	No.
What is the definition of “prospectus” under Section 2(70)?	Any document described or issued as a prospectus and includes the documents specified in Section 2(70).
Does a red herring prospectus form part of the definition of prospectus under Section 2(70)?	Yes.
Does a shelf prospectus form part of the definition of prospectus under Section 2(70)?	Yes.
Does a notice inviting offers from the public for subscription or purchase of securities constitute a prospectus under Section 2(70)?	Yes.
Does a circular inviting offers from the public for subscription or purchase of securities constitute a prospectus under Section 2(70)?	Yes.
Does an advertisement inviting offers from the public for subscription or purchase of securities constitute a prospectus under Section 2(70)?	Yes.
What is the definition of “public company” under Section 2(71)?	A company satisfying the conditions specified in clauses (a) and (b) of Section 2(71).
What is the first requirement of a public company under Section 2(71)(a)?	It is not a private company.
What is the second requirement of a public company under Section 2(71)(b)?	It has such minimum paid-up share capital as may be prescribed.
When is a subsidiary company deemed to be a public company under the proviso to Section 2(71)?	When it is a subsidiary of a company which is not a private company.
Can a subsidiary remain a private company in its articles and still be deemed a public company under the proviso to Section 2(71)?	Yes.
What is the definition of “public financial institution” under Section 2(72)?	The institutions specified in clauses (i) to (v) of Section 2(72).
Is the Life Insurance Corporation of India a public financial institution under Section 2(72)(i)?	Yes.
Is the Infrastructure Development Finance Company Limited a public financial institution under Section 2(72)(ii)?	Yes.
Is the specified company under the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 a public financial institution under Section 2(72)(iii)?	Yes.
Are institutions notified under section 4A(2) of the Companies Act, 1956 public financial institutions under Section 2(72)(iv)?	Yes.
Can the Central Government notify other institutions as public financial institutions under Section 2(72)(v)?	Yes, in consultation with the Reserve Bank of India.
With whom must the Central Government consult before notifying an institution as a public financial institution under Section 2(72)(v)?	The Reserve Bank of India.
What is the first condition for notification of an institution as a public financial institution under proviso (A) to Section 2(72)?	It must be established or constituted by or under a Central or State Act, other than this Act or previous company law.
What is the second condition for notification of an institution as a public financial institution under proviso (B) to Section 2(72)?	Not less than fifty-one per cent of its paid-up share capital must be held or controlled by the Central Government, State Government(s), or jointly by them.
What is the definition of “recognised stock exchange” under Section 2(73)?	A recognised stock exchange as defined in section 2(f) of the Securities Contracts (Regulation) Act, 1956.
What is the definition of “register of companies” under Section 2(74)?	The register of companies maintained by the Registrar on paper or in electronic mode under this Act.
Can the register of companies be maintained in electronic mode under Section 2(74)?	Yes.
What is the definition of “Registrar” under Section 2(75)?	A Registrar, Additional Registrar, Joint Registrar, Deputy Registrar or Assistant Registrar having the duty of registering companies and discharging functions under this Act.
Who is a “related party” under Section 2(76)?	A person or entity falling within clauses (i) to (ix) of Section 2(76).
Is a director or his relative a related party under Section 2(76)(i)?	Yes.
Is a key managerial personnel or his relative a related party under Section 2(76)(ii)?	Yes.
When is a firm a related party under Section 2(76)(iii)?	When a director, manager or his relative is a partner in the firm.
When is a private company a related party under Section 2(76)(iv)?	When a director, manager or his relative is a member or director of that private company.
When is a public company a related party under Section 2(76)(v)?	When a director or manager is a director and holds with his relatives more than two per cent of its paid-up share capital.
When is a body corporate a related party under Section 2(76)(vi)?	When its Board, managing director or manager is accustomed to act according to the advice, directions or instructions of a director or manager.
When is a person a related party under Section 2(76)(vii)?	When a director or manager is accustomed to act according to that person's advice, directions or instructions.
Does professional advice attract Section 2(76)(vi) and (vii)?	No.
When is a body corporate a related party under Section 2(76)(viii)(A)?	When it is a holding, subsidiary or associate company of the company.
When is a body corporate a related party under Section 2(76)(viii)(B)?	When it is a subsidiary of a holding company to which the company is also a subsidiary.
When is a body corporate a related party under Section 2(76)(viii)(C)?	When it is an investing company or the venturer of the company.
What is meant by “investing company or the venturer of a company” under the Explanation to Section 2(76)(viii)?	A body corporate whose investment results in the company becoming its associate company.
Can prescribed persons be related parties under Section 2(76)(ix)?	Yes.
When are two persons relatives under Section 2(77)(i)?	When they are members of a Hindu Undivided Family.
When are two persons relatives under Section 2(77)(ii)?	When they are husband and wife.
When are two persons relatives under Section 2(77)(iii)?	When one is related to the other in the prescribed manner.
What is the definition of “remuneration” under Section 2(78)?	Any money or its equivalent given or passed to a person for services rendered by him.
Do perquisites form part of remuneration under Section 2(78)?	Yes.
Under which Act are perquisites defined for the purpose of Section 2(78)?	The Income-tax Act, 1961.
What is the definition of “Schedule” under Section 2(79)?	A Schedule annexed to this Act.
What is the definition of “scheduled bank” under Section 2(80)?	A scheduled bank as defined in section 2(e) of the Reserve Bank of India Act, 1934.
What is the definition of “securities” under Section 2(81)?	Securities as defined in section 2(h) of the Securities Contracts (Regulation) Act, 1956.
What is the definition of “Securities and Exchange Board” under Section 2(82)?	The Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992.
What is the definition of “Serious Fraud Investigation Office” under Section 2(83)?	The office referred to in section 211.
What is the definition of “share” under Section 2(84)?	A share in the share capital of a company and includes stock.
Does the definition of share under Section 2(84) include stock?	Yes.
What is the definition of “small company” under Section 2(85)?	A company, other than a public company, satisfying the conditions specified in clauses (i) and (ii).
What is the maximum paid-up share capital prescribed for a small company under Section 2(85)(i)?	Fifty lakh rupees or such higher amount as may be prescribed, not exceeding ten crore rupees.
What is the turnover limit for a small company under Section 2(85)(ii)?	Two crore rupees or such higher amount as may be prescribed, not exceeding one hundred crore rupees.
On the basis of which document is turnover determined under Section 2(85)(ii)?	The profit and loss account for the immediately preceding financial year.
Does the definition of small company apply to a holding company under proviso (A) to Section 2(85)?	No.
Does the definition of small company apply to a subsidiary company under proviso (A) to Section 2(85)?	No.
Does the definition of small company apply to a company registered under section 8 under proviso (B) to Section 2(85)?	No.
Does the definition of small company apply to a company or body corporate governed by a special Act under proviso (C) to Section 2(85)?	No.
What is the definition of “subscribed capital” under Section 2(86)?	Such part of the capital as is for the time being subscribed by the members of a company.
What is the definition of “subsidiary company” or “subsidiary” under Section 2(87)?	A company in which the holding company satisfies either clause (i) or clause (ii) of Section 2(87).
When is a company a subsidiary under Section 2(87)(i)?	When the holding company controls the composition of its Board of Directors.
When is a company a subsidiary under Section 2(87)(ii)?	When the holding company exercises or controls more than one-half of the total voting power.
Can a holding company exercise control of voting power together with one or more subsidiary companies under Section 2(87)(ii)?	Yes.
What restriction regarding layers of subsidiaries is imposed by the proviso to Section 2(87)?	Prescribed classes of holding companies shall not have layers of subsidiaries beyond the prescribed number.
When is a company deemed to be a subsidiary under Explanation (a) to Section 2(87)?	Even if the control is exercised through another subsidiary company of the holding company.
When is the composition of a company's Board deemed to be controlled by another company under Explanation (b) to Section 2(87)?	When that company can appoint or remove all or a majority of the directors at its discretion.
What does the expression “company” include under Explanation (c) to Section 2(87)?	Any body corporate.
What is meant by “layer” under Explanation (d) to Section 2(87)?	A subsidiary or subsidiaries of a holding company.
What is the definition of “sweat equity shares” under Section 2(88)?	Equity shares issued to directors or employees at a discount or for consideration other than cash for providing know-how, intellectual property rights or value additions.
To whom may sweat equity shares be issued under Section 2(88)?	Directors or employees of the company.
Can sweat equity shares be issued at a discount under Section 2(88)?	Yes.
Can sweat equity shares be issued for non-cash consideration under Section 2(88)?	Yes.
For what consideration may sweat equity shares be issued under Section 2(88)?	For providing know-how, intellectual property rights or value additions.
What is the definition of “total voting power” under Section 2(89)?	The total number of votes that may be cast on a matter on a poll if all members or proxies entitled to vote are present and vote.
What is the definition of “Tribunal” under Section 2(90)?	The National Company Law Tribunal constituted under section 408.
What is the definition of “turnover” under Section 2(91)?	Gross amount of revenue recognised in the profit and loss account from sale, supply or distribution of goods or services, or both, during a financial year.
What is the definition of “unlimited company” under Section 2(92)?	A company not having any limit on the liability of its members.
What is the definition of “voting right” under Section 2(93)?	The right of a member to vote in any meeting of the company or by postal ballot.
What is the definition of “whole-time director” under Section 2(94)?	A director in the whole-time employment of the company.
What is the definition of “winding up” under Section 2(94A)?	Winding up under this Act or liquidation under the Insolvency and Bankruptcy Code, 2016, as applicable.
What meanings apply to words and expressions not defined in the Companies Act under Section 2(95)?	The meanings assigned to them in the Securities Contracts (Regulation) Act, 1956, the SEBI Act, 1992, or the Depositories Act, 1996, as applicable.

CHAPTER-II
INCORPORATION OF COMPANY AND MATTERS INCIDENTAL THERETO
What is the subject matter of Section 3 of the Companies Act, 2013?	Formation of company.
For what purpose may a company be formed under Section 3(1)?	For any lawful purpose.
How many persons are required to form a public company under Section 3(1)(a)?	Seven or more persons.
How many persons are required to form a private company under Section 3(1)(b)?	Two or more persons.
How many persons are required to form a One Person Company under Section 3(1)(c)?	One person.
What type of company is a One Person Company under Section 3(1)(c)?	A private company.
What is the first requirement for formation of a company under Section 3(1)?	Subscription of names or name to a memorandum.
What is the second requirement for formation of a company under Section 3(1)?	Compliance with the requirements of the Act relating to registration.
What must the memorandum of a One Person Company indicate under the first proviso to Section 3(1)?	The name of another person who shall become the member on the subscriber's death or incapacity to contract.
Whose prior consent is required for nomination in the memorandum of a One Person Company under the first proviso to Section 3(1)?	The prior written consent of the nominated person.
In what form must the consent of the nominee be given under the first proviso to Section 3(1)?	In the prescribed form.
When does the nominee become the member of a One Person Company under the first proviso to Section 3(1)?	On the death of the subscriber or his incapacity to contract.
With whom must the nominee's written consent be filed under the first proviso to Section 3(1)?	The Registrar.
When must the nominee's written consent be filed under the first proviso to Section 3(1)?	At the time of incorporation of the One Person Company.
Along with which documents must the nominee's consent be filed under the first proviso to Section 3(1)?	The memorandum and articles.
Can the nominee withdraw his consent under the second proviso to Section 3(1)?	Yes.
How may the nominee withdraw his consent under the second proviso to Section 3(1)?	In the prescribed manner.
Can the member of a One Person Company change the nominee under the third proviso to Section 3(1)?	Yes.
When may the member of a One Person Company change the nominee under the third proviso to Section 3(1)?	At any time.
How may the member change the nominee under the third proviso to Section 3(1)?	By giving notice in the prescribed manner.
What is the duty of the member of a One Person Company under the fourth proviso to Section 3(1)?	To intimate the company of any change in the name of the nominee.
Within what period and manner must the member intimate the company of change in nominee under the fourth proviso to Section 3(1)?	Within such time and in such manner as may be prescribed.
What is the duty of the company upon receiving change of nominee information under the fourth proviso to Section 3(1)?	To intimate the Registrar of such change.
Within what period and manner must the company intimate the Registrar under the fourth proviso to Section 3(1)?	Within such time and in such manner as may be prescribed.
Does change in the name of the nominee amount to alteration of the memorandum under the fifth proviso to Section 3(1)?	No.
What are the types of companies that may be formed under Section 3(2)?	A company limited by shares, a company limited by guarantee, or an unlimited company.
What is the first type of company that may be formed under Section 3(2)(a)?	A company limited by shares.
What is the second type of company that may be formed under Section 3(2)(b)?	A company limited by guarantee.
What is the third type of company that may be formed under Section 3(2)(c)?	An unlimited company.
What is the subject matter of Section 3A of the Companies Act, 2013?	Members severally liable in certain cases.
When does Section 3A become applicable to a public company?	When the number of members is reduced below seven.
When does Section 3A become applicable to a private company?	When the number of members is reduced below two.
What additional condition is required for liability under Section 3A?	The company carries on business for more than six months while the number of members remains below the prescribed minimum.
Who can be held severally liable under Section 3A?	Every person who is a member of the company during the period it carries on business after the expiry of those six months.
What knowledge must a member possess to incur liability under Section 3A?	He must be cognisant of the fact that the company is carrying on business with less than seven members or two members, as the case may be.
For what debts is a member liable under Section 3A?	The whole debts of the company contracted during the period after the six months.
What is the nature of liability imposed under Section 3A?	Several liability.
Can a member be sued individually under Section 3A?	Yes.
During which period must the debts be contracted for liability to arise under Section 3A?	During the period the company carries on business after the expiry of six months with membership below the statutory minimum.
What is the subject matter of Section 4 of the Companies Act, 2013?	Memorandum.
What must the memorandum state regarding the name of a public limited company under Section 4(1)(a)?	The name of the company with the last word “Limited”.
What must the memorandum state regarding the name of a private limited company under Section 4(1)(a)?	The name of the company with the last words “Private Limited”.
To which companies does the requirement of using “Limited” or “Private Limited” not apply under the proviso to Section 4(1)(a)?	Companies registered under section 8.
What must the memorandum state regarding the registered office under Section 4(1)(b)?	The State in which the registered office of the company is to be situated.
What must the memorandum state regarding the objects of the company under Section 4(1)(c)?	The objects for which the company is proposed to be incorporated and matters necessary in furtherance thereof.
What must the memorandum state regarding members' liability under Section 4(1)(d)?	Whether the liability of members is limited or unlimited.
What must be stated in the memorandum of a company limited by shares under Section 4(1)(d)(i)?	That the liability of members is limited to the amount unpaid, if any, on the shares held by them.
What must be stated in the memorandum of a company limited by guarantee under Section 4(1)(d)(ii)?	The amount each member undertakes to contribute in the event of winding up.
For what debts and liabilities is a member liable to contribute under Section 4(1)(d)(ii)(A)?	Debts and liabilities of the company contracted while he was a member or before he ceased to be a member.
Within what period after ceasing to be a member can liability arise under Section 4(1)(d)(ii)(A)?	Within one year after he ceases to be a member.
For what purposes is contribution required under Section 4(1)(d)(ii)(B)?	Costs, charges and expenses of winding up and adjustment of rights among contributories.
What must the memorandum state regarding share capital under Section 4(1)(e)(i)?	The amount of share capital, its division into shares of a fixed amount, and the number of shares subscribed by each subscriber.
What is the minimum number of shares that a subscriber must subscribe under Section 4(1)(e)(i)?	Not less than one share.
What must be indicated opposite the name of each subscriber under Section 4(1)(e)(ii)?	The number of shares he intends to take.
What must the memorandum of a One Person Company state under Section 4(1)(f)?	The name of the person who shall become the member on the death of the subscriber.
When shall the nominee become a member of a One Person Company under Section 4(1)(f)?	On the death of the subscriber.
When shall a company name be prohibited for being identical under Section 4(2)(a)?	When it is identical with or too nearly resembles the name of an existing company registered under this Act or any previous company law.
When is the use of a company name prohibited under Section 4(2)(b)(i)?	When its use will constitute an offence under any law in force.
When is the use of a company name prohibited under Section 4(2)(b)(ii)?	When it is undesirable in the opinion of the Central Government.
What type of words are prohibited in a company name under Section 4(3)(a)?	Words likely to give the impression of connection with or patronage of the Central Government, State Government, local authority, corporation or statutory body.
Can prescribed words or expressions be used in a company name under Section 4(3)(b)?	Yes, with previous approval of the Central Government.
Who may apply for reservation of a company name under Section 4(4)?	A person.
To whom is an application for reservation of name made under Section 4(4)?	The Registrar.
For what purposes may a name be reserved under Section 4(4)?	For a proposed company or for change of name of an existing company.
In what manner is an application for reservation of name made under Section 4(4)?	In the prescribed form and manner and with the prescribed fee.
For what period may the Registrar reserve a name under Section 4(5)(i)?	Twenty days from the date of approval or such other prescribed period.
For what period may the Registrar reserve a name for change of name of an existing company under the proviso to Section 4(5)(i)?	Sixty days from the date of approval.
On what basis may the Registrar reserve a name under Section 4(5)(i)?	On the basis of information and documents furnished with the application.
What is the consequence where a name is reserved on the basis of wrong or incorrect information and the company has not been incorporated under Section 4(5)(ii)(a)?	The reserved name shall be cancelled and the applicant may be penalised up to one lakh rupees.
What is the maximum penalty under Section 4(5)(ii)(a)?	One lakh rupees.
What opportunity must be given before action is taken against an incorporated company under Section 4(5)(ii)(b)?	An opportunity of being heard.
What may the Registrar direct if an incorporated company obtained reservation of name through wrong information under Section 4(5)(ii)(b)(i)?	Change of name within three months after passing an ordinary resolution.
Within what period must the company change its name under Section 4(5)(ii)(b)(i)?	Within three months.
What type of resolution is required for change of name under Section 4(5)(ii)(b)(i)?	An ordinary resolution.
What action may the Registrar take under Section 4(5)(ii)(b)(ii)?	Strike off the name of the company from the register of companies.
What action may the Registrar take under Section 4(5)(ii)(b)(iii)?	Make a petition for winding up of the company.
In what forms shall the memorandum be drawn under Section 4(6)?	In the forms specified in Tables A, B, C, D and E of Schedule I, as applicable.
When is a provision in the memorandum or articles void under Section 4(7)?	When a company limited by guarantee and not having share capital gives a person a right to participate in divisible profits otherwise than as a member.
To which companies does Section 4(7) apply?	Companies limited by guarantee and not having a share capital.
What is the subject matter of Section 5 of the Companies Act, 2013?	Articles.
What shall the articles of a company contain under Section 5(1)?	The regulations for management of the company.
What additional matters must the articles contain under Section 5(2)?	Such matters as may be prescribed.
Can a company include additional matters in its articles under the proviso to Section 5(2)?	Yes.
For what purpose may additional matters be included in the articles under the proviso to Section 5(2)?	For the management of the company.
What are provisions for entrenchment under Section 5(3)?	Provisions that specified articles may be altered only by complying with conditions or procedures more restrictive than those applicable to a special resolution.
What is the effect of an entrenchment provision under Section 5(3)?	Specified provisions of the articles can be altered only upon compliance with more restrictive conditions or procedures.
When may provisions for entrenchment be made under Section 5(4)?	Either on formation of the company or by amendment of the articles.
How may a private company introduce provisions for entrenchment by amendment under Section 5(4)?	By agreement of all the members of the company.
How may a public company introduce provisions for entrenchment by amendment under Section 5(4)?	By a special resolution.
When must notice of entrenchment provisions be given to the Registrar under Section 5(5)?	When such provisions are contained in the articles, whether on formation or by amendment.
To whom must notice of entrenchment provisions be given under Section 5(5)?	The Registrar.
In what manner is notice of entrenchment provisions given under Section 5(5)?	In the prescribed form and manner.
In what forms shall the articles of a company be under Section 5(6)?	In the forms specified in Tables F, G, H, I and J of Schedule I, as applicable.
Can a company adopt the model articles under Section 5(7)?	Yes.
May a company adopt only part of the model articles under Section 5(7)?	Yes.
What is the effect of non-exclusion or non-modification of model articles in a company registered after commencement of the Act under Section 5(8)?	The applicable model article regulations become the regulations of that company.
To which companies does Section 5(8) apply?	Companies registered after the commencement of this Act.
To what extent do model article regulations apply under Section 5(8)?	To the extent they are not excluded or modified by the registered articles.
How are applicable model article regulations treated under Section 5(8)?	As if they were contained in the duly registered articles of the company.
Does Section 5 apply to articles of companies registered under previous company law under Section 5(9)?	No.
When does Section 5 apply to articles of companies registered under previous company law under Section 5(9)?	When such articles are amended under this Act.
What is the subject matter of Section 6 of the Companies Act, 2013?	Act to override memorandum, articles, etc.
Subject to what condition does Section 6 operate?	Save as otherwise expressly provided in this Act.
What is the effect of the Companies Act over the memorandum under Section 6(a)?	The provisions of the Act prevail notwithstanding anything contrary in the memorandum.
What is the effect of the Companies Act over the articles under Section 6(a)?	The provisions of the Act prevail notwithstanding anything contrary in the articles.
What is the effect of the Companies Act over agreements executed by the company under Section 6(a)?	The provisions of the Act prevail notwithstanding anything contrary in such agreements.
What is the effect of the Companies Act over resolutions passed in a general meeting under Section 6(a)?	The provisions of the Act prevail notwithstanding anything contrary in such resolutions.
What is the effect of the Companies Act over resolutions passed by the Board of Directors under Section 6(a)?	The provisions of the Act prevail notwithstanding anything contrary in such resolutions.
Does Section 6(a) apply to documents or resolutions made before the commencement of the Act?	Yes.
Does Section 6(a) apply to documents or resolutions made after the commencement of the Act?	Yes.
What is the effect of a provision in the memorandum repugnant to the Act under Section 6(b)?	It becomes void to the extent of such repugnancy.
What is the effect of a provision in the articles repugnant to the Act under Section 6(b)?	It becomes void to the extent of such repugnancy.
What is the effect of a provision in an agreement repugnant to the Act under Section 6(b)?	It becomes void to the extent of such repugnancy.
What is the effect of a provision in a resolution repugnant to the Act under Section 6(b)?	It becomes void to the extent of such repugnancy.
To what extent does a repugnant provision become void under Section 6(b)?	To the extent of its inconsistency with the provisions of the Act.
What is the subject matter of Section 7 of the Companies Act, 2013?	Incorporation of company.
With whom must documents for incorporation be filed under Section 7(1)?	The Registrar within whose jurisdiction the registered office of the proposed company is to be situated.
What must be filed under Section 7(1)(a)?	The memorandum and articles duly signed by all subscribers in the prescribed manner.
Who must sign the memorandum and articles under Section 7(1)(a)?	All the subscribers to the memorandum.
Who may make the declaration under Section 7(1)(b)?	An advocate, chartered accountant, cost accountant or company secretary in practice engaged in the formation of the company.
Which company officers must also make the declaration under Section 7(1)(b)?	A person named in the articles as a director, manager or secretary.
What must be declared under Section 7(1)(b)?	That all requirements of the Act and rules regarding registration and matters precedent or incidental thereto have been complied with.
Who must furnish a declaration under Section 7(1)(c)?	Each subscriber to the memorandum and persons named as first directors, if any.
What must be declared regarding conviction under Section 7(1)(c)?	That the person has not been convicted of any offence connected with the promotion, formation or management of any company.
What is the relevant period for absence of conviction under Section 7(1)(c)?	The preceding five years.
What must be declared regarding fraud or misfeasance under Section 7(1)(c)?	That the person has not been found guilty of fraud, misfeasance or breach of duty to any company.
Under which laws is fraud, misfeasance or breach of duty considered under Section 7(1)(c)?	This Act or any previous company law.
What must be declared regarding documents filed for incorporation under Section 7(1)(c)?	That the information is correct, complete and true to the best of the person's knowledge and belief.
What address must be furnished under Section 7(1)(d)?	The address for correspondence till the registered office is established.
What particulars of subscribers must be furnished under Section 7(1)(e)?	Name, surname or family name, residential address, nationality and other prescribed particulars along with proof of identity.
What additional particulars are required where a subscriber is a body corporate under Section 7(1)(e)?	Such particulars as may be prescribed.
What particulars of first directors must be furnished under Section 7(1)(f)?	Names, surnames or family names, DIN, residential address, nationality and other prescribed particulars including proof of identity.
What particulars relating to first directors must be filed under Section 7(1)(g)?	Their interests in other firms or bodies corporate and their consent to act as directors.
In what manner must consent to act as director be given under Section 7(1)(g)?	In the prescribed form and manner.
What must the Registrar do upon receipt of documents under Section 7(2)?	Register the documents and information and issue a certificate of incorporation.
In what form is the certificate of incorporation issued under Section 7(2)?	In the prescribed form.
What does the certificate of incorporation signify under Section 7(2)?	That the proposed company is incorporated under this Act.
When is a Corporate Identity Number allotted under Section 7(3)?	On and from the date mentioned in the certificate of incorporation.
Who allots the Corporate Identity Number under Section 7(3)?	The Registrar.
What is the nature of the Corporate Identity Number under Section 7(3)?	A distinct identity for the company.
Where must the Corporate Identity Number be included under Section 7(3)?	In the certificate of incorporation.
What documents must be preserved by the company under Section 7(4)?	Copies of all documents and information originally filed under Section 7(1).
Where must the documents be preserved under Section 7(4)?	At the registered office of the company.
For how long must the documents be preserved under Section 7(4)?	Till the dissolution of the company under this Act.
What is the consequence of furnishing false or incorrect particulars or suppressing material information under Section 7(5)?	Liability for action under section 447.
What mental element is required for suppression of information under Section 7(5)?	Awareness of the material information suppressed.
When does Section 7(6) apply?	When after incorporation it is proved that the company was incorporated by false information, false representation, suppression of material facts or fraudulent action.
Who are liable under Section 7(6)?	Promoters, first directors and persons making the declaration under Section 7(1)(b).
What is the liability under Section 7(6)?	Action under section 447.
Who may act under Section 7(7) where incorporation is obtained by fraud or suppression?	The Tribunal.
What must satisfy the Tribunal before exercising powers under Section 7(7)?	That the situation warrants such action.
What order regarding management may the Tribunal pass under Section 7(7)(a)?	Orders regulating the management of the company, including changes in its memorandum and articles.
In whose interest may orders under Section 7(7)(a) be passed?	Public interest or the interest of the company, its members and creditors.
What order regarding members' liability may the Tribunal pass under Section 7(7)(b)?	That the liability of members shall be unlimited.
What order regarding the company's name may the Tribunal pass under Section 7(7)(c)?	Removal of the company's name from the register of companies.
What order regarding the existence of the company may the Tribunal pass under Section 7(7)(d)?	Winding up of the company.
What residuary power does the Tribunal possess under Section 7(7)(e)?	To pass such other orders as it may deem fit.
What opportunity must be given before an order is passed under Section 7(7)?	A reasonable opportunity of being heard to the company.
What must the Tribunal consider before passing an order under Section 7(7)?	Transactions entered into by the company, including obligations contracted and liabilities paid.
What is the subject matter of Section 8 of the Companies Act, 2013?	Formation of companies with charitable objects, etc.
What must be proved to the satisfaction of the Central Government for registration under Section 8(1)?	The requirements specified in clauses (a), (b) and (c) of Section 8(1).
What objects must a proposed Section 8 company have under Section 8(1)(a)?	Promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any similar object.
What must a proposed Section 8 company intend to do with its profits or income under Section 8(1)(b)?	Apply them in promoting its objects.
What restriction regarding dividend is required under Section 8(1)(c)?	It must intend to prohibit payment of any dividend to its members.
Who grants the licence for registration under Section 8(1)?	The Central Government.
Can a Section 8 company be registered without the word “Limited” or “Private Limited” in its name under Section 8(1)?	Yes.
In what manner is a licence under Section 8(1) issued?	In the prescribed manner and on such conditions as the Central Government deems fit.
Who registers a company under Section 8(1)?	The Registrar.
In what form must an application for registration under Section 8(1) be made?	In the prescribed form.
What privileges does a company registered under Section 8 enjoy under Section 8(2)?	All the privileges of limited companies.
What obligations does a company registered under Section 8 bear under Section 8(2)?	All the obligations of limited companies.
Can a firm be a member of a company registered under Section 8 under Section 8(3)?	Yes.
Can a Section 8 company alter its memorandum or articles without approval under Section 8(4)(i)?	No.
Whose prior approval is required for alteration of memorandum or articles under Section 8(4)(i)?	The Central Government.
Can a Section 8 company convert itself into another kind of company under Section 8(4)(ii)?	Yes.
What condition must be fulfilled before conversion under Section 8(4)(ii)?	Compliance with prescribed conditions.
Can an existing limited company be registered under Section 8 under Section 8(5)?	Yes.
What conditions must an existing company satisfy for registration under Section 8 under Section 8(5)?	The objects in Section 8(1)(a) and the restrictions in Section 8(1)(b) and (c).
Who may allow an existing company to be registered under Section 8 under Section 8(5)?	The Central Government by licence.
What change in name is permitted under Section 8(5)?	Omission of the word “Limited” or “Private Limited”.
What is the effect of registration under Section 8(5)?	All provisions of Section 8 apply to the company.
When may the Central Government revoke a licence under Section 8(6)?	When the company contravenes Section 8 requirements, licence conditions, conducts affairs fraudulently, acts against its objects, or acts prejudicially to public interest.
What direction may the Central Government issue upon revocation of licence under Section 8(6)?	Conversion of status and addition of “Limited” or “Private Limited” to its name.
Who registers the company after such direction under Section 8(6)?	The Registrar.
What opportunity must be given before revocation of licence under Section 8(6)?	A reasonable opportunity of being heard.
To whom must a copy of the revocation order be given under the second proviso to Section 8(6)?	The Registrar.
What additional power does the Central Government have after revocation of licence under Section 8(7)?	To direct winding up or amalgamation with another Section 8 company.
When can the Central Government exercise power under Section 8(7)?	When it is satisfied that it is essential in the public interest.
What opportunity must be given before an order under Section 8(7)?	A reasonable opportunity of being heard.
With whom can a Section 8 company be amalgamated under Section 8(7)?	Another company registered under Section 8.
What additional requirement applies for amalgamation under Section 8(8)?	The other Section 8 company must have similar objects.
What may the Central Government provide by order under Section 8(8)?	Amalgamation into a single company with specified constitution, properties, powers, rights, liabilities, duties and obligations.
What happens to surplus assets on winding up or dissolution under Section 8(9)?	They may be transferred to another Section 8 company having similar objects.
Who may impose conditions on transfer of assets under Section 8(9)?	The Tribunal.
What is the alternative to transfer of surplus assets under Section 8(9)?	Sale of assets and crediting the proceeds to the Insolvency and Bankruptcy Fund.
To which fund are sale proceeds credited under Section 8(9)?	The Insolvency and Bankruptcy Fund under section 224 of the Insolvency and Bankruptcy Code, 2016.
With whom may a Section 8 company amalgamate under Section 8(10)?	Only another Section 8 company having similar objects.
What is the minimum fine for a company defaulting under Section 8(11)?	Ten lakh rupees.
What is the maximum fine for a company defaulting under Section 8(11)?	One crore rupees.
What is the minimum fine for a director or officer in default under Section 8(11)?	Twenty-five thousand rupees.
What is the maximum fine for a director or officer in default under Section 8(11)?	Twenty-five lakh rupees.
What is the consequence where the affairs of a Section 8 company are conducted fraudulently under the proviso to Section 8(11)?	Every officer in default is liable for action under section 447.
What is the subject matter of Section 9 of the Companies Act, 2013?	Effect of registration.
From which date does a company acquire corporate status under Section 9?	From the date of incorporation mentioned in the certificate of incorporation.
Who constitute the body corporate under Section 9?	The subscribers to the memorandum and all persons who from time to time become members of the company.
By what name does the company exist as a body corporate under Section 9?	By the name contained in the memorandum.
What legal status is conferred on members upon incorporation under Section 9?	They become a body corporate.
What functions may a company exercise after incorporation under Section 9?	All the functions of an incorporated company under this Act.
What is the effect of registration regarding succession under Section 9?	The company has perpetual succession.
What powers relating to property are conferred on a company under Section 9?	The power to acquire, hold and dispose of movable and immovable, tangible and intangible property.
What power relating to contracts is conferred on a company under Section 9?	The power to contract.
What right regarding legal proceedings is conferred on a company under Section 9?	The company may sue and be sued by its corporate name.
What is the subject matter of Section 10 of the Companies Act, 2013?	Effect of memorandum and articles.
What is the effect of registration of the memorandum and articles under Section 10(1)?	They bind the company and its members to the same extent as if signed by the company and each member.
Subject to what condition does Section 10(1) operate?	Subject to the provisions of this Act.
What covenant is deemed to be contained in the memorandum and articles under Section 10(1)?	A covenant by the company and each member to observe all provisions of the memorandum and articles.
To whom are the memorandum and articles binding under Section 10(1)?	The company and its members.
What is the nature of monies payable by a member under the memorandum or articles under Section 10(2)?	A debt due from the member to the company.
To whom is the debt payable under Section 10(2)?	The company.
What is the subject matter of Section 10A of the Companies Act, 2013?	Commencement of business, etc.
To which companies does Section 10A(1) apply?	Companies incorporated after the commencement of the Companies (Amendment) Act, 2019 and having a share capital.
What restriction is imposed under Section 10A(1)?	The company shall not commence business or exercise borrowing powers unless the prescribed requirements are fulfilled.
Who must file the declaration under Section 10A(1)(a)?	A director of the company.
Within what period must the declaration be filed under Section 10A(1)(a)?	Within one hundred and eighty days from the date of incorporation.
With whom must the declaration be filed under Section 10A(1)(a)?	The Registrar.
What must be declared under Section 10A(1)(a)?	That every subscriber to the memorandum has paid the value of the shares agreed to be taken by him.
As on which date is the payment verified under Section 10A(1)(a)?	The date of making the declaration.
In what manner must the declaration under Section 10A(1)(a) be verified?	In the prescribed manner.
What additional requirement must be fulfilled before commencement of business under Section 10A(1)(b)?	Filing verification of the registered office with the Registrar under Section 12(2).
What is the penalty on the company for default under Section 10A(2)?	Fifty thousand rupees.
What is the penalty on an officer in default under Section 10A(2)?	One thousand rupees for each day during which the default continues.
What is the maximum penalty on an officer in default under Section 10A(2)?	One lakh rupees.
What condition empowers the Registrar to act under Section 10A(3)?	Non-filing of the declaration under Section 10A(1)(a) within one hundred and eighty days of incorporation.
What additional satisfaction is required before the Registrar acts under Section 10A(3)?	Reasonable cause to believe that the company is not carrying on any business or operations.
What action may the Registrar initiate under Section 10A(3)?	Removal of the company's name from the register of companies under Chapter XVIII.
Does the power under Section 10A(3) affect the penalty provisions under Section 10A(2)?	It is exercisable without prejudice to the provisions of Section 10A(2).
What is the status of Section 11 of the Companies Act, 2013?	Omitted by the Companies (Amendment) Act, 2015 with effect from 29 May 2015.
What was the heading of omitted Section 11?	Commencement of business, etc.
What is the subject matter of Section 12 of the Companies Act, 2013?	Registered office of company.
Within what period must a company have a registered office under Section 12(1)?	Within thirty days of its incorporation.
What must be the capability of a registered office under Section 12(1)?	It must be capable of receiving and acknowledging all communications and notices addressed to the company.
For how long must a company maintain a registered office under Section 12(1)?	At all times after incorporation.
What must a company furnish to the Registrar under Section 12(2)?	Verification of its registered office.
Within what period must verification of the registered office be furnished under Section 12(2)?	Within thirty days of incorporation.
In what manner must verification of the registered office be furnished under Section 12(2)?	In the prescribed manner.
What must every company paint or affix outside every office or place of business under Section 12(3)(a)?	Its name and the address of its registered office.
Where must the name and address be displayed under Section 12(3)(a)?	On the outside of every office or place where business is carried on.
In what position must the name and address be displayed under Section 12(3)(a)?	In a conspicuous position.
How must the name and address be displayed under Section 12(3)(a)?	In legible letters.
What additional requirement applies where the characters used are not those of the local language under Section 12(3)(a)?	The name and address must also be displayed in the characters of that language or one of those languages.
What must be engraved on the company's seal, if any, under Section 12(3)(b)?	The company's name in legible characters.
What particulars must be printed on all business letters, billheads, letter papers, notices and official publications under Section 12(3)(c)?	The company's name, registered office address, Corporate Identity Number, telephone number, fax number if any, e-mail address and website address if any.
On which negotiable instruments must a company print its name under Section 12(3)(d)?	Hundies, promissory notes and bills of exchange.
On what other documents must a company print its name under Section 12(3)(d)?	Such other documents as may be prescribed.
What additional disclosure is required when a company has changed its name during the preceding two years under the first proviso to Section 12(3)?	The former name or names must also be painted, affixed or printed along with the current name.
For how long must former names be displayed under the first proviso to Section 12(3)?	During the last two years from the change of name.
What additional words must a One Person Company display under the second proviso to Section 12(3)?	The words “One Person Company” in brackets below its name.
Where must the words “One Person Company” be mentioned under the second proviso to Section 12(3)?	Wherever the company's name is printed, affixed or engraved.
What must be given to the Registrar when the registered office is changed under Section 12(4)?	Notice of every change of the situation of the registered office.
Within what period must notice of change of registered office be given under Section 12(4)?	Within thirty days of the change.
In what manner must the notice of change be verified under Section 12(4)?	In the prescribed manner.
What is the duty of the Registrar upon receiving notice under Section 12(4)?	To record the change.
What approval is required for changing the registered office outside specified local limits under Section 12(5)?	A special resolution of the company.
When can an existing company change its registered office outside local limits under Section 12(5)(a)?	After passing a special resolution.
What local limits are referred to in Section 12(5)(a)?	The city, town or village where the registered office was situated at the commencement of the Act or thereafter by special resolution.
When can any other company change its registered office outside local limits under Section 12(5)(b)?	After passing a special resolution.
What local limits are referred to in Section 12(5)(b)?	The city, town or village where the registered office was first situated or thereafter by special resolution.
What approval is required for shifting the registered office from the jurisdiction of one Registrar to another within the same State under the proviso to Section 12(5)?	Confirmation by the Regional Director.
How must an application for confirmation under the proviso to Section 12(5) be made?	In the prescribed manner.
Within what period must the Regional Director communicate confirmation under Section 12(6)?	Within thirty days from receipt of the application.
To whom must the Regional Director communicate confirmation under Section 12(6)?	The company.
Within what period must the company file the confirmation with the Registrar under Section 12(6)?	Within sixty days from the date of confirmation.
Within what period must the Registrar register the confirmation and certify registration under Section 12(6)?	Within thirty days from the date of filing the confirmation.
What is the evidentiary value of the certificate issued under Section 12(7)?	It is conclusive evidence that all requirements relating to change of registered office have been complied with.
From which date does the change of registered office take effect under Section 12(7)?	From the date of the certificate.
What is the penalty for a company defaulting under Section 12(8)?	One thousand rupees for every day during which the default continues, subject to a maximum of one lakh rupees.
What is the penalty for an officer in default under Section 12(8)?	One thousand rupees for every day during which the default continues, subject to a maximum of one lakh rupees.
When may the Registrar cause physical verification of the registered office under Section 12(9)?	When he has reasonable cause to believe that the company is not carrying on any business or operations.
In what manner shall physical verification be conducted under Section 12(9)?	In the prescribed manner.
What action may the Registrar initiate if default under Section 12(1) is found during physical verification under Section 12(9)?	Removal of the company's name from the register of companies under Chapter XVIII.
Does the power under Section 12(9) affect the penalty provisions under Section 12(8)?	It is exercisable without prejudice to the provisions of Section 12(8).
What is the subject matter of Section 13 of the Companies Act, 2013?	Alteration of memorandum.
By what resolution may a company alter its memorandum under Section 13(1)?	A special resolution.
Subject to which provision is alteration of memorandum permitted under Section 13(1)?	Save as provided in section 61.
What procedural requirement must be complied with for alteration of memorandum under Section 13(1)?	The procedure specified in Section 13.
To which provisions is change of name of a company subject under Section 13(2)?	Sub-sections (2) and (3) of section 4.
What approval is generally required for change of name under Section 13(2)?	Written approval of the Central Government.
When is Central Government approval not required for change of name under the proviso to Section 13(2)?	When the only change is addition or deletion of the word "Private" consequent upon conversion from one class of company to another.
What is the duty of the Registrar when a company's name is changed under Section 13(3)?	To enter the new name in the register of companies in place of the old name.
What certificate must the Registrar issue after change of name under Section 13(3)?	A fresh certificate of incorporation with the new name.
When does change of name become complete and effective under Section 13(3)?	On the issue of the fresh certificate of incorporation.
What approval is required for alteration of memorandum relating to transfer of registered office from one State to another under Section 13(4)?	Approval of the Central Government.
In what manner must an application under Section 13(4) be made?	In the prescribed form and manner.
Within what period must the Central Government dispose of an application under Section 13(5)?	Within sixty days.
What may the Central Government satisfy itself about before approving alteration under Section 13(5)?	That creditors, debenture-holders and other concerned persons have consented or that sufficient provision or adequate security has been made for discharge of debts and obligations.
What provision may be made for discharge of debts under Section 13(5)?	Sufficient provision for due discharge of all debts and obligations.
What alternative safeguard may be provided under Section 13(5)?	Adequate security for discharge of debts and obligations.
What documents must be filed with the Registrar in relation to alteration of memorandum under Section 13(6)(a)?	The special resolution passed under Section 13(1).
What additional document must be filed where alteration involves change of name under Section 13(6)(b)?	The approval of the Central Government under Section 13(2).
What document must be filed when alteration results in transfer of registered office from one State to another under Section 13(7)?	A certified copy of the Central Government's order approving the alteration.
With which Registrars must the certified copy be filed under Section 13(7)?	The Registrars of both States concerned.
What is the duty of the Registrar of the State to which the registered office is shifted under Section 13(7)?	To issue a fresh certificate of incorporation indicating the alteration.
What restriction is imposed on a company having unutilised public issue proceeds under Section 13(8)?	It shall not change its objects unless a special resolution is passed and the prescribed conditions are fulfilled.
What publication requirement is imposed under Section 13(8)(i)?	Details of the resolution must be published in one English and one vernacular newspaper circulating where the registered office is situated.
What website disclosure is required under Section 13(8)(i)?	The resolution details and justification for the change must be placed on the company's website, if any.
What right must be given to dissenting shareholders under Section 13(8)(ii)?	An opportunity to exit.
Who must provide the exit opportunity under Section 13(8)(ii)?	The promoters and shareholders having control.
In accordance with whose regulations must the exit opportunity be provided under Section 13(8)(ii)?	Regulations specified by the Securities and Exchange Board.
What is the duty of the Registrar regarding alteration of objects under Section 13(9)?	To register the alteration and certify the registration.
Within what period must the Registrar certify registration under Section 13(9)?	Within thirty days from the date of filing of the special resolution.
From which date is the thirty-day period under Section 13(9) computed?	From the date of filing the special resolution under Section 13(6)(a).
When does an alteration under Section 13 become effective under Section 13(10)?	Only after it has been registered in accordance with Section 13.
When is an alteration of memorandum void under Section 13(11)?	When a company limited by guarantee and not having a share capital gives a person a right to participate in divisible profits otherwise than as a member.
To which companies does Section 13(11) apply?	Companies limited by guarantee and not having a share capital.
What is the subject matter of Section 14 of the Companies Act, 2013?	Alteration of articles.
Subject to what conditions may a company alter its articles under Section 14(1)?	Subject to the provisions of this Act and the conditions contained in its memorandum, if any.
By what resolution may a company alter its articles under Section 14(1)?	A special resolution.
What types of conversion may be effected through alteration of articles under Section 14(1)?	Conversion of a private company into a public company or a public company into a private company.
What conversion is contemplated under Section 14(1)(a)?	Conversion of a private company into a public company.
What conversion is contemplated under Section 14(1)(b)?	Conversion of a public company into a private company.
What is the effect of alteration of articles removing the restrictions and limitations required for a private company under the first proviso to Section 14(1)?	The company ceases to be a private company from the date of such alteration.
From which date does a private company cease to be a private company under the first proviso to Section 14(1)?	From the date of the alteration.
What approval is required for conversion of a public company into a private company under the second proviso to Section 14(1)?	An order of the Central Government.
In what manner must an application for conversion of a public company into a private company be made under the second proviso to Section 14(1)?	In the prescribed form and manner.
What is the effect of conversion of a public company into a private company without Central Government approval under the second proviso to Section 14(1)?	The conversion is not valid.
How are applications pending before the Tribunal on the commencement of the Companies (Amendment) Act, 2019 dealt with under the third proviso to Section 14(1)?	They are disposed of by the Tribunal in accordance with the provisions applicable before such commencement.
What documents must be filed with the Registrar under Section 14(2)?	Every alteration of the articles, the Central Government's approval order, and a printed copy of the altered articles.
When is the Central Government's approval order required to be filed under Section 14(2)?	Where the alteration is approved under Section 14(1).
Within what period must documents be filed with the Registrar under Section 14(2)?	Within fifteen days.
In what manner must documents be filed under Section 14(2)?	In the prescribed manner.
What is the duty of the Registrar upon receipt of documents under Section 14(2)?	To register the same.
What is the effect of registration of alteration of articles under Section 14(3)?	The alteration becomes valid as if it were originally contained in the articles.
To what is the validity of the alteration under Section 14(3) subject?	The provisions of this Act.
What is the subject matter of Section 15 of the Companies Act, 2013?	Alteration of memorandum or articles to be noted in every copy.
What must be done with every alteration made in the memorandum under Section 15(1)?	It shall be noted in every copy of the memorandum.
What must be done with every alteration made in the articles under Section 15(1)?	It shall be noted in every copy of the articles.
What is the penalty on a company for default under Section 15(2)?	One thousand rupees for every copy of the memorandum or articles issued without such alteration.
What is the penalty on an officer in default under Section 15(2)?	One thousand rupees for every copy of the memorandum or articles issued without such alteration.
What is the subject matter of Section 16 of the Companies Act, 2013?	Rectification of name of company.
Under what circumstances does Section 16(1) apply?	When a company on first registration or registration by a new name is registered with a prohibited or conflicting name.
What power does the Central Government have under Section 16(1)(a)?	To direct a company to change its name if it is identical with or too nearly resembles the name of an existing company.
With which companies is comparison made under Section 16(1)(a)?	Companies previously registered under this Act or any previous company law.
Within what period must a company comply with a direction under Section 16(1)(a)?	Within three months from the issue of the direction.
What resolution is required for change of name under Section 16(1)(a)?	An ordinary resolution.
Who may apply under Section 16(1)(b)?	A registered proprietor of a trade mark.
What ground may be raised in an application under Section 16(1)(b)?	That the company name is identical with or too nearly resembles the registered trade mark of the proprietor.
Under which statute must the trade mark be registered for Section 16(1)(b)?	The Trade Marks Act, 1999.
Within what period must an application under Section 16(1)(b) be made?	Within three years of incorporation, registration or change of name of the company.
What opinion must the Central Government form under Section 16(1)(b)?	That the company name is identical with or too nearly resembles an existing trade mark.
What power does the Central Government have under Section 16(1)(b)?	To direct the company to change its name.
Within what period must a company comply with a direction under Section 16(1)(b)?	Within three months from the issue of the direction.
What resolution is required for change of name under Section 16(1)(b)?	An ordinary resolution.
What is the duty of a company after changing its name under Section 16(2)?	To give notice of the change to the Registrar along with the Central Government's order.
Within what period must notice be given under Section 16(2)?	Within fifteen days from the date of the change.
What is the duty of the Registrar upon receipt of notice under Section 16(2)?	To carry out necessary changes in the certificate of incorporation and the memorandum.
What power does the Central Government have if a company defaults in complying with a direction under Section 16(3)?	To allot a new name to the company.
Who enters the newly allotted name in the register of companies under Section 16(3)?	The Registrar.
What certificate must the Registrar issue under Section 16(3)?	A fresh certificate of incorporation with the new name.
What name must the company use after issue of the fresh certificate under Section 16(3)?	The new name allotted by the Central Government.
Does allotment of a new name under Section 16(3) prevent a subsequent change of name under Section 13?	No, the company may subsequently change its name in accordance with Section 13.
What is the subject matter of Section 17 of the Companies Act, 2013?	Copies of memorandum, articles, etc., to be given to members.
On whose request must a company furnish documents under Section 17(1)?	On the request of a member.
Within what period must documents be furnished under Section 17(1)?	Within seven days of the request.
Subject to what condition are documents furnished under Section 17(1)?	Payment of the prescribed fees.
Which document must be supplied under Section 17(1)(a)?	The memorandum.
Which document must be supplied under Section 17(1)(b)?	The articles.
What agreements must be supplied under Section 17(1)(c)?	Every agreement referred to in Section 117(1), insofar as it is not embodied in the memorandum or articles.
What resolutions must be supplied under Section 17(1)(c)?	Every resolution referred to in Section 117(1), insofar as it is not embodied in the memorandum or articles.
What is the penalty on a company for default under Section 17(2)?	One thousand rupees for each day during which the default continues, subject to a maximum of one lakh rupees for each default.
What is the penalty on an officer in default under Section 17(2)?	One thousand rupees for each day during which the default continues, subject to a maximum of one lakh rupees for each default.
What is the subject matter of Section 18 of the Companies Act, 2013?	Conversion of companies already registered.
Which companies may convert themselves under Section 18(1)?	Any class of company registered under this Act.
Into what may a company convert itself under Section 18(1)?	A company of another class under this Act.
How may conversion be effected under Section 18(1)?	By alteration of the memorandum and articles in accordance with this Chapter.
What must the Registrar satisfy himself about before granting conversion under Section 18(2)?	That the provisions of this Chapter applicable for registration of companies have been complied with.
What application is required for conversion under Section 18(2)?	An application made by the company to the Registrar.
What is the duty of the Registrar regarding the earlier registration under Section 18(2)?	To close the former registration of the company.
What documents must be registered by the Registrar under Section 18(2)?	The documents referred to in Section 18(1).
What certificate must the Registrar issue after conversion under Section 18(2)?	A certificate of incorporation.
In what manner is the certificate of incorporation issued under Section 18(2)?	In the same manner as the company's first registration.
What is the effect of conversion on debts incurred before conversion under Section 18(3)?	Such debts remain unaffected and may be enforced as if the conversion had not taken place.
What is the effect of conversion on liabilities incurred before conversion under Section 18(3)?	Such liabilities remain unaffected and may be enforced as if the conversion had not taken place.
What is the effect of conversion on obligations incurred before conversion under Section 18(3)?	Such obligations remain unaffected and may be enforced as if the conversion had not taken place.
What is the effect of conversion on contracts entered into before conversion under Section 18(3)?	Such contracts remain unaffected and may be enforced as if the conversion had not taken place.
Against whom are pre-conversion debts, liabilities, obligations and contracts enforceable under Section 18(3)?	Against the company in the same manner as if the conversion had not been effected.
What is the subject matter of Section 19 of the Companies Act, 2013?	Subsidiary company not to hold shares in its holding company.
What restriction is imposed on a subsidiary company under Section 19(1)?	It shall not hold any shares in its holding company either by itself or through its nominees.
What restriction is imposed on a holding company under Section 19(1)?	It shall not allot or transfer its shares to any of its subsidiary companies.
What is the effect of allotment or transfer of shares by a holding company to its subsidiary company under Section 19(1)?	Such allotment or transfer is void.
In what capacity may a subsidiary company hold shares in its holding company under the proviso to Section 19(1)(a)?	As the legal representative of a deceased member of the holding company.
In what capacity may a subsidiary company hold shares in its holding company under the proviso to Section 19(1)(b)?	As a trustee.
What pre-existing circumstance permits a subsidiary company to continue holding shares in its holding company under the proviso to Section 19(1)(c)?	Where it was already a shareholder before becoming a subsidiary company.
What voting right is available to a subsidiary company under the second proviso to Section 19(1)?	Voting rights only in respect of shares held as a legal representative or as a trustee.
To which shares does the voting restriction under the second proviso to Section 19(1) apply?	Shares held under clauses (a) and (b) of the first proviso.
How is the reference to shares construed where the holding company is a company limited by guarantee without share capital under Section 19(2)?	As a reference to the interest of its members.
How is the reference to shares construed where the holding company is an unlimited company without share capital under Section 19(2)?	As a reference to the interest of its members.
What is the subject matter of Section 20 of the Companies Act, 2013?	Service of documents.
How may a document be served on a company under Section 20(1)?	By sending it to the registered office by registered post, speed post, courier service, leaving it at the registered office, or by prescribed electronic or other mode.
How may a document be served on an officer of a company under Section 20(1)?	By sending it to the officer at the registered office by registered post, speed post, courier service, leaving it at the registered office, or by prescribed electronic or other mode.
To which address may a document be sent for service under Section 20(1)?	The registered office of the company.
What special provision applies where securities are held with a depository under the proviso to Section 20(1)?	Records of beneficial ownership may be served by the depository on the company through electronic or other mode.
Who may serve records of beneficial ownership on the company under the proviso to Section 20(1)?	The depository.
How may records of beneficial ownership be served under the proviso to Section 20(1)?	By electronic or other mode.
How may a document be served on the Registrar under Section 20(2)?	By post, registered post, speed post, courier, delivery at his office, or prescribed electronic or other mode.
How may a document be served on a member under Section 20(2)?	By post, registered post, speed post, courier, delivery at his address, or prescribed electronic or other mode.
What exception is recognised in Section 20(2) regarding filing of documents with the Registrar?	Filing in electronic mode as provided under the Act or rules.
What right is conferred on a member under the proviso to Section 20(2)?	To request delivery of any document through a particular mode.
What condition is attached to a member's request under the proviso to Section 20(2)?	Payment of fees determined by the company in its annual general meeting.
By whom are the fees for a particular mode of delivery determined under the proviso to Section 20(2)?	The company in its annual general meeting.
What is the meaning of “courier” under the Explanation to Section 20?	A person or agency that delivers the document and provides proof of its delivery.
What is the subject matter of Section 21 of the Companies Act, 2013?	Authentication of documents, proceedings and contracts.
Subject to what condition does Section 21 operate?	Save as otherwise provided in this Act.
Who may authenticate a document or proceeding requiring authentication by a company under Section 21(a)?	Any key managerial personnel or officer or employee of the company duly authorised by the Board.
What type of documents are covered under Section 21(a)?	Documents or proceedings requiring authentication by a company.
Who may sign contracts made by or on behalf of a company under Section 21(b)?	Any key managerial personnel or officer or employee of the company duly authorised by the Board.
What authorisation is necessary for authentication or signing under Section 21?	Authorisation by the Board in this behalf.
What is the subject matter of Section 22 of the Companies Act, 2013?	Execution of bills of exchange, etc.
When is a bill of exchange deemed to have been made on behalf of a company under Section 22(1)?	When made in the name of, on behalf of, or on account of the company by a person acting under its express or implied authority.
When is a hundi deemed to have been accepted on behalf of a company under Section 22(1)?	When accepted in the name of, on behalf of, or on account of the company by a person acting under its express or implied authority.
When is a promissory note deemed to have been drawn on behalf of a company under Section 22(1)?	When drawn in the name of, on behalf of, or on account of the company by a person acting under its express or implied authority.
What authority must a person possess for execution of negotiable instruments under Section 22(1)?	Express or implied authority of the company.
How may a company appoint an attorney under Section 22(2)?	By writing under its common seal, if any.
For what purpose may a company appoint an attorney under Section 22(2)?	To execute deeds on its behalf.
May an attorney be authorised generally under Section 22(2)?	The attorney may be authorised generally.
May an attorney be authorised for specified matters under Section 22(2)?	The attorney may be authorised in respect of specified matters.
Where may an attorney execute deeds on behalf of the company under Section 22(2)?	At any place in or outside India.
How is authorisation made where the company does not have a common seal under the proviso to Section 22(2)?	By two directors or by a director and the Company Secretary where a Company Secretary has been appointed.
What is the effect of a deed executed by an attorney under Section 22(3)?	The deed binds the company.
What conditions must be satisfied for a deed to bind the company under Section 22(3)?	The deed must be signed by the attorney on behalf of the company and under his seal.

CHAPTER-III
PROSPECTUS AND ALLOTMENT OF SECURITIES
What is the subject matter of Section 23 of the Companies Act, 2013?	Public offer and private placement.
What are the modes through which a public company may issue securities under Section 23(1)?	Public offer, private placement, rights issue, or bonus issue.
How may a public company issue securities to the public under Section 23(1)(a)?	Through a prospectus by way of a public offer.
What is meant by "public offer" under Section 23(1)(a)?	An issue of securities to the public through a prospectus.
How may a public company issue securities under Section 23(1)(b)?	Through private placement in compliance with Part II of this Chapter.
What compliance is required for a public company issuing securities through private placement under Section 23(1)(b)?	Compliance with Part II of this Chapter.
How may a public company issue securities under Section 23(1)(c)?	Through a rights issue or a bonus issue.
What compliance is required for rights issue or bonus issue by a public company under Section 23(1)(c)?	Compliance with the provisions of this Act.
What additional compliance is required for a listed company issuing securities through rights issue or bonus issue under Section 23(1)(c)?	Compliance with the Securities and Exchange Board of India Act, 1992 and the rules and regulations made thereunder.
What additional compliance is required for a company intending to get its securities listed under Section 23(1)(c)?	Compliance with the Securities and Exchange Board of India Act, 1992 and the rules and regulations made thereunder.
What are the modes through which a private company may issue securities under Section 23(2)?	Rights issue, bonus issue, or private placement.
How may a private company issue securities under Section 23(2)(a)?	By way of rights issue or bonus issue in accordance with the provisions of this Act.
How may a private company issue securities under Section 23(2)(b)?	Through private placement in compliance with Part II of this Chapter.
What compliance is required for a private company issuing securities through private placement under Section 23(2)(b)?	Compliance with Part II of this Chapter.
Which companies may issue securities for listing on permitted stock exchanges in foreign jurisdictions under Section 23(3)?	Such class of public companies as may be prescribed.
What securities may be issued under Section 23(3)?	Such class of securities as may be prescribed.
For what purpose may securities be issued under Section 23(3)?	For listing on permitted stock exchanges in permissible foreign jurisdictions or such other jurisdictions as may be prescribed.
What power is conferred on the Central Government under Section 23(4)?	To exempt specified classes of public companies from certain provisions of the Act.
Which public companies may be exempted under Section 23(4)?	Public companies referred to in Section 23(3).
From which provisions may exemption be granted under Section 23(4)?	Provisions of this Chapter, Chapter IV, section 89, section 90, or section 127.
By what instrument may exemption be granted under Section 23(4)?	By notification.
What must be done with a notification issued under Section 23(4)?	A copy must be laid before both Houses of Parliament as soon as may be after its issue.
What does the expression "public offer" include under the Explanation to Section 23?	Initial public offer, further public offer of securities to the public, or an offer for sale of securities to the public by an existing shareholder through issue of a prospectus.
What is an initial public offer for the purposes of Section 23?	A public offer of securities through issue of a prospectus.
What is a further public offer for the purposes of Section 23?	A public offer of securities through issue of a prospectus after an initial public offer.
How may an existing shareholder make a public offer under the Explanation to Section 23?	By offering securities to the public through issue of a prospectus.
What is the subject matter of Section 24 of the Companies Act, 2013?	Power of Securities and Exchange Board to regulate issue and transfer of securities, etc.
Which provisions are dealt with under Section 24(1)?	The provisions contained in this Chapter, Chapter IV and section 127.
Which matters relating to listed companies are administered by the Securities and Exchange Board under Section 24(1)(a)(i)?	Issue and transfer of securities.
Which matter relating to dividends is administered by the Securities and Exchange Board under Section 24(1)(a)(ii)?	Non-payment of dividend.
To which companies does Section 24(1)(a) apply?	Listed companies and companies which intend to get their securities listed on any recognised stock exchange in India.
By what means does the Securities and Exchange Board administer matters under Section 24(1)(a)?	By making regulations in this behalf.
Subject to what exception does the Securities and Exchange Board administer matters under Section 24(1)(a)?	Except as provided under this Act.
Who administers the provisions covered by Section 24(1) in cases other than those specified in clause (a)?	The Central Government.
What is the purpose of the Explanation to Section 24(1)?	Removal of doubts regarding the exercise of powers under the Act.
Who exercises powers relating to prospectus under the Explanation to Section 24(1)?	The Central Government, the Tribunal or the Registrar, as the case may be.
Who exercises powers relating to return of allotment under the Explanation to Section 24(1)?	The Central Government, the Tribunal or the Registrar, as the case may be.
Who exercises powers relating to redemption of preference shares under the Explanation to Section 24(1)?	The Central Government, the Tribunal or the Registrar, as the case may be.
Who exercises powers relating to matters specifically provided in the Act under the Explanation to Section 24(1)?	The Central Government, the Tribunal or the Registrar, as the case may be.
In respect of which matters does the Securities and Exchange Board exercise powers under Section 24(2)?	Matters specified in Section 24(1) and matters delegated under the proviso to Section 458(1).
Which powers under the SEBI Act may be exercised by the Securities and Exchange Board under Section 24(2)?	Powers under sections 11(1), 11(2A), 11(3), 11(4), 11A, 11B and 11D of the SEBI Act, 1992.
Under which statute are the powers referred to in Section 24(2) conferred?	The Securities and Exchange Board of India Act, 1992.
What is the subject matter of Section 25 of the Companies Act, 2013?	Document containing offer of securities for sale to be deemed prospectus.
When is a document containing an offer for sale of securities deemed to be a prospectus under Section 25(1)?	When a company allots or agrees to allot securities with a view to their being offered for sale to the public.
What condition relating to allotment attracts Section 25(1)?	The allotment or agreement to allot must be made with a view to the securities being offered for sale to the public.
For what purposes is the document deemed to be a prospectus under Section 25(1)?	For all purposes under the Act.
Which laws apply to a document deemed to be a prospectus under Section 25(1)?	All enactments and rules of law relating to contents of prospectus, liability for mis-statements, omissions, and other matters relating to prospectus.
Subject to which modifications do prospectus provisions apply under Section 25(1)?	The modifications specified in sub-sections (3) and (4).
How are securities deemed to have been offered under Section 25(1)?	As if the securities had been offered to the public for subscription.
How are persons accepting the offer treated under Section 25(1)?	As subscribers for those securities.
Does Section 25(1) affect the liability of persons making the offer?	It is without prejudice to their liability for mis-statements or otherwise in respect of the document.
What must be proved to rebut the presumption under Section 25(2)?	The contrary to the circumstances indicating that the allotment was made with a view to public sale.
What is the first circumstance creating the presumption under Section 25(2)(a)?	An offer for sale to the public is made within six months after the allotment or agreement to allot.
Within what period must the public offer be made to attract the presumption under Section 25(2)(a)?	Within six months after the allotment or agreement to allot.
What is the second circumstance creating the presumption under Section 25(2)(b)?	The whole consideration payable to the company for the securities had not been received when the offer was made.
What additional matter must a deemed prospectus state under Section 25(3)(i)(a)?	The net amount of consideration received or to be received by the company in respect of the securities.
What information regarding contracts must be disclosed under Section 25(3)(i)(b)?	The time and place at which the contract under which the securities have been or are to be allotted may be inspected.
How are the persons making the offer treated for the purposes of Section 26 under Section 25(3)(ii)?	As persons named in a prospectus as directors of a company.
How may a document be signed where the person making the offer is a company under Section 25(4)?	By two directors of the company on its behalf.
How may a document be signed where the person making the offer is a firm under Section 25(4)?	By not less than one-half of the partners in the firm.
When is signing by two directors sufficient under Section 25(4)?	When the person making the offer is a company.
When is signing by not less than one-half of the partners sufficient under Section 25(4)?	When the person making the offer is a firm.
What is the subject matter of Section 26 of the Companies Act, 2013?	Matters to be stated in prospectus.
To which prospectuses does Section 26(1) apply?	Prospectuses issued by or on behalf of a public company or by a person engaged or interested in its formation.
What formal requirements must every prospectus satisfy under Section 26(1)?	It must be dated and signed.
Who specifies the information to be stated and financial reports to be set out in a prospectus under Section 26(1)?	The Securities and Exchange Board in consultation with the Central Government.
What must a prospectus contain regarding compliance under Section 26(1)(c)?	A declaration about compliance with the provisions of the Act.
What statement regarding legal conformity must be included under Section 26(1)(c)?	A statement that nothing in the prospectus is contrary to the Companies Act, 2013, the Securities Contracts (Regulation) Act, 1956, and the SEBI Act, 1992 and the rules and regulations made thereunder.
What applies until SEBI specifies the information and financial reports under Section 26(1)?	SEBI regulations made under the SEBI Act, 1992 relating to such financial information or reports.
To which issue of securities does Section 26(1) not apply under Section 26(2)(a)?	Issue of a prospectus or application form to existing members or debenture-holders relating to shares or debentures of the company.
Does the exemption under Section 26(2)(a) apply where the right of renunciation exists?	The exemption applies whether or not the applicant has a right of renunciation under Section 62(1)(a)(ii).
To which issue of securities does Section 26(1) not apply under Section 26(2)(b)?	Issue of a prospectus or application form relating to shares or debentures uniform with securities already dealt in or quoted on a recognised stock exchange.
Subject to which provision does Section 26(1) apply to all prospectuses and application forms under Section 26(3)?	Subject to Section 26(2).
At what stages does Section 26(1) apply under Section 26(3)?	Whether issued on or with reference to the formation of a company or subsequently.
What is deemed to be the date of publication of a prospectus under the Explanation to Section 26(3)?	The date indicated in the prospectus.
What filing requirement is imposed before publication of a prospectus under Section 26(4)?	A copy must be delivered to the Registrar for filing on or before the date of publication.
Who must sign the copy delivered to the Registrar under Section 26(4)?	Every person named as a director or proposed director, or his duly authorised attorney.
When may an expert's statement be included in a prospectus under Section 26(5)?	When the expert is independent, has given written consent, and has not withdrawn it before filing with the Registrar.
What restriction regarding the expert's involvement is imposed under Section 26(5)?	The expert must not be engaged or interested in the formation, promotion or management of the company.
What form of consent is required from an expert under Section 26(5)?	Written consent to the issue of the prospectus.
Until what stage must the expert's consent remain effective under Section 26(5)?	Until delivery of a copy of the prospectus to the Registrar for filing.
What statement regarding expert consent must be included in the prospectus under Section 26(5)?	A statement that the expert has given consent and has not withdrawn it.
What statement must appear on the face of every prospectus under Section 26(6)(a)?	That a copy has been delivered to the Registrar for filing as required under Section 26(4).
What document-related information must be specified under Section 26(6)(b)?	Documents required to be attached to the filed copy or reference to statements specifying those documents.
When does a prospectus become invalid under Section 26(8)?	When it is issued more than ninety days after a copy is delivered to the Registrar under Section 26(4).
What is the minimum fine on a company for issuing a prospectus in contravention of Section 26 under Section 26(9)?	Fifty thousand rupees.
What is the maximum fine on a company for issuing a prospectus in contravention of Section 26 under Section 26(9)?	Three lakh rupees.
Who is liable for punishment for contravention of Section 26 under Section 26(9)?	Every person knowingly a party to the issue of such prospectus.
What is the minimum fine on a person knowingly a party to the issue of a non-compliant prospectus under Section 26(9)?	Fifty thousand rupees.
What is the maximum fine on a person knowingly a party to the issue of a non-compliant prospectus under Section 26(9)?	Three lakh rupees.
What is the subject matter of Section 27 of the Companies Act, 2013?	Variation in terms of contract or objects in prospectus.
What restriction is imposed on variation of terms of a contract referred to in a prospectus under Section 27(1)?	Such terms shall not be varied except with approval of the company by special resolution in general meeting.
What restriction is imposed on variation of objects for which a prospectus was issued under Section 27(1)?	Such objects shall not be varied except with approval of the company by special resolution in general meeting.
By what resolution may the terms of a contract or objects stated in a prospectus be varied under Section 27(1)?	A special resolution passed in general meeting.
What particulars relating to the proposed variation must be published under the first proviso to Section 27(1)?	Prescribed details of the notice of the resolution to shareholders.
In which newspapers must the notice of variation be published under the first proviso to Section 27(1)?	One English newspaper and one vernacular newspaper.
In which city must the newspapers circulate under the first proviso to Section 27(1)? 0	The city where the registered office of the company is situated.
What must be clearly indicated in the newspaper publication under the first proviso to Section 27(1)?	The justification for the variation.
What restriction is imposed on utilisation of money raised through prospectus under the second proviso to Section 27(1)?	It shall not be used for buying, trading or otherwise dealing in equity shares of any other listed company.
What amount is covered by the restriction under the second proviso to Section 27(1)?	Any amount raised by the company through prospectus.
Who are dissenting shareholders under Section 27(2)?	Shareholders who have not agreed to the proposal to vary the terms of contracts or objects referred to in the prospectus.
What right is conferred upon dissenting shareholders under Section 27(2)?	A right to receive an exit offer.
Who must provide the exit offer under Section 27(2)?	The promoters or controlling shareholders.
At what price must the exit offer be made under Section 27(2)?	At such exit price as may be specified by the Securities and Exchange Board.
In what manner must the exit offer be made under Section 27(2)?	In such manner as may be specified by the Securities and Exchange Board by regulations.
Under what conditions must the exit offer be made under Section 27(2)?	Under such conditions as may be specified by the Securities and Exchange Board by regulations.
Who is empowered to specify the exit price, manner and conditions under Section 27(2)?	The Securities and Exchange Board.
By what instrument does the Securities and Exchange Board specify the exit price, manner and conditions under Section 27(2)?	By making regulations.
What is the subject matter of Section 28 of the Companies Act, 2013?	Offer of sale of shares by certain members of company.
Who may offer shares to the public under Section 28(1)?	Certain members of a company proposing to offer whole or part of their shareholding to the public.
In consultation with whom must the proposed offer be made under Section 28(1)?	The Board of Directors.
What portion of shareholding may be offered to the public under Section 28(1)?	The whole or any part of the members' holding of shares.
In accordance with what must the offer be made under Section 28(1)?	The provisions of any law for the time being in force.
How must the offer of sale be made under Section 28(1)?	In accordance with the prescribed procedure.
What is the status of a document containing an offer of sale to the public under Section 28(2)?	It is deemed to be a prospectus issued by the company.
For what purposes is the document deemed to be a prospectus under Section 28(2)?	For all purposes.
Which laws apply to a document deemed to be a prospectus under Section 28(2)?	Laws and rules relating to the contents of prospectus and liability for mis-statements, omissions, or other matters relating to prospectus.
How are prospectus provisions applied under Section 28(2)?	As if the document were a prospectus issued by the company.
Who must authorise the company to act on their behalf under Section 28(3)?	The members whose shares are proposed to be offered to the public.
May the members authorising the company under Section 28(3) be individuals, bodies corporate, or both?	They may be individuals, bodies corporate, or both.
For what purpose must authorisation be given under Section 28(3)?	To enable the company to take all actions relating to the offer of sale on their behalf.
What obligation do the offering members have regarding expenses under Section 28(3)?	They must reimburse the company for all expenses incurred in relation to the offer of sale.
What is the subject matter of Section 29 of the Companies Act, 2013?	Public offer of securities to be in dematerialised form.
What is the overriding effect of Section 29(1)?	It applies notwithstanding anything contained in any other provision of the Act.
In what form must every company making a public offer issue its securities under Section 29(1)(a)?	Only in dematerialised form.
Which other companies must issue securities only in dematerialised form under Section 29(1)(b)?	Such class or classes of companies as may be prescribed.
With which statute must companies comply while issuing securities in dematerialised form under Section 29(1)?	The Depositories Act, 1996.
What additional compliance is required under Section 29(1)?	Compliance with the regulations made under the Depositories Act, 1996.
What requirement applies to prescribed classes of unlisted companies under Section 29(1A)?	Their securities shall be held or transferred only in dematerialised form.
How must securities be held or transferred by prescribed unlisted companies under Section 29(1A)?	In the manner laid down in the Depositories Act, 1996 and the regulations made thereunder.
Which companies are covered by Section 29(2)?	Companies other than those mentioned in Section 29(1).
What option is available to companies under Section 29(2) regarding existing securities?	They may convert their securities into dematerialised form.
In what form may companies issue securities under Section 29(2)?	In physical form under this Act or in dematerialised form under the Depositories Act, 1996.
Under which law may securities be issued in physical form under Section 29(2)?	The Companies Act, 2013.
Under which law may securities be issued in dematerialised form under Section 29(2)?	The Depositories Act, 1996 and the regulations made thereunder.
What is the subject matter of Section 30 of the Companies Act, 2013?	Advertisement of prospectus.
What must an advertisement of a prospectus specify regarding the memorandum under Section 30?	The contents of the memorandum as regards the objects of the company.
What must an advertisement of a prospectus specify regarding members under Section 30?	The liability of members.
What must an advertisement of a prospectus specify regarding capital under Section 30?	The amount of share capital of the company.
What details of subscribers must be specified in an advertisement of a prospectus under Section 30?	The names of the signatories to the memorandum.
What details relating to subscription must be specified in an advertisement of a prospectus under Section 30?	The number of shares subscribed for by the signatories to the memorandum.
What information regarding company finances must be specified in an advertisement of a prospectus under Section 30?	The capital structure of the company.
What is the subject matter of Section 31 of the Companies Act, 2013?	Shelf prospectus.
Which companies may file a shelf prospectus under Section 31(1)?	Such class or classes of companies as the Securities and Exchange Board may provide by regulations.
With whom is a shelf prospectus filed under Section 31(1)?	The Registrar.
At what stage may a shelf prospectus be filed under Section 31(1)?	At the stage of the first offer of securities included therein.
What must a shelf prospectus indicate under Section 31(1)?	A period of validity of the prospectus.
What is the maximum validity period of a shelf prospectus under Section 31(1)?	A period not exceeding one year.
From which date does the validity period of a shelf prospectus commence under Section 31(1)?	From the date of opening of the first offer of securities under that prospectus.
Is a further prospectus required for a second or subsequent offer during the validity period of a shelf prospectus under Section 31(1)?	No further prospectus is required.
For which offers is no further prospectus required under Section 31(1)?	Second or subsequent offers of securities issued during the validity period of the shelf prospectus.
What document must a company filing a shelf prospectus file under Section 31(2)?	An information memorandum.
What material facts relating to charges must be contained in the information memorandum under Section 31(2)?	Material facts relating to new charges created.
What material facts relating to financial position must be contained in the information memorandum under Section 31(2)?	Changes in the financial position of the company occurring between the first or previous offer and the succeeding offer.
What other matters may be included in the information memorandum under Section 31(2)?	Such other changes as may be prescribed.
Within what time must the information memorandum be filed under Section 31(2)?	Within the prescribed time.
When must the information memorandum be filed under Section 31(2)?	Prior to the issue of a second or subsequent offer of securities under the shelf prospectus.
What must a company do if applications with advance subscription money have been received before any change referred to in Section 31(2)?	Intimate such changes to the applicants.
What right is available to applicants after intimation of changes under the proviso to Section 31(2)?	They may withdraw their application.
What must the company do if applicants withdraw their application under the proviso to Section 31(2)?	Refund all monies received as subscription.
Within what period must subscription money be refunded under the proviso to Section 31(2)?	Within fifteen days.
What is the effect of filing an information memorandum under Section 31(3)?	The information memorandum together with the shelf prospectus shall be deemed to be a prospectus.
When does the information memorandum and shelf prospectus become a deemed prospectus under Section 31(3)?	Every time an offer of securities is made under Section 31(2).
What is meant by "shelf prospectus" under the Explanation to Section 31?	A prospectus under which securities or a class of securities are issued for subscription in one or more issues over a certain period without issuing a further prospectus.
How may securities be issued under a shelf prospectus according to the Explanation to Section 31?	In one or more issues over a certain period.
What distinguishes a shelf prospectus from an ordinary prospectus under the Explanation to Section 31?	Further issues can be made without issuing a further prospectus during the specified period.
What is the subject matter of Section 32 of the Companies Act, 2013?	Red herring prospectus.
Who may issue a red herring prospectus under Section 32(1)?	A company proposing to make an offer of securities.
When may a red herring prospectus be issued under Section 32(1)?	Prior to the issue of a prospectus.
With whom must a red herring prospectus be filed under Section 32(2)?	The Registrar.
How many days before the opening of the subscription list must a red herring prospectus be filed under Section 32(2)?	At least three days.
Before what event must a red herring prospectus be filed under Section 32(2)?	Before the opening of the subscription list and the offer.
What obligations attach to a red herring prospectus under Section 32(3)?	The same obligations as are applicable to a prospectus.
How must variations between a red herring prospectus and a prospectus be dealt with under Section 32(3)?	They shall be highlighted as variations in the prospectus.
When must the final prospectus be filed under Section 32(4)?	Upon the closing of the offer of securities.
What particulars relating to capital must be stated in the prospectus filed under Section 32(4)?	The total capital raised, whether by way of debt or share capital.
What particulars relating to price must be stated in the prospectus filed under Section 32(4)?	The closing price of the securities.
What other information must be included in the prospectus filed under Section 32(4)?	Any other details not included in the red herring prospectus.
With whom must the prospectus be filed under Section 32(4)?	The Registrar and the Securities and Exchange Board.
What is meant by a "red herring prospectus" under the Explanation to Section 32?	A prospectus which does not include complete particulars of the quantum or price of the securities included therein.
Which particulars may be incomplete in a red herring prospectus according to the Explanation to Section 32?	The quantum or price of the securities.
What is the subject matter of Section 33 of the Companies Act, 2013?	Issue of application forms for securities.
What document must accompany every application form for purchase of securities under Section 33(1)?	An abridged prospectus.
When can an application form for purchase of securities be issued under Section 33(1)?	When it is accompanied by an abridged prospectus.
In what case does Section 33(1) not apply under the proviso to clause (a)?	When the application form is issued in connection with a bona fide invitation to enter into an underwriting agreement.
What type of agreement is referred to in the proviso to Section 33(1)(a)?	An underwriting agreement with respect to the securities.
In what case does Section 33(1) not apply under the proviso to clause (b)?	When the application form relates to securities not offered to the public.
Who is entitled to receive a copy of the prospectus under Section 33(2)?	Any person making a request.
When must a copy of the prospectus be furnished under Section 33(2)?	Before the closing of the subscription list and the offer.
What obligation is imposed under Section 33(2) upon a request being made?	A copy of the prospectus shall be furnished to the requester.
What is the penalty for default in complying with Section 33 under Section 33(3)?	Fifty thousand rupees for each default.
Who is liable for penalty under Section 33(3)?	The company.
What is the subject matter of Section 34 of the Companies Act, 2013?	Criminal liability for mis-statements in prospectus.
To which prospectuses does Section 34 apply?	Prospectuses issued, circulated or distributed under this Chapter.
When does criminal liability arise under Section 34?	When a prospectus contains an untrue or misleading statement or a misleading inclusion or omission.
What type of statement in a prospectus attracts liability under Section 34?	A statement that is untrue or misleading in form or context.
Can a misleading statement attract liability even if its wording is technically correct under Section 34?	Yes, if it is misleading in the form or context in which it is included.
What omission in a prospectus attracts liability under Section 34?	An omission of any matter likely to mislead.
What inclusion in a prospectus attracts liability under Section 34?	An inclusion of any matter likely to mislead.
Who is liable under Section 34 for a misleading prospectus?	Every person who authorises the issue of such prospectus.
Under which provision is liability imposed under Section 34?	Section 447.
What defence is available where the statement or omission was immaterial under the proviso to Section 34?	The person is not liable if he proves that the statement or omission was immaterial.
What defence relating to belief in the truth of the statement is available under the proviso to Section 34?	The person proves that he had reasonable grounds to believe and did believe up to the time of issue that the statement was true.
What defence relating to inclusion or omission is available under the proviso to Section 34?	The person proves that the inclusion or omission was necessary.
Until what point must the person have believed the statement to be true under the proviso to Section 34?	Up to the time of issue of the prospectus.
Who bears the burden of proving the defence under the proviso to Section 34?	The person against whom liability is alleged.
What is the subject matter of Section 35 of the Companies Act, 2013?	Civil liability for mis-statements in prospectus.
When does civil liability arise under Section 35(1)?	When a person subscribes for securities acting on a misleading prospectus and suffers loss or damage as a consequence.
What kind of prospectus attracts liability under Section 35(1)?	A prospectus containing a misleading statement or a misleading inclusion or omission of any matter.
What must a subscriber prove to claim compensation under Section 35(1)?	That he subscribed for securities on the basis of the misleading prospectus and sustained loss or damage as a consequence.
Is the company liable for compensation under Section 35(1)?	The company is liable to pay compensation for the loss or damage suffered.
Which director is liable under Section 35(1)(a)?	A director of the company at the time of the issue of the prospectus.
Who is liable under Section 35(1)(b)?	A person named in the prospectus as a director or who agreed to become a director.
Who is liable under Section 35(1)(c)?	A promoter of the company.
Who is liable under Section 35(1)(d)?	A person who authorised the issue of the prospectus.
Which expert is liable under Section 35(1)(e)?	An expert referred to in Section 26(5).
To whom is compensation payable under Section 35(1)?	Every person who has sustained loss or damage due to the misleading prospectus.
Does liability under Section 35(1) affect punishment under Section 36?	No, it is without prejudice to any punishment under Section 36.
What defence is available under Section 35(2)(a)?	The person withdrew his consent to become a director before issue of the prospectus and it was issued without his authority or consent.
What must a proposed director prove under Section 35(2)(a) to avoid liability?	That he withdrew consent before issue and the prospectus was issued without his authority or consent.
What defence is available under Section 35(2)(b)?	The prospectus was issued without his knowledge or consent and he gave reasonable public notice upon becoming aware of it.
What must a person do after learning of an unauthorised prospectus under Section 35(2)(b)?	Forthwith give a reasonable public notice that it was issued without his knowledge or consent.
What defence relating to expert statements is available under Section 35(2)(c)?	The statement was a correct and fair representation or extract of the expert's report or valuation.
What must be proved regarding an expert's competence under Section 35(2)(c)?	That there were reasonable grounds to believe and he did believe that the expert was competent to make the statement.
Until what time must the belief in the expert's competence continue under Section 35(2)(c)?	Up to the time of issue of the prospectus.
What must be proved regarding the expert's consent under Section 35(2)(c)?	That the expert had given the consent required under Section 26(5).
What must be proved regarding withdrawal of the expert's consent under Section 35(2)(c)?	That the consent had not been withdrawn before filing of the prospectus with the Registrar or, to the defendant's knowledge, before allotment.
What is the consequence where a prospectus is issued with intent to defraud under Section 35(3)?	Every person referred to in Section 35(1) becomes personally responsible for losses or damages.
What type of liability arises under Section 35(3)?	Personal responsibility without any limitation of liability.
Who incurs unlimited liability under Section 35(3)?	Every person referred to in Section 35(1).
When does unlimited liability arise under Section 35(3)?	When the prospectus is issued with intent to defraud or for any fraudulent purpose.
Who may recover losses under Section 35(3)?	Any person who subscribed to the securities on the basis of such prospectus.
For what losses is a person personally responsible under Section 35(3)?	All or any losses or damages incurred by subscribers due to the fraudulent prospectus.
What is the subject matter of Section 36 of the Companies Act, 2013?	Punishment for fraudulently inducing persons to invest money.
When does liability arise under Section 36?	When a person knowingly or recklessly makes a false, deceptive or misleading statement, promise or forecast, or deliberately conceals a material fact to induce another person to enter into or offer to enter into certain agreements.
What mental element is required for liability under Section 36 in relation to statements, promises or forecasts?	The act must be done knowingly or recklessly.
What type of statement attracts liability under Section 36?	A statement that is false, deceptive or misleading.
Can a false promise attract liability under Section 36?	Yes, a false, deceptive or misleading promise attracts liability.
Can a false forecast attract liability under Section 36?	Yes, a false, deceptive or misleading forecast attracts liability.
What concealment attracts liability under Section 36?	Deliberate concealment of any material fact.
For what purpose must the false statement or concealment be made under Section 36?	To induce another person to enter into or offer to enter into an agreement.
What securities-related agreement is covered under Section 36(a)?	An agreement for or with a view to acquiring securities.
What securities-related agreement is covered under Section 36(a) regarding disposal of securities?	An agreement for or with a view to disposing of securities.
What securities-related agreement is covered under Section 36(a) regarding subscription?	An agreement for or with a view to subscribing for securities.
What securities-related agreement is covered under Section 36(a) regarding underwriting?	An agreement for or with a view to underwriting securities.
What profit-oriented agreement is covered under Section 36(b)?	An agreement intended or purported to secure a profit from the yield of securities.
What agreement based on fluctuations in securities is covered under Section 36(b)?	An agreement intended or purported to secure a profit by reference to fluctuations in the value of securities.
What credit-related agreement is covered under Section 36(c)?	An agreement for or with a view to obtaining credit facilities from a bank or financial institution.
Which institutions are referred to in Section 36(c)?	Any bank or financial institution.
Under which provision is punishment imposed for contravention of Section 36?	Section 447.
Who may be punished under Section 36?	Any person making the false statement, promise, forecast or concealing a material fact.
What is the subject matter of Section 37 of the Companies Act, 2013?	Action by affected persons.
Under which sections may a suit be filed under Section 37?	Sections 34, 35 and 36.
Who may file a suit under Section 37?	Any person affected by a misleading statement or inclusion or omission of any matter in the prospectus.
Can a group of persons file a suit under Section 37?	A group of persons affected by a misleading statement or inclusion or omission in the prospectus may file a suit.
Can an association of persons take action under Section 37?	An association of persons affected by a misleading statement or inclusion or omission in the prospectus may take action.
Besides filing a suit, what other remedy is recognised under Section 37?	Any other action may be taken under Sections 34, 35 or 36.
What kind of statement in a prospectus gives rise to action under Section 37?	A misleading statement.
Can action be taken for inclusion of a matter in a prospectus under Section 37?	Yes, if the inclusion of the matter affects the person or persons concerned.
Can action be taken for omission of a matter in a prospectus under Section 37?	Yes, if the omission of the matter affects the person or persons concerned.
Who must be affected for action under Section 37 to be maintainable?	The person, group of persons or association of persons must be affected by the misleading statement or inclusion or omission.
What is the source of the grievance required under Section 37?	A misleading statement or the inclusion or omission of any matter in the prospectus.
What is the subject matter of Section 38 of the Companies Act, 2013?	Punishment for personation for acquisition, etc., of securities.
What act is prohibited under Section 38(1)(a)?	Making or abetting the making of an application in a fictitious name for acquiring or subscribing for securities of a company.
What type of name is involved in the offence under Section 38(1)(a)?	A fictitious name.
What act is prohibited under Section 38(1)(b)?	Making or abetting the making of multiple applications in different names or combinations of name or surname for acquiring or subscribing for securities.
Can multiple applications in different combinations of the same person's name attract liability under Section 38(1)(b)?	Yes, such applications attract liability.
What act is prohibited under Section 38(1)(c)?	Inducing a company to allot or register transfer of securities in a fictitious name.
Can indirect inducement attract liability under Section 38(1)(c)?	Yes, direct or indirect inducement attracts liability.
What transaction is covered under Section 38(1)(c) besides allotment of securities?	Registration of transfer of securities.
To whom may securities be allotted or transferred under the prohibited conduct in Section 38(1)(c)?	To the offender or any other person in a fictitious name.
Under which provision is punishment imposed for offences under Section 38(1)?	Section 447.
What must be reproduced in every prospectus under Section 38(2)?	The provisions of Section 38(1).
Where must the provisions of Section 38(1) be reproduced under Section 38(2)?	In every prospectus issued by a company and in every form of application for securities.
How must the provisions of Section 38(1) be reproduced under Section 38(2)?	Prominently.
What additional order may the Court pass upon conviction under Section 38(3)?	An order for disgorgement of gain made by the convicted person.
What additional order relating to securities may the Court pass under Section 38(3)?	Seizure and disposal of securities in possession of the convicted person.
When may the Court order disgorgement under Section 38(3)?	Upon conviction under Section 38.
What gains are subject to disgorgement under Section 38(3)?	Gains, if any, made by the convicted person.
Where is the amount received through disgorgement credited under Section 38(4)?	The Investor Education and Protection Fund.
Where is the amount received through disposal of securities credited under Section 38(4)?	The Investor Education and Protection Fund.
What is the subject matter of Section 39 of the Companies Act, 2013?	Allotment of securities by company.
What is the first condition for allotment of securities offered to the public under Section 39(1)?	The minimum amount stated in the prospectus must have been subscribed.
What is the second condition for allotment of securities offered to the public under Section 39(1)?	The sums payable on application for the minimum amount subscribed must have been paid to and received by the company.
By what modes may application money be paid under Section 39(1)?	By cheque or other instrument.
Can a company allot securities before the minimum subscription stated in the prospectus is received under Section 39(1)?	No allotment shall be made unless such minimum amount has been subscribed.
What is the minimum application money payable on every security under Section 39(2)?	Not less than five per cent of the nominal amount of the security.
Who may specify a different percentage or amount of application money under Section 39(2)?	The Securities and Exchange Board.
By what means may SEBI specify a different percentage or amount under Section 39(2)?	By making regulations.
Within what period must the minimum subscription be received under Section 39(3)?	Within thirty days from the date of issue of the prospectus or such other period as may be specified by SEBI.
What is the consequence if the minimum subscription is not received within the prescribed period under Section 39(3)?	The amount received on application shall be returned.
What is the consequence if the application money is not received within the prescribed period under Section 39(3)?	The amount received under Section 39(1) shall be returned.
How must the application money be returned under Section 39(3)?	Within such time and in such manner as may be prescribed.
Which companies must file a return of allotment under Section 39(4)?	Every company having a share capital making any allotment of securities.
With whom must the return of allotment be filed under Section 39(4)?	The Registrar.
In what manner must the return of allotment be filed under Section 39(4)?	In such manner as may be prescribed.
What is the penalty for default under Section 39(3) or Section 39(4) as per Section 39(5)?	One thousand rupees for each day during which the default continues or one lakh rupees, whichever is less.
Who is liable for penalty under Section 39(5)?	The company and every officer in default.
Is the penalty under Section 39(5) imposed for each default separately?	Yes, the penalty is for each default.
What is the maximum penalty under Section 39(5)?	One lakh rupees.
What is the subject matter of Section 40 of the Companies Act, 2013?	Securities to be dealt with in stock exchanges.
What must every company making a public offer do before making the offer under Section 40(1)?	Make an application to one or more recognised stock exchanges and obtain permission for the securities to be dealt with therein.
To whom must an application be made under Section 40(1)?	One or more recognised stock exchanges.
What permission must be obtained under Section 40(1)?	Permission for the securities to be dealt with in the recognised stock exchange or exchanges.
What must a prospectus state if an application under Section 40(1) has been made as per Section 40(2)?	The name or names of the stock exchange in which the securities shall be dealt with.
What details regarding stock exchanges must be disclosed in the prospectus under Section 40(2)?	The name or names of the stock exchange or exchanges where the securities shall be dealt with.
How must application money received from the public be maintained under Section 40(3)?	In a separate bank account in a scheduled bank.
Where must application money be deposited under Section 40(3)?	In a separate bank account with a scheduled bank.
Can application money be utilised for purposes other than those specified in Section 40(3)?	No.
For what purpose may application money be utilised under Section 40(3)(a)?	Adjustment against allotment of securities permitted to be dealt with on the stock exchange or exchanges specified in the prospectus.
What condition must be satisfied before application money is adjusted against allotment under Section 40(3)(a)?	The securities must have been permitted to be dealt with on the stock exchange or exchanges specified in the prospectus.
For what purpose may application money be utilised under Section 40(3)(b)?	Repayment of monies received from applicants where the company is unable to allot securities.
Within whose specified time must repayment be made under Section 40(3)(b)?	The time specified by the Securities and Exchange Board.
When does Section 40(3)(b) apply?	When the company is unable to allot securities for any reason.
What is the effect of a condition requiring waiver of compliance with Section 40 under Section 40(4)?	Such condition is void.
Can an applicant validly waive compliance with Section 40 under Section 40(4)?	No, any such condition is void.
What is the minimum fine on a company for contravention of Section 40 under Section 40(5)?	Five lakh rupees.
What is the maximum fine on a company for contravention of Section 40 under Section 40(5)?	Fifty lakh rupees.
Who is liable for punishment along with the company under Section 40(5)?	Every officer of the company who is in default.
What is the minimum fine on an officer in default under Section 40(5)?	Fifty thousand rupees.
What is the maximum fine on an officer in default under Section 40(5)?	Three lakh rupees.
Can a company pay commission for subscription to its securities under Section 40(6)?	A company may pay commission in connection with subscription to its securities.
To whom may commission be paid under Section 40(6)?	Any person.
What condition governs payment of commission under Section 40(6)?	It must be subject to such conditions as may be prescribed.
What is the subject matter of Section 41 of the Companies Act, 2013?	Global depository receipt.
What may a company issue under Section 41?	Depository receipts.
In which places may depository receipts be issued under Section 41?	In any foreign country.
What prior approval is required for issuing depository receipts under Section 41?	A special resolution passed in the general meeting.
In which meeting must the special resolution be passed under Section 41?	The general meeting of the company.
Can a company issue depository receipts without passing a special resolution under Section 41?	Depository receipts may be issued only after passing a special resolution in the general meeting.
In what manner may depository receipts be issued under Section 41?	In such manner as may be prescribed.
Subject to what conditions may depository receipts be issued under Section 41?	Such conditions as may be prescribed
What is the subject matter of Section 42 of the Companies Act, 2013?	Issue of shares on private placement basis.
What may a company do under Section 42(1)?	Make a private placement of securities.
Subject to what condition may a company make a private placement under Section 42(1)?	Subject to the provisions of Section 42.
To whom may a private placement be made under Section 42(2)?	A select group of persons identified by the Board.
What term is used for persons identified by the Board under Section 42(2)?	Identified persons.
Who identifies the persons to whom a private placement may be made under Section 42(2)?	The Board.
What is the maximum number of identified persons under Section 42(2)?	Fifty or such higher number as may be prescribed.
Which persons are excluded while counting the number of identified persons under Section 42(2)?	Qualified institutional buyers and employees offered securities under an employees stock option scheme under Section 62(1)(b).
In which period is the limit on identified persons under Section 42(2) calculated?	A financial year.
What additional requirement applies to the number of identified persons under Section 42(2)?	Such conditions as may be prescribed.
What document must a company issue while making a private placement under Section 42(3)?	A private placement offer and application.
To whom must the private placement offer and application be issued under Section 42(3)?	Identified persons.
In what form and manner must a private placement offer and application be issued under Section 42(3)?	In such form and manner as may be prescribed.
What records must the company maintain regarding identified persons under Section 42(3)?	Their names and addresses.
How must the names and addresses of identified persons be recorded under Section 42(3)?	In such manner as may be prescribed.
Can a private placement offer carry a right of renunciation under the proviso to Section 42(3)?	No, it shall not carry any right of renunciation.
What is meant by "private placement" under Explanation I to Section 42?	An offer or invitation to subscribe or issue securities to a select group of persons through a private placement offer-cum-application, other than by way of public offer.
What condition must be satisfied for an offer to qualify as a private placement under Explanation I to Section 42?	It must satisfy the conditions specified in Section 42.
What is meant by "qualified institutional buyer" under Explanation II to Section 42?	A qualified institutional buyer as defined under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.
Under which regulations is a qualified institutional buyer defined for the purposes of Section 42?	The SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.
When is an offer deemed to be a public offer under Explanation III to Section 42?	When a company offers, invites subscription for, allots, or agrees to allot securities to more than the prescribed number of persons.
Does non-receipt of payment affect the deeming provision under Explanation III to Section 42?	No, the offer is deemed public whether payment has been received or not.
Does intention to list securities affect the deeming provision under Explanation III to Section 42?	No, the offer is deemed public whether or not the company intends to list its securities.
Does Explanation III to Section 42 apply to both listed and unlisted companies?	Yes, it applies to both listed and unlisted companies.
Which provisions govern an offer deemed to be public under Explanation III to Section 42?	The provisions of Part I of this Chapter.
How must an identified person apply for securities under Section 42(4)?	Through the private placement offer and application issued to him.
How must subscription money be paid under Section 42(4)?	By cheque, demand draft or other banking channel.
Can subscription money be paid in cash under Section 42(4)?	No, it shall not be paid in cash.
When can a company utilise monies raised through private placement under the proviso to Section 42(4)?	Only after allotment is made and the return of allotment is filed with the Registrar.
What are the conditions precedent for utilisation of private placement money under the proviso to Section 42(4)?	Allotment of securities and filing of return of allotment with the Registrar under Section 42(8).
What is the requirement under Section 42(5) before making a fresh private placement offer or invitation?	Allotments in respect of the earlier offer must be completed or the earlier offer must have been withdrawn or abandoned.
Can a company make a fresh private placement offer before completion of allotment of an earlier offer under Section 42(5)?	No.
Can a company make a fresh private placement offer after withdrawal or abandonment of an earlier offer under Section 42(5)?	Yes.
What is the exception provided in the proviso to Section 42(5)?	A company may make more than one issue of securities to such class of identified persons as may be prescribed.
What condition must be satisfied for making more than one issue under the proviso to Section 42(5)?	The maximum number of identified persons under Section 42(2) must be complied with.
Within what period must securities be allotted under Section 42(6)?	Within sixty days from the date of receipt of the application money.
From which date is the sixty-day period under Section 42(6) computed?	From the date of receipt of the application money for the securities.
What must a company do if it fails to allot securities within sixty days under Section 42(6)?	Repay the application money to the subscribers within fifteen days from the expiry of sixty days.
Within what period must application money be refunded if allotment is not made under Section 42(6)?	Within fifteen days from the expiry of sixty days.
What is the consequence of failure to refund application money within the prescribed period under Section 42(6)?	The company shall repay the money with interest at 12% per annum.
At what rate is interest payable under Section 42(6) for delayed refund?	Twelve per cent per annum.
From which date is interest payable under Section 42(6)?	From the expiry of the sixtieth day.
How must monies received on application under Section 42 be maintained as per the proviso to Section 42(6)?	In a separate bank account in a scheduled bank.
Can application money received under Section 42 be utilised for any purpose other than those specified?	No.
For what purpose may application money be utilised under Section 42(6) proviso clause (a)?	Adjustment against allotment of securities.
For what purpose may application money be utilised under Section 42(6) proviso clause (b)?	Repayment of monies where the company is unable to allot securities.
What restriction is imposed on publicity under Section 42(7)?	No public advertisements shall be released for the issue.
Can a company utilise media, marketing or distribution channels to inform the public about a private placement issue under Section 42(7)?	No.
Can agents be used to inform the public at large about a private placement issue under Section 42(7)?	No.
Within what period must a return of allotment be filed under Section 42(8)?	Within fifteen days from the date of allotment.
With whom must the return of allotment be filed under Section 42(8)?	The Registrar.
What details of allottees must be included in the return of allotment under Section 42(8)?	Full names, addresses, number of securities allotted and other prescribed information.
What is the penalty for failure to file return of allotment under Section 42(9)?	One thousand rupees for each day during which the default continues, subject to a maximum of twenty-five lakh rupees.
Who is liable for penalty under Section 42(9)?	The company, its promoters and directors.
What is the maximum penalty under Section 42(9)?	Twenty-five lakh rupees.
What is the penalty for contravention of Section 42 relating to offer or acceptance of monies under Section 42(10)?	A penalty which may extend to the amount raised through the private placement or two crore rupees, whichever is lower.
Who is liable for penalty under Section 42(10)?	The company, its promoters and directors.
What additional obligation is imposed on the company under Section 42(10)?	Refund all monies with interest specified in Section 42(6) to subscribers.
Within what period must refund be made under Section 42(10)?	Within thirty days of the order imposing the penalty.
Which interest rate applies to refund under Section 42(10)?	The interest specified in Section 42(6).
What is the effect of non-compliance with Section 42(2) under Section 42(11)?	The private placement issue shall be deemed to be a public offer.
Which laws become applicable when a private placement is deemed a public offer under Section 42(11)?	The Companies Act, 2013, the Securities Contracts (Regulation) Act, 1956 and the SEBI Act, 1992.
Does Section 42(11) override Sections 42(9) and 42(10)?	Yes, it applies notwithstanding anything contained in Sections 42(9) and 42(10).

CHAPTER-IV
SHARE CAPITAL AND DEBENTURES
What is the subject matter of Section 43 of the Companies Act, 2013?	Kinds of share capital.
How many kinds of share capital can a company limited by shares have under Section 43?	Two kinds of share capital.
What are the two kinds of share capital under Section 43?	Equity share capital and preference share capital.
What are the two categories of equity share capital under Section 43(a)?	Equity share capital with voting rights and equity share capital with differential rights.
What is meant by equity share capital under Section 43(a)(i)?	Equity share capital with voting rights.
What rights may be differential in equity share capital under Section 43(a)(ii)?	Dividend, voting or other rights.
Under what condition may equity shares carry differential rights under Section 43(a)(ii)?	In accordance with such rules as may be prescribed.
What is the second kind of share capital under Section 43(b)?	Preference share capital.
What is the effect of the proviso to Section 43 regarding existing preference shareholders?	Their rights to participate in winding-up proceeds before commencement of the Act remain unaffected.
Which preference shareholders are protected by the proviso to Section 43?	Preference shareholders entitled to participate in winding-up proceeds before the commencement of the Act.
What is meant by "equity share capital" under Explanation (i) to Section 43?	All share capital which is not preference share capital.
What is meant by "preference share capital" under Explanation (ii) to Section 43?	That part of the issued share capital carrying or which would carry preferential rights as to dividend and repayment of capital.
What preferential right regarding dividend characterises preference share capital under Explanation (ii)(a)?	A right to payment of dividend as a fixed amount or at a fixed rate.
Can the preferential dividend on preference shares be free of income tax under Explanation (ii)(a)?	Yes, it may be free of or subject to income tax.
What preferential right regarding capital characterises preference share capital under Explanation (ii)(b)?	A preferential right to repayment of paid-up or deemed paid-up share capital.
When does the preferential right to repayment under Explanation (ii)(b) arise?	On winding up or repayment of capital.
Can preference share capital carry a preferential right to payment of premium under Explanation (ii)(b)?	Yes, a fixed premium or premium on a fixed scale specified in the memorandum or articles.
Will capital cease to be preference capital merely because it has participation rights in dividends under Explanation (iii)(a)?	No, it shall still be deemed to be preference capital.
What additional dividend right may preference capital have under Explanation (iii)(a)?	A right to participate fully or partly with non-preference capital in dividends.
Will capital cease to be preference capital merely because it has participation rights in surplus assets on winding up under Explanation (iii)(b)?	No, it shall still be deemed to be preference capital.
What additional capital right may preference capital have under Explanation (iii)(b)?	A right to participate fully or partly in surplus assets remaining after repayment of capital.
With which capital may preference capital participate in dividends under Explanation (iii)(a)?	Capital not entitled to the preferential dividend right.
With which capital may preference capital participate in surplus assets under Explanation (iii)(b)?	Capital not entitled to the preferential right of repayment.
What is the subject matter of Section 44 of the Companies Act, 2013?	Nature of shares or debentures.
What is the nature of shares, debentures or other interest of a member under Section 44?	They are movable property.
How are shares, debentures or other interest of a member transferable under Section 44?	In the manner provided by the articles of the company.
What is the subject matter of Section 45 of the Companies Act, 2013?	Numbering of shares.
How must every share in a company having share capital be identified under Section 45?	By its distinctive number.
To which companies does the requirement of distinctive numbering under Section 45 apply?	Companies having a share capital.
What is the exception to the requirement of distinctive numbering under the proviso to Section 45?	A share held by a person whose name is entered as holder of beneficial interest in the records of a depository.
Are shares held in depository form required to have distinctive numbers under Section 45?	No, if the holder's name is entered as beneficial owner in the records of a depository.
What is the subject matter of Section 46 of the Companies Act, 2013?	Certificate of shares.
What is the evidentiary value of a share certificate under Section 46(1)?	It is prima facie evidence of the title of the person to the shares specified therein.
What must a share certificate specify under Section 46(1)?	The shares held by the person.
By whom must a share certificate be issued or signed under Section 46(1)?	Under the common seal, if any, of the company, or signed by two directors or by a director and the Company Secretary where appointed.
When may a duplicate share certificate be issued under Section 46(2)(a)?	When the original certificate is proved to have been lost or destroyed.
When may a duplicate share certificate be issued under Section 46(2)(b)?	When the original certificate has been defaced, mutilated or torn and is surrendered to the company.
Can a duplicate share certificate be issued where the original certificate is lost?	Yes, if it is proved to have been lost or destroyed.
Can a duplicate share certificate be issued for a torn certificate?	Yes, if it is surrendered to the company.
What matters relating to share certificates may be prescribed under Section 46(3)?	The manner of issue, form of certificate, particulars in the register of members and other matters.
Does Section 46(3) override the articles of the company?	Yes, notwithstanding anything contained in the articles.
What is the prima facie evidence of beneficial ownership where shares are held in depository form under Section 46(4)?	The record of the depository.
When is the record of the depository treated as prima facie evidence under Section 46(4)?	When the share is held in depository form.
What is the punishment for a company issuing a duplicate share certificate with intent to defraud under Section 46(5)?	Fine of not less than five times the face value of the shares involved.
What is the maximum fine for fraudulent issue of a duplicate share certificate under Section 46(5)?	Ten times the face value of the shares involved or ten crore rupees, whichever is higher.
What is the minimum fine for fraudulent issue of a duplicate share certificate under Section 46(5)?	Five times the face value of the shares involved.
What action lies against an officer in default for fraudulent issue of a duplicate share certificate under Section 46(5)?	Action under Section 447.
Who is liable under Section 46(5) when a duplicate share certificate is fraudulently issued?	The company and every officer of the company who is in default.
What is the subject matter of Section 47 of the Companies Act, 2013?	Voting rights.
Subject to which provisions are voting rights governed under Section 47(1)?	Section 43, Section 50(2) and Section 188(1).
Who has the right to vote on every resolution placed before the company under Section 47(1)(a)?	Every member holding equity share capital in a company limited by shares.
What is the voting right of an equity shareholder on a poll under Section 47(1)(b)?	It is in proportion to his share in the paid-up equity share capital of the company.
How is the voting power of an equity shareholder determined on a poll under Section 47(1)(b)?	According to his proportion of paid-up equity share capital.
Who has voting rights in respect of preference share capital under Section 47(2)?	Every member holding preference share capital in a company limited by shares.
On which resolutions can preference shareholders vote under Section 47(2)?	Resolutions directly affecting the rights attached to their preference shares.
Can preference shareholders vote on resolutions for winding up of the company under Section 47(2)?	Yes.
Can preference shareholders vote on resolutions for repayment of share capital under Section 47(2)?	Yes.
Can preference shareholders vote on resolutions for reduction of equity or preference share capital under Section 47(2)?	Yes.
How is the voting right of a preference shareholder on a poll determined under Section 47(2)?	In proportion to his share in the paid-up preference share capital of the company.
What is the basis for calculating a preference shareholder's voting right on a poll under Section 47(2)?	Paid-up preference share capital held by him.
How is the proportion between voting rights of equity shareholders and preference shareholders determined under the first proviso to Section 47(2)?	In the same proportion as the paid-up equity capital bears to the paid-up preference capital.
What is the effect of non-payment of preference dividend for two years or more under the second proviso to Section 47(2)?	Such preference shareholders gain the right to vote on all resolutions placed before the company.
When do preference shareholders acquire voting rights on all resolutions under Section 47(2)?	When dividend on that class of preference shares remains unpaid for two years or more.
Does the second proviso to Section 47(2) apply to all preference shareholders?	It applies to the class of preference shareholders whose dividend has not been paid for two years or more.
What additional voting right is conferred on preference shareholders when dividend remains unpaid for two years or more?	The right to vote on all resolutions placed before the company.
What is the subject matter of Section 48 of the Companies Act, 2013?	Variation of shareholders' rights.
When does Section 48 apply?	When the share capital of a company is divided into different classes of shares.
How may the rights attached to shares of a class be varied under Section 48(1)?	With written consent of holders of not less than three-fourths of the issued shares of that class or by a special resolution at a separate class meeting.
What minimum written consent is required for variation of class rights under Section 48(1)?	Consent of holders of not less than three-fourths of the issued shares of that class.
What type of resolution may approve variation of class rights under Section 48(1)?	A special resolution passed at a separate meeting of the holders of that class.
When can class rights be varied under Section 48(1)(a)?	When provision for such variation is contained in the memorandum or articles.
When can class rights be varied under Section 48(1)(b)?	In the absence of such provision, if the variation is not prohibited by the terms of issue of that class of shares.
What additional requirement applies when variation of one class affects another class under the proviso to Section 48(1)?	Consent of three-fourths of the affected class of shareholders must also be obtained.
Does Section 48 apply to variation affecting another class of shareholders?	Yes, the provisions of this section apply to such variation.
Who may apply to the Tribunal for cancellation of variation under Section 48(2)?	Holders of not less than ten per cent of the issued shares of a class who did not consent or vote in favour of the variation.
What percentage of issued shares is required to challenge a variation under Section 48(2)?	Not less than ten per cent of the issued shares of that class.
Can shareholders who voted against the special resolution apply to the Tribunal under Section 48(2)?	Yes.
What is the effect of an application to the Tribunal under Section 48(2)?	The variation shall not take effect unless and until confirmed by the Tribunal.
Within what period must an application under Section 48(2) be made?	Within twenty-one days from the date of consent or passing of the resolution.
From which date is the twenty-one-day period under the proviso to Section 48(2) calculated?	From the date on which consent was given or the resolution was passed.
Can an application under Section 48(2) be made through representatives?	Yes, by one or more shareholders appointed in writing for the purpose.
How must shareholders appoint persons to apply on their behalf under the proviso to Section 48(2)?	By written appointment.
Whose decision is binding on shareholders under Section 48(3)?	The decision of the Tribunal.
On whom is the Tribunal's decision binding under Section 48(3)?	All shareholders.
What must the company file after the Tribunal's order under Section 48(4)?	A copy of the Tribunal's order.
With whom must the Tribunal's order be filed under Section 48(4)?	The Registrar.
Within what period must the Tribunal's order be filed with the Registrar under Section 48(4)?	Within thirty days of the date of the order.
What is the subject matter of Section 49 of the Companies Act, 2013?	Calls on shares of same class to be made on uniform basis.
How must calls for further share capital be made under Section 49?	On a uniform basis.
On which shares must calls be made uniformly under Section 49?	All shares falling under the same class.
When does the requirement of uniformity under Section 49 arise?	When calls for further share capital are made on shares of a class.
Can different calls be made on shares belonging to the same class under Section 49?	No, calls must be made on a uniform basis on all shares of that class.
What is the purpose of the Explanation to Section 49?	To determine when shares are deemed to be of the same class.
Are shares of the same nominal value always treated as belonging to the same class under Section 49?	No.
How are shares of the same nominal value treated if different amounts have been paid-up on them under the Explanation to Section 49?	They shall not be deemed to fall under the same class.
Do shares with the same nominal value but different paid-up amounts constitute the same class for the purpose of calls under Section 49?	No.
What factor prevents shares of the same nominal value from being treated as the same class under Section 49?	Different amounts having been paid-up on those shares.
What is the subject matter of Section 50 of the Companies Act, 2013?	Company to accept unpaid share capital, although not called up.
Can a company accept unpaid share capital before it is called up under Section 50(1)?	Yes, if authorised by its articles.
What authorisation is required for acceptance of unpaid share capital under Section 50(1)?	Authorisation by the articles of the company.
From whom may a company accept unpaid share capital under Section 50(1)?	Any member of the company.
What amount may a company accept under Section 50(1)?	The whole or a part of the amount remaining unpaid on any shares held by the member.
Can a company accept unpaid share capital even if no call has been made under Section 50(1)?	Yes, even if no part of that amount has been called up.
On which shares may advance payment be accepted under Section 50(1)?	Shares held by the member on which an amount remains unpaid.
Who is affected by the restriction on voting rights under Section 50(2)?	A member of a company limited by shares.
Is a member entitled to voting rights in respect of amounts paid in advance under Section 50(2)?	No.
When does a member become entitled to voting rights in respect of amounts paid under Section 50(1)?	When that amount has been called up.
What is the effect of advance payment of unpaid share capital on voting rights under Section 50(2)?	It does not confer voting rights until the amount is called up.
Does payment of uncalled share capital increase voting rights immediately under Section 50(2)?	No, voting rights arise only after the amount is called up.
What is the subject matter of Section 51 of the Companies Act, 2013?	Payment of dividend in proportion to amount paid-up.
Can a company pay dividends in proportion to the amount paid-up on each share?	Yes, if authorised by its articles.
What is the prerequisite for payment of dividend in proportion to paid-up amount under Section 51?	Authorisation by the articles of the company.
Under Section 51, dividend may be paid in proportion to what?	The amount paid-up on each share.
Which document must authorise proportional dividend payment under Section 51?	Articles of Association.
Does Section 51 permit unequal dividend distribution based on paid-up value of shares?	Yes, where authorised by the articles.
How are dividends calculated under Section 51 when authorised?	In proportion to the amount paid-up on each share.
Can a company apply Section 51 without a provision in its articles?	No, authorisation in the articles is required.
Section 51 deals with dividend based on which factor?	Amount paid-up on each share.
What flexibility does Section 51 provide to companies regarding dividend payment?	It allows dividends to be paid according to the amount paid-up on shares if authorised by the articles.
What is the subject matter of Section 52 of the Companies Act, 2013?	Application of premiums received on issue of shares.
Where must the premium received on issue of shares be transferred?	Securities Premium Account.
Under Section 52(1), premium received on shares issued at a premium must be transferred to which account?	Securities Premium Account.
The Securities Premium Account is treated as equivalent to what for reduction purposes?	Paid-up share capital.
Which provisions apply to the Securities Premium Account as if it were paid-up share capital?	Provisions relating to reduction of share capital.
Can the Securities Premium Account be used for issuing fully paid bonus shares?	Yes, under Section 52(2)(a).
Under which clause can Securities Premium Account be used to issue bonus shares?	Section 52(2)(a).
Can preliminary expenses of a company be written off from the Securities Premium Account?	Yes, under Section 52(2)(b).
Can expenses, commission or discount on issue of shares or debentures be written off from Securities Premium Account?	Yes, under Section 52(2)(c).
Can Securities Premium Account be used for premium payable on redemption of redeemable preference shares?	Yes, under Section 52(2)(d).
Can Securities Premium Account be used for premium payable on redemption of debentures?	Yes, under Section 52(2)(d).
Can Securities Premium Account be utilised for purchase of own shares under buy-back?	Yes, under Section 52(2)(e) read with Section 68.
For what purpose may Securities Premium Account be applied under Section 52(2)(a)?	Towards issue of unissued shares as fully paid bonus shares.
For what purpose may Securities Premium Account be applied under Section 52(2)(b)?	Writing off preliminary expenses of the company.
For what purpose may Securities Premium Account be applied under Section 52(2)(c)?	Writing off expenses, commission paid or discount allowed on issue of shares or debentures.
For what purpose may Securities Premium Account be applied under Section 52(2)(d)?	Providing for premium payable on redemption of redeemable preference shares or debentures.
For what purpose may Securities Premium Account be applied under Section 52(2)(e)?	Purchase of its own shares or other securities under Section 68.
Can Securities Premium Account be freely distributed as dividend?	No.
Which section governs purchase of own shares using Securities Premium Account?	Section 68.
Which companies are covered under Section 52(3)?	Prescribed classes of companies whose financial statements comply with accounting standards under Section 133.
Can prescribed companies use Securities Premium Account for issuing fully paid equity bonus shares?	Yes, under Section 52(3)(a).
What is the specific purpose under Section 52(3)(a)?	Paying up unissued equity shares to be issued as fully paid bonus shares.
Can prescribed companies write off expenses or commission on issue of equity shares from Securities Premium Account?	Yes, under Section 52(3)(b).
What is the specific purpose under Section 52(3)(b)?	Writing off expenses of or commission paid or discount allowed on issue of equity shares.
Can prescribed companies use Securities Premium Account for purchase of own shares or securities?	Yes, under Section 52(3)(c).
Under which clause of Section 52(3) can prescribed companies buy back their own shares or securities?	Section 52(3)(c).
Does Section 52 apply when shares are issued at a premium for cash or otherwise?	Yes.
What is the primary account created from premium received on issue of shares?	Securities Premium Account.
Which section specifically deals with application of premiums received on issue of shares?	Section 52.
What is the subject matter of Section 53 of the Companies Act, 2013?	Prohibition on issue of shares at discount.
What is the general rule regarding issue of shares at discount under Section 53(1)?	A company shall not issue shares at a discount.
Which section provides an exception to the prohibition on issue of shares at discount?	Section 54.
What is the effect of issue of shares at a discount under Section 53(2)?	Such shares shall be void.
Are shares issued at a discount valid under Section 53(2)?	No, they are void.
What exception is provided under Section 53(2A) to the prohibition on issue of shares at discount?	A company may issue shares at a discount to its creditors when debt is converted into shares under a statutory resolution plan or debt restructuring scheme.
To whom may shares be issued at a discount under Section 53(2A)?	Creditors of the company.
When can shares be issued at a discount to creditors under Section 53(2A)?	When debt is converted into shares pursuant to a statutory resolution plan or debt restructuring scheme.
The statutory resolution plan or debt restructuring scheme under Section 53(2A) must be in accordance with whose guidelines, directions or regulations?	Those specified by the Reserve Bank of India.
Under which Acts may the RBI issue the guidelines, directions or regulations referred to in Section 53(2A)?	The Reserve Bank of India Act, 1934 or the Banking Regulation Act, 1949.
What penalty may be imposed on a company contravening Section 53?	A penalty extending to the amount raised through issue of shares at discount or five lakh rupees, whichever is less.
Who is liable for penalty for contravention of Section 53(3)?	The company and every officer in default.
What refund obligation arises under Section 53(3)?	The company must refund all monies received to the persons to whom such shares were issued.
At what rate is interest payable on refund under Section 53(3)?	Twelve per cent per annum.
From which date is interest calculated under Section 53(3)?	From the date of issue of such shares.
Can a company issue shares at a discount merely because its articles permit it?	No, except as provided in Section 54 or Section 53(2A).
What is the consequence of issuing shares at a discount in violation of Section 53?	The shares are void, penalty is leviable, and refund with 12% interest is required.
What is the subject matter of Section 54 of the Companies Act, 2013?	Issue of sweat equity shares.
Notwithstanding which section may a company issue sweat equity shares?	Section 53.
Can a company issue sweat equity shares under Section 54?	Yes, subject to the conditions specified in the section.
Of what class may sweat equity shares be issued under Section 54(1)?	A class of shares already issued.
What is the first condition for issue of sweat equity shares under Section 54(1)(a)?	The issue must be authorised by a special resolution passed by the company.
What type of resolution is required for issue of sweat equity shares?	Special resolution.
What particulars must the resolution specify under Section 54(1)(b)?	Number of shares, current market price, consideration, if any, and the class or classes of directors or employees to whom the shares are to be issued.
What must the special resolution specify regarding the number of sweat equity shares?	The number of shares to be issued.
What must the special resolution specify regarding valuation of sweat equity shares?	The current market price.
What must the special resolution specify regarding consideration for sweat equity shares?	The consideration, if any.
To whom must the proposed issue of sweat equity shares be specified in the resolution?	The class or classes of directors or employees.
How must listed companies issue sweat equity shares under Section 54(1)(d)?	In accordance with regulations made by the Securities and Exchange Board.
Which authority regulates issue of sweat equity shares by listed companies?	Securities and Exchange Board of India.
How must unlisted companies issue sweat equity shares under Section 54(1)(d)?	In accordance with such rules as may be prescribed.
What rights apply to sweat equity shares under Section 54(2)?	The rights applicable to equity shares.
What limitations apply to sweat equity shares under Section 54(2)?	The limitations applicable to equity shares.
What restrictions apply to sweat equity shares under Section 54(2)?	The restrictions applicable to equity shares.
Do the provisions applicable to equity shares also apply to sweat equity shares?	Yes.
How do holders of sweat equity shares rank in relation to other equity shareholders?	They rank pari passu with other equity shareholders.
What is the status of sweat equity shareholders vis-à-vis other equity shareholders?	They rank pari passu with them.
What is the subject matter of Section 55 of the Companies Act, 2013?	Issue and redemption of preference shares.
Can a company limited by shares issue irredeemable preference shares after commencement of the Companies Act, 2013?	No.
What is prohibited under Section 55(1)?	Issue of irredeemable preference shares.
Can a company limited by shares issue redeemable preference shares?	Yes, if authorised by its articles.
What is the maximum period within which preference shares must be redeemed under Section 55(2)?	Twenty years from the date of issue.
What is the prerequisite for issue of redeemable preference shares under Section 55(2)?	Authorisation by the articles of the company.
For which projects may preference shares be issued for a period exceeding twenty years?	Infrastructure projects.
What condition applies to preference shares issued for infrastructure projects beyond twenty years?	Redemption of the prescribed percentage annually at the option of the preference shareholders.
Out of what sources may preference shares be redeemed under Section 55(2), second proviso (a)?	Profits available for dividend or proceeds of a fresh issue of shares made for redemption.
Can preference shares be redeemed out of capital?	No.
What is the first condition for redemption of preference shares under clause (a)?	Redemption must be out of distributable profits or proceeds of a fresh issue of shares.
Can preference shares be redeemed unless fully paid?	No.
What is the requirement under Section 55(2), second proviso (b)?	Preference shares must be fully paid before redemption.
What reserve must be created when preference shares are redeemed out of profits?	Capital Redemption Reserve Account.
What amount must be transferred to Capital Redemption Reserve Account?	A sum equal to the nominal amount of the shares redeemed.
How is the Capital Redemption Reserve Account treated under the Act?	As if it were paid-up share capital for provisions relating to reduction of share capital.
In prescribed classes of companies complying with Section 133 accounting standards, from where must redemption premium be provided?	Out of the profits of the company.
How must redemption premium on preference shares issued before commencement of this Act be provided by prescribed companies?	Out of profits or securities premium account.
In companies not covered by Section 55(2)(d)(i), from where may redemption premium be provided?	Out of profits or securities premium account.
When can a company issue further redeemable preference shares under Section 55(3)?	When it is unable to redeem preference shares or pay dividend thereon according to the terms of issue.
What consent is required for issue of further redeemable preference shares under Section 55(3)?	Consent of holders of three-fourths in value of such preference shares.
Whose approval is required for issue of further redeemable preference shares under Section 55(3)?	Approval of the Tribunal.
What amount may be covered by further redeemable preference shares issued under Section 55(3)?	The amount due including dividend on the unredeemed preference shares.
What is the effect of issuing further redeemable preference shares under Section 55(3)?	The unredeemed preference shares shall be deemed to have been redeemed.
What must the Tribunal order regarding non-consenting preference shareholders?	Forthwith redemption of their preference shares.
Who are non-consenting preference shareholders under the proviso to Section 55(3)?	Holders who have not consented to the issue of further redeemable preference shares.
Does issue of further redeemable preference shares amount to an increase in share capital?	No.
Does redemption of preference shares under Section 55 amount to a reduction of share capital?	No.
For what purpose may the Capital Redemption Reserve Account be applied under Section 55(4)?	Paying up unissued shares to be issued as fully paid bonus shares.
Can Capital Redemption Reserve Account be utilised for issue of fully paid bonus shares?	Yes.
What is meant by "infrastructure projects" for the purposes of Section 55?	Infrastructure projects specified in Schedule VI.
What percentage consent is required from preference shareholders for issue of further redeemable preference shares?	Three-fourths in value of such preference shares.
Which authority approves the issue of further redeemable preference shares in lieu of unredeemed preference shares?	The Tribunal.
What is the subject matter of Section 56 of the Companies Act, 2013?	Transfer and transmission of securities.
When can a company register a transfer of securities under Section 56(1)?	On delivery of a proper instrument of transfer in the prescribed form.
Which transfers are exempt from the requirement of a transfer instrument under Section 56(1)?	Transfers between persons both of whose names are entered as holders of beneficial interest in the records of a depository.
What must a transfer instrument be under Section 56(1)?	Properly stamped, dated and executed by or on behalf of the transferor and transferee.
What particulars of the transferee must be specified in the transfer instrument?	Name, address and occupation, if any.
Who may deliver the instrument of transfer to the company?	The transferor or the transferee.
Within what period must the instrument of transfer be delivered to the company?	Within sixty days from the date of execution.
What document must accompany the instrument of transfer where a security certificate exists?	The certificate relating to the securities.
What document must accompany the transfer instrument if no certificate exists?	The letter of allotment of securities.
Can a company register a transfer where the transfer instrument has been lost?	Yes, on such terms as to indemnity as the Board may think fit.
Can a company register a transfer if the transfer instrument was not delivered within the prescribed period?	Yes, on such terms as to indemnity as the Board may think fit.
Does Section 56(1) affect registration of transmission by operation of law?	No.
What power is preserved under Section 56(2)?	The power to register transmission of rights to securities by operation of law.
From whom must intimation of transmission by operation of law be received?	A person to whom the right has been transmitted.
When an application for transfer of partly paid shares is made by the transferor alone, what must the company do?	Give notice of the application to the transferee.
Can transfer of partly paid shares be registered immediately on application by the transferor alone?	No.
Within what period may the transferee object to transfer of partly paid shares?	Within two weeks from receipt of notice.
When may transfer of partly paid shares be registered where application is made by transferor alone?	When the transferee gives no objection within two weeks of receipt of notice.
Within what period must share certificates be delivered to subscribers to the memorandum?	Within two months from the date of incorporation.
Within what period must share certificates be delivered in case of allotment of shares?	Within two months from the date of allotment.
Within what period must certificates be delivered in case of transfer or transmission of securities?	Within one month from receipt of the transfer instrument or intimation of transmission.
Within what period must debenture certificates be delivered after allotment?	Within six months from the date of allotment.
When securities are dealt with in a depository, what must the company do upon allotment?	Immediately intimate the details of allotment to the depository.
Is delivery of certificates under Section 56(4) subject to any restriction?	Yes, unless prohibited by law or an order of a Court, Tribunal or other authority.
Is transfer of a deceased person's securities by his legal representative valid if the representative is not the holder?	Yes.
Under Section 56(5), how is a legal representative treated for transfer of a deceased person's securities?	As if he had been the holder at the time of execution of the transfer instrument.
What is the penalty for default in complying with Section 56(1) to 56(5)?	Fifty thousand rupees.
Who is liable for default under Section 56(6)?	The company and every officer of the company who is in default.
What is the consequence where a depository or depository participant transfers shares with intent to defraud?	Liability under Section 447.
Does liability under Section 56(7) operate without prejudice to liability under the Depositories Act, 1996?	Yes.
Who may be liable under Section 447 for fraudulent transfer of shares?	A depository or depository participant acting with intent to defraud.
What is the subject matter of Section 57 of the Companies Act, 2013?	Punishment for personation of shareholder.
What offence is dealt with under Section 57?	Personation of a shareholder or owner of securities or interests in a company.
Who commits an offence under Section 57?	A person who deceitfully personates as an owner of a security or interest in a company.
Does Section 57 apply only to securities?	No, it also applies to interests in a company, share warrants and coupons.
What is required for liability under Section 57?	Deceitful personation as an owner.
Can mere attempt attract liability under Section 57?	Yes.
What must the accused obtain or attempt to obtain through personation?	Any security, interest, share warrant or coupon.
Is receiving money due to the true owner covered under Section 57?	Yes.
Does attempting to receive money due to the true owner attract liability under Section 57?	Yes.
Can personation relating to a share warrant attract punishment under Section 57?	Yes.
Can personation relating to a coupon issued under the Act attract punishment under Section 57?	Yes.
What is the minimum imprisonment prescribed under Section 57?	One year.
What is the maximum imprisonment prescribed under Section 57?	Three years.
What is the minimum fine prescribed under Section 57?	One lakh rupees.
What is the maximum fine prescribed under Section 57?	Five lakh rupees.
Is imprisonment under Section 57 mandatory?	Yes, imprisonment shall not be less than one year.
Is fine under Section 57 mandatory?	Yes, fine shall not be less than one lakh rupees.
What is the punishment for deceitfully personating an owner of securities and obtaining money due to him?	Imprisonment of 1–3 years and fine of ₹1 lakh–₹5 lakh.
What is the punishment for attempting to obtain securities by personation?	Imprisonment of 1–3 years and fine of ₹1 lakh–₹5 lakh.
Does Section 57 cover both obtaining and attempting to obtain securities?	Yes.
Does Section 57 cover both receiving and attempting to receive money due to the owner?	Yes.
What is the subject matter of Section 58 of the Companies Act, 2013?	Refusal of registration and appeal against refusal.
Within what period must a private company communicate refusal to register transfer or transmission?	Within 30 days from delivery of the instrument of transfer or intimation of transmission.
To whom must a private company send notice of refusal under Section 58(1)?	Transferor and transferee, or the person giving intimation of transmission.
What must be included in the notice of refusal under Section 58(1)?	Reasons for such refusal.
Does Section 58(1) apply to transmission by operation of law?	Yes.
What is the general rule regarding transferability of securities in a public company under Section 58(2)?	Securities or other interest of any member shall be freely transferable.
Are transfer restriction agreements between shareholders enforceable in a public company?	Yes, as a contract.
Under which subsection is free transferability of public company securities provided?	Section 58(2).
Within what period can a transferee appeal against refusal after receiving notice from the company?	Within 30 days from receipt of the notice.
If no notice of refusal is sent by the company, within what period can an appeal be filed?	Within 60 days from delivery of the instrument of transfer or intimation of transmission.
Which authority hears appeals against refusal of registration of transfer or transmission?	The Tribunal.
Under Section 58(3), who may file an appeal?	The transferee.
Within what period must a public company register transfer of securities?	Within 30 days from delivery of the instrument of transfer or intimation of transmission.
When can a transferee appeal against refusal by a public company under Section 58(4)?	Within 60 days of refusal.
If no intimation is received from a public company, within what period can the transferee appeal?	Within 90 days of delivery of the instrument of transfer or intimation of transmission.
What is required before a public company can refuse registration of transfer?	Sufficient cause.
What powers does the Tribunal have while deciding an appeal under Section 58(5)?	Dismiss the appeal or pass appropriate orders.
What order may the Tribunal pass regarding registration of transfer or transmission?	Direct the company to register the transfer or transmission.
Within what period must the company comply with the Tribunal's order directing registration?	Within 10 days of receipt of the order.
Can the Tribunal direct rectification of the register under Section 58(5)?	Yes.
Can the Tribunal award damages under Section 58(5)?	Yes, to an aggrieved party.
What may accompany an order for rectification of the register?	Direction to pay damages.
What is the punishment for contravening an order of the Tribunal under Section 58?	Imprisonment of 1–3 years and fine of ₹1 lakh–₹5 lakh.
What is the minimum imprisonment for contravention of the Tribunal's order under Section 58(6)?	One year.
What is the maximum imprisonment under Section 58(6)?	Three years.
What is the minimum fine under Section 58(6)?	One lakh rupees.
What is the maximum fine under Section 58(6)?	Five lakh rupees.
Can the Tribunal direct both rectification and payment of damages?	Yes.
Which subsection makes securities of a public company freely transferable?	Section 58(2).
Which subsection provides the remedy of appeal to the Tribunal against refusal by a private company?	Section 58(3).
Which subsection provides the remedy of appeal against refusal by a public company?	Section 58(4).
Which subsection empowers the Tribunal to order registration or rectification?	Section 58(5).
Which subsection prescribes punishment for non-compliance with the Tribunal's order?	Section 58(6).
What is the subject matter of Section 59 of the Companies Act, 2013?	Rectification of register of members.
When can an application for rectification of register of members be made under Section 59(1)?	When a person's name is entered or omitted without sufficient cause or there is default or delay in recording membership changes.
Who may apply for rectification under Section 59(1)?	The aggrieved person, any member of the company, or the company.
To which authority may an application for rectification be made under Section 59(1)?	The Tribunal.
Can foreign members or debenture holders residing outside India seek rectification before a foreign court?	Yes, before a competent court outside India specified by the Central Government.
What is the ground when a person's name is entered in the register without sufficient cause?	Rectification of the register may be sought.
What is the ground when a person's name is omitted from the register without sufficient cause?	Rectification of the register may be sought.
Can delay in recording a person becoming or ceasing to be a member be challenged under Section 59?	Yes.
What may the Tribunal do after hearing an appeal under Section 59(1)?	Dismiss the appeal or pass appropriate orders.
Can the Tribunal direct registration of transfer or transmission under Section 59(2)?	Yes.
Within what period must the company register transfer or transmission when directed by the Tribunal?	Within 10 days of receipt of the order.
Can the Tribunal direct rectification of depository records?	Yes.
Can the Tribunal direct rectification of the register of members?	Yes.
Can the Tribunal award damages under Section 59(2)?	Yes, to the aggrieved party.
Who may receive damages under Section 59(2)?	The party aggrieved.
Does Section 59 restrict the right of a security holder to transfer securities?	No.
Is a person acquiring securities entitled to voting rights under Section 59(3)?	Yes.
When can voting rights of a person acquiring securities be denied?	When suspended by an order of the Tribunal.
Can the Tribunal suspend voting rights under Section 59(3)?	Yes.
What happens if transfer of securities contravenes the Securities Contracts (Regulation) Act, 1956?	The Tribunal may order rectification.
What happens if transfer of securities contravenes the SEBI Act, 1992?	The Tribunal may order rectification.
What happens if transfer of securities contravenes the Companies Act, 2013 or any other law?	The Tribunal may order rectification.
Who may apply under Section 59(4) for rectification in case of contravening transfers?	Depository, company, depository participant, holder of securities, or SEBI.
Can a depository apply under Section 59(4)?	Yes.
Can a company apply under Section 59(4)?	Yes.
Can a depository participant apply under Section 59(4)?	Yes.
Can the holder of securities apply under Section 59(4)?	Yes.
Can SEBI apply under Section 59(4)?	Yes.
What may the Tribunal direct under Section 59(4)?	The company or depository to set right the contravention and rectify its register or records.
Which subsection protects the right of transfer of securities?	Section 59(3).
Which subsection empowers the Tribunal to rectify depository records?	Section 59(2).
Which subsection deals with contravention of securities laws and rectification?	Section 59(4).
Which subsection provides for damages to an aggrieved party?	Section 59(2).
Which subsection allows appeal for wrongful entry, omission, default or delay in the register?	Section 59(1).
What is the subject matter of Section 60 of the Companies Act, 2013?	Publication of authorised, subscribed and paid-up capital.
When does Section 60(1) apply?	When a notice, advertisement, official publication, business letter, billhead or letter paper contains a statement of authorised capital.
If authorised capital is stated, what additional particulars must also be stated?	The subscribed capital and the paid-up capital.
Where must the statement of subscribed and paid-up capital appear?	In an equally prominent position and in equally conspicuous characters.
Can a company mention only authorised capital in its publications?	No.
What must accompany a statement of authorised capital in company publications?	Statements of subscribed capital and paid-up capital.
Does Section 60 apply to notices issued by a company?	Yes.
Does Section 60 apply to advertisements issued by a company?	Yes.
Does Section 60 apply to official publications of a company?	Yes.
Does Section 60 apply to business letters of a company?	Yes.
Does Section 60 apply to billheads of a company?	Yes.
Does Section 60 apply to letter papers of a company?	Yes.
How should subscribed capital be displayed when authorised capital is mentioned?	In an equally prominent position and in equally conspicuous characters.
How should paid-up capital be displayed when authorised capital is mentioned?	In an equally prominent position and in equally conspicuous characters.
What is the penalty on the company for default under Section 60(2)?	₹10,000 for each default.
What is the penalty on an officer in default under Section 60(2)?	₹5,000 for each default.
Who is liable for penalty under Section 60(2)?	The company and every officer in default.
What is the amount of penalty imposed on the company for each default?	₹10,000.
What is the amount of penalty imposed on every officer in default for each default?	₹5,000.
Which subsection prescribes the requirement to disclose subscribed and paid-up capital?	Section 60(1).
Which subsection prescribes penalties for non-compliance?	Section 60(2).
What is the subject matter of Section 61 of the Companies Act, 2013?	Power of limited company to alter its share capital.
Which company can exercise powers under Section 61?	A limited company having a share capital.
What is the prerequisite for alteration of share capital under Section 61?	Authorisation by the articles of the company.
Where must the alteration under Section 61 be approved?	In the general meeting.
Can a company increase its authorised share capital under Section 61(1)(a)?	Yes.
By what amount may authorised share capital be increased?	Such amount as the company thinks expedient.
Which clause permits increase of authorised share capital?	Section 61(1)(a).
Can a company consolidate and divide its share capital under Section 61?	Yes.
What is meant by consolidation of share capital under Section 61(1)(b)?	Conversion of shares into shares of a larger amount than existing shares.
When does consolidation and division require Tribunal approval?	When it results in changes in the voting percentage of shareholders.
Which authority approves consolidation and division affecting voting percentages?	The Tribunal.
Under which clause is consolidation and division of share capital provided?	Section 61(1)(b).
Can a company convert fully paid-up shares into stock?	Yes.
Can stock be reconverted into fully paid-up shares?	Yes.
Which clause permits conversion of shares into stock?	Section 61(1)(c).
Can partly paid-up shares be converted into stock under Section 61(1)(c)?	No, only fully paid-up shares.
Can a company subdivide its shares into shares of smaller amount?	Yes.
Which clause permits subdivision of shares?	Section 61(1)(d).
What condition applies to subdivision of shares under Section 61(1)(d)?	The proportion between paid-up and unpaid amounts must remain the same.
Must the ratio of paid and unpaid amounts change upon subdivision?	No.
Can a company cancel shares not taken or agreed to be taken by any person?	Yes.
Which clause permits cancellation of unissued shares?	Section 61(1)(e).
When can shares be cancelled under Section 61(1)(e)?	When they have not been taken or agreed to be taken by any person.
What happens to the share capital after cancellation of such shares?	It is diminished by the amount of the cancelled shares.
Is cancellation of shares under Section 61(1)(e) deemed reduction of share capital?	No.
Which subsection clarifies that cancellation of shares is not reduction of share capital?	Section 61(2).
Can alteration under Section 61 be carried out without authority in the articles?	No.
Which forms of alteration are expressly permitted under Section 61(1)?	Increase, consolidation, conversion into stock, subdivision and cancellation of shares.
Can voting percentages of shareholders be altered through consolidation without Tribunal approval?	No.
What is the effect of cancellation of untaken shares under Section 61(2)?	It is not treated as reduction of share capital.
What is the subject matter of Section 62 of the Companies Act, 2013?	Further issue of share capital.
When does Section 62 become applicable?	When a company having share capital proposes to increase its subscribed capital by issue of further shares.
To whom must further shares be offered under Section 62(1)(a)?	Existing equity shareholders in proportion to their paid-up share capital.
What principle governs the offer of rights shares under Section 62(1)(a)?	Proportionate offer to existing equity shareholders as nearly as circumstances admit.
How must the rights offer be made under Section 62(1)(a)?	By sending a letter of offer.
What must the notice of rights issue specify under Section 62(1)(a)(i)?	The number of shares offered and the time within which the offer must be accepted.
What is the minimum period for acceptance of a rights offer under Section 62(1)(a)(i)?	Fifteen days or such lesser period as may be prescribed.
What is the maximum period for acceptance of a rights offer under Section 62(1)(a)(i)?	Thirty days from the date of the offer.
What is the consequence of non-acceptance of a rights offer within the specified period?	The offer shall be deemed to have been declined.
What right is deemed to be included in a rights offer unless the articles otherwise provide?	The right to renounce the shares in favour of another person.
What statement must be contained in the notice of rights issue?	A statement regarding the shareholder's right of renunciation.
What power does the Board have after expiry of the offer period or refusal by the shareholder?	It may dispose of the shares in a manner not disadvantageous to shareholders and the company.
What condition governs disposal of unsubscribed rights shares by the Board?	The disposal must not be disadvantageous to the shareholders and the company.
To whom may shares be issued under an Employees' Stock Option Scheme under Section 62(1)(b)?	Employees of the company.
What approval is required for issue of shares under an Employees' Stock Option Scheme?	A special resolution of the company.
What additional requirement applies to issue of ESOP shares?	Compliance with prescribed conditions.
To whom may shares be issued under Section 62(1)(c)?	Any persons, whether or not they include existing shareholders or employees.
What approval is required for preferential allotment under Section 62(1)(c)?	A special resolution.
Can shares under Section 62(1)(c) be issued for consideration other than cash?	Shares may be issued for cash or consideration other than cash.
How is the price of shares determined under Section 62(1)(c)?	By the valuation report of a registered valuer.
Whose valuation report is required for issue under Section 62(1)(c)?	A registered valuer's valuation report.
What compliance requirement accompanies issue under Section 62(1)(c)?	Compliance with Chapter III and prescribed conditions.
How must notice of rights issue be dispatched under Section 62(2)?	Through registered post, speed post, electronic mode, courier, or any mode having proof of delivery.
To whom must the rights issue notice be dispatched?	All existing shareholders.
How many days before opening of the issue must the notice be dispatched?	At least three days before the opening of the issue.
To what increase in subscribed capital does Section 62 not apply under Section 62(3)?	Increase resulting from exercise of conversion options attached to debentures or loans.
What condition must be fulfilled before issue of convertible debentures or loans under Section 62(3)?	The conversion terms must be approved by a special resolution before issue of debentures or raising of loan.
What power does the Government possess under Section 62(4)?	To direct conversion of debentures or loans into shares in public interest.
Can the Government order conversion even if no conversion option exists in the terms?	The Government may direct conversion in public interest notwithstanding absence of such a term.
What remedy is available to a company against a Government order under Section 62(4)?	Appeal to the Tribunal within sixty days.
Within what period may a company appeal against a Government conversion order?	Sixty days from communication of the order.
What factors must the Government consider while determining conversion terms under Section 62(5)?	Financial position of the company, terms of issue, interest rate, and other relevant matters.
What is the effect of a Government conversion order under Section 62(6) where no appeal is filed or the appeal is dismissed?	The memorandum stands altered and the authorised share capital stands increased.
By what amount does authorised share capital increase under Section 62(6)?	By an amount equal to the value of shares into which the debentures or loans are converted.
Which subsection deals with rights issue?	Section 62(1)(a).
Which subsection deals with Employees' Stock Option Scheme?	Section 62(1)(b).
Which subsection deals with preferential allotment?	Section 62(1)(c).
Which subsection prescribes dispatch of rights issue notice?	Section 62(2).
Which subsection excludes conversion of debentures and loans from the operation of Section 62?	Section 62(3).
Which subsection empowers the Government to order conversion of debentures or loans into shares?	Section 62(4).
Which subsection specifies factors for determining conversion terms?	Section 62(5).
Which subsection provides for automatic alteration of memorandum and increase of authorised capital?	Section 62(6).
What is the subject matter of Section 63 of the Companies Act, 2013?	Issue of bonus shares.
From what sources may a company issue fully paid-up bonus shares under Section 63(1)?	Free reserves, securities premium account, or capital redemption reserve account.
What reserves may be capitalised for issue of bonus shares under Section 63(1)?	Free reserves, securities premium account, and capital redemption reserve account.
What is prohibited from being capitalised for issue of bonus shares?	Reserves created by revaluation of assets.
What restriction is imposed by the proviso to Section 63(1)?	Bonus shares shall not be issued by capitalising reserves created by revaluation of assets.
What authority in the articles is required before issuing bonus shares?	Authorisation by the articles of the company.
What recommendation is necessary before bonus shares can be authorised in general meeting?	Recommendation of the Board.
What approval in general meeting is required for issue of bonus shares?	Authorisation by the company in general meeting.
What condition relating to fixed deposits must be satisfied before issue of bonus shares?	The company must not have defaulted in payment of interest or principal on fixed deposits.
What condition relating to debt securities must be satisfied before issue of bonus shares?	The company must not have defaulted in payment of interest or principal on debt securities issued by it.
What condition relating to employees' statutory dues must be fulfilled before issue of bonus shares?	The company must not have defaulted in payment of provident fund, gratuity, bonus, or other statutory dues.
What condition applies to partly paid-up shares before allotment of bonus shares?	All partly paid-up shares outstanding on the date of allotment must be made fully paid-up.
What compliance requirement is prescribed under Section 63(2)(f)?	Compliance with such conditions as may be prescribed.
What are the statutory prerequisites for capitalisation of profits or reserves for issue of bonus shares?	Authorisation in articles, Board recommendation, approval in general meeting, no defaults in specified payments, fully paid-up outstanding shares, and compliance with prescribed conditions.
What is the consequence of outstanding partly paid-up shares at the time of bonus issue?	They must first be made fully paid-up.
What employee-related statutory dues are specifically mentioned in Section 63(2)(d)?	Provident fund, gratuity and bonus.
What type of shares may be issued as bonus shares under Section 63?	Fully paid-up bonus shares.
In whose favour are bonus shares issued under Section 63(1)?	Members of the company.
What prohibition is contained in Section 63(3)?	Bonus shares shall not be issued in lieu of dividend.
How must bonus shares not be used according to Section 63(3)?	They shall not be issued as a substitute for dividend.
Which subsection specifies the permissible sources for issue of bonus shares?	Section 63(1).
Which subsection lays down the conditions for issue of bonus shares?	Section 63(2).
Which subsection prohibits issue of bonus shares in lieu of dividend?	Section 63(3).
What is the subject matter of Section 64 of the Companies Act, 2013?	Notice to be given to Registrar for alteration of share capital.
In which situations is a company required to file notice with the Registrar under Section 64(1)?	On alteration of share capital under Section 61, increase of authorised capital pursuant to a Government order under Section 62(4) read with Section 62(6), or redemption of redeemable preference shares.
What filing obligation arises when a company alters its share capital under Section 61?	The company must file a notice with the Registrar along with an altered memorandum.
What filing obligation arises when a Government order under Section 62 increases authorised capital?	The company must file a notice with the Registrar along with an altered memorandum.
What filing obligation arises upon redemption of redeemable preference shares?	The company must file a notice with the Registrar along with an altered memorandum.
Within what period must notice be filed with the Registrar under Section 64(1)?	Within thirty days of the alteration, increase, or redemption, as the case may be.
What document must accompany the notice filed under Section 64(1)?	An altered memorandum.
What is the time limit for filing notice after alteration of share capital?	Thirty days.
What is the time limit for filing notice after increase of authorised capital pursuant to Government order?	Thirty days.
What is the time limit for filing notice after redemption of redeemable preference shares?	Thirty days.
Which alterations of share capital require notice to the Registrar under Section 64?	Alterations specified in Section 61(1).
Which Government order may trigger filing under Section 64(1)(b)?	An order under Section 62(4) read with Section 62(6) increasing authorised share capital.
Which type of redemption attracts the filing requirement under Section 64(1)(c)?	Redemption of redeemable preference shares.
What is the penalty for a company failing to comply with Section 64(1)?	₹500 for each day during which the default continues, subject to a maximum of ₹5 lakh.
What is the penalty for an officer in default under Section 64(2)?	₹500 for each day during which the default continues, subject to a maximum of ₹1 lakh.
What is the maximum penalty that may be imposed on a company under Section 64(2)?	₹5 lakh.
What is the maximum penalty that may be imposed on an officer in default under Section 64(2)?	₹1 lakh.
At what daily rate does penalty accrue for default under Section 64(2)?	₹500 per day.
Which subsection prescribes filing of notice to the Registrar?	Section 64(1).
Which subsection prescribes penalties for non-compliance?	Section 64(2).
What is the subject matter of Section 65 of the Companies Act, 2013?	Provision for reserve share capital by an unlimited company on conversion into a limited company.
Which company is governed by Section 65?	An unlimited company having a share capital.
At what stage does Section 65 become applicable?	When an unlimited company passes a resolution for registration as a limited company under the Act.
What power is conferred by Section 65(a)?	To increase the nominal amount of its share capital by increasing the nominal amount of each share.
What condition applies to the increased share capital under Section 65(a)?	No part of the increased capital shall be capable of being called up except in the event and for the purposes of winding up.
How may an unlimited company create reserve share capital under Section 65(a)?	By increasing the nominal amount of each share and restricting its call only upon winding up.
What is meant by reserve share capital under Section 65(a)?	Capital that can be called up only in the event and for the purposes of winding up.
What power is conferred by Section 65(b)?	To specify that a portion of its uncalled share capital shall not be capable of being called up except in the event and for the purposes of winding up.
How may an unlimited company deal with its uncalled share capital under Section 65(b)?	By earmarking a specified portion as reserve share capital callable only on winding up.
What restriction applies to the specified portion of uncalled share capital under Section 65(b)?	It cannot be called up except in the event and for the purposes of winding up.
For what purpose can reserve share capital be called up under Section 65?	Only for the purposes of winding up the company.
When can the increased capital created under Section 65(a) be called up?	Only in the event of winding up.
When can the specified uncalled capital under Section 65(b) be called up?	Only in the event of winding up.
What are the two methods provided under Section 65 for creating reserve share capital?	Increasing the nominal value of shares or earmarking a specified portion of uncalled share capital for winding up purposes.
Which clause permits increase in nominal value of shares to create reserve share capital?	Section 65(a).
Which clause permits reservation of a portion of uncalled share capital for winding up purposes?	Section 65(b).
What is the subject matter of Section 66 of the Companies Act, 2013?	Reduction of share capital.
What approvals are necessary for reduction of share capital under Section 66?	A special resolution of the company and confirmation by the Tribunal.
What are the modes by which a company may reduce its share capital?	By extinguishing or reducing liability on unpaid share capital, cancelling paid-up capital lost or unrepresented by assets, or paying off paid-up capital in excess of the company's requirements.
What restriction prevents a company from reducing its share capital?	Arrears in repayment of deposits accepted by the company or interest payable thereon.
Who must be notified by the Tribunal upon an application for reduction of share capital?	The Central Government, Registrar, SEBI in case of listed companies, and the creditors of the company.
What presumption arises when no representation is received from the notified authorities or creditors within three months?	They are deemed to have no objection to the proposed reduction.
Under what circumstances may the Tribunal confirm reduction of share capital?	When every creditor's debt or claim has been discharged, determined, secured, or consent has been obtained.
What accounting requirement must be fulfilled before the Tribunal sanctions reduction of share capital?	The proposed accounting treatment must conform to accounting standards and be certified by the company's auditor.
How is the Tribunal's order confirming reduction of share capital to be made public?	By publication in the manner directed by the Tribunal.
What documents must be filed with the Registrar after confirmation of reduction of share capital?	A certified copy of the Tribunal's order and the approved minute.
Within what period must the Tribunal's order and approved minute be filed with the Registrar?	Within thirty days of receipt of the order.
Which corporate action is expressly excluded from the operation of Section 66?	Buy-back of securities under Section 68.
What protection is available to a creditor whose name was omitted from the list of creditors due to ignorance of the proceedings?	Existing members may be required to contribute towards payment of the creditor's debt or claim.
What acts of an officer attract liability under Section 447 in reduction proceedings?	Concealing the name of a creditor, misrepresenting the nature or amount of a creditor's claim, or abetting such concealment or misrepresentation.
What is the subject matter of Section 67 of the Companies Act, 2013?	Restriction on purchase by company or giving of loans by it for purchase of its shares.
Can a company purchase its own shares under Section 67(1)?	Only if the consequent reduction of share capital is effected in accordance with the provisions of the Act.
What is the general prohibition imposed on public companies under Section 67(2)?	A public company cannot directly or indirectly provide financial assistance for the purchase or subscription of its own shares or shares of its holding company.
In what forms can prohibited financial assistance be given under Section 67(2)?	By way of loan, guarantee, security, or any other financial assistance.
Does Section 67 prohibit indirect financial assistance for purchase of shares?	Yes, both direct and indirect financial assistance are prohibited.
What is the first exception to the prohibition on financial assistance under Section 67?	Lending of money by a banking company in the ordinary course of its business.
When may a company provide money for purchase of its shares by employees under Section 67(3)(b)?	Under a scheme approved by special resolution and in accordance with prescribed requirements.
For whose benefit may shares be purchased under an employee share purchase scheme?	For trustees holding shares for employees or for employees of the company.
Can a company grant loans to its employees for purchasing its shares?	Yes, subject to the conditions specified under Section 67(3)(c).
To whom cannot loans be granted under Section 67(3)(c)?	Directors and key managerial personnel.
What is the maximum amount of loan that may be granted to an employee under Section 67(3)(c)?	An amount not exceeding six months' salary or wages.
For what purpose may employee loans under Section 67(3)(c) be granted?	To enable employees to purchase or subscribe for fully paid-up shares of the company or its holding company.
What disclosure is required regarding employee share schemes under Section 67?	Voting rights not directly exercised by employees must be disclosed in the Board's Report in the prescribed manner.
Does Section 67 affect the right of a company to redeem preference shares?	No, the right to redeem preference shares remains unaffected.
What is the punishment for a company contravening Section 67?	Fine ranging from one lakh rupees to twenty-five lakh rupees.
What is the punishment for an officer in default under Section 67?	Imprisonment up to three years and fine ranging from one lakh rupees to twenty-five lakh rupees.
What is the subject matter of Section 68 of the Companies Act, 2013?	Power of company to purchase its own securities (buy-back).
From what sources may a company undertake a buy-back of its securities?	Free reserves, securities premium account, or proceeds of the issue of shares or other specified securities.
What restriction applies to the source of funds for buy-back?	Buy-back of a particular kind of shares or securities cannot be made out of the proceeds of an earlier issue of the same kind of shares or securities.
What is the primary authorisation required for a buy-back?	The buy-back must be authorised by the articles of the company.
What shareholder approval is generally required for a buy-back?	A special resolution passed at a general meeting.
When can a buy-back be authorised by the Board instead of a special resolution?	When the buy-back is 10% or less of the total paid-up equity capital and free reserves of the company.
What is the maximum limit of buy-back under Section 68?	Twenty-five per cent or less of the aggregate of paid-up capital and free reserves of the company.
How is the 25% limit calculated in the case of buy-back of equity shares?	With reference to the total paid-up equity capital in that financial year.
What debt-equity condition must be satisfied after a buy-back?	The ratio of aggregate secured and unsecured debts to paid-up capital and free reserves must not exceed 2:1, unless a higher ratio is notified.
What condition regarding the status of securities must be fulfilled before buy-back?	All shares or specified securities proposed to be bought back must be fully paid-up.
What law governs buy-back of listed securities?	SEBI regulations.
What law governs buy-back of unlisted securities?	The prescribed rules under the Companies Act.
Within what period can a fresh offer of buy-back be made after closure of a previous buy-back offer?	Not before the expiry of one year from the date of closure of the preceding buy-back offer.
What disclosures must accompany the notice of the meeting approving buy-back?	Material facts, necessity for buy-back, class of securities, amount to be invested, and time limit for completion.
Within what period must a buy-back be completed?	Within one year from the date of the special resolution or Board resolution.
What are the modes through which a buy-back may be carried out?	From existing shareholders on a proportionate basis, from the open market, or by purchasing securities issued to employees under stock option or sweat equity schemes.
What declaration must be filed before undertaking a buy-back?	A declaration of solvency.
Who must sign the declaration of solvency?	At least two directors, one of whom must be the managing director, if any.
What does the declaration of solvency state?	That the company can meet its liabilities and will not become insolvent within one year from the date of the declaration.
With whom must the declaration of solvency be filed?	The Registrar and, in case of listed companies, SEBI.
Within what period must bought-back securities be extinguished and physically destroyed?	Within seven days of completion of the buy-back.
What restriction is imposed on further issue of securities after buy-back?	No further issue of the same kind of shares or securities can be made within six months.
What are the exceptions to the six-month restriction on fresh issue of securities?	Bonus issue, conversion of warrants, stock option schemes, sweat equity, or conversion of preference shares or debentures into equity shares.
What records must be maintained by a company after buy-back?	A register containing particulars of securities bought back, consideration paid, cancellation, extinguishment, and other prescribed details.
Within what period must a return of buy-back be filed?	Within thirty days of completion of the buy-back.
With whom must the return of buy-back be filed?	The Registrar and, in case of listed companies, SEBI.
What is the punishment for contravention of Section 68 by a company?	Fine ranging from one lakh rupees to three lakh rupees.
What is the punishment for an officer in default under Section 68?	Fine ranging from one lakh rupees to three lakh rupees.
What is included within the expression "specified securities" for the purposes of Section 68?	Employees' stock options and other securities notified by the Central Government.
What is included within the expression "free reserves" for the purposes of Section 68?	Securities premium account.
What is the subject matter of Section 69 of the Companies Act, 2013?	Transfer of certain sums to Capital Redemption Reserve Account.
When is a company required to transfer an amount to the Capital Redemption Reserve Account?	When it purchases its own shares out of free reserves or securities premium account.
How much amount must be transferred to the Capital Redemption Reserve Account under Section 69?	A sum equal to the nominal value of the shares purchased.
Where must details of the transfer to the Capital Redemption Reserve Account be disclosed?	In the balance sheet of the company.
For what purpose may the Capital Redemption Reserve Account be utilised?	For paying up unissued shares of the company to be issued as fully paid bonus shares.
To whom may bonus shares issued out of the Capital Redemption Reserve Account be allotted?	To the members of the company.
What type of shares can be issued by utilising the Capital Redemption Reserve Account?	Fully paid bonus shares.
What is the subject matter of Section 70 of the Companies Act, 2013?	Prohibition for buy-back in certain circumstances.
Through which entities is a company prohibited from purchasing its own shares or specified securities?	Through any subsidiary company, including its own subsidiary companies.
Can a company undertake buy-back through an investment company or group of investment companies?	No, buy-back through an investment company or group of investment companies is prohibited.
When is a company prohibited from undertaking a buy-back due to financial defaults?	When it has defaulted in repayment of deposits, interest thereon, redemption of debentures or preference shares, payment of dividend, repayment of term loans, or interest payable thereon.
When can a company undertake buy-back after curing a financial default?	After the default has been remedied and a period of three years has elapsed from the date the default ceased to subsist.
Does default in payment of dividend restrict a company's power to buy back its shares?	Yes, buy-back is prohibited until the default is remedied and three years have elapsed.
Does default in repayment of a term loan restrict a company's power to buy back its shares?	Yes, buy-back is prohibited until the default is remedied and three years have elapsed.
What statutory non-compliances prohibit a company from undertaking buy-back under Section 70(2)?	Non-compliance with Sections 92, 123, 127, and 129 of the Companies Act, 2013.
Can a company undertake buy-back if it has not complied with Section 92 relating to annual return?	No.
Can a company undertake buy-back if it has not complied with Section 123 relating to declaration of dividend?	No.
Can a company undertake buy-back if it has not complied with Section 127 relating to punishment for failure to distribute dividends?	No.
Can a company undertake buy-back if it has not complied with Section 129 relating to financial statements?	No.
What is the subject matter of Section 71 of the Companies Act, 2013?	Debentures.
Can a company issue debentures convertible into shares?	Yes, a company may issue debentures with an option to convert them wholly or partly into shares at the time of redemption.
What approval is required for the issue of convertible debentures?	A special resolution passed at a general meeting.
Can a company issue debentures carrying voting rights?	No, debentures carrying voting rights cannot be issued.
Under what conditions may secured debentures be issued?	Subject to the prescribed terms and conditions.
What reserve must be created when a company issues debentures?	A Debenture Redemption Reserve Account.
From what source is the Debenture Redemption Reserve Account created?	Out of the profits available for payment of dividend.
For what purpose can the Debenture Redemption Reserve Account be utilised?	Only for the redemption of debentures.
When is appointment of a debenture trustee mandatory?	Before issuing a prospectus or making an offer or invitation for subscription of debentures exceeding five hundred persons.
What is the primary duty of a debenture trustee?	To protect the interests of debenture-holders and redress their grievances.
Can a trust deed exempt a debenture trustee from liability for breach of trust?	No, such a provision is void.
When may exemptions from liability of a debenture trustee be agreed upon?	When approved by a majority of debenture-holders holding not less than three-fourths in value of the total debentures at a meeting convened for the purpose.
What obligation does a company have regarding payment of interest and redemption of debentures?	It must pay interest and redeem debentures according to the terms and conditions of their issue.
What remedy is available when a debenture trustee finds that company assets are insufficient to repay debentures?	The trustee may file a petition before the Tribunal.
What power does the Tribunal have on a petition by a debenture trustee regarding insufficient assets?	It may impose restrictions on the company from incurring further liabilities in the interests of debenture-holders.
What remedy is available when a company fails to redeem debentures on maturity or fails to pay interest?	Debenture-holders or the debenture trustee may apply to the Tribunal.
What order may the Tribunal pass upon failure to redeem debentures or pay interest?	It may direct the company to immediately redeem the debentures and pay the principal and interest due.
Can a contract to take up and pay for debentures be specifically enforced?	Yes, such a contract may be enforced by a decree for specific performance.
What matters relating to debentures may be prescribed by the Central Government?	Procedure for securing debentures, form of trust deed, inspection and copies of trust deed, quantum of Debenture Redemption Reserve, and related matters.
What is the subject matter of Section 72 of the Companies Act, 2013?	Power to nominate.
Who may make a nomination under Section 72?	Every holder of securities of a company.
When may a holder of securities make a nomination?	At any time and in the prescribed manner.
What is the purpose of nomination under Section 72?	To designate a person in whom the securities shall vest upon the death of the holder.
Can joint holders of securities make a nomination?	Yes, joint holders may jointly nominate a person.
When does a nominee of joint holders become entitled to the securities?	Upon the death of all the joint holders.
What rights does a nominee acquire upon the death of the holder of securities?	The nominee becomes entitled to all rights in the securities of the deceased holder.
What is the effect of nomination notwithstanding other laws or testamentary dispositions?	The nominee acquires rights in the securities to the exclusion of all other persons.
When can the rights of a nominee be defeated?	When the nomination is varied or cancelled in the prescribed manner.
Who becomes entitled to the securities when a valid nomination exists?	The nominee.
Can a minor be appointed as a nominee under Section 72?	Yes.
What provision is made when the nominee is a minor?	The holder may appoint another person to become entitled to the securities if the nominee dies during minority.
Who may appoint a person to receive the securities in case a minor nominee dies during minority?	The holder making the nomination.

CHAPTER-V
ACCEPTANCE OF DEPOSITS BY COMPANIES
What is the subject matter of Section 73 of the Companies Act, 2013?	Prohibition on acceptance of deposits from public.
What is the general rule regarding acceptance of deposits from the public under Section 73(1)?	A company cannot invite, accept, or renew deposits from the public except in the manner provided under the Act.
Which companies are exempt from the prohibition contained in Section 73(1)?	Banking companies, non-banking financial companies, and such other companies as may be specified by the Central Government in consultation with the Reserve Bank of India.
Can a company accept deposits from its members under Section 73?	Yes, subject to the conditions prescribed under the Act and the rules made thereunder.
What approval is required before a company accepts deposits from its members?	A resolution passed in the general meeting.
What document must be issued to members before accepting deposits from them?	A circular containing prescribed particulars.
What particulars must be disclosed in the circular issued to members?	The financial position of the company, credit rating, total number of depositors, amount due on previous deposits, and other prescribed particulars.
When must a copy of the circular be filed with the Registrar?	At least thirty days before the date of issue of the circular.
What is the Deposit Repayment Reserve Account under Section 73?	A separate bank account maintained with a scheduled bank for repayment of deposits.
How much amount must be deposited in the Deposit Repayment Reserve Account?	Not less than twenty per cent of the deposits maturing during the following financial year.
By what date must the amount be deposited in the Deposit Repayment Reserve Account each year?	On or before the thirtieth day of April.
What certification regarding past defaults is required before accepting deposits from members?	The company must certify that it has not defaulted in repayment of deposits or interest thereon, or that any default has been made good and five years have elapsed thereafter.
What is the consequence if a company provides no security or only partial security for deposits?	Such deposits are treated as unsecured deposits.
How must unsecured deposits be described by the company?	They must be expressly termed as "unsecured deposits" in every related circular, form, advertisement, or document.
How are deposits accepted under Section 73 to be repaid?	Together with interest according to the agreed terms and conditions.
What remedy is available to a depositor if the company fails to repay deposits or interest?	The depositor may apply to the Tribunal for appropriate orders.
What orders may the Tribunal pass on an application by a depositor?	Orders directing repayment of the amount due, compensation for loss or damage, and any other appropriate relief.
Can the Deposit Repayment Reserve Account be used for purposes other than repayment of deposits?	No, it can be used only for repayment of deposits.
What is the subject matter of Section 74 of the Companies Act, 2013?	Repayment of deposits accepted before commencement of the Act.
To which deposits does Section 74 apply?	Deposits accepted before the commencement of the Companies Act, 2013 which remain unpaid or become due thereafter.
What statement must a company file with the Registrar under Section 74(1)(a)?	A statement of all deposits accepted, the sums remaining unpaid, the interest payable thereon, and the arrangements made for repayment.
Within what time must the statement regarding pre-Act deposits be filed with the Registrar?	Within three months from the commencement of the Act or from the date on which such payments become due.
Within what period must deposits accepted before commencement of the Act be repaid?	Within three years from commencement of the Act or before expiry of the original deposit period, whichever is earlier.
How must the renewal of deposits accepted before commencement of the Act be carried out?	In accordance with Chapter V of the Companies Act, 2013 and the rules made thereunder.
Can the Tribunal grant additional time for repayment of old deposits?	Yes, on an application by the company.
What factors are considered by the Tribunal while granting further time for repayment?	The financial condition of the company, amount of deposit, interest payable, and other relevant circumstances.
What is the consequence if a company fails to repay deposits within the prescribed or extended period?	The company becomes liable to penalties in addition to repayment of the deposit and interest.
What is the punishment for a company that fails to repay deposits under Section 74?	Fine not less than one crore rupees and which may extend to ten crore rupees.
What is the punishment for an officer in default under Section 74?	Imprisonment up to seven years, or fine not less than twenty-five lakh rupees and up to two crore rupees, or both.
Does liability under Section 74 relieve the company from repaying the deposit and interest?	No, repayment of the deposit and interest remains mandatory in addition to the penalties.
What is the subject matter of Section 75 of the Companies Act, 2013?	Damages for fraud in relation to deposits.
When does Section 75 become applicable?	When a company fails to repay deposits or interest within the time prescribed under Section 74 and the deposits were accepted with intent to defraud or for a fraudulent purpose.
Who can be held personally liable under Section 75?	Every officer of the company who was responsible for the acceptance of such deposits.
Is the liability of the defaulting officer limited under Section 75?	No, the officer is personally liable without any limitation of liability.
For what losses can the responsible officers be held liable?	All or any losses or damages suffered by the depositors due to non-repayment of deposits or interest.
Does liability under Section 75 affect liability under Section 74(3)?	No, it is in addition to the liability under Section 74(3).
Does liability under Section 75 affect liability for fraud under Section 447?	No, liability under Section 447 remains applicable.
What must be proved before personal liability under Section 75 can arise?	That the deposits were accepted with intent to defraud depositors or for a fraudulent purpose.
Who may initiate legal action under Section 75(2)?	Any person, group of persons, or association of persons who have suffered loss.
What forms of legal action are available under Section 75(2)?	Suit, proceedings, or any other action permitted by law.
What is the basis for initiating action under Section 75(2)?	Loss suffered as a result of the company's failure to repay deposits or interest thereon.
Can a group of depositors jointly pursue remedies under Section 75?	Yes, a group of persons or an association of persons may take action collectively.
What is the subject matter of Section 76 of the Companies Act, 2013?	Acceptance of deposits from public by certain companies.
Which companies are permitted to accept deposits from persons other than their members under Section 76?	Public companies having the prescribed net worth or turnover.
Can eligible public companies accept deposits from the public notwithstanding Section 73?	Yes, subject to compliance with Section 76 and the prescribed rules.
What conditions must a public company satisfy before accepting deposits from the public under Section 76?	Compliance with Section 73(2) and the rules prescribed by the Central Government in consultation with the Reserve Bank of India.
What credit rating requirement is imposed on a public company accepting public deposits?	It must obtain a rating from a recognised credit rating agency.
What aspects of a company are evaluated in the credit rating obtained under Section 76?	Net worth, liquidity, and ability to repay deposits on the due date.
Why is the credit rating obtained under Section 76 disclosed to the public?	To inform the public about the company's financial strength and the safety of deposits.
How often must a company obtain a credit rating during the tenure of public deposits?	Every year during the tenure of the deposits.
What obligation arises when a company accepts secured deposits from the public?	It must create a charge on its assets in favour of the deposit holders.
Within what period must the charge be created for secured public deposits?	Within thirty days of acceptance of the deposits.
What is the minimum value of the charge to be created for secured deposits?	An amount not less than the amount of deposits accepted.
In whose favour must the charge be created for secured public deposits?	In favour of the deposit holders.
Do the provisions of Chapter V apply to deposits accepted from the public under Section 76?	Yes, the provisions of Chapter V apply mutatis mutandis.
What is the subject matter of Section 76A of the Companies Act, 2013?	Punishment for contravention of Section 73 or Section 76.
When does Section 76A become applicable?	When a company accepts, invites, allows, or causes acceptance of deposits in contravention of Sections 73 or 76 or fails to repay deposits or interest within the prescribed time.
Does Section 76A apply only to direct acceptance of deposits by a company?	No, it also applies where a company allows or causes another person to accept or invite deposits on its behalf.
What is the punishment for a company accepting deposits in contravention of Sections 73 or 76?	In addition to repayment of deposits and interest, a fine of not less than one crore rupees or twice the amount of deposits accepted, whichever is lower, extending up to ten crore rupees.
Is a company required to repay deposits and interest despite the penalties under Section 76A?	Yes, repayment of deposits and interest remains mandatory.
What is the punishment for an officer in default under Section 76A?	Imprisonment up to seven years and fine of not less than twenty-five lakh rupees extending up to two crore rupees.
When can an officer in default be proceeded against under Section 447?	When the contravention is committed knowingly or wilfully with intent to deceive.
Whom must the officer intend to deceive for Section 447 to apply under the proviso to Section 76A?	The company, its shareholders, depositors, creditors, or tax authorities.
Does failure to repay deposits within the prescribed period attract Section 76A?	Yes, failure to repay deposits or interest within the prescribed or extended period attracts Section 76A.
Can failure to repay interest on deposits attract punishment under Section 76A?	Yes, non-payment of interest due on deposits is covered under Section 76A.

CHAPTER-VI
REGISTRATION OF CHARGES
What is the subject matter of Section 77 of the Companies Act, 2013?	Duty to register charges.
Whose duty is it to register a charge created by a company?	The company creating the charge.
On what property can a charge be created under Section 77?	On the company's property, assets, or undertakings, whether tangible or otherwise and situated within or outside India.
Within what period must a charge be registered with the Registrar?	Within thirty days of its creation.
Who must sign the particulars of the charge filed for registration?	The company and the charge-holder.
What documents must be filed for registration of a charge?	Particulars of the charge together with the instrument creating the charge, if any.
Can the Registrar allow registration after the initial thirty-day period?	Yes, subject to the extended periods and payment of prescribed additional fees.
What additional period may be allowed for charges created on or after commencement of the Companies (Amendment) Act, 2019?	Registration may be allowed within sixty days of creation.
What further extension may be granted for charges created on or after commencement of the Companies (Amendment) Act, 2019?	A further sixty days on payment of prescribed ad valorem fees.
Does subsequent registration of a charge affect rights acquired before actual registration?	No, rights acquired before actual registration remain unaffected.
Can certain classes of charges be exempted from registration under Section 77?	Yes, such charges as may be prescribed in consultation with the Reserve Bank of India.
What certificate is issued after registration of a charge?	A certificate of registration of charge.
To whom is the certificate of registration of charge issued?	To the company and the person in whose favour the charge is created.
What is the effect of non-registration of a charge against the liquidator or creditors?	The charge shall not be taken into account by the liquidator or any other creditor.
When can a charge be recognised by the liquidator or creditors?	When it is duly registered and a certificate of registration has been issued by the Registrar.
Does non-registration of a charge extinguish the underlying debt or repayment obligation?	No, the contract or obligation for repayment of the secured money remains valid.
What is the evidentiary value of the certificate of registration of charge?	It establishes that the charge has been duly registered under Section 77.
What is the subject matter of Section 78 of the Companies Act, 2013?	Application for registration of charge.
Who may apply for registration of a charge under Section 78?	The person in whose favour the charge is created.
When does the right to apply under Section 78 arise?	When the company fails to register the charge within the period specified under Section 77(1).
Does the company's failure to register a charge affect its liability for offences under the Act?	No, the company's liability for offences remains unaffected.
What must accompany an application for registration of charge under Section 78?	The instrument creating the charge.
To whom is the application for registration of charge made under Section 78?	The Registrar.
Can the Registrar register a charge on the application of the charge-holder?	Yes, after following the procedure prescribed under Section 78.
What opportunity must be given to the company before the Registrar registers a charge on the application of the charge-holder?	A notice must be given to the company.
Within what period must the Registrar act after giving notice to the company?	Within fourteen days.
Under what circumstances may the Registrar allow registration of the charge?	If the company does not itself register the charge or fails to show sufficient cause why the charge should not be registered.
Who bears the prescribed registration fees when the charge-holder applies for registration?	The charge-holder initially pays the prescribed fees.
Can the charge-holder recover the registration fees from the company?	Yes, where registration is effected on his application.
What amount is recoverable by the charge-holder from the company?	The fees and additional fees paid to the Registrar for registration of the charge.
What is the subject matter of Section 79 of the Companies Act, 2013?	Application of Section 77 to certain matters.
To what acquisitions does Section 77 apply by virtue of Section 79?	Acquisition by a company of any property subject to a charge.
Does Section 77 apply when a company acquires property already subject to a charge?	Yes, so far as may be applicable.
Does Section 77 apply to modification of a registered charge?	Yes.
What kinds of modifications of a charge attract Section 79?	Modifications in the terms, conditions, extent, or operation of a registered charge.
What is the subject matter of Section 80 of the Companies Act, 2013?	Date of notice of charge.
When is a person deemed to have notice of a charge registered under Section 77?	From the date of registration of the charge.
Who is deemed to have notice of a registered charge under Section 80?	Any person acquiring the property, assets, undertaking, or any share or interest therein.
Is actual knowledge of the charge necessary after registration under Section 77?	No, notice is deemed from the date of registration.
What is the legal effect of registration of a charge under Section 77?	It operates as constructive notice to subsequent acquirers of the property or interest concerned.
What is the subject matter of Section 81 of the Companies Act, 2013?	Register of charges to be kept by the Registrar.
What register is the Registrar required to maintain under Section 81?	A register containing particulars of charges registered under the Act.
In respect of whom is the register of charges maintained?	In respect of every company.
What particulars are entered in the register maintained under Section 81?	Particulars of charges registered under Chapter VI.
Is the register of charges open for inspection?	Yes.
Who may inspect the register of charges maintained by the Registrar?	Any person.
Is payment of fees required for inspection of the register of charges?	Yes, the prescribed inspection fee must be paid.
What is the subject matter of Section 82 of the Companies Act, 2013?	Company to report satisfaction of charge.
When must a company intimate the Registrar about satisfaction of a registered charge?	Within thirty days from the date of payment or satisfaction in full of the charge.
Who may apply for extension of time to report satisfaction of charge?	The company or the charge-holder.
What is the maximum period within which delayed intimation of satisfaction of charge may be made?	Within three hundred days from the date of payment or satisfaction on payment of prescribed additional fees.
What action must the Registrar take upon receiving intimation of satisfaction of charge?	He must send a notice to the charge-holder to show cause why satisfaction should not be recorded.
Within what period must the charge-holder show cause against recording satisfaction?	Within the period specified in the notice, not exceeding fourteen days.
What happens if the charge-holder fails to show cause against recording satisfaction?	The Registrar enters a memorandum of satisfaction in the register of charges and informs the company.
When is notice to the charge-holder not required before recording satisfaction?	When the intimation is in the prescribed form and signed by the charge-holder.
What action does the Registrar take if the charge-holder shows cause against recording satisfaction?	He records a note to that effect in the register of charges and informs the company.
In which register is the memorandum of satisfaction entered?	The register of charges maintained under Section 81.
Does Section 82 restrict the Registrar's power to enter satisfaction otherwise than on company intimation?	No, the Registrar's powers under Section 83 or otherwise remain unaffected.
What is the subject matter of Section 83 of the Companies Act, 2013?	Power of Registrar to make entries of satisfaction and release in absence of intimation from company.
Can the Registrar record satisfaction of a charge without intimation from the company?	Yes, if satisfactory evidence is produced before him.
Under what circumstance may the Registrar record satisfaction of a registered charge?	When the debt secured by the charge has been paid or satisfied wholly or partly.
Can the Registrar record partial satisfaction of a charge?	Yes, where the debt has been satisfied in part.
When may the Registrar record release of charged property?	When part of the charged property or undertaking has been released from the charge.
Can the Registrar make an entry where charged property ceases to form part of the company's assets?	Yes.
What entries may the Registrar make under Section 83?	A memorandum of satisfaction in whole or in part, or an entry recording release of property or undertaking from the charge.
Is company intimation a prerequisite for action under Section 83?	No, the Registrar may act even without receiving intimation from the company.
In which register are entries under Section 83 made?	The register of charges maintained under Section 81.
Who must be informed after the Registrar makes an entry under Section 83?	The affected parties.
Within what period must the affected parties be informed by the Registrar?	Within thirty days of making the entry.
What is the subject matter of Section 84 of the Companies Act, 2013?	Intimation of appointment of receiver or manager.
When does the obligation to give notice under Section 84 arise?	When a receiver or manager of property subject to a charge is appointed.
Who may appoint a receiver or manager under Section 84?	A court through an order or a person exercising a power contained in an instrument creating the charge.
Who is required to give notice of the appointment of a receiver or manager?	The person obtaining the order or making the appointment.
Within what period must notice of appointment of a receiver or manager be given?	Within thirty days from the date of the order or appointment.
To whom must notice of the appointment be given?	The company and the Registrar.
What document must accompany the notice of appointment of a receiver or manager?	A copy of the order or the instrument under which the appointment was made.
What particulars does the Registrar register upon receiving notice under Section 84(1)?	Particulars of the receiver, manager, or the instrument relating to the appointment.
In which register are particulars of the receiver or manager entered?	The register of charges.
What obligation arises when a receiver or manager ceases to hold office?	Notice of cessation must be given to the company and the Registrar.
Who is required to notify cessation of office under Section 84(2)?	The receiver or manager who ceases to hold the appointment.
What action must the Registrar take upon receiving notice of cessation?	The Registrar shall register the notice.
What is the subject matter of Section 85 of the Companies Act, 2013?	Company's register of charges.
What register is every company required to maintain under Section 85?	A register of charges.
Where must the register of charges be kept?	At the registered office of the company.
What types of charges must be entered in the company's register of charges?	All charges and floating charges affecting the company's property, assets, or undertakings.
What information must be included in the register of charges?	Prescribed particulars relating to each charge.
Is the company required to keep copies of charge instruments?	Yes, a copy of the instrument creating each charge must be kept.
Where must the instrument creating the charge be kept?	At the registered office of the company along with the register of charges.
Who may inspect the register of charges without payment of any fee?	Any member or creditor of the company.
Can persons other than members and creditors inspect the register of charges?	Yes, on payment of the prescribed fee.
When can the register of charges be inspected?	During business hours.
Can a company impose restrictions on inspection of the register of charges?	Yes, reasonable restrictions may be imposed through its articles.
On what condition may restrictions on inspection be imposed?	The restrictions must be reasonable and authorised by the articles of the company.
Can the instrument creating a charge also be inspected?	Yes, the register of charges and the instruments of charges are open for inspection.
What is the subject matter of Section 86 of the Companies Act, 2013?	Punishment for contravention of provisions relating to charges.
What is the penalty on a company for default in complying with the provisions of Chapter VI?	A penalty of five lakh rupees.
What is the penalty on an officer in default for contravention of Chapter VI?	A penalty of fifty thousand rupees.
What is the consequence of willfully furnishing false or incorrect information relating to registration of charges?	The person is liable for action under Section 447.
When does liability under Section 447 arise under Section 86(2)?	When a person willfully furnishes false or incorrect information or knowingly suppresses material information required to be registered under Section 77.
Does suppression of material information relating to registration of charges attract liability under Section 447?	Yes, if it is done knowingly.
What is the subject matter of Section 87 of the Companies Act, 2013?	Rectification by Central Government in Register of Charges.
When can the Central Government exercise its power of rectification under Section 87?	When omissions or misstatements relating to charges occur due to accident, inadvertence, or other sufficient cause and do not prejudice creditors or shareholders.
Who may apply for rectification under Section 87?	The company or any person interested.
Can delay in intimating satisfaction of a charge be rectified under Section 87?	Yes, the Central Government may extend the time for giving such intimation.
What omission relating to satisfaction of charge can be rectified under Section 87?	Failure to intimate the Registrar regarding payment or satisfaction of a charge within the prescribed time.
Can incorrect particulars filed with respect to a charge be rectified under Section 87?	Yes.
What types of filing errors may be rectified under Section 87?	Omission or misstatement in particulars relating to a charge, modification of charge, memorandum of satisfaction, or entries under Sections 82 and 83.
What condition must generally be satisfied before rectification is granted under Section 87?	The omission or misstatement must not prejudice the position of creditors or shareholders.
What orders may the Central Government pass under Section 87?	It may extend the time for filing intimation or direct rectification of the omission or misstatement.
Can the Central Government impose conditions while granting rectification under Section 87?	Yes, it may impose such terms and conditions as it considers just and expedient.

CHAPTER-VII
MANAGEMENT AND ADMINISTRATION
What is the subject matter of Section 88 of the Companies Act, 2013?	Register of members and other security holders.
What registers is every company required to maintain under Section 88?	A register of members, a register of debenture-holders, and a register of other security holders.
How must the register of members record shareholdings?	Separately for each class of equity shares and preference shares held by each member.
Must the register of members include members residing outside India?	Yes, it must include members residing both in and outside India.
What additional record must accompany every register maintained under Section 88(1)?	An index of the names included in the register.
What is the status of the register and index of beneficial owners maintained by a depository?	They are deemed to be the corresponding register and index for the purposes of the Companies Act.
Under which law is the register of beneficial owners maintained by a depository?	The Depositories Act, 1996.
What is a foreign register under Section 88?	A part of the register maintained outside India containing particulars of persons residing outside India.
Can a company maintain a foreign register?	Yes, if authorised by its articles.
Where may a foreign register be maintained?	In a country outside India.
Whose particulars may be entered in a foreign register?	Members, debenture-holders, other security holders, or beneficial owners residing outside India.
What is the penalty for failure to maintain the registers required under Section 88?	The company is liable to a penalty of three lakh rupees.
What is the penalty on an officer in default for non-maintenance of the registers under Section 88?	A penalty of fifty thousand rupees.
Does Section 88 require maintenance of separate records for different classes of shares?	Yes, equity shares and preference shares must be indicated separately.
What is the subject matter of Section 89 of the Companies Act, 2013?	Declaration in respect of beneficial interest in any share.
Who must make a declaration when the registered holder of shares is not the beneficial owner?	The registered holder whose name is entered in the register of members.
What particulars must be disclosed by the registered holder under Section 89(1)?	The name and other prescribed particulars of the beneficial owner.
Who is required to declare beneficial interest under Section 89(2)?	Every person who holds or acquires a beneficial interest in shares.
What particulars must a beneficial owner disclose to the company?	The nature of his interest, particulars of the registered holder, and other prescribed particulars.
What is required when a change occurs in the beneficial interest in shares?	Both the registered holder and the beneficial owner must make a fresh declaration.
Within what period must a declaration of change in beneficial interest be made?	Within thirty days from the date of such change.
Who has the power to prescribe the manner of holding and disclosing beneficial interest?	The Central Government.
What is the penalty for failure to make a declaration under Section 89(1), (2), or (3)?	A penalty of fifty thousand rupees.
What is the additional penalty for continuing failure to make a declaration?	Two hundred rupees per day after the first day of default, subject to a maximum of five lakh rupees.
What must a company do upon receiving a declaration of beneficial interest?	Make a note of the declaration in the relevant register and file a return with the Registrar.
Within what period must the company file a return with the Registrar after receiving the declaration?	Within thirty days.
What is the penalty for a company failing to file the return under Section 89(6)?	One thousand rupees per day during the period of default, subject to the prescribed maximum.
What is the maximum penalty on a company for failure to file the return under Section 89(6)?	Five lakh rupees.
What is the maximum penalty on an officer in default for failure to file the return under Section 89(6)?	Two lakh rupees.
Can a beneficial owner enforce rights attached to shares if the required declaration has not been made?	No, such rights are not enforceable by the beneficial owner or any person claiming through him.
Does failure to disclose beneficial interest affect the company's obligation to pay dividends to the registered member?	No, payment of dividend to the registered member validly discharges the company's obligation.
What does the expression “beneficial interest in a share” include?	The right or entitlement to exercise rights attached to the share or to receive dividends or other distributions.
Can beneficial interest arise indirectly through a contract, arrangement, or other means?	Yes.
What right relating to shares constitutes beneficial interest under Section 89(10)?	The right to exercise or cause to be exercised any rights attached to the share.
What financial entitlement constitutes beneficial interest under Section 89(10)?	The right to receive or participate in dividends or other distributions relating to the share.
Can the Central Government exempt certain persons from compliance with Section 89?	Yes, in the public interest.
Can the Central Government exempt any person from the definition of beneficial interest under Section 89(10)?	No, sub-section (10) cannot be exempted.
What is the subject matter of Section 90 of the Companies Act, 2013?	Register of significant beneficial owners in a company.
Who is a significant beneficial owner under Section 90?	An individual who, acting alone or together with others or through one or more persons or trusts, holds the prescribed beneficial interest in shares or exercises significant influence or control over the company.
What minimum beneficial interest attracts the provisions of Section 90?	Not less than twenty-five per cent or such other percentage as may be prescribed.
Can a person resident outside India be a significant beneficial owner?	Yes.
Can a significant beneficial interest be held through a trust?	Yes, including through one or more trusts.
What declaration must a significant beneficial owner make to the company?	A declaration specifying the nature of his interest and other prescribed particulars.
When is a declaration required from a significant beneficial owner?	Upon acquisition of beneficial interest or rights and upon any change therein, within the prescribed period.
Can the Central Government exempt certain classes of persons from making declarations under Section 90(1)?	Yes.
What register must every company maintain under Section 90?	A register of significant beneficial owners and changes therein.
What particulars must be recorded in the register of significant beneficial owners?	Name, date of birth, address, details of ownership, and other prescribed particulars.
Who may inspect the register of significant beneficial owners?	Any member of the company.
Is inspection of the register of significant beneficial owners subject to payment of fees?	Yes, prescribed fees may be charged.
What return must every company file with the Registrar under Section 90?	A return containing particulars of significant beneficial owners and changes therein.
What information must be included in the return of significant beneficial owners?	Names, addresses, and other prescribed details.
What duty is imposed upon a company under Section 90(4A)?	To take necessary steps to identify significant beneficial owners and require them to comply with the section.
To whom may a company issue a notice under Section 90(5)?	Any person whom it knows or has reasonable cause to believe is, was, or knows the identity of a significant beneficial owner.
Can a notice under Section 90(5) be issued to a non-member of the company?	Yes.
Within what period must information sought by a notice under Section 90(5) be furnished?	Within thirty days of the notice.
When must a company apply to the Tribunal under Section 90(7)?	When the person fails to furnish information or furnishes unsatisfactory information.
Within what period must the company approach the Tribunal after non-compliance with the notice?	Within fifteen days of expiry of the notice period.
What relief may the company seek from the Tribunal under Section 90(7)?	Restrictions on transfer of shares, suspension of rights attached to shares, and other prescribed restrictions.
Within what period should the Tribunal pass an order on an application under Section 90(7)?	Within sixty days of receipt of the application or such other prescribed period.
Who may seek relaxation or lifting of restrictions imposed by the Tribunal?	The company or the aggrieved person.
Within what period can an application for relaxation or lifting of restrictions be made?	Within one year from the date of the Tribunal's order.
What happens if no application for lifting restrictions is made within one year?	The shares shall be transferred without restrictions to the authority constituted under Section 125(5).
Who has the power to make rules for carrying out the purposes of Section 90?	The Central Government.
What is the penalty for failure to make a declaration under Section 90(1)?	Fifty thousand rupees.
What is the continuing penalty for failure to make a declaration under Section 90(1)?	One thousand rupees per day after the first day, subject to a maximum of two lakh rupees.
What is the penalty on a company for failure to maintain the register, file information, take necessary steps, or allow inspection?	One lakh rupees.
What is the continuing penalty on a company for such default?	Five hundred rupees per day after the first day, subject to a maximum of five lakh rupees.
What is the penalty on an officer in default for contravention of Section 90(11)?	Twenty-five thousand rupees.
What is the continuing penalty on an officer in default under Section 90(11)?	Two hundred rupees per day after the first day, subject to a maximum of one lakh rupees.
What is the consequence of wilfully furnishing false information or suppressing material information in a declaration under Section 90?	Liability for action under Section 447.
What is the subject matter of Section 91 of the Companies Act, 2013?	Power to close register of members or debenture-holders or other security holders.
Which registers may a company close under Section 91?	The register of members, register of debenture-holders, and register of other security holders.
Can a company close its registers at any time?	Yes, subject to the conditions prescribed under Section 91.
What is the maximum aggregate period for which a register may be closed in a year?	Forty-five days in the aggregate during a year.
What is the maximum continuous period for which a register may be closed at one time?	Thirty days.
What prior notice is generally required before closing a register?	At least seven days' previous notice.
Can listed companies give a shorter notice for closure of registers?	Yes, if permitted by the Securities and Exchange Board of India.
To which companies can SEBI prescribe a shorter notice period?	Listed companies and companies intending to get their securities listed.
In what manner must notice of closure of registers be given?	In the prescribed manner.
What is the consequence of closing a register without giving the required notice?	The company and every officer in default become liable to penalty.
What is the consequence of giving shorter notice than permitted under Section 91?	The company and every officer in default become liable to penalty.
What is the consequence of keeping the register closed beyond the prescribed limits?	The company and every officer in default become liable to penalty.
What is the daily penalty for contravention of Section 91(2)?	Five thousand rupees for every day during which the register remains improperly closed.
What is the maximum penalty under Section 91(2)?	One lakh rupees.
Does the penalty apply only to the company?	No, it applies to both the company and every officer in default.
What is the subject matter of Section 92 of the Companies Act, 2013?	Annual return.
What is an annual return under Section 92?	A prescribed return containing specified particulars of a company as they stood at the close of the financial year.
What particulars regarding the company's identity must be included in the annual return?	Registered office, principal business activities, and particulars of holding, subsidiary, and associate companies.
What details regarding securities must be included in the annual return?	Shares, debentures, other securities, and shareholding pattern.
What information regarding members and debenture-holders must be disclosed in the annual return?	Particulars of members and debenture-holders along with changes since the close of the previous financial year.
What information regarding management must be disclosed in the annual return?	Particulars of promoters, directors, and key managerial personnel along with changes since the previous financial year.
What meeting-related information must be included in the annual return?	Details of meetings of members, Board meetings, committee meetings, and attendance particulars.
What remuneration details must be disclosed in the annual return?	Remuneration of directors and key managerial personnel.
What information regarding penalties and punishments must be included in the annual return?	Penalties or punishments imposed on the company, directors, or officers and details of compounding and appeals.
What compliance-related matters must be disclosed in the annual return?	Matters relating to certification of compliances and prescribed disclosures.
What information relating to foreign investors must be included in the annual return?	Prescribed details regarding shares held by or on behalf of Foreign Institutional Investors.
Who signs the annual return of a company generally?	A director and the company secretary, or where there is no company secretary, a company secretary in practice.
Who signs the annual return of a One Person Company or small company?	The company secretary, or where there is no company secretary, the director.
Can the Central Government prescribe an abridged annual return?	Yes, for One Person Companies, small companies, and other prescribed classes of companies.
Which companies require certification of the annual return by a company secretary in practice?	Listed companies and such companies having prescribed paid-up capital or turnover.
What must the company secretary in practice certify in the annual return?	That the return correctly and adequately discloses facts and that the company has complied with the provisions of the Act.
What document must contain an extract of the annual return?	The Board's Report.
Within what period must the annual return be filed with the Registrar?	Within sixty days from the date of the Annual General Meeting.
How is the filing period calculated when no Annual General Meeting is held?	Within sixty days from the date on which the Annual General Meeting should have been held.
What must accompany the annual return when no Annual General Meeting is held?	A statement specifying the reasons for not holding the meeting.
What is the penalty for failure to file the annual return within the prescribed period?	Ten thousand rupees.
What is the continuing penalty for failure to file the annual return?	One hundred rupees per day after the first day of default.
What is the maximum penalty on a company for failure to file the annual return?	Two lakh rupees.
What is the maximum penalty on an officer in default for failure to file the annual return?	Fifty thousand rupees.
What is the penalty on a company secretary in practice for certifying an annual return not in conformity with Section 92?	A penalty of two lakh rupees.
What is the present status of Section 93 of the Companies Act, 2013?	Section 93 has been omitted.
What was the heading of Section 93 before its omission?	Return to be filed with Registrar in case promoter's stake changes.
By which legislation was Section 93 omitted?	The Companies (Amendment) Act, 2017.
From what date was Section 93 omitted?	13 June 2018.
Is there any operative provision under Section 93 at present?	No, the section stands omitted and is no longer in force.
What is the subject matter of Section 94 of the Companies Act, 2013?	Place of keeping and inspection of registers, returns, etc.
Where must the registers maintained under Section 88 and copies of annual returns filed under Section 92 ordinarily be kept?	At the registered office of the company.
Can the registers and annual returns be kept at a place other than the registered office?	Yes, subject to the conditions prescribed under Section 94.
What condition must be fulfilled for keeping registers at a place other than the registered office?	A special resolution must be passed in a general meeting.
At what place can registers be kept other than the registered office?	At any place in India where more than one-tenth of the total number of members entered in the register of members reside.
Who prescribes the period for which registers, returns, and records must be preserved?	The prescribed rules under the Act.
Who is entitled to inspect the registers, indices, and returns without payment of any fee?	Members, debenture-holders, other security holders, and beneficial owners.
When may inspection of registers and indices be exercised?	During business hours when the registers are not closed under the Act.
Can any other person inspect the registers and returns?	Yes, on payment of the prescribed fee.
Can a member take extracts from the registers, indices, or returns without payment of a fee?	Yes.
Can copies of registers, entries, or returns be demanded from the company?	Yes, on payment of the prescribed fee.
Are all particulars contained in registers and returns available for inspection?	No, prescribed particulars may be excluded from inspection, extracts, or copies.
What is the penalty for refusal of inspection or supply of extracts or copies under Section 94?	One thousand rupees for every day during which the refusal or default continues.
What is the maximum penalty for refusal of inspection or supply of extracts or copies?	One lakh rupees.
Who is liable for penalty when inspection or copies are wrongfully refused?	The company and every officer of the company who is in default.
What power does the Central Government possess in case of wrongful refusal of inspection?	It may order immediate inspection of the documents.
Can the Central Government direct that extracts be furnished to the applicant?	Yes, it may direct that the required extracts be forthwith allowed to be taken.
What is the subject matter of Section 95 of the Companies Act, 2013?	Registers, etc., to be evidence.
Which records are treated as prima facie evidence under Section 95?	Registers, their indices, and copies of annual returns maintained under Sections 88 and 94.
What evidentiary value is attached to registers maintained under Sections 88 and 94?	They constitute prima facie evidence of matters directed or authorised to be entered therein.
Do copies of annual returns maintained under the Act have evidentiary value?	Yes, they are prima facie evidence of the matters contained therein.
What is the subject matter of Section 96 of the Companies Act, 2013?	Annual General Meeting.
Which companies are required to hold an Annual General Meeting under Section 96?	Every company other than a One Person Company.
How many Annual General Meetings must a company hold in a year?	One Annual General Meeting in each year in addition to any other meetings.
How must an Annual General Meeting be described in the notice convening it?	It must be specified as an Annual General Meeting.
What is the maximum interval permitted between two Annual General Meetings?	Fifteen months.
Within what period must the first Annual General Meeting be held?	Within nine months from the close of the first financial year.
Within what period must every subsequent Annual General Meeting be held?	Within six months from the close of the financial year.
Is a company required to hold an Annual General Meeting in the year of incorporation if the first AGM is held within the prescribed period?	No.
Can the Registrar extend the time for holding an Annual General Meeting?	Yes, for special reasons.
What is the maximum extension that may be granted by the Registrar for holding an Annual General Meeting?	Three months.
Can the Registrar extend the time for holding the first Annual General Meeting?	No.
During what hours must an Annual General Meeting be held?	During business hours, between 9 a.m. and 6 p.m.
On what days may an Annual General Meeting be held?	On any day that is not a National Holiday.
Where must an Annual General Meeting ordinarily be held?	At the registered office of the company or at some other place within the city, town, or village where the registered office is situated.
Can an unlisted company hold its Annual General Meeting anywhere in India?	Yes, if all members consent in writing or by electronic mode in advance.
Can the Central Government exempt companies from the place requirements of Annual General Meetings?	Yes, subject to conditions imposed by it.
What is meant by a National Holiday for the purposes of Section 96?	A day declared as a National Holiday by the Central Government.
What is the subject matter of Section 97 of the Companies Act, 2013?	Power of Tribunal to call Annual General Meeting.
When may the Tribunal exercise its powers under Section 97?	When default is made in holding an Annual General Meeting as required by Section 96.
Who may apply to the Tribunal under Section 97?	Any member of the company.
What power does the Tribunal possess upon default in holding an Annual General Meeting?	It may call or direct the calling of an Annual General Meeting.
Can the Tribunal issue ancillary or consequential directions while ordering an Annual General Meeting?	Yes.
Can the Tribunal direct that a single member shall constitute a valid meeting?	Yes, one member present in person or by proxy may be deemed to constitute the meeting.
What is the status of a meeting held pursuant to an order under Section 97?	It is deemed to be an Annual General Meeting of the company.
Does the Tribunal's power under Section 97 override the provisions of the Act and the company's articles?	Yes, the section begins with a non-obstante clause.
What is the subject matter of Section 98 of the Companies Act, 2013?	Power of Tribunal to call meetings of members, etc.
To which meetings does Section 98 apply?	Meetings of a company other than an Annual General Meeting.
When may the Tribunal exercise its powers under Section 98?	When it is impracticable to call, hold, or conduct a meeting in the manner prescribed by the Act or the articles.
Can the Tribunal act on its own motion under Section 98?	Yes, the Tribunal may act suo motu.
Who may apply to the Tribunal under Section 98?	Any director or any member entitled to vote at the meeting.
What order may the Tribunal pass under Section 98(1)(a)?	It may order that a meeting be called, held, and conducted in such manner as it thinks fit.
Can the Tribunal modify the operation of the Act or the articles regarding meetings?	Yes, while issuing ancillary or consequential directions.
What type of directions may the Tribunal issue under Section 98(1)(b)?	Directions modifying or supplementing provisions relating to the calling, holding, and conduct of meetings.
Can the Tribunal direct that one member shall constitute a valid meeting?	Yes, one member present in person or by proxy may be deemed to constitute a meeting.
What is the legal status of a meeting held pursuant to an order under Section 98?	It is deemed to be a duly called, held, and conducted meeting of the company.
What is the subject matter of Section 99 of the Companies Act, 2013?	Punishment for default in complying with provisions of Sections 96 to 98.
When does liability arise under Section 99?	When default is made in holding a meeting under Sections 96, 97, or 98 or in complying with directions of the Tribunal.
Who is liable for contravention under Section 99?	The company and every officer of the company who is in default.
What is the maximum fine for default under Section 99?	One lakh rupees.
What is the additional fine for a continuing default under Section 99?	Up to five thousand rupees for every day during which the default continues.
What is the subject matter of Section 100 of the Companies Act, 2013?	Calling of Extraordinary General Meeting.
Who has the power to call an Extraordinary General Meeting under Section 100(1)?	The Board of Directors.
When may the Board call an Extraordinary General Meeting?	Whenever it deems fit.
Where must an Extraordinary General Meeting ordinarily be held?	At a place within India.
Which company is exempt from the requirement that an Extraordinary General Meeting be held within India?	A wholly owned subsidiary of a company incorporated outside India.
Can members requisition an Extraordinary General Meeting?	Yes.
What is the minimum requisition requirement in a company having share capital?	Members holding not less than one-tenth of the paid-up share capital carrying voting rights.
What is the minimum requisition requirement in a company not having share capital?	Members holding not less than one-tenth of the total voting power.
What must a requisition for an Extraordinary General Meeting contain?	The matters for consideration at the meeting.
Who must sign the requisition for an Extraordinary General Meeting?	The requisitionists.
Where must the requisition be sent?	To the registered office of the company.
Within how many days must the Board act upon a valid requisition?	Within twenty-one days from receipt of the requisition.
Within what period must the requisitioned meeting be scheduled by the Board?	On a day not later than forty-five days from receipt of the requisition.
When may the requisitionists themselves call the meeting?	When the Board fails to act within the prescribed period.
Within what period must requisitionists hold the meeting if the Board defaults?	Within three months from the date of the requisition.
In what manner must a meeting called by requisitionists be conducted?	In the same manner as a meeting called by the Board.
Who bears the reasonable expenses incurred by requisitionists in calling the meeting?	The company.
How does the company recover expenses reimbursed to requisitionists?	By deducting them from fees or remuneration payable to the defaulting directors under Section 197.
What is the subject matter of Section 101 of the Companies Act, 2013?	Notice of meeting.
What is the minimum notice required for calling a general meeting of a company?	Clear twenty-one days' notice.
In what modes may notice of a general meeting be given?	In writing or through electronic mode.
Can a general meeting be called at shorter notice than twenty-one days?	Yes, with the prescribed consent of members.
What consent is required for holding an Annual General Meeting at shorter notice?	Consent of not less than ninety-five per cent of the members entitled to vote at the meeting.
What consent is required for holding any other general meeting at shorter notice in a company having share capital?	Consent of a majority in number of members entitled to vote who represent not less than ninety-five per cent of the paid-up voting share capital.
What consent is required for holding any other general meeting at shorter notice in a company not having share capital?	Consent of members holding not less than ninety-five per cent of the total voting power exercisable at the meeting.
How are members having voting rights only on certain resolutions treated for purposes of consent to shorter notice?	They are counted only in relation to the resolutions on which they are entitled to vote.
What particulars must every notice of a meeting specify?	The place, date, day, and hour of the meeting.
What business-related information must be included in the notice of a meeting?	A statement of the business to be transacted at the meeting.
To whom must notice of every meeting of the company be given?	Every member, legal representative of a deceased member, assignee of an insolvent member, auditors, and directors.
Must notice be given to the legal representative of a deceased member?	Yes.
Must notice be given to the assignee of an insolvent member?	Yes.
Must notice be given to the auditor of the company?	Yes.
Must notice be given to every director of the company?	Yes.
Does accidental omission to give notice invalidate the proceedings of the meeting?	No.
Does non-receipt of notice by a person entitled to receive it invalidate the proceedings of the meeting?	No.
What is the effect of accidental omission or non-receipt of notice on the validity of the meeting?	The proceedings of the meeting remain valid.
What is the subject matter of Section 102 of the Companies Act, 2013?	Statement to be annexed to notice.
When is an explanatory statement required to be annexed to the notice of a meeting?	In respect of every item of special business to be transacted at a general meeting.
What material facts must be disclosed in the explanatory statement?	Material facts concerning each item of special business.
Whose interest must be disclosed in the explanatory statement?	Every director, manager, key managerial personnel, and their relatives.
What type of interest must be disclosed in the explanatory statement?	Financial or other interest in the item of special business.
What other information must be included in the explanatory statement?	Information and facts enabling members to understand the meaning, scope, and implications of the business and take an informed decision.
Which businesses at an Annual General Meeting are not treated as special business?	Consideration of financial statements and reports, declaration of dividend, appointment of retiring directors, and appointment and remuneration of auditors.
How is business other than the specified ordinary business at an Annual General Meeting classified?	As special business.
How is business transacted at any meeting other than an Annual General Meeting classified?	All business is deemed to be special business.
When must shareholding interest in another company be disclosed in the explanatory statement?	When the special business relates to or affects another company.
Whose shareholding in the other company must be disclosed?	Every promoter, director, manager, and key managerial personnel of the first company.
What is the minimum shareholding that triggers disclosure in relation to another company?	Not less than two per cent of the paid-up share capital of that company.
What must be specified if a special business item refers to a document?	The time and place at which the document may be inspected.
What is the consequence of non-disclosure or insufficient disclosure resulting in a benefit to a promoter, director, manager, key managerial personnel, or their relatives?	The benefit shall be held in trust for the company.
Is the person who received the undisclosed benefit liable to compensate the company?	Yes, to the extent of the benefit received.
Can action be taken under other provisions of law in addition to compensation under Section 102(4)?	Yes.
What is the penalty for default in complying with Section 102?	Fifty thousand rupees or five times the amount of benefit accrued, whichever is higher.
Who is liable for penalty under Section 102(5)?	Every promoter, director, manager, or key managerial personnel in default.
What is the subject matter of Section 103 of the Companies Act, 2013?	Quorum for meetings.
What is the quorum requirement for meetings under Section 103?	The minimum number of members personally present required to validly conduct a meeting.
Can the articles of a company prescribe a larger quorum than that specified in Section 103?	Yes.
What is the quorum for a public company having not more than one thousand members?	Five members personally present.
What is the quorum for a public company having more than one thousand but up to five thousand members?	Fifteen members personally present.
What is the quorum for a public company having more than five thousand members?	Thirty members personally present.
What is the quorum for a private company?	Two members personally present.
Within what period must quorum be present after the scheduled time of the meeting?	Within half an hour from the time appointed for holding the meeting.
What happens if quorum is not present within half an hour in an ordinary meeting?	The meeting stands adjourned.
To when is a meeting ordinarily adjourned for want of quorum?	To the same day in the next week at the same time and place or to such other date, time, and place as the Board may determine.
What happens if quorum is not present in a meeting called by requisitionists under Section 100?	The meeting stands cancelled.
What notice is required for an adjourned meeting due to want of quorum?	Not less than three days' notice to the members.
How may notice of an adjourned meeting be given?	Either individually to members or by newspaper advertisement.
In what newspapers may notice of an adjourned meeting be published?	One English newspaper and one vernacular newspaper circulating where the registered office is situated.
What happens if quorum is also absent at the adjourned meeting?	The members present shall constitute the quorum.
Within what period must quorum be present at the adjourned meeting?	Within half an hour from the time appointed for holding the adjourned meeting.
Can the members present at an adjourned meeting validly transact business despite absence of the prescribed quorum?	Yes, the members present are deemed to constitute the quorum.
What is the subject matter of Section 104 of the Companies Act, 2013?	Chairman of meetings.
How is the Chairman of a meeting elected in the absence of a contrary provision in the articles?	The members personally present elect one of themselves as Chairman on a show of hands.
Who elects the Chairman of the meeting under Section 104(1)?	The members personally present at the meeting.
What method is ordinarily used for electing the Chairman of a meeting?	A show of hands.
Can the articles of the company provide a different procedure for appointment of the Chairman?	Yes.
What happens if a poll is demanded on the election of the Chairman?	The poll shall be taken forthwith.
When must a poll demanded on the election of the Chairman be conducted?	Immediately or forthwith.
Who acts as Chairman until the result of the poll is declared?	The Chairman elected on a show of hands.
What is the status of the Chairman elected on a show of hands pending the poll?	He continues to act as Chairman of the meeting.
Who becomes Chairman if the poll results in the election of another person?	The person elected as a result of the poll.
For what period does the person elected through the poll act as Chairman?	For the remainder of the meeting.
Does the election of a Chairman by poll affect the validity of acts done by the Chairman elected on a show of hands before the poll result?	No, he validly acts as Chairman until another person is elected through the poll.
What is the subject matter of Section 105 of the Companies Act, 2013?	Proxies.
Who is entitled to appoint a proxy under Section 105?	Any member entitled to attend and vote at a meeting of the company.
Who may be appointed as a proxy?	Any other person.
What is the purpose of appointing a proxy?	To attend and vote at the meeting on behalf of the member.
Does a proxy have the right to speak at a meeting?	No.
When can a proxy vote at a meeting?	Only on a poll.
Does the right to appoint a proxy apply to every company not having share capital?	No, unless the articles otherwise provide.
Can the Central Government restrict the right to appoint proxies for certain classes of companies?	Yes.
How many members can a single proxy represent?	Not more than fifty members.
What must every notice of a meeting state regarding proxies?	That a member entitled to attend and vote may appoint a proxy to attend and vote instead of himself.
Is a proxy required to be a member of the company?	No.
In which companies must the proxy statement appear in the notice of meeting?	Companies having share capital or whose articles permit voting by proxy.
What is the penalty for failure to include the required proxy statement in the notice?	Five thousand rupees on every officer in default.
Can the articles require proxy forms to be deposited more than forty-eight hours before the meeting?	No, such provision is deemed to require only forty-eight hours.
What is the maximum effective period that may be required for depositing a proxy instrument before a meeting?	Forty-eight hours.
Can a company issue proxy solicitation invitations at its own expense favouring specified persons?	No.
What is the penalty for issuing or authorising proxy invitations at the company's expense in favour of specified persons?	Fifty thousand rupees.
When is an officer not liable for issuing proxy-related forms naming a proxy?	When issued on a member's written request and made equally available to all members entitled to vote by proxy.
In what form must an instrument appointing a proxy be made?	In writing.
Who must sign an instrument appointing a proxy?	The appointer, his authorised attorney, or an authorised officer/attorney of a body corporate.
Can a valid proxy form be challenged merely for not complying with special requirements in the articles?	No, if it is in the prescribed form.
Who is entitled to inspect proxies lodged with the company?	Every member entitled to vote at the meeting or on a resolution.
During what period may proxies be inspected?	From twenty-four hours before the meeting until its conclusion.
What condition must be fulfilled before inspecting lodged proxies?	At least three days' written notice of the intention to inspect must be given to the company.
At what time may proxies be inspected?	During the business hours of the company.
What is the subject matter of Section 106 of the Companies Act, 2013?	Restriction on voting rights.
Can a company's articles restrict the voting rights of a member?	Yes, in the circumstances specified under Section 106.
When may a member be deprived of voting rights in respect of shares registered in his name?	When calls or other sums presently payable on those shares remain unpaid.
Can voting rights be restricted where the company has exercised a lien on the shares?	Yes.
Can a company prohibit a member from exercising voting rights on grounds other than those mentioned in Section 106(1)?	No.
What are the only grounds on which a company may restrict a member's voting rights?	Non-payment of calls or other sums presently payable, or exercise of lien by the company on the shares.
Is a member entitled to exercise voting rights if the company has no valid ground under Section 106(1)?	Yes.
Can a member having more than one vote use only some of his votes on a poll?	Yes.
Is a member required to cast all his votes when voting on a poll?	No.
Can a member cast all his votes in the same manner on a poll?	No, he may distribute them differently.
Does the same rule apply to a proxy or other person entitled to vote on behalf of a member?	Yes.
What is the subject matter of Section 107 of the Companies Act, 2013?	Voting by show of hands.
What is the normal method of deciding a resolution at a general meeting?	By a show of hands.
When will a resolution not be decided by a show of hands?	When a poll is demanded under Section 109 or voting is carried out electronically.
What is the effect of a declaration by the Chairman regarding the result of voting by show of hands?	It constitutes conclusive evidence of the passing or rejection of the resolution.
What record must support the Chairman's declaration regarding voting by show of hands?	An entry in the books containing the minutes of the meeting.
Is proof of the exact number or proportion of votes necessary once the Chairman's declaration is recorded in the minutes?	No, the declaration and minute entry are conclusive evidence.
What evidentiary value is attached to the Chairman's declaration and the corresponding minute entry?	They are conclusive evidence of the fact that the resolution was passed or not passed.
What is the subject matter of Section 108 of the Companies Act, 2013?	Voting through electronic means.
Who is empowered to prescribe voting through electronic means under Section 108?	The Central Government.
What may the Central Government prescribe under Section 108?	The class or classes of companies and the manner in which members may exercise voting rights through electronic means.
Can members exercise voting rights electronically under the Companies Act, 2013?	Yes, in the manner prescribed by the Central Government.
Who determines the classes of companies required or permitted to provide electronic voting facilities?	The Central Government.
What is the subject matter of Section 109 of the Companies Act, 2013?	Demand for poll.
When may a poll be demanded at a meeting?	Before or on the declaration of the result of voting on a resolution by show of hands.
Can the Chairman order a poll on his own motion?	Yes.
When is the Chairman bound to order a poll?	When a valid demand for a poll is made under Section 109.
Who may demand a poll in a company having share capital?	Members present in person or by proxy, where allowed, having the prescribed voting power or paid-up shareholding.
What voting power is required to demand a poll in a company having share capital?	Not less than one-tenth of the total voting power.
What shareholding requirement may also entitle members to demand a poll in a company having share capital?	Shares on which an aggregate sum of not less than five lakh rupees or such higher prescribed amount has been paid up.
Who may demand a poll in a company not having share capital?	Members present in person or by proxy, where allowed, having not less than one-tenth of the total voting power.
Can a demand for poll be withdrawn?	Yes.
Who may withdraw a demand for poll?	The persons who made the demand.
When must a poll demanded on adjournment of the meeting be taken?	Forthwith.
When must a poll demanded on the appointment of the Chairman be taken?	Forthwith.
Within what period must a poll on any other question be taken?	Not later than forty-eight hours from the time the demand was made.
Who determines the time for taking a poll on matters other than adjournment or appointment of Chairman?	The Chairman of the meeting.
Who appoints the scrutinisers for a poll?	The Chairman of the meeting.
What is the function of scrutinisers appointed for a poll?	To scrutinise the poll process and the votes cast and report the result to the Chairman.
Who has the power to regulate the manner in which a poll is taken?	The Chairman of the meeting.
What is the effect of the result of a poll?	It is deemed to be the decision of the meeting on the resolution concerned.
Does the result of a poll override the result of a show of hands on the same resolution?	Yes, the poll result becomes the decision of the meeting.
What is the subject matter of Section 110 of the Companies Act, 2013?	Postal ballot.
What is meant by postal ballot under Section 110?	A mode of transacting specified company business through postal voting instead of at a general meeting.
Which business items must be transacted through postal ballot?	Such items as the Central Government may notify.
Who has the power to notify business that must be transacted only through postal ballot?	The Central Government.
Can a company transact certain business through postal ballot instead of a general meeting?	Yes, as permitted under Section 110(1)(b).
Which business may be transacted through postal ballot at the option of the company?	Any business other than ordinary business and business in respect of which directors or auditors have a right to be heard.
Can ordinary business be transacted through postal ballot under Section 110(1)(b)?	No.
Can matters in which directors have a right to be heard be transacted through postal ballot?	No.
Can matters in which auditors have a right to be heard be transacted through postal ballot?	No.
In what manner must postal ballot be conducted?	In the manner prescribed.
What is the effect of the non-obstante clause in Section 110?	Postal ballot provisions operate notwithstanding anything contrary contained in the Act.
Can a company providing e-voting facility under Section 108 transact mandatory postal ballot business at a general meeting?	Yes.
Under what condition may a mandatory postal ballot item be transacted at a general meeting?	The company must be required to provide electronic voting under Section 108 and conduct voting in the manner provided therein.
What is the legal effect of a resolution approved by the requisite majority through postal ballot?	It is deemed to have been duly passed at a general meeting convened for that purpose.
When is a postal ballot resolution deemed to be duly passed?	When assented to by the requisite majority of shareholders.
Does a resolution passed through postal ballot have the same legal validity as one passed at a general meeting?	Yes.
What is the subject matter of Section 111 of the Companies Act, 2013?	Circulation of members' resolution.
When is a company required to circulate a members' resolution?	Upon a valid written requisition by the requisite number of members specified in Section 100.
What notice must a company give on receiving a valid requisition under Section 111?	Notice of any resolution which may properly be moved and is intended to be moved at a meeting.
What statement must a company circulate under Section 111?	Any statement relating to the proposed resolution or business to be dealt with at the meeting.
What is the membership requirement for making a requisition under Section 111?	The same requirement as prescribed under Section 100.
When must a requisition for circulation of a resolution be deposited at the registered office?	At least six weeks before the meeting.
When must a requisition for circulation of a statement relating to business be deposited at the registered office?	At least two weeks before the meeting.
Must the requisition be signed by the requisitionists?	Yes.
Can multiple copies of the requisition be submitted instead of a single document?	Yes, provided they collectively contain the signatures of all requisitionists.
What financial requirement must accompany a requisition under Section 111?	A sum reasonably sufficient to meet the company's expenses in giving effect to the requisition.
What is the effect if an Annual General Meeting is called within six weeks after deposit of a requisition requiring notice of a resolution?	The requisition is deemed to have been properly deposited even if the six-week requirement is not satisfied.
Is a company bound to circulate every statement requisitioned by members?	No.
When may a company refuse to circulate a statement requisitioned by members?	When the Central Government declares that the right is being abused to secure needless publicity for defamatory matter.
Who may apply to the Central Government seeking refusal of circulation of a statement?	The company or any other person claiming to be aggrieved.
What power does the Central Government have under Section 111(3)?	To declare that the rights under Section 111 are being abused for needless publicity of defamatory matter.
Can the Central Government direct requisitionists to bear the company's expenses?	Yes.
Can requisitionists be directed to pay costs even if they are not parties to the application?	Yes.
What is the penalty for default in complying with Section 111?	Twenty-five thousand rupees.
Who is liable for penalty for non-compliance with Section 111?	The company and every officer of the company who is in default.
What is the subject matter of Section 112 of the Companies Act, 2013?	Representation of President and Governors in meetings.
Who may appoint a representative under Section 112?	The President of India or the Governor of a State, if he is a member of a company.
For what purpose may the President or Governor appoint a representative?	To act on his behalf at a meeting of the company or a meeting of any class of members.
Can the President appoint any person as his representative at a company meeting?	Yes.
Can the Governor of a State appoint any person as his representative at a company meeting?	Yes.
At which meetings may a representative appointed under Section 112 act?	At any meeting of the company or any meeting of a class of members of the company.
What is the legal status of a representative appointed under Section 112?	He is deemed to be a member of the company for the purposes of the Act.
What rights does a representative appointed under Section 112 enjoy?	The same rights and powers as the President or Governor would enjoy as a member.
Can the representative exercise voting rights at company meetings?	Yes.
Can the representative vote by proxy?	Yes.
Can the representative exercise voting rights through postal ballot?	Yes.
Does the representative possess all powers that the President or Governor could exercise as a member?	Yes.
What is the subject matter of Section 113 of the Companies Act, 2013?	Representation of corporations at meetings of companies and of creditors.
Can a body corporate appoint a representative to attend meetings under Section 113?	Yes.
Does Section 113 apply only to companies incorporated under the Companies Act?	No, it applies to a body corporate whether a company within the meaning of the Act or not.
How may a body corporate authorise its representative under Section 113?	By a resolution of its Board of Directors or other governing body.
When may a body corporate appoint a representative as a member of a company?	When it is a member of the company.
At which meetings may a representative of a body corporate member act?	At any meeting of the company or any meeting of a class of members.
Who chooses the representative of the body corporate?	The Board of Directors or other governing body of the body corporate.
Can a body corporate creditor appoint a representative under Section 113?	Yes.
Does the expression creditor include a debenture-holder for the purposes of Section 113?	Yes.
At which meetings may a representative of a body corporate creditor act?	At meetings of creditors held under the Act, rules, debenture terms, or trust deed.
What is the source of authority for a representative acting on behalf of a body corporate creditor?	A resolution of the directors or other governing body of the body corporate.
What rights does an authorised representative enjoy under Section 113(2)?	The same rights and powers that the body corporate could exercise.
How are the rights of an authorised representative measured under Section 113?	As if the body corporate were an individual member, creditor, or debenture-holder.
Can an authorised representative vote at company meetings?	Yes.
Can an authorised representative vote by proxy?	Yes.
Can an authorised representative participate in postal ballot voting?	Yes.
Does an authorised representative have the same powers as the body corporate he represents?	Yes.
What is the subject matter of Section 114 of the Companies Act, 2013?	Ordinary and special resolutions.
What is an ordinary resolution under the Companies Act, 2013?	A resolution passed where the votes cast in favour exceed the votes cast against.
What is the first requirement for a valid ordinary resolution?	Due notice as required under the Act must have been given.
How are votes counted for an ordinary resolution?	Votes cast in favour must exceed votes cast against the resolution.
Can an ordinary resolution be passed by show of hands, electronic voting, poll, proxy voting, or postal ballot?	Yes.
Is the Chairman's casting vote included while determining an ordinary resolution?	Yes, where applicable.
Who may vote for passing an ordinary resolution?	Members entitled to vote, voting in person, by proxy where allowed, electronically, or by postal ballot.
What majority is required for passing an ordinary resolution?	More votes in favour than against.
What is a special resolution under the Companies Act, 2013?	A resolution passed after fulfilling the requirements specified in Section 114(2).
What is the first condition for a special resolution?	The intention to propose the resolution as a special resolution must be specified in the notice.
Where must the intention to propose a special resolution be specified?	In the notice calling the meeting or other intimation given to members.
What is the second condition for a valid special resolution?	Due notice required under the Act must have been given.
What voting majority is required for a special resolution?	Votes in favour must be not less than three times the votes cast against.
Expressed as a percentage, what majority is generally required for a special resolution?	At least seventy-five per cent of the votes cast.
Can a special resolution be passed through electronic voting?	Yes.
Can a special resolution be passed through postal ballot?	Yes.
Can proxies participate in passing a special resolution where proxy voting is permitted?	Yes.
Who may vote on a special resolution?	Members entitled to vote, voting in person, by proxy where allowed, electronically, or by postal ballot.
What is the principal distinction between an ordinary resolution and a special resolution?	An ordinary resolution requires a simple majority, whereas a special resolution requires votes in favour to be at least three times the votes against.
What is the subject matter of Section 115 of the Companies Act, 2013?	Resolutions requiring special notice.
When does Section 115 apply?	When any provision of the Act or the articles of a company requires special notice of a resolution.
Who may give special notice of a resolution to the company?	Members satisfying the prescribed voting power or paid-up shareholding requirement.
What minimum voting power must members possess to give special notice of a resolution?	Not less than one per cent of the total voting power.
What alternative shareholding qualification enables members to give special notice?	Holding shares on which such aggregate sum not exceeding five lakh rupees, as may be prescribed, has been paid up.
To whom must the intention to move a resolution requiring special notice be given?	To the company.
What is the duty of the company after receiving a valid special notice?	To give notice of the resolution to its members.
In what manner must the company notify members of a resolution requiring special notice?	In the prescribed manner.
What is the subject matter of Section 116 of the Companies Act, 2013?	Resolutions passed at adjourned meeting.
To which meetings does Section 116 apply?	Meetings of a company, holders of a class of shares, and the Board of Directors.
What is the effective date of a resolution passed at an adjourned meeting?	The date on which it is actually passed.
Is a resolution passed at an adjourned meeting deemed to have been passed on the date of the original meeting?	No.
How is a resolution passed at an adjourned company meeting treated for legal purposes?	As having been passed on the actual date of its passing.
Does Section 116 apply to resolutions passed at adjourned meetings of shareholders of a particular class?	Yes.
Does Section 116 apply to resolutions passed at adjourned Board meetings?	Yes.
What principle is established by Section 116 regarding adjourned meetings?	A resolution takes effect from the date on which it is actually passed and not from any earlier date.
What is the subject matter of Section 117 of the Companies Act, 2013?	Resolutions and agreements to be filed.
What must be filed with the Registrar under Section 117(1)?	A copy of every resolution or agreement covered by Section 117(3).
Within what period must resolutions and agreements covered under Section 117 be filed with the Registrar?	Within thirty days of their passing or making.
What document must accompany the resolution while filing, where applicable?	The explanatory statement under Section 102 annexed to the notice of the meeting.
In what manner are resolutions and agreements to be filed under Section 117?	In the prescribed manner and on payment of prescribed fees.
What additional requirement applies where a resolution alters the articles of a company?	A copy of the resolution must be embodied in or annexed to every copy of the articles issued thereafter.
What additional requirement applies to agreements covered under Section 117(3)?	A copy of the agreement must be embodied in or annexed to every copy of the articles issued thereafter.
What is the penalty on a company for failure to file resolutions or agreements within the prescribed time?	₹10,000 and, in case of continuing failure, ₹100 per day subject to a maximum of ₹2,00,000.
What is the penalty on an officer in default for failure to file resolutions or agreements under Section 117?	₹10,000 and, in case of continuing failure, ₹100 per day subject to a maximum of ₹50,000.
Are special resolutions required to be filed with the Registrar?	Yes.
Are unanimous resolutions which would otherwise require a special resolution required to be filed?	Yes.
Is a Board resolution relating to appointment, reappointment, renewal, or variation of terms of a Managing Director required to be filed?	Yes.
Are class resolutions or agreements binding on a class of members required to be filed?	Yes.
Is a resolution for voluntary winding up under Section 59 of the Insolvency and Bankruptcy Code, 2016 required to be filed?	Yes.
Are resolutions passed under Section 179(3) required to be filed with the Registrar?	Yes.
Can any person inspect or obtain copies of resolutions filed under Section 179(3)?	No, subject to the statutory exception.
What exception exists regarding filing of resolutions under Section 179(3)(f)?	Resolutions granting loans, guarantees or securities in the ordinary course of business by specified financial entities are exempt.
Which banking entities are exempt from filing such loan-related resolutions under Section 179(3)(f)?	Banking companies.
Which NBFCs are exempt from filing such loan-related resolutions under Section 179(3)(f)?	Such prescribed classes of NBFCs registered under Chapter IIIB of the RBI Act, 1934.
Which housing finance companies are exempt from filing such loan-related resolutions under Section 179(3)(f)?	Such prescribed classes of housing finance companies registered under the National Housing Bank Act, 1987.
Can any other prescribed resolutions or agreements be required to be filed under Section 117?	Yes.
What is the purpose of Section 117?	To ensure statutory filing and public record of specified resolutions and agreements having legal significance.
What is the subject matter of Section 118 of the Companies Act, 2013?	Minutes of proceedings of general meetings, Board meetings, committee meetings and resolutions passed by postal ballot.
What records is every company required to maintain under Section 118?	Minutes of general meetings, class meetings, creditors' meetings, Board meetings, committee meetings and resolutions passed by postal ballot.
Within what period must minutes be prepared and kept by a company?	Within thirty days of the conclusion of the meeting or passing of the postal ballot resolution.
How must the minutes be maintained?	In books kept for that purpose with consecutively numbered pages.
What should the minutes of a meeting contain?	A fair and correct summary of the proceedings.
Must appointments made at meetings be recorded in the minutes?	Yes.
What additional particulars must Board meeting minutes contain?	The names of directors present at the meeting.
What additional particulars regarding resolutions must Board meeting minutes contain?	The names of directors dissenting from or not concurring with the resolution.
Can defamatory matter be included in the minutes?	No.
Can irrelevant or immaterial matters be included in the minutes?	No.
Can matters detrimental to the interests of the company be included in the minutes?	No.
Who decides whether a matter should be excluded from the minutes under Section 118(5)?	The Chairman of the meeting.
What is the extent of the Chairman's discretion regarding inclusion of matters in the minutes?	Absolute discretion on the grounds specified in Section 118(5).
What is the evidentiary value of minutes maintained in accordance with Section 118?	They are evidence of the proceedings recorded therein.
What presumption arises when minutes are maintained in accordance with Section 118(1)?	The meeting is deemed to have been duly called and held and proceedings duly conducted unless the contrary is proved.
What presumption arises regarding resolutions passed by postal ballot when minutes are properly maintained?	They are deemed to have been duly passed unless the contrary is proved.
What presumption arises regarding appointments recorded in properly maintained minutes?	Appointments of directors, KMPs, auditors and company secretary in practice are deemed valid unless the contrary is proved.
Can a report of general meeting proceedings be circulated at company expense if it omits matters required in the minutes?	No.
What secretarial standards must every company observe under Section 118(10)?	Secretarial Standards relating to general meetings and Board meetings specified by the Institute of Company Secretaries of India and approved by the Central Government.
What is the penalty on a company for default in complying with Section 118?	₹25,000.
What is the penalty on an officer in default for non-compliance with Section 118?	₹5,000.
What is the punishment for tampering with the minutes of proceedings of a meeting?	Imprisonment up to two years and fine from ₹25,000 to ₹1,00,000.
What is the subject matter of Section 119 of the Companies Act, 2013?	Inspection of minute-books of general meetings.
Where must the books containing minutes of general meetings and postal ballot resolutions be kept?	At the registered office of the company.
Who has the right to inspect the minute-books of general meetings?	Any member of the company.
Can a member inspect the minute-books free of charge?	Yes.
During what time can members inspect the minute-books?	During business hours.
Can a company impose restrictions on inspection of minute-books?	Yes, subject to reasonable restrictions imposed by its articles or in general meeting.
What is the minimum inspection time that must be allowed each business day?	Not less than two hours.
Is a member entitled to obtain a copy of the minutes?	Yes.
Within what period must a copy of the minutes be furnished to a member?	Within seven working days of the request.
Can the company charge a fee for supplying copies of minutes?	Yes, the prescribed fee.
What records may a member obtain copies of under Section 119(2)?	Minutes of general meetings and resolutions passed by postal ballot.
What is the penalty on a company for refusing inspection of minute-books?	₹25,000.
What is the penalty on an officer in default for refusing inspection of minute-books?	₹5,000 for each refusal or default.
What is the penalty if a company fails to furnish copies of minutes within the prescribed time?	₹25,000.
What is the penalty on an officer in default for failure to furnish copies of minutes within time?	₹5,000 for each refusal or default.
What power does the Tribunal have when inspection is refused?	It may direct immediate inspection of the minute-books.
What power does the Tribunal have when copies of minutes are not supplied?	It may direct that the required copies be sent forthwith to the applicant.
Does the Tribunal's power under Section 119(4) affect the imposition of penalties under Section 119(3)?	No, it is without prejudice to such action.
What is the subject matter of Section 120 of the Companies Act, 2013?	Maintenance and inspection of documents in electronic form.
What is the purpose of Section 120?	To permit maintenance, inspection and furnishing of company records in electronic form.
Can documents required to be kept by a company be maintained in electronic form?	Yes.
Can registers required under the Companies Act be maintained in electronic form?	Yes.
Can minutes required under the Companies Act be maintained in electronic form?	Yes.
Can records required under the Companies Act be maintained electronically?	Yes.
Can documents that are open to inspection under the Act be inspected in electronic form?	Yes.
Can copies of documents be furnished in electronic form under Section 120?	Yes.
Does Section 120 apply only to documents expressly required to be maintained under the Act?	No, it also applies to documents allowed to be inspected or copied under the Act.
In what manner may documents be maintained or inspected electronically?	In the form and manner as may be prescribed.
Does Section 120 override other provisions of the Companies Act?	No, it operates without prejudice to other provisions of the Act.
Which categories of company records are covered by Section 120?	Documents, records, registers, minutes and similar records.
What is the subject matter of Section 121 of the Companies Act, 2013?	Report on annual general meeting.
Which companies are required to prepare a report on every annual general meeting?	Every listed public company.
What must a listed public company prepare after every annual general meeting?	A report on the annual general meeting.
In what manner must the report on the annual general meeting be prepared?	In the prescribed manner.
What confirmation must be included in the report on the annual general meeting?	Confirmation that the meeting was convened, held and conducted in accordance with the Act and the rules made thereunder.
Who is required to file the report on the annual general meeting with the Registrar?	The listed public company.
Within what period must the AGM report be filed with the Registrar?	Within thirty days of the conclusion of the annual general meeting.
What document must be filed with the Registrar under Section 121(2)?	A copy of the report on the annual general meeting.
Is filing of the AGM report accompanied by prescribed fees?	Yes.
What is the penalty on a company for failure to file the AGM report within the prescribed period?	₹1,00,000 and, in case of continuing failure, ₹500 per day subject to a maximum of ₹5,00,000.
What is the penalty on an officer in default for failure to file the AGM report?	₹25,000 and, in case of continuing failure, ₹500 per day subject to a maximum of ₹1,00,000.
What is the purpose of the report required under Section 121?	To record and confirm that the annual general meeting was duly convened, held and conducted according to law.
What is the subject matter of Section 122 of the Companies Act, 2013?	Applicability of this Chapter to One Person Company.
Which provisions of Chapter VII do not apply to a One Person Company?	Section 98 and Sections 100 to 111.
Does Section 98 apply to a One Person Company?	No.
Do Sections 100 to 111 apply to a One Person Company?	No.
How are ordinary businesses ordinarily transacted at an annual general meeting dealt with in a One Person Company?	In the manner provided under Section 122(3).
How is an ordinary or special resolution passed in a One Person Company?	By communication of the resolution by the sole member to the company.
What must be done with a resolution communicated by the sole member of a One Person Company?	It must be entered in the minutes-book maintained under Section 118.
Must the resolution communicated by the member be signed and dated?	Yes.
What is the significance of the date on which the member signs the resolution?	It is deemed to be the date of the meeting for all purposes under the Act.
Is an actual general meeting necessary for passing ordinary or special resolutions in a One Person Company?	No.
Which provision governs the validity of resolutions passed by the sole member of a One Person Company?	Section 122(3) read with Section 114.
How is Board business transacted where a One Person Company has only one director?	By entering the resolution in the minutes-book and signing and dating it.
Is a Board meeting necessary where a One Person Company has only one director?	No.
What must a sole director do for a Board resolution to be valid under Section 122(4)?	Enter it in the minutes-book and sign and date it.
What is the legal effect of the date on which the sole director signs the resolution?	It is deemed to be the date of the Board meeting for all purposes under the Act.
Which minutes-book is referred to in Section 122(3) and Section 122(4)?	The minutes-book maintained under Section 118.
What is the objective of Section 122?	To simplify compliance requirements for One Person Companies by dispensing with formal meetings in specified cases.

CHAPTER-VIII
DECLARATION AND PAYMENT OF DIVIDEND
What is the subject matter of Section 123 of the Companies Act, 2013?	Declaration of dividend.
From what sources may a company declare or pay dividend for a financial year?	Out of current year profits, undistributed profits of previous years after depreciation, both such profits, or money provided by the Central or State Government under a guarantee.
Can dividend be declared out of current year's profits?	Yes, after providing for depreciation.
Can dividend be declared out of profits of previous years?	Yes, if such profits remain undistributed and depreciation has been provided.
Can dividend be declared out of both current and past profits?	Yes.
Can dividend be paid out of Government funds?	Yes, where such money is provided pursuant to a government guarantee.
What must be excluded while computing profits for declaration of dividend?	Unrealised gains, notional gains, revaluation gains and changes arising from fair value measurement of assets or liabilities.
Can a company transfer part of its profits to reserves before declaring dividend?	Yes, such percentage as it considers appropriate.
Can dividend be declared out of accumulated profits transferred to free reserves?	Yes, subject to the prescribed rules.
Can dividend be declared from reserves other than free reserves?	No.
What must be set off before declaration of dividend?	Carried forward losses and depreciation not provided in previous years.
In accordance with which Schedule must depreciation be provided for dividend purposes?	Schedule II.
What is interim dividend?	Dividend declared by the Board during a financial year or before the AGM out of eligible profits or surplus.
Who is empowered to declare interim dividend?	The Board of Directors.
From what sources may interim dividend be declared?	Surplus in profit and loss account, profits of the financial year, or profits generated up to the quarter preceding declaration.
What restriction applies where the company has incurred loss during the current financial year?	Interim dividend cannot exceed the average dividend declared during the immediately preceding three financial years.
Within what period must the dividend amount be deposited in a separate bank account?	Within five days from the date of declaration.
Where must the dividend amount be deposited?	In a separate account with a scheduled bank.
To whom can dividend be paid?	To the registered shareholder, his order, or his banker.
Can dividend be paid to a person other than the registered shareholder or his authorised recipient?	No.
In what form is dividend generally payable?	In cash.
Does Section 123 prohibit issue of bonus shares through capitalisation of profits or reserves?	No.
Can unpaid amounts on shares be paid up by capitalising profits or reserves?	Yes.
How may cash dividend be paid to shareholders?	By cheque, warrant, or electronic mode.
Can a company defaulting under Sections 73 and 74 declare dividend on its equity shares?	No, so long as such default continues.
What is the purpose of Section 123?	To regulate the lawful declaration, payment and distribution of dividends by companies
What is the subject matter of Section 124 of the Companies Act, 2013?	Unpaid Dividend Account.
After how many days of declaration must unpaid or unclaimed dividend be transferred to the Unpaid Dividend Account?	If not paid or claimed within 30 days from declaration.
Within what time must the company transfer unpaid or unclaimed dividend to the Unpaid Dividend Account?	Within 7 days after the expiry of the 30-day period.
In which bank is the Unpaid Dividend Account required to be opened?	In a scheduled bank.
What is the name of the special account to which unpaid dividends are transferred?	Unpaid Dividend Account.
Within what period must the company prepare a statement after transferring money to the Unpaid Dividend Account?	Within 90 days of the transfer.
What particulars must be included in the statement relating to unpaid dividend?	Names, last known addresses and unpaid dividend payable to each person.
Where must the statement of unpaid dividend be placed?	On the company's website, if any, and on any other website approved by the Central Government.
What is the rate of interest payable for default in transferring unpaid dividend to the Unpaid Dividend Account?	12% per annum.
From which date is interest payable on failure to transfer unpaid dividend?	From the date of default.
For whose benefit does the interest on delayed transfer accrue?	For the benefit of the members in proportion to the amount remaining unpaid to them.
Who may apply for payment of money lying in the Unpaid Dividend Account?	Any person claiming entitlement to such money.
What happens to money lying unclaimed in the Unpaid Dividend Account for seven years?	It must be transferred to the Investor Education and Protection Fund (IEPF) along with accrued interest.
Under which section is the Investor Education and Protection Fund established?	Section 125(1).
What must the company send after transferring money to the IEPF?	A statement containing details of the transfer in the prescribed form.
What document is issued as evidence of transfer to the IEPF?	A receipt issued by the authority administering the Fund.
What happens to shares on which dividend has not been paid or claimed for seven consecutive years or more?	Such shares shall be transferred to the Investor Education and Protection Fund.
Can a claimant recover shares transferred to the IEPF?	Yes, by following the prescribed procedure and submitting prescribed documents.
Will shares be transferred to the IEPF if dividend is claimed or paid for any one year during the seven-year period?	No.
What is the penalty on a company for non-compliance with Section 124?	₹1,00,000 and ₹500 per day for continuing default, subject to a maximum of ₹10,00,000.
What is the penalty on an officer in default for non-compliance with Section 124?	₹25,000 and ₹100 per day for continuing default, subject to a maximum of ₹2,00,000.
What is the subject matter of Section 125 of the Companies Act, 2013?	Investor Education and Protection Fund (IEPF).
Who is required to establish the Investor Education and Protection Fund?	The Central Government.
What is the name of the fund established under Section 125?	Investor Education and Protection Fund (IEPF).
What is the primary purpose of establishing the Investor Education and Protection Fund?	To protect investor interests and utilise specified unclaimed amounts for prescribed purposes.
What amounts provided by the Government may be credited to the IEPF?	Grants made by the Central Government after parliamentary appropriation.
Can donations form part of the IEPF?	Yes, donations from Governments, companies or other institutions.
What unpaid dividend amounts are credited to the IEPF?	Amounts transferred from the Unpaid Dividend Account under Section 124(5).
Can unclaimed application money for securities be credited to the IEPF?	Yes.
Can matured deposits remaining unpaid or unclaimed be credited to the IEPF?	Yes.
Can matured debentures remaining unpaid or unclaimed be credited to the IEPF?	Yes.
Can interest accrued on unclaimed application money, deposits and debentures be credited to the IEPF?	Yes.
Can sale proceeds of fractional shares be credited to the IEPF?	Yes, if they remain unpaid or unclaimed for seven years or more.
Can unpaid redemption amounts of preference shares be credited to the IEPF?	Yes, if they remain unpaid or unclaimed for seven years or more.
When do unclaimed application money, matured deposits and matured debentures become transferable to the IEPF?	After remaining unpaid and unclaimed for seven years from the date they became due.
For what purpose may the IEPF be utilised regarding unclaimed amounts?	For refund of unclaimed dividends, matured deposits, matured debentures, application money due for refund and interest thereon.
Can the IEPF be used for investor education and awareness?	Yes.
Can disgorged amounts be distributed through the IEPF?	Yes, among eligible and identifiable investors who suffered losses.
Can legal expenses of class action suits be reimbursed from the IEPF?	Yes, as sanctioned by the Tribunal.
Can the IEPF be used for purposes incidental to its objectives?	Yes.
Who may apply for payment of amounts lying in the IEPF?	Any person claiming entitlement to such amount.
To whom must a claim for payment from the IEPF be made?	To the authority constituted under Section 125(5).
Who constitutes the authority administering the IEPF?	The Central Government.
What is the composition of the authority administering the IEPF?	A Chairperson, not more than seven members and a Chief Executive Officer.
Who administers the Investor Education and Protection Fund?	The authority constituted under Section 125(5).
Who maintains the accounts and records of the IEPF?	The authority administering the Fund.
Can the authority spend money from the IEPF?	Yes, for carrying out the objects specified in Section 125(3).
Who audits the accounts of the IEPF?	The Comptroller and Auditor-General of India.
What must be forwarded annually to the Central Government by the authority?	The audited accounts and audit report.
What report must the authority prepare every financial year?	An annual report containing a full account of its activities.
What must the Central Government do with the annual report and audit report of the IEPF?	Lay them before each House of Parliament.
What is meant by "disgorged amount" under Section 125?	Amount received through disgorgement or disposal of securities.
What is the subject matter of Section 126 of the Companies Act, 2013?	Rights to dividend, rights shares and bonus shares pending registration of transfer of shares.
What happens when an instrument of transfer of shares is delivered to a company but the transfer is not yet registered?	The provisions of Section 126 apply.
What must the company do with dividend relating to shares whose transfer is pending registration?	Transfer the dividend to the Unpaid Dividend Account.
When can the company pay dividend directly to the transferee instead of transferring it to the Unpaid Dividend Account?	When authorised in writing by the registered holder.
What happens to a rights issue relating to shares whose transfer is pending registration?	The offer of rights shares must be kept in abeyance.
Under which provision are rights shares kept in abeyance during pending transfer registration?	Section 62(1)(a).
What happens to bonus shares relating to shares whose transfer is pending registration?	The issue of bonus shares must be kept in abeyance.
What is the subject matter of Section 127 of the Companies Act, 2013?	Punishment for failure to distribute dividends.
Within what period must a declared dividend be paid or the dividend warrant be posted?	Within thirty days from the date of declaration.
Who is liable under Section 127 for failure to distribute dividend?	Every director who is knowingly a party to the default.
What is the imprisonment prescribed for a director knowingly in default under Section 127?	Imprisonment up to two years.
What is the fine prescribed for a director knowingly in default under Section 127?	Not less than ₹1,000 for every day during which the default continues.
What interest is payable by the company for failure to distribute dividend?	Simple interest at 18% per annum.
For what period is interest payable under Section 127?	For the period during which the default continues.
Is an offence committed where dividend could not be paid because of the operation of law?	No.
Is an offence committed where shareholder's payment directions cannot be complied with and the fact is communicated to him?	No.
Is an offence committed where there is a dispute regarding the right to receive the dividend?	No.
Is an offence committed where the dividend has been lawfully adjusted against sums due from the shareholder?	No.
Is an offence committed where failure to pay dividend was not due to any default on the part of the company?	No.

CHAPTER-IX
ACCOUNTS OF COMPANIES
What is the subject matter of Section 128 of the Companies Act, 2013?	Books of account, etc., to be kept by company.
Where must a company keep its books of account and financial statements?	At its registered office.
What records is every company required to maintain under Section 128?	Books of account, other relevant books and papers, and financial statements.
What should the books of account and financial statements disclose?	A true and fair view of the state of affairs of the company.
Must the books of account include the affairs of branch offices?	Yes.
What should the books of account explain?	Transactions effected at the registered office and branch offices.
On what basis must books of account be maintained?	Accrual basis.
Which accounting system must be followed by a company?	Double entry system of accounting.
Can books of account be kept at a place other than the registered office?	Yes, if decided by the Board of Directors.
Within what period must notice of such other place be filed with the Registrar?	Within seven days of the Board's decision.
What information must be given to the Registrar when books are kept at another place?	The full address of that place.
Can books of account be maintained in electronic mode?	Yes, in the prescribed manner.
How does a company with branch offices comply with Section 128?	By maintaining proper books at the branch and sending summarized returns periodically to the registered office or other approved place.
Do the provisions of Section 128 apply to branch offices outside India?	Yes.
Who has the right to inspect the books of account of a company?	Any director.
Where may books of account be inspected by a director?	At the registered office or other approved place in India.
Can a director inspect financial information maintained outside India?	Yes, through copies maintained and produced for inspection.
Who may inspect books relating to a subsidiary company?	A person authorised by a Board resolution.
What duty do officers and employees owe during inspection of books?	They must provide all reasonable assistance.
For how many years must books of account be preserved?	At least eight immediately preceding financial years.
What records must be preserved along with books of account?	Relevant vouchers.
Can books be required to be preserved for more than eight years?	Yes, where directed by the Central Government during an investigation.
Who is responsible for compliance with Section 128?	The Managing Director, Whole-time Director in charge of finance, Chief Financial Officer, or any person charged by the Board.
What is the punishment for contravention of Section 128?	Fine of not less than ₹50,000 and up to ₹5,00,000.
What is the subject matter of Section 129 of the Companies Act, 2013?	Financial statements.
What is the primary requirement regarding financial statements under Section 129?	They must give a true and fair view of the state of affairs of the company.
With which standards must financial statements comply?	Accounting Standards notified under Section 133.
In what form must financial statements be prepared?	In the form prescribed in Schedule III for the relevant class of company.
In accordance with what must the items contained in financial statements be prepared?	The applicable Accounting Standards.
Does Section 129(1) apply to insurance companies?	No.
Does Section 129(1) apply to banking companies?	No.
Does Section 129(1) apply to companies engaged in generation or supply of electricity?	No.
When are financial statements not regarded as failing to show a true and fair view?	Merely because matters not required under the governing special law are not disclosed.
What must the Board of Directors place before every annual general meeting?	Financial statements for the financial year.
What additional statement must a company having subsidiaries or associate companies prepare?	Consolidated financial statements.
Which entities must be included in consolidated financial statements?	All subsidiaries and associate companies.
In what manner must consolidated financial statements be prepared?	In the same form and manner as the company's own financial statements and in accordance with applicable Accounting Standards.
When must consolidated financial statements be laid before the annual general meeting?	Along with the company's own financial statements.
What document must accompany the financial statements of a company having subsidiaries or associate companies?	A separate statement containing salient features of the financial statements of subsidiaries and associate companies.
Do the provisions relating to preparation, adoption and audit of financial statements apply to consolidated financial statements?	Yes, mutatis mutandis.
What must a company disclose if its financial statements do not comply with Accounting Standards?	The deviation, reasons for deviation and financial effects arising from such deviation.
Can the Central Government exempt any class of companies from the requirements of Section 129?	Yes, in public interest by notification.
Can exemptions under Section 129 be granted subject to conditions?	Yes.
Who is responsible for compliance with Section 129?	The Managing Director, Whole-time Director in charge of finance, Chief Financial Officer, or any person charged by the Board; in their absence, all directors.
What is the punishment for contravention of Section 129?	Imprisonment up to one year, or fine from ₹50,000 to ₹5,00,000, or both.
What is included within the expression "financial statement" for the purposes of Section 129?	Notes annexed to or forming part of the financial statement
What is the subject matter of Section 129A of the Companies Act, 2013?	Periodical financial results.
Which companies may be required to comply with Section 129A?	Such class or classes of unlisted companies as may be prescribed.
Who has the power to require preparation of periodical financial results under Section 129A?	The Central Government.
Can the Central Government require unlisted companies to prepare financial results periodically?	Yes.
In what form must periodical financial results be prepared?	In the prescribed form.
On what basis must financial results be prepared under Section 129A?	On such periodical basis as may be prescribed.
Whose approval must be obtained for periodical financial results?	The Board of Directors.
Can periodical financial results be subjected to audit or limited review?	Yes.
In what manner must the audit or limited review of periodical financial results be completed?	In the prescribed manner.
With whom must a copy of the periodical financial results be filed?	The Registrar.
Within what period must periodical financial results be filed with the Registrar?	Within thirty days of completion of the relevant period.
Are prescribed fees payable for filing periodical financial results with the Registrar?	Yes.
What are the three principal requirements that may be imposed under Section 129A?	Preparation of periodical financial results, Board approval with audit or limited review, and filing with the Registrar.
What is the subject matter of Section 130 of the Companies Act, 2013?	Re-opening of accounts on court's or Tribunal's orders.
Can a company re-open its books of account on its own?	No.
Can a company recast its financial statements without an order of the Court or Tribunal?	No.
Who may apply for re-opening of books of account or recasting of financial statements?	The Central Government, Income-tax authorities, SEBI, any other statutory regulatory body or authority, or any person concerned.
Which authority may order re-opening of books of account under Section 130?	A court of competent jurisdiction or the Tribunal.
On what ground may accounts be re-opened under Section 130?	Where earlier accounts were prepared in a fraudulent manner.
Can accounts be re-opened due to mismanagement of company affairs?	Yes, where such mismanagement casts doubt on the reliability of financial statements.
What must be established before a court or Tribunal can order re-opening of accounts?	Fraudulent preparation of accounts or mismanagement affecting reliability of financial statements.
Whom must the court or Tribunal notify before passing an order under Section 130?	The Central Government, Income-tax authorities, SEBI, other statutory regulatory bodies or authorities concerned, and any other person concerned.
What must the court or Tribunal consider before passing an order for re-opening of accounts?	Representations made by the concerned Government, authorities, regulatory bodies or persons.
What is the status of accounts revised or recast under Section 130(1)?	They are final.
Can books of account relating to any period be re-opened without limitation?	No.
What is the maximum period for which books of account may ordinarily be re-opened?	Eight financial years immediately preceding the current financial year.
Can books of account older than eight years be re-opened in any case?	Yes, where the Central Government has directed preservation of books for a longer period under Section 128(5).
What is the purpose of Section 130?	To permit re-opening of accounts only under judicial or Tribunal supervision in cases of fraud or serious mismanagement.
What is the subject matter of Section 131 of the Companies Act, 2013?	Voluntary revision of financial statements or Board's report.
Under what circumstances may directors revise financial statements or the Board's report?	When they appear not to comply with Section 129 or Section 134.
Which documents may be revised under Section 131?	Financial statements or the Board's report.
For how many preceding financial years can revision be made under Section 131?	Any of the three preceding financial years.
Whose approval is required before revising financial statements or the Board's report?	The Tribunal.
Who must make the application for revision under Section 131?	The company.
With whom must a copy of the Tribunal's order be filed?	The Registrar.
To whom must the Tribunal give notice before passing an order under Section 131?	The Central Government and the Income-tax authorities.
What must the Tribunal consider before granting approval for revision?	Representations made by the Central Government or the Income-tax authorities.
How many times can revised financial statements or a revised Board's report be prepared or filed in a financial year?	Only once in a financial year.
What must be disclosed in the Board's report when a revision is made under Section 131?	Detailed reasons for the revision.
To what extent must revisions be confined where the original documents have already been circulated, filed, or laid before the general meeting?	To corrections required for compliance with Section 129 or Section 134 and consequential alterations.
What is the first limitation on revisions under Section 131(2)?	Corrections relating to non-compliance with Section 129 or Section 134.
What is the second limitation on revisions under Section 131(2)?	Necessary consequential alterations arising from such corrections.
Who is empowered to make rules regarding revised financial statements and revised Board's reports?	The Central Government.
What may the rules provide regarding replacement or supplementation of earlier financial statements or reports?	Whether previous documents are replaced or supplemented by a document indicating the corrections.
What may the rules provide regarding auditors in relation to revised financial statements or reports?	The functions of the company's auditor.
What may the rules require directors to do in relation to revised financial statements or reports?	Take such prescribed steps as may be specified in the rules.
What is the subject matter of Section 132 of the Companies Act, 2013?	Constitution of the National Financial Reporting Authority (NFRA).
Who may constitute the National Financial Reporting Authority?	The Central Government by notification.
For what purpose is the National Financial Reporting Authority constituted?	To deal with matters relating to accounting and auditing standards under the Act.
Through what mechanism does NFRA perform its functions?	Through such divisions as may be prescribed.
What is the first function of NFRA under Section 132(2)?	To make recommendations to the Central Government on accounting and auditing policies and standards.
What is the second function of NFRA under Section 132(2)?	To monitor and enforce compliance with accounting and auditing standards.
What is the third function of NFRA under Section 132(2)?	To oversee the quality of services of professions associated with compliance with accounting and auditing standards.
What may NFRA suggest regarding professional services?	Measures for improvement in the quality of service.
Who appoints the Chairperson of NFRA?	The Central Government.
What qualifications should the Chairperson of NFRA possess?	Eminence and expertise in accountancy, auditing, finance, or law.
What is the maximum number of members NFRA may have apart from the Chairperson?	Fifteen members.
What types of members may constitute NFRA?	Full-time and part-time members.
What declaration must the Chairperson and members make before appointment?	A declaration regarding absence of conflict of interest and independence.
What restriction applies to full-time Chairperson and members regarding audit firms?	They shall not be associated with any audit firm or related consultancy firm during tenure and for two years thereafter.
Who presides over a division of NFRA?	The Chairperson or a full-time member authorised by the Chairperson.
What is the executive body of NFRA composed of?	The Chairperson and full-time members.
What power does NFRA have regarding misconduct by chartered accountants?	Power to investigate professional or other misconduct.
Can NFRA initiate investigation on its own motion?	It may investigate suo motu.
Who may refer matters to NFRA for investigation?	The Central Government.
What effect does initiation of investigation by NFRA have on other institutes or bodies?	No other institute or body may initiate or continue proceedings on the same misconduct.
What powers of a civil court are vested in NFRA during investigations?	Discovery and production of documents, summoning and examining persons, inspection of records, and issuing commissions.
What is the minimum penalty that NFRA may impose on an individual for misconduct?	₹1,00,000.
What is the maximum monetary penalty on an individual for misconduct?	Five times the fees received.
What is the minimum penalty that NFRA may impose on a firm for misconduct?	₹5,00,000.
What is the maximum monetary penalty on a firm for misconduct?	Ten times the fees received.
What professional restriction may NFRA impose on a member or firm found guilty of misconduct?	Debarment from audit or valuation assignments.
From which assignments may a member or firm be debarred?	Auditor, internal auditor, audit engagements, or valuation under Section 247.
What is the minimum period of debarment that may be imposed by NFRA?	Six months.
What is the maximum period of debarment that may be imposed by NFRA?	Ten years.
What is meant by "professional or other misconduct" under Section 132?	The meaning assigned under Section 22 of the Chartered Accountants Act, 1949.
Against which orders of NFRA can an appeal be filed?	Orders imposing penalties or debarment under Section 132(4)(c).
Before which authority does an appeal against NFRA's order lie?	The Appellate Tribunal.
Where is the head office of NFRA located?	New Delhi.
Who appoints the Secretary and employees of NFRA?	The Central Government.
Who audits the accounts of NFRA?	The Comptroller and Auditor-General of India.
What report must NFRA prepare every financial year?	An annual report containing a full account of its activities.
Before whom are the annual report and audit report of NFRA laid?	Both Houses of Parliament.
What is the subject matter of Section 133 of the Companies Act, 2013?	Central Government to prescribe accounting standards.
Who has the power to prescribe accounting standards under Section 133?	The Central Government.
What may the Central Government prescribe under Section 133?	Accounting standards or any addendum thereto.
Whose recommendations form the basis for prescribing accounting standards under Section 133?	The Institute of Chartered Accountants of India (ICAI).
Under which Act is the Institute of Chartered Accountants of India constituted?	The Chartered Accountants Act, 1949.
With whom must the Central Government consult before prescribing accounting standards under Section 133?	The National Financial Reporting Authority (NFRA).
What must the Central Government examine before prescribing accounting standards?	The recommendations made by NFRA.
What is the role of NFRA in the prescription of accounting standards?	To examine ICAI recommendations and make recommendations to the Central Government.
What authority's recommendations were considered before the constitution of NFRA?	The National Advisory Committee on Accounting Standards (NACAS).
Under which provision was NACAS constituted?	Section 210A of the Companies Act, 1956.
What could the Central Government rely upon before NFRA was constituted?	ICAI recommendations examined in consultation with and after consideration of recommendations made by NACAS.
Which body recommends accounting standards in the first instance?	The Institute of Chartered Accountants of India.
What is the ultimate authority for prescribing accounting standards under the Companies Act, 2013?	The Central Government.
What is the subject matter of Section 134 of the Companies Act, 2013?	Financial statement, Board's report, etc.
Who must approve the financial statements before they are signed?	The Board of Directors.
By whom may the financial statements be signed on behalf of the Board?	The Chairperson authorised by the Board or two directors, one of whom shall be the Managing Director, along with the CEO, CFO and Company Secretary wherever appointed.
Who signs the financial statements in a One Person Company?	The sole director.
For what purpose are the signed financial statements submitted?	For the auditor's report.
What must be attached to every financial statement?	The auditor's report.
What report must accompany the financial statements laid before a general meeting?	The Board's Report.
What information regarding annual return must be included in the Board's Report?	The web address where the annual return under Section 92(3) is placed.
What information regarding Board meetings must be included in the Board's Report?	The number of meetings of the Board.
What statement must be included in the Board's Report regarding directors' responsibilities?	The Directors' Responsibility Statement.
What details regarding frauds must be disclosed in the Board's Report?	Frauds reported by auditors under Section 143(12) which are not reportable to the Central Government.
What declaration of independent directors must be referred to in the Board's Report?	Declaration under Section 149(6).
What policy relating to directors must be disclosed in certain companies' Board Reports?	Policy on directors' appointment and remuneration under Section 178.
What comments must the Board provide regarding the auditor's report?	Explanations or comments on every qualification, reservation, adverse remark or disclaimer.
What comments must the Board provide regarding the secretarial audit report?	Explanations or comments on every qualification, reservation, adverse remark or disclaimer.
What particulars relating to Section 186 must be included in the Board's Report?	Particulars of loans, guarantees and investments.
What particulars relating to Section 188 must be included in the Board's Report?	Particulars of contracts or arrangements with related parties.
What information regarding the company's affairs must be included in the Board's Report?	The state of the company's affairs.
What information regarding reserves must be included in the Board's Report?	Amount proposed to be carried to reserves.
What information regarding dividend must be included in the Board's Report?	Amount recommended to be paid as dividend.
What changes occurring after the financial year must be disclosed in the Board's Report?	Material changes and commitments affecting the financial position of the company.
What information regarding conservation of energy and technology must be included in the Board's Report?	Conservation of energy, technology absorption, foreign exchange earnings and outgo.
What policy relating to risks must be disclosed in the Board's Report?	Risk management policy and identification of risks threatening the existence of the company.
What information regarding corporate social responsibility must be included in the Board's Report?	Details of the CSR policy and initiatives taken during the year.
What evaluation statement is required in the Board's Report of certain public companies?	The manner in which annual evaluation of the Board, committees and individual directors was carried out.
What is the Directors' Responsibility Statement?	A statement by directors regarding compliance with accounting standards, maintenance of records, safeguarding assets, prevention of frauds, preparation of accounts and legal compliance.
What must directors state regarding accounting standards?	That applicable accounting standards were followed with explanations for material departures.
What must directors state regarding accounting policies?	That appropriate accounting policies were selected, applied consistently and prudent judgments and estimates were made.
What must directors state regarding accounting records and assets?	That proper and sufficient care was taken for maintenance of records and safeguarding company assets.
What must directors state regarding fraud prevention?	That proper care was taken for preventing and detecting frauds and irregularities.
On what basis must directors state that annual accounts have been prepared?	Going concern basis.
What must directors of a listed company state regarding internal financial controls?	That adequate internal financial controls were laid down and were operating effectively.
What is meant by internal financial controls under Section 134?	Policies and procedures ensuring efficient business conduct, safeguarding assets, prevention and detection of frauds and errors, accurate accounting records and reliable financial reporting.
What must directors state regarding compliance with laws?	That proper systems were devised to ensure compliance with all applicable laws and that such systems were adequate and effective.
Who signs the Board's Report?	The authorised Chairperson, or at least two directors including the Managing Director, or the sole director where there is only one director.
What documents must accompany every issued, circulated or published financial statement?	Notes to accounts, auditor's report and Board's Report.
What is the penalty on a company for default in complying with Section 134?	₹3,00,000.
What is the subject matter of Section 135 of the Companies Act, 2013?	Corporate Social Responsibility (CSR).
Which companies are required to constitute a Corporate Social Responsibility Committee?	Companies having net worth of ₹500 crore or more, turnover of ₹1,000 crore or more, or net profit of ₹5 crore or more during the immediately preceding financial year.
How many directors must constitute the CSR Committee?	Three or more directors.
How many independent directors must ordinarily be included in the CSR Committee?	At least one independent director.
What is the composition of the CSR Committee where the company is not required to appoint an independent director under Section 149(4)?	Two or more directors.
What must the Board's Report disclose regarding the CSR Committee?	The composition of the CSR Committee.
What is the first function of the CSR Committee?	To formulate and recommend a CSR Policy indicating activities specified in Schedule VII.
What is the second function of the CSR Committee?	To recommend the amount of expenditure to be incurred on CSR activities.
What is the third function of the CSR Committee?	To monitor the CSR Policy from time to time.
What must the Board do after considering the recommendations of the CSR Committee?	Approve the CSR Policy.
Where must the CSR Policy be disclosed?	In the Board's Report and on the company's website, if any.
What must the Board ensure regarding CSR activities?	That activities included in the CSR Policy are undertaken by the company.
How much must an eligible company spend on CSR activities every financial year?	At least 2% of the average net profits of the three immediately preceding financial years.
How is the CSR spending requirement determined for a company that has not completed three financial years since incorporation?	On the basis of the immediately preceding financial years completed by the company.
To which areas should a company give preference while undertaking CSR activities?	The local area and areas around where it operates.
What must the Board specify if the company fails to spend the required CSR amount?	The reasons for not spending the amount.
What must be done with unspent CSR amounts not relating to an ongoing project?	They must be transferred to a Fund specified in Schedule VII within six months of the expiry of the financial year.
What benefit is available where a company spends more than the required CSR amount?	The excess amount may be set off against CSR obligations of succeeding financial years in the prescribed manner.
How is "net profit" calculated for the purposes of Section 135?	In accordance with Section 198, excluding prescribed sums.
What must a company do with unspent CSR amounts relating to an ongoing project?	Transfer them within thirty days from the end of the financial year to the Unspent Corporate Social Responsibility Account.
In which bank account must ongoing project CSR funds be deposited?	The Unspent Corporate Social Responsibility Account in a scheduled bank.
Within what period must amounts in the Unspent Corporate Social Responsibility Account be utilised?	Within three financial years from the date of transfer.
What must be done if the amount in the Unspent Corporate Social Responsibility Account remains unspent after three financial years?	It must be transferred to a Fund specified in Schedule VII within thirty days from completion of the third financial year.
What is the penalty on a company for default in complying with Section 135(5) or Section 135(6)?	Twice the amount required to be transferred or ₹1 crore, whichever is less.
What is the penalty on an officer in default for non-compliance with Section 135(5) or Section 135(6)?	One-tenth of the amount required to be transferred or ₹2 lakh, whichever is less.
What power does the Central Government have to ensure compliance with Section 135?	It may issue general or special directions to companies or classes of companies.
When is constitution of a CSR Committee not required despite applicability of CSR provisions?	Where the amount required to be spent under Section 135(5) does not exceed ₹50 lakh.
Who performs the functions of the CSR Committee where constitution of the Committee is not required?	The Board of Directors.
What is the subject matter of Section 136 of the Companies Act, 2013?	Right of member to copies of audited financial statement.
Which documents must be sent before a general meeting under Section 136?	Financial statements, consolidated financial statements (if any), auditor's report and all documents required to be annexed or attached thereto.
To whom must copies of financial statements be sent?	Every member, every trustee for debenture-holders and every other person entitled thereto.
How many days before the general meeting must copies of financial statements ordinarily be sent?	Not less than twenty-one days before the meeting.
Under what condition are documents sent less than twenty-one days before the meeting deemed to have been duly sent?	When the prescribed majority of members consent.
What consent is required in a company having share capital for shorter notice under Section 136?	Majority in number of members entitled to vote representing not less than 95% of the paid-up share capital carrying voting rights.
What consent is required in a company not having share capital for shorter notice under Section 136?	Members holding not less than 95% of the total voting power exercisable at the meeting.
How may a listed company comply with Section 136 regarding circulation of financial statements?	By making the documents available for inspection for twenty-one days before the meeting and sending salient features or copies of the documents to members and trustees.
For how long must a listed company make financial statements available for inspection before the meeting?	Twenty-one days before the date of the meeting.
What may a listed company send instead of full financial statements?	A statement containing the salient features of the documents in the prescribed form.
When must a listed company provide full financial statements despite sending only salient features?	When shareholders ask for the full financial statements.
What power does the Central Government have regarding circulation of financial statements?	It may prescribe the manner of circulation for companies having prescribed net worth and turnover.
What additional obligation does a listed company have regarding financial statements?	To place its financial statements and related documents on its website.
What additional obligation does a listed company having subsidiaries have?	To place separate audited accounts of each subsidiary on its website.
How may a listed company comply where a foreign subsidiary prepares consolidated financial statements under foreign law?	By placing the consolidated financial statements of the foreign subsidiary on its website.
How may a listed company comply where a foreign subsidiary is not required to have its accounts audited?	By placing the unaudited financial statements on its website.
What must accompany unaudited foreign subsidiary financial statements if they are not in English?	An English translation.
What right of inspection is conferred under Section 136(2)?	Inspection of the documents referred to in Section 136(1).
Who is entitled to inspect such documents?	Every member and every trustee for debenture-holders.
Where may the documents be inspected?	At the registered office of the company.
When may the documents be inspected?	During business hours.
What right does a member have regarding subsidiary financial statements?	To obtain copies of separate audited or unaudited financial statements of each subsidiary upon request.
What is the penalty on a company for contravention of Section 136?	₹25,000.
What is the penalty on an officer in default for contravention of Section 136?	₹5,000.
What is the subject matter of Section 137 of the Companies Act, 2013?	Filing of copy of financial statements with the Registrar.
Within what period must a company file its financial statements with the Registrar after the AGM?	Within 30 days of the date of the AGM.
What documents must accompany the financial statements filed under Section 137(1)?	Consolidated financial statements (if any) and all documents required to be attached under the Act.
What is the status of unadopted financial statements filed after an AGM?	They are taken on record as provisional by the Registrar.
Within what period must unadopted financial statements be filed after the AGM?	Within 30 days of the AGM.
Within what period must financial statements adopted at an adjourned AGM be filed?	Within 30 days of the adjourned AGM.
Within what period must a One Person Company file its financial statements?	Within 180 days from the closure of the financial year.
What additional accounts must be attached by a holding company while filing financial statements?	Accounts of foreign subsidiaries not having a place of business in India.
How can a holding company comply where a foreign subsidiary is not required to have audited accounts?	By filing unaudited financial statements along with a declaration and English translation, if necessary.
What must a company file if the AGM is not held?	Financial statements, attached documents, and a statement of facts and reasons for not holding the AGM.
Within what period must documents be filed when the AGM is not held?	Within 30 days of the last date on which the AGM should have been held.
What is the penalty on a company for failure to file financial statements under Section 137?	₹10,000 plus ₹100 per day for continuing default, subject to a maximum of ₹2 lakh.
Who are primarily responsible for compliance under Section 137?	Managing Director and Chief Financial Officer.
Who becomes liable if there is no Managing Director or Chief Financial Officer?	Any director charged by the Board with responsibility.
Who becomes liable if no director is specifically charged with responsibility?	All directors of the company.
What is the penalty on defaulting officers under Section 137?	₹10,000 plus ₹100 per day for continuing default, subject to a maximum of ₹50,000.
Are consolidated financial statements required to be filed when applicable?	Yes, along with the financial statements.
What is the Registrar's treatment of unadopted financial statements until adoption?	They remain on record as provisional.
Which type of company gets a special filing period of 180 days?	One Person Company (OPC).
What must accompany unaudited foreign subsidiary accounts filed by an Indian holding company?	A declaration that audit is not required and an English translation if the accounts are in another language.
What is the subject matter of Section 138 of the Companies Act, 2013?	Internal Audit.
Which companies are required to appoint an internal auditor under Section 138?	Such class or classes of companies as may be prescribed.
Who may be appointed as an internal auditor?	A chartered accountant, cost accountant, or such other professional as decided by the Board.
Who decides the appointment of a professional other than a chartered accountant or cost accountant as internal auditor?	The Board of Directors.
What is the function of the internal auditor?	To conduct internal audit of the functions and activities of the company.
Who prescribes the manner of conducting internal audit?	The Central Government through rules.
Who prescribes the intervals at which internal audit is conducted?	The Central Government through rules.
To whom is the internal audit report submitted?	The Board of Directors.
Can an internal auditor be a cost accountant?	Yes.
Can an internal auditor be a chartered accountant?	Yes.
Can the Board appoint another professional as internal auditor?	Yes, as decided by the Board.
What aspects of the company are examined through internal audit?	The functions and activities of the company.
Under which section is internal audit provided in the Companies Act, 2013?	Section 138.

CHAPTER-X
AUDIT AND AUDITORS
What is the subject matter of Section 139 of the Companies Act, 2013?	Appointment of Auditors.
When is the first statutory auditor appointed by members of a company?	At the first Annual General Meeting.
For how long does an auditor appointed at the first AGM hold office?	Till the conclusion of the sixth AGM.
What must be obtained from an auditor before appointment?	Written consent and a certificate of eligibility.
What should the auditor's certificate indicate?	That the appointment complies with prescribed conditions and Section 141.
Within how many days must the company inform the Registrar about the auditor's appointment?	Within 15 days of the meeting.
Does the term "appointment" include re-appointment?	Yes.
Which companies are subject to mandatory auditor rotation?	Listed companies and prescribed classes of companies.
For how many consecutive years can an individual auditor be appointed in such companies?	One term of 5 consecutive years.
For how many consecutive years can an audit firm be appointed in such companies?	Two terms of 5 consecutive years each.
What is the cooling-off period for an individual auditor after completing his term?	5 years.
What is the cooling-off period for an audit firm after completing its term?	5 years.
Can an audit firm having common partners with the outgoing audit firm be appointed immediately?	No, for 5 years.
Can a company remove an auditor despite rotation provisions?	Yes.
Can an auditor resign despite rotation provisions?	Yes.
What may members provide regarding audit partner rotation under Section 139(3)?	Rotation of the auditing partner and his team at specified intervals.
Can members require audit by more than one auditor?	Yes.
Who prescribes the manner of auditor rotation?	The Central Government.
Does the term "firm" include LLPs?	Yes, LLPs under the LLP Act, 2008.
Who appoints the auditor of a Government company?	The Comptroller and Auditor-General of India (CAG).
Within how many days from commencement of the financial year must CAG appoint the auditor of a Government company?	Within 180 days.
How long does the auditor appointed by CAG hold office?	Till the conclusion of the AGM.
Who appoints the first auditor of a non-Government company?	The Board of Directors.
Within how many days of incorporation must the Board appoint the first auditor?	Within 30 days.
What happens if the Board fails to appoint the first auditor?	Members appoint the auditor at an EGM within 90 days.
How long does the first auditor of a non-Government company hold office?	Till the conclusion of the first AGM.
Who appoints the first auditor of a Government company?	CAG.
Within how many days of registration must CAG appoint the first auditor of a Government company?	Within 60 days.
What happens if CAG fails to appoint the first auditor within 60 days?	The Board appoints within the next 30 days.
What happens if the Board also fails to appoint the first auditor of a Government company?	Members appoint at an EGM within 60 days.
How long does the first auditor of a Government company hold office?	Till the conclusion of the first AGM.
Who fills a casual vacancy in the office of auditor in a non-Government company?	The Board of Directors.
Within how many days must a casual vacancy be filled by the Board?	Within 30 days.
What additional approval is required if the casual vacancy arises due to resignation?	Approval of members at a general meeting within 3 months.
Till when does an auditor appointed in a casual vacancy due to resignation hold office?	Till the conclusion of the next AGM.
Who fills a casual vacancy in a Government company?	CAG.
Within how many days must CAG fill a casual vacancy?	Within 30 days.
What happens if CAG fails to fill a casual vacancy?	The Board fills it within the next 30 days.
When can a retiring auditor be re-appointed?	If not disqualified, not unwilling, and no special resolution appoints another auditor or bars re-appointment.
What happens if no auditor is appointed or re-appointed at an AGM?	The existing auditor continues in office.
What role does the Audit Committee play in auditor appointments?	Appointments and casual vacancies must consider its recommendations
What is the subject matter of Section 140 of the Companies Act, 2013?	Removal, resignation of auditor and giving of special notice.
Can an auditor be removed before expiry of his term?	Yes, by special resolution and previous approval of the Central Government.
What approval is required before removing an auditor before expiry of term?	Previous approval of the Central Government.
What type of resolution is required to remove an auditor before expiry of term?	Special Resolution.
Must the auditor be heard before removal?	Yes, a reasonable opportunity of being heard must be given.
Within how many days must a resigning auditor file a statement after resignation?	Within 30 days.
With whom must a resigning auditor file the resignation statement?	The company and the Registrar.
In case of Government companies, with whom must the resignation statement also be filed?	The Comptroller and Auditor-General of India (CAG).
What should be stated in the resignation statement of the auditor?	Reasons for resignation and other relevant facts.
What is the penalty for failure to file the resignation statement?	₹50,000 or remuneration of the auditor, whichever is less.
What is the additional penalty for continuing default in filing resignation statement?	₹500 per day.
What is the maximum penalty for continuing default under Section 140(3)?	₹2 lakh.
When is special notice required regarding appointment of an auditor?	For appointing a person other than the retiring auditor or for not re-appointing the retiring auditor.
When is special notice not required for replacing a retiring auditor?	When the retiring auditor has completed the tenure specified under Section 139(2).
What must the company do on receiving special notice regarding auditor appointment?	Send a copy immediately to the retiring auditor.
Can the retiring auditor make a written representation?	Yes.
What must the company do if the retiring auditor submits a representation?	Inform members and send a copy of the representation to them.
What can the auditor require if the representation is not circulated?	That the representation be read out at the meeting.
Where must the representation be filed if not circulated?	With the Registrar.
Can the Tribunal prevent circulation or reading of the auditor's representation?	Yes, if the rights are being abused.
Who may apply to the Tribunal alleging abuse of representation rights?	The company or any aggrieved person.
Can the Tribunal direct a company to change its auditor?	Yes.
On what ground can the Tribunal order change of auditor?	Fraudulent conduct, abetment of fraud, or collusion in fraud by the auditor.
Who may apply to the Tribunal for action against an auditor under Section 140(5)?	The Central Government or any person concerned.
Can the Tribunal act suo motu against an auditor?	Yes.
Within how many days must the Tribunal pass an order when the Central Government seeks change of auditor?	Within 15 days of receipt of the application.
What is the effect of the Tribunal's interim order on the auditor?	The auditor ceases to function as auditor.
Who may appoint another auditor after such Tribunal order?	The Central Government.
For how long is an auditor disqualified after a final Tribunal order under Section 140(5)?	5 years.
Is the auditor also liable under Section 447 after a final order under Section 140(5)?	Yes.
In case of an audit firm, whose liability arises for fraudulent conduct?	The firm and every partner involved in the fraud.
Does the term "auditor" include an audit firm?	Yes.
What is the subject matter of Section 141 of the Companies Act, 2013?	Eligibility, qualifications and disqualifications of auditors.
Who is eligible for appointment as an auditor of a company?	A Chartered Accountant.
What condition must a firm satisfy to be appointed as auditor?	Majority of its partners practising in India must be qualified Chartered Accountants.
Who may act and sign on behalf of an audit firm or LLP appointed as auditor?	Only partners who are Chartered Accountants.
Which body corporate can be appointed as auditor?	A Limited Liability Partnership (LLP).
Which category of company personnel is disqualified from being appointed as auditor?	An officer or employee of the company.
Which persons connected with an officer or employee are disqualified from appointment as auditor?	A partner of, or person employed by, an officer or employee of the company.
What holding of securities creates disqualification for an auditor?	Holding any security or interest in the company, its subsidiary, holding company, associate company, or subsidiary of the holding company.
What exception is provided regarding securities held by a relative?	A relative may hold securities up to the prescribed limit.
What indebtedness creates disqualification for an auditor?	Indebtedness exceeding the prescribed amount to the company or specified related entities.
What guarantee-related circumstance creates disqualification for an auditor?	Giving guarantee or security for third-party indebtedness beyond the prescribed amount.
What type of relationship with the company creates disqualification under Section 141(3)(e)?	A business relationship with the company or specified related entities.
Which family relationship leads to auditor disqualification under Section 141(3)(f)?	Relative being a director or employed as a director or Key Managerial Personnel.
What employment status disqualifies a person from appointment as auditor?	Full-time employment elsewhere.
What is the maximum number of company audit appointments permitted for an auditor?	Twenty companies.
What conviction results in disqualification from appointment as auditor?	Conviction for an offence involving fraud.
For how long does disqualification due to fraud conviction continue?	Ten years from the date of conviction.
What professional activity creates disqualification under Section 141(3)(i)?	Rendering services referred to in Section 144.
To which entities does the Section 144 service prohibition extend?	The company, its holding company and its subsidiary company.
What happens when an auditor incurs a disqualification after appointment?	He vacates the office of auditor.
How is the vacancy arising from post-appointment disqualification treated?	As a casual vacancy.
Which clause deals with disqualification due to business relationship?	Section 141(3)(e).
Which clause deals with disqualification due to fraud conviction?	Section 141(3)(h).
Which clause deals with disqualification due to rendering prohibited services?	Section 141(3)(i).
Which clause deals with the limit on audit appointments?	Section 141(3)(g).
What is the consequence of becoming disqualified after appointment as auditor?	Automatic vacation of office and creation of a casual vacancy.
What is the subject matter of Section 142 of the Companies Act, 2013?	Remuneration of auditors.
By whom is the remuneration of the auditor ordinarily fixed?	The company in its general meeting.
How else may the remuneration of the auditor be fixed?	In such manner as may be determined in the general meeting.
Who may fix the remuneration of the first auditor appointed by the Board?	The Board of Directors.
What is included in the remuneration of an auditor under Section 142(2)?	Audit fees, audit-related expenses and facilities extended to the auditor.
Which expenses form part of auditor's remuneration?	Expenses incurred in connection with the audit of the company.
Do facilities extended to the auditor form part of remuneration?	Facilities extended to the auditor.
What is excluded from auditor's remuneration under Section 142(2)?	Remuneration paid for any other service rendered at the request of the company.
Does remuneration include payment for non-audit services rendered to the company?	No; remuneration for other services is specifically excluded.
What are the three components included in auditor's remuneration?	Audit fee, audit-related expenses and facilities extended to the auditor.
What is the subject matter of Section 143 of the Companies Act, 2013?	Powers and duties of auditors and auditing standards.
What right does every auditor have regarding company books?	Right of access at all times to books of account and vouchers.
Can an auditor access books kept outside the registered office?	Yes, at any place where they are kept.
From whom can an auditor require information and explanations?	Officers of the company.
Why may an auditor seek information and explanations?	For the performance of his duties as auditor.
What must an auditor inquire regarding secured loans and advances?	Whether they are properly secured and not prejudicial to the company or members.
What must an auditor examine regarding book-entry transactions?	Whether such transactions are prejudicial to the interests of the company.
What must an auditor check regarding sale of securities by a non-investment, non-banking company?	Whether securities were sold below purchase price.
What must an auditor verify regarding loans and advances?	Whether they have been shown as deposits.
What must an auditor examine regarding personal expenses?	Whether personal expenses have been charged to revenue account.
What must an auditor verify regarding shares allotted for cash?	Whether cash was actually received.
If cash was not received for shares allotted for cash, what must the auditor check?	Whether books and balance sheet correctly disclose the position.
What additional right does the auditor of a holding company possess?	Access to records of subsidiaries and associate companies for consolidation purposes.
Why may the auditor of a holding company access subsidiary records?	To examine consolidation of financial statements.
To whom does the auditor make his report?	The members of the company.
On what documents must the auditor report?	Accounts examined and financial statements laid before the company.
What should the auditor state about financial statements?	Whether they give a true and fair view of the company's affairs.
Which standards must the auditor consider while preparing the report?	Accounting standards and auditing standards.
What must the auditor state regarding information and explanations sought?	Whether all necessary information and explanations were obtained.
What must the auditor report if information was not obtained?	Details thereof and its effect on financial statements.
What must the auditor state regarding books of account?	Whether proper books of account have been kept.
What must the auditor state regarding branch returns?	Whether adequate returns were received from branches not visited by him.
What must the auditor mention regarding branch audit reports?	Whether received and how dealt with in preparing his report.
What must the auditor state about the balance sheet and profit and loss account?	Whether they agree with books of account and returns.
What must the auditor state regarding accounting standards?	Whether financial statements comply with them.
What must the auditor report regarding adverse financial matters?	Observations or comments having adverse effect on company functioning.
What must the auditor state regarding directors?	Whether any director is disqualified under Section 164(2).
What must the auditor disclose regarding qualifications or adverse remarks?	Any qualification, reservation or adverse remark relating to accounts.
What must the auditor report regarding internal financial controls?	Whether adequate controls exist and their operating effectiveness.
What is covered under Section 143(3)(i)?	Adequacy and effectiveness of internal financial controls with reference to financial statements.
What may the auditor additionally report under Section 143(3)(j)?	Such other matters as may be prescribed.
What must an auditor do if any matter in the audit report is answered negatively or with a qualification?	State the reasons therefor.
Who appoints the auditor of a Government company under Section 143(5)?	The Comptroller and Auditor-General of India (CAG).
What may the CAG direct regarding audit of Government companies?	The manner in which accounts are required to be audited.
To whom must the auditor submit a copy of the audit report in Government companies?	The Comptroller and Auditor-General of India.
What must the audit report submitted to the CAG include?	CAG directions, action taken thereon and their impact on accounts and financial statements.
Within what period may the CAG act after receiving the audit report?	Within sixty days.
What is a supplementary audit under Section 143(6)?	An audit of the financial statements conducted by persons authorised by the CAG.
Can the CAG require additional information during supplementary audit?	Yes, from specified persons in the prescribed form.
What are the two major powers of the CAG under Section 143(6)?	Conduct supplementary audit and comment upon or supplement the audit report.
What must be done with the CAG's comments or supplementary report?	Sent to entitled persons and placed before the AGM with the audit report.
Can the CAG order a test audit of Government companies?	Yes, if considered necessary.
To which companies does the CAG's power of test audit apply?	Companies covered under Section 139(5) or 139(7).
Which law applies to reports of test audits ordered by the CAG?	Section 19A of the CAG's Duties, Powers and Conditions of Service Act, 1971.
Who may audit the accounts of a branch office in India?	The company's auditor or another qualified auditor appointed under Section 139.
Who may audit a branch office situated outside India?	The company's auditor or a person qualified under the laws of that country.
What must a branch auditor do after auditing branch accounts?	Prepare a report and send it to the company's auditor.
How should the company's auditor deal with the branch auditor's report?	In such manner as he considers necessary in his report.
What is the obligation imposed by Section 143(9)?	Every auditor shall comply with auditing standards.
What authority may prescribe auditing standards under Section 143(10)?	The Central Government.
On whose recommendation are auditing standards prescribed?	The Institute of Chartered Accountants of India (ICAI).
With whose consultation are auditing standards prescribed?	The National Financial Reporting Authority (NFRA).
What applies as auditing standards until standards are notified by the Central Government?	Auditing standards specified by the ICAI.
What power does the Central Government have under Section 143(11)?	To direct that auditor's reports include statements on specified matters.
With whom must the Central Government consult before issuing directions under Section 143(11)?	The National Financial Reporting Authority.
To whom must an auditor report fraud involving the prescribed amount?	The Central Government.
When must an auditor report fraud to the Central Government?	When he has reason to believe such fraud is being or has been committed by officers or employees.
To whom must an auditor report fraud involving less than the prescribed amount?	The Audit Committee or the Board.
What must companies disclose regarding frauds not reported to the Central Government?	Details of such frauds in the Board's Report.
Does reporting fraud in good faith amount to breach of auditor's duty?	No, it is protected under Section 143(13).
To whom do the provisions of Section 143 apply mutatis mutandis?	Cost accountants conducting cost audit and company secretaries conducting secretarial audit.
Which professionals are covered under Section 143(14)(a)?	Cost accountants conducting cost audit under Section 148.
Which professionals are covered under Section 143(14)(b)?	Company secretaries in practice conducting secretarial audit under Section 204.
What is the penalty for non-compliance with Section 143(12) by an auditor in a listed company?	Penalty of ₹5 lakh.
What is the penalty for non-compliance with Section 143(12) by an auditor in any other company?	Penalty of ₹1 lakh.
What protection is provided under Section 143(13)?	Good faith reporting of fraud does not constitute contravention of duty.
What is the key obligation imposed by Section 143(12)?	Mandatory reporting of suspected fraud by the auditor.
Who may issue general or special orders requiring additional statements in audit reports?	The Central Government.
What is the role of NFRA in relation to auditing standards?	It provides recommendations examined by the Central Government before notification.
Which section extends auditor duties to cost auditors and secretarial auditors?	Section 143(14).
What is the subject matter of Section 144 of the Companies Act, 2013?	Auditor not to render certain services.
What other services may an auditor appointed under the Act provide to the company?	Only such services as are approved by the Board of Directors or the Audit Committee, as the case may be.
Can an auditor provide accounting and book keeping services to the company, its holding company or subsidiary company?	No.
Can an auditor provide internal audit services to the company, its holding company or subsidiary company?	No.
Can an auditor provide design and implementation of any financial information system services to the company, its holding company or subsidiary company?	No.
Can an auditor provide actuarial services to the company, its holding company or subsidiary company?	No.
Can an auditor provide investment advisory services to the company, its holding company or subsidiary company?	No.
Can an auditor provide investment banking services to the company, its holding company or subsidiary company?	No.
Can an auditor provide outsourced financial services to the company, its holding company or subsidiary company?	No.
Can an auditor provide management services to the company, its holding company or subsidiary company?	No.
Can an auditor provide any other prescribed services to the company, its holding company or subsidiary company?	No.
Do the prohibitions under Section 144 apply where services are rendered indirectly?	Yes.
To which companies do the prohibited services under Section 144 extend?	The company, its holding company and subsidiary company.
What must an auditor or audit firm performing non-audit services before the commencement of the Act do?	Comply with the provisions of Section 144 before the closure of the first financial year after such commencement.
By when must existing non-audit services be brought into compliance with Section 144?	Before the closure of the first financial year after the commencement of the Act.
What does the term "directly or indirectly" include where the auditor is an individual?	Rendering services by himself.
What does the term "directly or indirectly" include where the auditor is an individual through a relative?	Rendering services through his relative.
What does the term "directly or indirectly" include where the auditor is an individual through another connected or associated person?	Rendering services through any other person connected or associated with such individual.
What does the term "directly or indirectly" include where the auditor is an individual through another entity under his influence or control?	Rendering services through any entity in which such individual has significant influence or control.
What does the term "directly or indirectly" include where the auditor is an individual through an entity using his name, trade mark or brand?	Rendering services through any entity whose name, trade mark or brand is used by such individual.
What does the term "directly or indirectly" include where the auditor is a firm itself?	Rendering services by the firm itself.
What does the term "directly or indirectly" include where the auditor is a firm through its partners?	Rendering services through any of its partners.
What does the term "directly or indirectly" include where the auditor is a firm through its parent, subsidiary or associate entity?	Rendering services through its parent, subsidiary or associate entity.
What does the term "directly or indirectly" include where the auditor is a firm through another entity under the firm's or partner's influence or control?	Rendering services through any entity in which the firm or any partner has significant influence or control.
What does the term "directly or indirectly" include where the auditor is a firm through an entity using the firm's or partner's name, trade mark or brand?	Rendering services through any entity whose name, trade mark or brand is used by the firm or any of its partners.
What is the subject matter of Section 145 of the Companies Act, 2013?	Auditor to sign audit reports, etc.
Who shall sign the auditor's report of a company?	The person appointed as an auditor of the company shall sign the auditor's report.
Who shall sign or certify any other document of the company under Section 145?	The person appointed as an auditor of the company shall sign or certify such document in accordance with section 141(2).
In accordance with which provision shall the auditor sign or certify any other document of the company?	In accordance with the provisions of section 141(2).
Which qualifications, observations or comments are required to be read before the company in general meeting?	Qualifications, observations or comments on financial transactions or matters having an adverse effect on the functioning of the company.
In which report must the qualifications, observations or comments be mentioned for the purpose of Section 145?	They must be mentioned in the auditor's report.
What is the condition for qualifications, observations or comments to be read before the company in general meeting?	They must have an adverse effect on the functioning of the company.
Before whom shall qualifications, observations or comments having an adverse effect on the functioning of the company be read?	Before the company in general meeting.
Who may inspect the qualifications, observations or comments mentioned in the auditor's report?	Any member of the company.
What is the subject matter of Section 146 of the Companies Act, 2013?	Auditors to attend general meeting.
To whom shall all notices relating to any general meeting be forwarded?	To the auditor of the company.
What other communications relating to a general meeting shall be forwarded to the auditor?	All communications relating to any general meeting.
Under what circumstance is the auditor not required to attend a general meeting?	When exempted by the company.
How may an auditor attend a general meeting?	Either by himself or through his authorised representative.
What qualification must an authorised representative attending a general meeting on behalf of the auditor possess?	The authorised representative shall also be qualified to be an auditor.
Which meetings is the auditor entitled to attend under Section 146?	Any general meeting of the company.
What right does the auditor have at a general meeting?	The auditor shall have the right to be heard.
On what matters may the auditor exercise the right to be heard at a general meeting?	On any part of the business which concerns him as the auditor.
What is the subject matter of Section 147 of the Companies Act, 2013?	Punishment for contravention.
What is the punishment for a company contravening any provision of sections 139 to 146?	Fine of not less than twenty-five thousand rupees but which may extend to five lakh rupees.
What is the punishment for an officer in default where any provision of sections 139 to 146 is contravened?	Fine of not less than ten thousand rupees but which may extend to one lakh rupees.
Which provisions attract punishment under Section 147(1)?	Contravention of any provision of sections 139 to 146 (both inclusive).
What is the punishment for an auditor contravening section 139, 143, 144 or 145?	Fine of not less than twenty-five thousand rupees but which may extend to five lakh rupees or four times the remuneration of the auditor, whichever is less.
Which provisions, when contravened by an auditor, attract punishment under Section 147(2)?	Sections 139, 143, 144 and 145.
What is the enhanced punishment where an auditor knowingly or wilfully contravenes the provisions with intent to deceive?	Imprisonment for a term which may extend to one year and fine as prescribed.
Whom must the auditor intend to deceive for the proviso to Section 147(2) to apply?	The company, its shareholders, creditors or tax authorities.
What is the minimum fine for an auditor who knowingly or wilfully contravenes the provisions with intent to deceive?	Fifty thousand rupees.
What is the maximum fine for an auditor who knowingly or wilfully contravenes the provisions with intent to deceive?	Twenty-five lakh rupees or eight times the remuneration of the auditor, whichever is less.
What is the maximum term of imprisonment for an auditor who knowingly or wilfully contravenes the provisions with intent to deceive?	One year.
What is the first consequence of conviction of an auditor under Section 147(2)?	Refund the remuneration received by him to the company.
What is the second consequence of conviction of an auditor under Section 147(2)?	Pay damages for loss arising out of incorrect or misleading statements of particulars made in his audit report.
To whom may damages be payable by a convicted auditor under Section 147(3)?	The company, statutory bodies or authorities, or members or creditors of the company.
For what loss is a convicted auditor liable to pay damages?	Loss arising out of incorrect or misleading statements of particulars made in his audit report.
Who shall specify the statutory body, authority or officer for ensuring prompt payment of damages under Section 147(4)?	The Central Government by notification.
For what purpose may the Central Government specify a statutory body, authority or officer under Section 147(4)?	For ensuring prompt payment of damages to the company or other entitled persons.
What must the specified body, authority or officer do after payment of damages?	File a report with the Central Government regarding such payment of damages.
In what manner shall the report regarding payment of damages be filed?	In such manner as may be specified in the notification.
When does Section 147(5) apply to an audit firm?	When it is proved that a partner or partners acted fraudulently or abetted or colluded in any fraud by, or in relation to, the company or its directors or officers.
Whose liability arises where a partner of an audit firm acts fraudulently or abets or colludes in fraud?	The partner or partners concerned and the audit firm jointly and severally.
What is the nature of liability under Section 147(5)?	Civil or criminal liability as provided in this Act or any other law for the time being in force.
Against whom is joint and several liability imposed under Section 147(5)?	The partner or partners concerned of the audit firm and the firm.
In relation to whose fraud can liability arise under Section 147(5)?	Fraud by, or in relation to, the company or its directors or officers.
Who is liable for criminal liability other than fine in the case of an audit firm?	Only the concerned partner or partners who acted fraudulently or abetted or colluded in the fraud.
Does the proviso to Section 147(5) restrict criminal liability other than fine to all partners of the audit firm?	Criminal liability other than fine is confined to the concerned partner or partners involved in the fraud.
What is the subject matter of Section 148 of the Companies Act, 2013?	Central Government to specify audit of items of cost in respect of certain companies.
What power is conferred on the Central Government under Section 148(1)?	The Central Government may direct prescribed classes of companies to include prescribed particulars relating to cost in their books of account.
To which companies can the Central Government issue an order under Section 148(1)?	Such class of companies engaged in the production of prescribed goods or providing prescribed services.
What particulars may the Central Government direct to be included in the books of account under Section 148(1)?	Particulars relating to utilisation of material, labour or other prescribed items of cost.
What must the Central Government do before issuing an order under Section 148(1) in respect of companies regulated under a special Act?	Consult the regulatory body constituted or established under that special Act.
When may the Central Government direct the audit of cost records under Section 148(2)?	When it is of the opinion that such audit is necessary.
To which companies does Section 148(2) apply?	Companies covered under Section 148(1) having the prescribed net worth or prescribed turnover.
In what manner shall the audit of cost records be conducted under Section 148(2)?	In the manner specified in the order of the Central Government.
Who shall conduct the audit under Section 148(2)?	A cost accountant.
Who appoints the cost auditor under Section 148(3)?	The Board of Directors.
Who determines the remuneration of the cost auditor?	The members in the prescribed manner.
Can a person appointed as auditor under Section 139 be appointed as cost auditor?	A person appointed under Section 139 shall not be appointed for conducting the audit of cost records.
What standards must be complied with by the auditor conducting the cost audit?	Cost auditing standards.
What are "cost auditing standards" for the purposes of Section 148(3)?	Standards issued by the Institute of Cost Accountants of India with the approval of the Central Government.
Which body issues the cost auditing standards under Section 148?	The Institute of Cost Accountants of India.
Under which Act is the Institute of Cost Accountants of India constituted?	The Cost and Works Accountants Act, 1959.
Is the audit under Section 148 a substitute for the audit under Section 143?	The audit under Section 148 shall be in addition to the audit conducted under Section 143.
What provisions applicable to auditors generally apply to a cost auditor?	The qualifications, disqualifications, rights, duties and obligations applicable to auditors under this Chapter, so far as may be applicable.
What is the duty of the company towards the cost auditor?	To give all assistance and facilities for auditing the cost records of the company.
To whom shall the report on the audit of cost records be submitted?	To the Board of Directors of the company.
Who submits the report on the audit of cost records to the Board?	The cost accountant.
Within what period must a company furnish the cost audit report to the Central Government?	Within thirty days from the date of receipt of a copy of the cost audit report.
What must accompany the cost audit report furnished to the Central Government?	Full information and explanation on every reservation or qualification contained in the report.
What may the Central Government do after considering the cost audit report and the company's explanation?	Call for further information and explanation if it considers it necessary.
What is the obligation of the company when further information or explanation is sought by the Central Government?	The company shall furnish the same within the time specified by the Central Government.
What is the consequence for a company and its defaulting officers for non-compliance with Section 148?	They shall be punishable in the manner provided in Section 147(1).
What is the consequence for a defaulting cost auditor for non-compliance with Section 148?	The cost auditor shall be punishable in the manner provided in Sections 147(2) to 147(4).
Which provision prescribes punishment for a company and its officers for default under Section 148?	Section 147(1).
Which provisions prescribe punishment for a defaulting cost auditor under Section 148?	Sections 147(2) to 147(4).

CHAPTER-XI
APPOINTMENT AND QUALIFICATIONS OF DIRECTORS
What is the subject matter of Section 149 of the Companies Act, 2013?	Company to have Board of Directors.
Of whom shall the Board of Directors of a company consist?	Individuals as directors.
What is the minimum number of directors required in a public company?	Three directors.
What is the minimum number of directors required in a private company?	Two directors.
What is the minimum number of directors required in a One Person Company?	One director.
What is the maximum number of directors that a company may have without passing a special resolution?	Fifteen directors.
How may a company appoint more than fifteen directors?	By passing a special resolution.
Which companies are required to have at least one woman director?	Such class or classes of companies as may be prescribed.
Within what period must existing companies comply with Section 149(1)?	Within one year from the commencement of the Act.
How many resident directors must every company have?	At least one director who stays in India for the prescribed period.
What is the minimum period of stay in India required for a resident director?	Not less than one hundred and eighty-two days during the financial year.
How is the requirement of a resident director applied to a newly incorporated company?	It applies proportionately at the end of the financial year in which the company is incorporated.
What proportion of directors in a listed public company must be independent directors?	At least one-third of the total number of directors.
What power does the Central Government have regarding independent directors in public companies?	It may prescribe the minimum number of independent directors for any class or classes of public companies.
How shall a fraction occurring in the computation of one-third independent directors be treated?	It shall be rounded off as one.
Within what period must existing companies comply with Section 149(4)?	Within one year from commencement of the Act or from the date of notification of the applicable rules.
Who is an independent director under Section 149(6)?	A director other than a managing director, whole-time director or nominee director who fulfils the prescribed conditions.
Can a managing director be an independent director?	An independent director is a director other than a managing director.
Can a whole-time director be an independent director?	An independent director is a director other than a whole-time director.
Can a nominee director be an independent director?	An independent director is a director other than a nominee director.
What opinion must the Board form regarding the integrity of an independent director?	The Board must be of the opinion that he is a person of integrity.
What expertise must an independent director possess?	Relevant expertise and experience.
Can a promoter of the company be appointed as an independent director?	An independent director shall not be or have been a promoter of the company.
Can a promoter of a holding, subsidiary or associate company be appointed as an independent director?	An independent director shall not be or have been a promoter of the holding, subsidiary or associate company.
Can a person related to promoters of the company be an independent director?	An independent director shall not be related to promoters of the company.
Can a person related to directors of the company be an independent director?	An independent director shall not be related to directors of the company.
Can a person related to promoters or directors of a holding, subsidiary or associate company be an independent director?	An independent director shall not be related to promoters or directors of the holding, subsidiary or associate company.
What pecuniary relationship is permissible for an independent director with the company and related entities?	Remuneration as director or transactions not exceeding ten per cent of total income or such amount as may be prescribed.
During what period must an independent director have no prohibited pecuniary relationship?	During the two immediately preceding financial years or during the current financial year.
With whom must an independent director have no prohibited pecuniary relationship?	The company, its holding, subsidiary or associate company, or their promoters or directors.
Can a relative of an independent director hold securities or interest in the company?	A relative may hold securities or interest within the limits specified in the proviso.
What is the maximum face value of securities or interest that a relative may hold under the proviso to Section 149(6)(d)(i)?	Fifty lakh rupees.
What percentage of paid-up capital may a relative hold under the proviso to Section 149(6)(d)(i)?	Not exceeding two per cent of the paid-up capital of the company, its holding, subsidiary or associate company.
Can the prescribed limit for a relative's holding of securities or interest exceed the statutory limits mentioned in the proviso?	Such higher sum as may be prescribed may be permitted.
During what period is the restriction on relatives holding securities or interest applicable?	During the two immediately preceding financial years or during the current financial year.
What restriction applies regarding indebtedness of a relative of an independent director?	The relative shall not be indebted beyond the prescribed amount to the company, its holding, subsidiary or associate company or their promoters or directors.
During what period is the restriction on indebtedness of a relative applicable?	During the two immediately preceding financial years or during the current financial year.
What restriction applies regarding guarantees or security given by a relative of an independent director?	The relative shall not have given a guarantee or provided security in connection with indebtedness of any third person beyond the prescribed amount.
In connection with whose indebtedness is a relative prohibited from giving guarantees or security beyond the prescribed amount?	Indebtedness of any third person to the company, its holding, subsidiary or associate company or their promoters or directors of such holding company.
During what period is the restriction on guarantees or security by a relative applicable?	During the two immediately preceding financial years or during the current financial year.
What restriction applies regarding other pecuniary transactions or relationships of a relative of an independent director?	Such transactions or relationships shall not amount to two per cent or more of the gross turnover or total income of the concerned company.
With which entities must a relative not have pecuniary transactions or relationships amounting to the prescribed threshold?	The company, its subsidiary, holding or associate company.
How is the two per cent threshold under Section 149(6)(d)(iv) calculated?	Singly or in combination with the transactions referred to in sub-clauses (i), (ii) or (iii).
What is the subject matter of Section 150 of the Companies Act, 2013?	Manner of selection of independent directors and maintenance of databank of independent directors.
From where may an independent director be selected under Section 150(1)?	From a databank containing names, addresses and qualifications of persons eligible and willing to act as independent directors.
Subject to which provision may an independent director be selected from a databank?	Subject to the provisions of Section 149(6).
What particulars of eligible persons are required to be contained in the databank under Section 150(1)?	Names, addresses and qualifications of persons eligible and willing to act as independent directors.
Who may maintain the databank of independent directors?	Any body, institute or association notified by the Central Government.
What expertise must a body, institute or association possess for maintaining the databank?	Expertise in creation and maintenance of such databank.
Where shall the databank of independent directors be made available for use by companies?	On the website of the notified body, institute or association.
For whose use is the databank maintained under Section 150(1)?	For the use of the company making the appointment of independent directors.
Upon whom does the responsibility of exercising due diligence before selecting a person from the databank lie?	The company making the appointment.
Before selecting a person from the databank as an independent director, what must the company exercise?	Due diligence.
How shall the appointment of an independent director be approved?	By the company in general meeting as provided in Section 152(2).
Which provision governs the approval of appointment of an independent director in general meeting?	Section 152(2).
What must the explanatory statement annexed to the notice of the general meeting indicate?	The justification for choosing the appointee for appointment as an independent director.
In relation to which appointment must the explanatory statement contain justification?	Appointment of an independent director.
What is the duty of the databank referred to in Section 150(1)?	To create and maintain data of persons willing to act as independent directors.
In accordance with what shall the databank create and maintain data of persons willing to act as independent directors?	In accordance with such rules as may be prescribed.
What power is conferred on the Central Government under Section 150(4)?	To prescribe the manner and procedure of selection of independent directors.
Whose selection procedure may be prescribed by the Central Government under Section 150(4)?	Independent directors fulfilling the qualifications and requirements specified under Section 149.
Which provision specifies the qualifications and requirements for independent directors referred to in Section 150(4)?	Section 149.
What is the subject matter of Section 151 of the Companies Act, 2013?	Appointment of director elected by small shareholders.
Which company may have a director elected by small shareholders?	A listed company.
How many directors elected by small shareholders may a listed company have under Section 151?	One director elected by small shareholders.
Who elects the director contemplated under Section 151?	Small shareholders.
In what manner shall the director elected by small shareholders be elected?	In such manner as may be prescribed.
On what terms and conditions shall a director elected by small shareholders hold office?	On such terms and conditions as may be prescribed.
Who are "small shareholders" for the purposes of Section 151?	Shareholders holding shares of nominal value of not more than twenty thousand rupees or such other sum as may be prescribed.
What is the maximum nominal value of shares that a shareholder may hold to qualify as a small shareholder under Section 151?	Not more than twenty thousand rupees.
Can the prescribed limit for determining a small shareholder be different from twenty thousand rupees?	Such other sum as may be prescribed.
What is the subject matter of Section 152 of the Companies Act, 2013?	Appointment of directors.
Who shall be deemed to be the first directors of a company where the articles make no provision for appointment of the first director?	The subscribers to the memorandum who are individuals.
Until when shall the subscribers to the memorandum be deemed to be the first directors?	Until the directors are duly appointed.
Who shall be deemed to be the first director of a One Person Company where no provision is made for appointment of the first director?	The individual member of the One Person Company.
Until when shall the member of a One Person Company be deemed to be its first director?	Until the director or directors are duly appointed by the member in accordance with this section.
How shall every director be appointed unless otherwise expressly provided in the Act?	By the company in general meeting.
What is a prerequisite for appointment of a person as director of a company?	He must have been allotted a Director Identification Number under section 154 or such other prescribed number under section 153.
What must every person proposed to be appointed as a director furnish to the company?	His Director Identification Number or other prescribed number and a declaration that he is not disqualified to become a director under this Act.
What declaration must a proposed director furnish?	A declaration that he is not disqualified to become a director under this Act.
Can an appointed director act as a director immediately upon appointment?	He shall not act as a director unless he gives consent to hold the office and such consent is filed with the Registrar.
Within what period must a director's consent be filed with the Registrar?	Within thirty days of his appointment.
What must an appointed director give before acting as a director?	Consent to hold the office as director.
What must the explanatory statement for appointment of an independent director contain?	A statement that, in the opinion of the Board, he fulfils the conditions specified in this Act for such appointment.
To which appointment does the proviso to Section 152(5) apply?	Appointment of an independent director in the general meeting.
In a public company, what minimum proportion of directors must be liable to retirement by rotation unless the articles provide otherwise?	Not less than two-thirds of the total number of directors.
How must directors liable to retirement by rotation be appointed?	By the company in general meeting, save as otherwise expressly provided in the Act.
What is the first requirement regarding directors liable to retirement by rotation under Section 152(6)(a)?	Their period of office must be liable to determination by retirement of directors by rotation.
How shall the remaining directors of such public company be appointed in the absence of contrary provisions in the articles?	By the company in general meeting.
At which annual general meeting does retirement by rotation first take place?	At the first annual general meeting held next after the general meeting at which the first directors are appointed under Section 152(6)(a) and (b).
What proportion of rotational directors shall retire at every annual general meeting?	One-third of the directors for the time being liable to retire by rotation.
How is the number of directors retiring determined when the number liable to retire is neither three nor a multiple of three?	The number nearest to one-third shall retire.
Which directors retire by rotation at every annual general meeting?	Those who have been longest in office since their last appointment.
How is retirement determined among directors appointed on the same day?	By lot, in default of and subject to any agreement among themselves.
How may a company fill the vacancy caused by retirement of a director by rotation?	By appointing the retiring director or some other person.
For the purposes of Section 152(6), does the total number of directors include independent directors?	The total number of directors does not include independent directors.
Are independent directors counted while calculating directors liable to retirement by rotation?	Independent directors are excluded from the total number of directors for this purpose.
What happens if the vacancy of a retiring director is not filled and the meeting has not expressly resolved not to fill it?	The meeting shall stand adjourned.
To when is the meeting adjourned if the vacancy of the retiring director is not filled?	To the same day in the next week at the same time and place.
To when is the meeting adjourned if the corresponding day in the next week is a national holiday?	To the next succeeding day which is not a holiday at the same time and place.
When is a retiring director deemed to have been re-appointed at the adjourned meeting?	When the vacancy is not filled and the meeting has not expressly resolved not to fill the vacancy.
What is the first exception to deemed re-appointment of a retiring director?	A resolution for his re-appointment has been put to the meeting and lost.
What is the second exception to deemed re-appointment of a retiring director?	He has expressed his unwillingness to be re-appointed by notice in writing.
To whom may a retiring director address his notice expressing unwillingness for re-appointment?	The company or its Board of directors.
What is the third exception to deemed re-appointment of a retiring director?	He is not qualified or is disqualified for appointment.
What is the fourth exception to deemed re-appointment of a retiring director?	A special or ordinary resolution is required for his appointment or re-appointment under the Act.
What is the fifth exception to deemed re-appointment of a retiring director?	Section 162 is applicable to the case.
Who is a "retiring director" for the purposes of Sections 152 and 160?	A director retiring by rotation.
What is the subject matter of Section 153 of the Companies Act, 2013?	Application for allotment of Director Identification Number.
Who is required to apply for allotment of a Director Identification Number?	Every individual intending to be appointed as director of a company.
To whom shall an application for allotment of Director Identification Number be made?	The Central Government.
When is an individual required to apply for allotment of Director Identification Number?	Before being appointed as a director of a company.
In what form shall an application for allotment of Director Identification Number be made?	In such form as may be prescribed.
In what manner shall an application for allotment of Director Identification Number be made?	In such manner as may be prescribed.
What must accompany an application for allotment of Director Identification Number?	Such fees as may be prescribed.
What power is conferred on the Central Government by the proviso to Section 153?	The Central Government may prescribe any identification number to be treated as Director Identification Number for the purposes of this Act.
What is the effect of an identification number prescribed by the Central Government under the proviso to Section 153?	It shall be treated as Director Identification Number for the purposes of this Act.
When may the requirement of applying for Director Identification Number under Section 153 not apply?	When an individual holds or acquires an identification number prescribed by the Central Government.
How may the requirement of Section 153 apply where an individual holds or acquires a prescribed identification number?	It shall not apply or shall apply in such manner as may be prescribed.
What is the subject matter of Section 154 of the Companies Act, 2013?	Allotment of Director Identification Number.
Within what period shall the Central Government allot a Director Identification Number?	Within one month from the receipt of the application under section 153.
To whom shall the Central Government allot a Director Identification Number under Section 154?	The applicant.
From which application does the allotment of Director Identification Number arise under Section 154?	An application made under section 153.
In what manner shall the Director Identification Number be allotted?	In such manner as may be prescribed.
What is the subject matter of Section 155 of the Companies Act, 2013?	Prohibition to obtain more than one Director Identification Number.
Who is prohibited from applying for another Director Identification Number?	An individual who has already been allotted a Director Identification Number under section 154.
What is prohibited after allotment of a Director Identification Number under Section 154?	Applying for, obtaining or possessing another Director Identification Number.
Can an individual possess more than one Director Identification Number?	No individual allotted a Director Identification Number under section 154 shall possess another Director Identification Number.
What is the subject matter of Section 156 of the Companies Act, 2013?	Director to intimate Director Identification Number.
Who is required to intimate his Director Identification Number under Section 156?	Every existing director.
Within what period must an existing director intimate his Director Identification Number?	Within one month of receipt of the Director Identification Number from the Central Government.
To whom shall an existing director intimate his Director Identification Number?	The company or all companies wherein he is a director.
From whom must the Director Identification Number be received before intimation under Section 156?	The Central Government.
What is the subject matter of Section 157 of the Companies Act, 2013?	Company to inform Director Identification Number to Registrar.
Within what period must a company furnish the Director Identification Number of its directors after receiving intimation under Section 156?	Within fifteen days of receipt of the intimation under section 156.
Whose Director Identification Number must be furnished under Section 157(1)?	The Director Identification Number of all directors of the company.
To whom shall the company furnish the Director Identification Number of its directors?	The Registrar or any other officer or authority specified by the Central Government.
What may accompany the furnishing of Director Identification Number under Section 157(1)?	Such fees as may be prescribed or such additional fees as may be prescribed.
In what form shall the intimation under Section 157(1) be furnished?	In such form as may be prescribed.
In what manner shall the intimation under Section 157(1) be furnished?	In such manner as may be prescribed.
What is the penalty on a company for failure to furnish Director Identification Number under Section 157(1)?	A penalty of twenty-five thousand rupees.
What is the additional penalty for continuing failure by a company to furnish Director Identification Number?	One hundred rupees for each day after the first during which the failure continues.
What is the maximum penalty that may be imposed on a company for failure under Section 157(2)?	One lakh rupees.
What is the minimum penalty on an officer in default for failure under Section 157(2)?	Twenty-five thousand rupees.
What is the additional penalty for continuing failure by an officer in default under Section 157(2)?	One hundred rupees for each day after the first during which the failure continues.
What is the maximum penalty that may be imposed on an officer in default under Section 157(2)?	One lakh rupees.
When does the daily penalty under Section 157(2) begin to accrue?	After the first day during which the failure continues.
What is the subject matter of Section 158 of the Companies Act, 2013?	Obligation to indicate Director Identification Number.
Who is required to mention the Director Identification Number under Section 158?	Every person or company furnishing any return, information or particulars under this Act.
When is the Director Identification Number required to be mentioned in a return, information or particulars?	When such return, information or particulars relate to a director or contain any reference to a director.
In which documents must the Director Identification Number be mentioned under Section 158?	Any return, information or particulars required to be furnished under this Act.
What condition triggers the obligation to mention the Director Identification Number under Section 158?	The return, information or particulars relate to a director or contain any reference to a director.
What is the subject matter of Section 159 of the Companies Act, 2013?	Penalty for default of certain provisions.
Which provisions are covered by the penalty under Section 159?	Sections 152, 155 and 156.
Who is liable for penalty under Section 159?	Any individual or director of a company making default in complying with sections 152, 155 or 156.
What is the maximum penalty for default under Section 159?	Fifty thousand rupees.
What is the consequence of a continuing default under Section 159?	A further penalty which may extend to five hundred rupees for each day after the first during which the default continues.
What is the maximum daily penalty for a continuing default under Section 159?	Five hundred rupees for each day after the first during which the default continues.
When does the daily penalty under Section 159 begin to accrue?	After the first day during which the default continues.
What is the subject matter of Section 160 of the Companies Act, 2013?	Right of persons other than retiring directors to stand for directorship.
Who is entitled to stand for directorship under Section 160?	A person who is not a retiring director in terms of section 152.
At what meeting may a person seek appointment as director under Section 160?	At any general meeting.
Subject to what condition is a person other than a retiring director eligible for appointment as director?	Subject to the provisions of this Act.
Who may give notice proposing a person for appointment as director under Section 160?	The person himself or a member intending to propose him as a director.
What is the minimum notice period required under Section 160(1)?	Not less than fourteen days before the meeting.
Where must the notice under Section 160(1) be left?	At the registered office of the company.
In what form must the notice under Section 160(1) be given?	A notice in writing under the hand of the person or member concerned.
What must a notice given by the proposed candidate signify?	His candidature as a director.
What must a notice given by a member signify under Section 160(1)?	The intention to propose the person as a candidate for the office of director.
What deposit must accompany the notice under Section 160(1)?	A deposit of one lakh rupees or such higher amount as may be prescribed.
Who may claim refund of the deposit under Section 160(1)?	The person proposed or the member who made the deposit.
When is the deposit refundable under Section 160(1)?	If the proposed person gets elected as a director.
Can the deposit be refunded even if the proposed person is not elected?	The deposit shall be refunded if the proposed person gets more than twenty-five per cent of the total valid votes cast on the resolution.
What percentage of votes entitles the proposed candidate to refund of the deposit?	More than twenty-five per cent of the total valid votes cast.
How may the votes be cast for the purpose of refund of deposit under Section 160(1)?	Either on a show of hands or on a poll.
To whom does the proviso exempt the requirement of deposit?	An independent director.
Does the deposit requirement apply to a director recommended by the Nomination and Remuneration Committee?	The requirement of deposit shall not apply to such director.
Under which provision is the Nomination and Remuneration Committee constituted for the purpose of the proviso?	Section 178(1).
Does the deposit requirement apply where a director is recommended by the Board in a company not required to constitute a Nomination and Remuneration Committee?	The requirement of deposit shall not apply.
What duty is imposed on the company under Section 160(2)?	The company shall inform its members of the candidature of a person for the office of director.
Whose candidature must be communicated to the members under Section 160(2)?	The candidature of a person seeking appointment as director under Section 160(1).
In what manner shall the company inform its members of such candidature?	In such manner as may be prescribed.
What is the subject matter of Section 161 of the Companies Act, 2013?	Appointment of additional director, alternate director and nominee director.
Under what authority may the Board appoint an additional director?	Where the articles confer such power on the Board of Directors.
Who cannot be appointed as an additional director under Section 161(1)?	A person who fails to get appointed as a director in a general meeting.
When may the Board appoint an additional director?	At any time.
Until when does an additional director hold office?	Up to the date of the next annual general meeting or the last date on which the annual general meeting should have been held, whichever is earlier.
Which event determines the cessation of office of an additional director?	The next annual general meeting or the last date on which it should have been held, whichever is earlier.
Under what authority may the Board appoint an alternate director?	If authorised by the articles or by a resolution passed by the company in general meeting.
For whom may an alternate director be appointed?	For a director during his absence from India for a period of not less than three months.
What minimum period of absence from India is required for appointment of an alternate director?	Not less than three months.
Who is disqualified from being appointed as an alternate director under Section 161(2)?	A person holding any alternate directorship for any other director in the company or holding directorship in the same company.
Can a person holding alternate directorship for another director in the same company be appointed as an alternate director?	A person holding any alternate directorship for any other director in the company cannot be appointed.
Can a director of the same company be appointed as an alternate director?	A person holding directorship in the same company cannot be appointed as an alternate director.
What is the qualification for appointment as alternate director for an independent director?	He must be qualified to be appointed as an independent director under this Act.
Can any person be appointed as alternate director for an independent director?	Only a person qualified to be appointed as an independent director may be appointed.
For what maximum period may an alternate director hold office?	Not longer than the period permissible to the director in whose place he has been appointed.
When must an alternate director vacate office?	When the director in whose place he has been appointed returns to India.
What happens if the original director returns to India?	The alternate director shall vacate the office.
If the original director's term expires before his return to India, to whom does the provision for automatic re-appointment apply?	To the original director and not to the alternate director.
Does the provision for automatic re-appointment of retiring directors apply to the alternate director?	It applies to the original director and not to the alternate director.
Who may be appointed as a nominee director under Section 161(3)?	A person nominated by an institution, under any law, agreement, or by the Central Government or State Government by virtue of shareholding in a Government company.
Subject to what may the Board appoint a nominee director?	Subject to the articles of the company.
Can a person nominated by an institution under any law be appointed as a nominee director?	The Board may appoint such person as a nominee director.
Can a person nominated under an agreement be appointed as a nominee director?	The Board may appoint such person as a nominee director.
Can the Central Government nominate a director in a Government company by virtue of its shareholding?	Such nominee may be appointed as a director under Section 161(3).
Can the State Government nominate a director in a Government company by virtue of its shareholding?	Such nominee may be appointed as a director under Section 161(3).
When does a casual vacancy arise under Section 161(4)?	When the office of a director appointed in general meeting is vacated before expiry of his term in the normal course.
Who may fill a casual vacancy under Section 161(4)?	The Board of Directors.
Subject to what conditions may the Board fill a casual vacancy?	In default of and subject to any regulations in the articles of the company.
At what meeting must the Board fill a casual vacancy?	At a meeting of the Board.
Whose vacancy may be filled under Section 161(4)?	The vacancy of a director appointed by the company in general meeting.
What approval is required after the Board fills a casual vacancy?	Approval of the members in the immediate next general meeting.
When must the appointment made to fill a casual vacancy be approved by members?	In the immediate next general meeting.
What is the subject matter of Section 162 of the Companies Act, 2013?	Appointment of directors to be voted individually.
Can two or more persons be appointed as directors by a single resolution at a general meeting?	A motion for appointment of two or more persons as directors by a single resolution shall not be moved except in accordance with Section 162(1).
What is the condition precedent for moving a motion to appoint two or more persons as directors by a single resolution?	A proposal to move such motion must first be agreed to at the meeting.
How must the proposal to move a single resolution for appointment of multiple directors be approved?	It must be agreed to at the meeting without any vote being cast against it.
What is the effect of a vote being cast against the proposal to appoint multiple directors through a single resolution?	The motion for appointment of two or more persons by a single resolution cannot be moved.
What is the consequence of moving a resolution in contravention of Section 162(1)?	The resolution shall be void.
Does failure to object validate a resolution moved in contravention of Section 162(1)?	A resolution moved in contravention of Section 162(1) shall be void whether or not any objection was taken.
How is a motion for approving a person for appointment as director treated under Section 162(3)?	It shall be treated as a motion for his appointment.
How is a motion for nominating a person for appointment as director treated under Section 162(3)?	It shall be treated as a motion for his appointment.
What is the subject matter of Section 163 of the Companies Act, 2013?	Option to adopt principle of proportional representation for appointment of directors.
Can a company adopt proportional representation for appointment of directors?	The articles of a company may provide for appointment of directors in accordance with the principle of proportional representation.
What is the minimum proportion of directors that may be appointed through proportional representation?	Not less than two-thirds of the total number of directors.
Notwithstanding what provision may a company adopt proportional representation for appointment of directors?	Notwithstanding anything contained in this Act.
By what voting method may directors be appointed under the principle of proportional representation?	By the single transferable vote.
What is another voting method recognised under Section 163 for proportional representation?	A system of cumulative voting.
Can directors be appointed under any method other than single transferable vote or cumulative voting?	They may be appointed by single transferable vote, cumulative voting or otherwise.
How often may appointments under the principle of proportional representation be made?	Once in every three years.
How shall casual vacancies of directors appointed under proportional representation be filled?	As provided in Section 161(4).
Which provision governs filling of casual vacancies of directors appointed under proportional representation?	Section 161(4).
What is the subject matter of Section 164 of the Companies Act, 2013?	Disqualifications for appointment of director.
Who is disqualified from appointment as a director on the ground of unsoundness of mind?	A person of unsound mind so declared by a competent court.
Who is disqualified from appointment as a director on the ground of insolvency?	An undischarged insolvent.
Is a person whose application for adjudication as an insolvent is pending eligible for appointment as director?	A person who has applied to be adjudicated as an insolvent and whose application is pending is disqualified.
What conviction-based disqualification arises under Section 164(1)(d)?	Conviction of any offence and sentence of imprisonment for not less than six months where five years have not elapsed from expiry of the sentence.
Does the offence under Section 164(1)(d) have to involve moral turpitude?	The disqualification applies whether the offence involves moral turpitude or otherwise.
What is the minimum term of imprisonment that attracts disqualification under Section 164(1)(d)?	Imprisonment for not less than six months.
For how long does the disqualification under Section 164(1)(d) continue after expiry of the sentence?	Until five years have elapsed from the date of expiry of the sentence.
What is the effect of conviction resulting in imprisonment for seven years or more?	The person shall not be eligible to be appointed as a director in any company.
Who is disqualified under Section 164(1)(e)?	A person against whom an order disqualifying him for appointment as a director has been passed by a court or Tribunal and the order is in force.
When does disqualification under Section 164(1)(e) operate?	While the order of the court or Tribunal remains in force.
When is a shareholder disqualified under Section 164(1)(f)?	When he has not paid calls on shares held by him and six months have elapsed from the last day fixed for payment.
Does Section 164(1)(f) apply to jointly held shares?	It applies to shares held by the person whether alone or jointly with others.
What offence under the Companies Act results in disqualification under Section 164(1)(g)?	Conviction of an offence relating to related party transactions under section 188.
What is the relevant period for disqualification under Section 164(1)(g)?	Conviction at any time during the last preceding five years.
What non-compliance under Section 152 results in disqualification for appointment as director?	Non-compliance with section 152(3).
What non-compliance under Section 165 results in disqualification for appointment as director?	Non-compliance with section 165(1).
When is a person disqualified under Section 164(2)(a)?	When he is or has been a director of a company that has not filed financial statements or annual returns for any continuous period of three financial years.
What default relating to financial statements and annual returns attracts disqualification under Section 164(2)(a)?	Failure to file financial statements or annual returns for any continuous period of three financial years.
When is a person disqualified under Section 164(2)(b) for defaults relating to deposits?	When he is or has been a director of a company that has failed to repay deposits or pay interest thereon and such failure continues for one year or more.
When is a person disqualified under Section 164(2)(b) for defaults relating to debentures?	When he is or has been a director of a company that has failed to redeem debentures on the due date or pay interest thereon and such failure continues for one year or more.
When is a person disqualified under Section 164(2)(b) for defaults relating to dividends?	When he is or has been a director of a company that has failed to pay a declared dividend and such failure continues for one year or more.
What is the consequence of disqualification under Section 164(2)?	The person is not eligible for re-appointment in that company or appointment in any other company.
For what period does the disqualification under Section 164(2) continue?	Five years from the date on which the company fails to comply.
From which date is the five-year period under Section 164(2) calculated?	From the date on which the company fails to file, repay, redeem or pay as required.
What protection is available to a person newly appointed as director in a defaulting company?	He shall not incur disqualification for a period of six months from the date of his appointment.
To which defaults does the six-month protection under the proviso to Section 164(2) apply?	Defaults under clause (a) or clause (b) of Section 164(2).
Can a private company prescribe additional disqualifications for appointment of directors?	A private company may provide additional disqualifications in its articles.
Are the disqualifications in Section 164(1) and (2) exhaustive for a private company?	A private company may provide additional disqualifications beyond those specified in Section 164(1) and (2).
Do disqualifications under Sections 164(1)(d), (e) and (g) cease on filing of an appeal or petition?	The disqualifications continue to apply even if an appeal or petition has been filed against the order of conviction or disqualification.
Which disqualifications continue notwithstanding the filing of an appeal or petition?	Disqualifications under clauses (d), (e) and (g) of Section 164(1).
What is the subject matter of Section 165 of the Companies Act, 2013?	Number of directorships.
What is the maximum number of companies in which a person may hold office as director after the commencement of the Act?	Twenty companies at the same time.
Are alternate directorships included in calculating the limit under Section 165(1)?	Alternate directorships are included in the limit of twenty companies.
What is the maximum number of public companies in which a person may be appointed as director?	Ten public companies.
How are private companies that are holding or subsidiary companies of a public company treated for reckoning the limit of public company directorships?	Such directorships shall be included in the limit of public companies.
Is directorship in a dormant company included while reckoning the limit of twenty directorships?	Directorship in a dormant company shall not be included.
Can members of a company prescribe a lower limit on directorships than that specified in Section 165(1)?	The members may specify a lesser number by special resolution.
By what mode may members prescribe a lesser number of companies in which a director may act?	By special resolution.
To whom does the lesser limit prescribed under Section 165(2) apply?	A director of the company.
What must a person holding directorships beyond the prescribed limit immediately before commencement of the Act do within one year?	Choose not more than the specified limit of companies in which he wishes to continue as director.
What is the first obligation of an existing director holding office in excess of the prescribed limit?	To choose not more than the specified limit of companies for continuing as director.
What is the second obligation of an existing director holding office in excess of the prescribed limit?	To resign from the remaining companies.
What is the third obligation of an existing director holding office in excess of the prescribed limit?	To intimate his choice to the concerned companies and the Registrar having jurisdiction over each such company.
Within what period must an existing director holding office in excess of the limit comply with Section 165(3)?	Within one year from the commencement of the Act.
To whom must the choice of companies be intimated under Section 165(3)(c)?	Each company in which he held office before commencement and the Registrar having jurisdiction over each such company.
When does a resignation tendered under Section 165(3)(b) become effective?	Immediately on despatch to the company concerned.
What is the effect of despatching resignation under Section 165(3)(b)?	The resignation becomes effective immediately.
After despatching resignation under Section 165(3)(b), can a person continue to act as director in excess of the specified number of companies?	He shall not act as director in more than the specified number of companies.
What is the second point of time after which a person cannot act as director in excess of the specified limit under Section 165(5)?	After expiry of one year from the commencement of the Act.
Which event determines the prohibition under Section 165(5) when both clauses (a) and (b) are applicable?	Whichever is earlier.
Does Section 165(5) apply to non-executive directorships also?	It applies to the office of director or non-executive director.
What is the penalty for accepting appointment as director in violation of Section 165?	A penalty of two thousand rupees for each day after the first during which the violation continues.
When does the daily penalty under Section 165(6) begin to accrue?	After the first day during which the violation continues.
What is the maximum penalty under Section 165(6)?	Two lakh rupees.
Who is liable to penalty under Section 165(6)?	A person who accepts an appointment as a director in violation of this section.
What is the subject matter of Section 166 of the Companies Act, 2013?	Duties of directors.
In accordance with what shall a director act under Section 166(1)?	The articles of the company.
To what are the duties of a director under Section 166(1) subject?	The provisions of this Act.
In what manner shall a director act to promote the objects of the company?	In good faith.
For whose benefit shall a director promote the objects of the company?	For the benefit of its members as a whole.
In whose best interests shall a director act under Section 166(2)?	The company, its employees, the shareholders and the community.
What environmental obligation is imposed upon a director under Section 166(2)?	To act for the protection of environment.
With what standard of care shall a director exercise his duties?	With due and reasonable care, skill and diligence.
What judgment is a director required to exercise under Section 166(3)?	Independent judgment.
What conflict-of-interest restriction is imposed on a director under Section 166(4)?	He shall not involve himself in a situation where he has a direct or indirect interest that conflicts or may conflict with the interest of the company.
Does Section 166(4) prohibit only actual conflicts of interest?	It prohibits interests that conflict or possibly may conflict with the interest of the company.
Can a director have an indirect interest that may conflict with the company's interest?	A director shall not involve himself in a situation involving a direct or indirect conflicting interest.
What is prohibited under Section 166(5) regarding personal benefits?	A director shall not achieve or attempt to achieve any undue gain or advantage.
For whose benefit is undue gain or advantage prohibited under Section 166(5)?	The director himself, his relatives, partners or associates.
What is the consequence if a director is found guilty of making any undue gain?	He shall be liable to pay an amount equal to that gain to the company.
To whom must the amount equivalent to the undue gain be paid?	The company.
Can a director assign his office under Section 166(6)?	A director shall not assign his office.
What is the effect of an assignment of office by a director?	Such assignment shall be void.
What is the minimum fine for contravention of Section 166?	One lakh rupees.
What is the maximum fine for contravention of Section 166?	Five lakh rupees.
Who is punishable for contravention of the provisions of Section 166?	The director who contravenes the provisions of this section.
What is the subject matter of Section 167 of the Companies Act, 2013?	Vacation of office of director.
When does the office of a director become vacant under Section 167(1)(a)?	When he incurs any of the disqualifications specified in section 164.
What is the effect of incurring disqualification under Section 164(2)?	The office of the director becomes vacant in all companies other than the company which is in default.
In which company does a director continue to hold office after incurring disqualification under Section 164(2)?	The company which is in default under Section 164(2).
When does the office of a director become vacant on account of absence from Board meetings?	When he absents himself from all meetings of the Board held during a period of twelve months.
Does leave of absence from the Board prevent vacation of office under Section 167(1)(b)?	Absence from all Board meetings for twelve months causes vacation of office with or without leave of absence.
When does the office of a director become vacant for contravention relating to interested contracts?	When he acts in contravention of section 184 relating to contracts or arrangements in which he is directly or indirectly interested.
When does the office of a director become vacant for non-disclosure of interest?	When he fails to disclose his interest in a contract or arrangement in contravention of section 184.
When does the office of a director become vacant by reason of a judicial order?	When he becomes disqualified by an order of a court or the Tribunal.
When does conviction result in vacation of the office of director under Section 167(1)(f)?	When he is convicted of any offence and sentenced to imprisonment for not less than six months.
Does the offence under Section 167(1)(f) have to involve moral turpitude?	The provision applies whether the offence involves moral turpitude or otherwise.
What is the minimum term of imprisonment that attracts Section 167(1)(f)?	Imprisonment for not less than six months.
When does the office become vacant if a director is removed under the Companies Act?	When he is removed in pursuance of the provisions of this Act.
When does the office of a director appointed by virtue of holding an office or employment in another company become vacant?	When he ceases to hold such office or employment in the holding, subsidiary or associate company.
To whom does Section 167(1)(h) apply?	A director appointed by virtue of holding an office or employment in the holding, subsidiary or associate company.
For what period does a director continue in office after an order of disqualification under Section 167(1)(e)?	For thirty days from the date of the order of disqualification.
For what period does a director continue in office after conviction under Section 167(1)(f)?	For thirty days from the date of conviction.
What is the effect of filing an appeal or petition within thirty days against the conviction or disqualification order?	The office shall not be vacated until expiry of seven days from the date of disposal of such appeal or petition.
What protection is available where an appeal or petition is filed within thirty days against conviction or disqualification?	Vacation of office is suspended until seven days after disposal of the appeal or petition.
What is the effect of filing a further appeal or petition within seven days of disposal of the earlier appeal or petition?	The office shall not be vacated until such further appeal or petition is disposed of.
When does the protection against vacation of office cease where a further appeal or petition is filed?	Upon disposal of the further appeal or petition.
What is the consequence of functioning as a director despite knowing that the office has become vacant?	The director is punishable with fine.
What is the minimum fine under Section 167(2)?	One lakh rupees.
What is the maximum fine under Section 167(2)?	Five lakh rupees.
What knowledge must a person possess to attract liability under Section 167(2)?	Knowledge that the office held by him has become vacant on account of a disqualification specified in Section 167(1).
Who shall appoint directors where all directors vacate office under Section 167(1)?	The promoter or, in his absence, the Central Government.
When does the Central Government acquire the power to appoint directors under Section 167(3)?	In the absence of the promoter.
How many directors may be appointed under Section 167(3)?	The required number of directors.
For how long do directors appointed under Section 167(3) hold office?	Until directors are appointed by the company in general meeting.
Can a private company provide additional grounds for vacation of office of a director?	A private company may provide additional grounds in its articles.
Are the grounds in Section 167(1) exhaustive for a private company?	A private company may provide other grounds for vacation of office in addition to those specified in Section 167(1).
What is the subject matter of Section 168 of the Companies Act, 2013?	Resignation of director.
How may a director resign from his office?	By giving a notice in writing to the company.
What is the duty of the Board upon receipt of a director's resignation notice?	The Board shall take note of the resignation.
What is the duty of the company after receiving a director's resignation?	The company shall intimate the Registrar in the prescribed manner, time and form.
To whom must the company intimate the resignation of a director?	The Registrar.
In what manner shall the company intimate the Registrar about a director's resignation?	In such manner as may be prescribed.
Within what time shall the company intimate the Registrar about a director's resignation?	Within such time as may be prescribed.
In what form shall the company intimate the Registrar about a director's resignation?	In such form as may be prescribed.
Where must the company disclose the fact of a director's resignation?	In the report of directors laid in the immediately following general meeting.
At which general meeting must the fact of resignation be placed before members?	The immediately following general meeting.
Can a resigning director independently communicate his resignation to the Registrar?	A director may forward a copy of his resignation along with detailed reasons to the Registrar.
What must accompany the copy of resignation sent by the director to the Registrar?	Detailed reasons for the resignation.
Within what period may a director forward a copy of his resignation to the Registrar?	Within thirty days of resignation.
When does the resignation of a director take effect?	From the date on which the notice is received by the company or the date specified in the notice, whichever is later.
What are the two relevant dates for determining the effectiveness of resignation?	The date of receipt of notice by the company and the date specified by the director in the notice.
Which date governs where a later date is specified in the resignation notice?	The date specified by the director in the notice.
Does resignation absolve a director from liability for offences committed during his tenure?	The director remains liable for offences which occurred during his tenure.
For what offences does a resigned director continue to be liable?	Offences which occurred during his tenure as director.
Who shall appoint directors where all directors of a company resign?	The promoter or, in his absence, the Central Government.
Who shall appoint directors where all directors vacate office under Section 167?	The promoter or, in his absence, the Central Government.
How many directors may be appointed when all directors resign or vacate office?	The required number of directors.
For how long do directors appointed under Section 168(3) hold office?	Until directors are appointed by the company in general meeting.
What is the subject matter of Section 169 of the Companies Act, 2013?	Removal of directors.
By what resolution may a company remove a director before the expiry of his term?	By ordinary resolution.
Can a director appointed by the Tribunal under section 242 be removed under Section 169(1)?	A director appointed by the Tribunal under section 242 cannot be removed under Section 169(1).
What opportunity must be given to a director before removal under Section 169(1)?	A reasonable opportunity of being heard.
How may an independent director re-appointed for a second term under Section 149(10) be removed?	Only by passing a special resolution after giving him a reasonable opportunity of being heard.
Which category of director requires a special resolution for removal under Section 169(1)?	An independent director re-appointed for a second term under Section 149(10).
Does Section 169(1) apply where the company has adopted proportional representation under Section 163?	Section 169(1) does not apply where the company has availed the option under Section 163.
What minimum proportion of directors must be appointed under proportional representation for the exception in Section 169(1) to apply?	Not less than two-thirds of the total number of directors.
What type of notice is required for a resolution to remove a director?	Special notice.
What type of notice is required for appointment of a person in place of a director proposed to be removed?	Special notice.
At which meeting is special notice required for appointment of a replacement director?	The meeting at which the director is removed.
What must the company do upon receipt of notice of a resolution to remove a director?	Forthwith send a copy of the notice to the director concerned.
Is a director entitled to be heard on the resolution for his removal even if he is not a member?	The director shall be entitled to be heard on the resolution whether or not he is a member.
What right does a director have at the meeting considering his removal?	The right to be heard on the resolution.
What may a director do after receiving notice of a resolution for his removal?	Make a written representation to the company and request its notification to members.
What must the company state in the notice of resolution if a written representation has been made by the director?	The fact that the representation has been made.
To whom must the company send a copy of the director's representation?	Every member to whom notice of the meeting is sent.
When must the company send a copy of the director's representation to members?	Whether before or after receipt of the representation by the company.
What right does the director have if the representation is not sent to members due to insufficient time or the company's default?	He may require that the representation be read out at the meeting.
Does the right to have the representation read out affect the director's right to be heard orally?	It is without prejudice to his right to be heard orally.
When may the representation need not be sent to members or read out at the meeting?	When the Tribunal is satisfied that the rights under Section 169(4) are being abused to secure needless publicity for defamatory matter.
Who may apply to the Tribunal under the proviso to Section 169(4)?	The company or any other person claiming to be aggrieved.
What must the Tribunal be satisfied about before dispensing with circulation or reading of the representation?	That the rights conferred by Section 169(4) are being abused to secure needless publicity for defamatory matter.
What order regarding costs may the Tribunal make under the proviso to Section 169(4)?	It may order the company's costs on the application to be paid in whole or in part by the director.
Can the Tribunal order costs against the director even if he is not a party to the application?	The Tribunal may do so notwithstanding that he is not a party.
When may a vacancy created by removal of a director be filled at the same meeting?	If the removed director had been appointed by the company in general meeting or by the Board and special notice of the intended appointment has been given.
Who may be appointed to fill a vacancy created by removal of a director?	Another director in place of the removed director.
What condition must be satisfied before appointing another director at the same meeting under Section 169(5)?	Special notice of the intended appointment must have been given under Section 169(2).
For what period does a director appointed in place of a removed director hold office?	Till the date on which his predecessor would have held office if not removed.
How may a vacancy be filled if it is not filled at the meeting under Section 169(5)?	As a casual vacancy in accordance with the provisions of this Act.
Can a director removed under Section 169 be re-appointed by the Board to fill the resulting casual vacancy?	The removed director shall not be re-appointed by the Board of Directors.
Does removal under Section 169 deprive a person of compensation or damages payable under his contract or terms of appointment?	Removal does not deprive him of any compensation or damages payable in respect of termination.
What appointments are covered by the compensation-saving provision in Section 169(8)(a)?	The appointment as director and any other appointment terminating with it.
Does Section 169 affect other powers of removal available under the Act?	It does not derogate from any power to remove a director under other provisions of this Act.
What is the subject matter of Section 170 of the Companies Act, 2013?	Register of directors and key managerial personnel and their shareholding.
What register is every company required to maintain under Section 170(1)?	A register containing prescribed particulars of its directors and key managerial personnel.
Where shall the register under Section 170(1) be kept?	At the registered office of the company.
Whose particulars must be entered in the register maintained under Section 170(1)?	The directors and key managerial personnel of the company.
What particulars are to be entered in the register under Section 170(1)?	Such particulars as may be prescribed.
What details relating to securities must be included in the register under Section 170(1)?	Details of securities held by each director and key managerial personnel.
In respect of which company must details of securities held by directors and key managerial personnel be recorded?	The company.
Must the register contain details of securities held in the holding company?	Details of securities held in the holding company shall be included.
Must the register contain details of securities held in a subsidiary company?	Details of securities held in a subsidiary company shall be included.
Must the register contain details of securities held in a subsidiary of the company's holding company?	Details of securities held in a subsidiary of the company's holding company shall be included.
Must the register contain details of securities held in associate companies?	Details of securities held in associate companies shall be included.
What must be filed with the Registrar under Section 170(2)?	A return containing such particulars and documents as may be prescribed of the directors and key managerial personnel.
Within what period must a return relating to directors and key managerial personnel be filed after appointment?	Within thirty days from the appointment.
Whose appointment triggers the filing requirement under Section 170(2)?	Appointment of every director and key managerial personnel.
Within what period must a return be filed after any change in particulars of directors or key managerial personnel?	Within thirty days of such change taking place.
What must accompany the return filed under Section 170(2)?	Such documents as may be prescribed.
To whom must the return under Section 170(2) be filed?	The Registrar.
What is the subject matter of Section 171 of the Companies Act, 2013?	Members' right to inspect.
Which register is referred to in Section 171(1)?	The register kept under Section 170(1).
During what time shall the register under Section 170(1) be open for inspection?	During business hours.
Who has the right to inspect the register maintained under Section 170(1)?	The members of the company.
What right do members have in relation to the register under Section 170(1)?	The right to take extracts from the register.
Can members obtain copies of the register maintained under Section 170(1)?	Copies thereof shall be provided on a request by the members.
Within what period must copies of the register be provided to members?	Within thirty days.
Are copies of the register to be supplied free of cost?	Copies shall be provided free of cost.
What is required before copies of the register are supplied to members?	A request by the members.
At which meeting must the register under Section 170(1) be kept open for inspection?	Every annual general meeting of the company.
To whom must the register be made accessible at the annual general meeting?	Any person attending the meeting.
What remedy is available if inspection of the register is refused?	An application may be made to the Registrar.
Who may order immediate inspection when inspection is refused?	The Registrar.
What remedy is available if copies requested under Section 171(1)(a) are not supplied within thirty days?	An application may be made to the Registrar.
From which date is the thirty-day period for supplying copies calculated?	From the date of receipt of the request.
What order may the Registrar pass on an application under Section 171(2)?	An order for immediate inspection and supply of copies.
Under what circumstances may the Registrar order immediate inspection and supply of copies?	When inspection is refused or copies are not sent within thirty days of receipt of the request.
What is the subject matter of Section 172 of the Companies Act, 2013?	Penalty.
When does Section 172 become applicable?	When a company defaults in complying with any provision of this Chapter for which no specific penalty or punishment is provided.
To whom does the penalty under Section 172 apply?	The company and every officer of the company who is in default.
What is the penalty on a company for default covered under Section 172?	Fifty thousand rupees.
What is the penalty on an officer in default for default covered under Section 172?	Fifty thousand rupees.
What is the consequence of a continuing failure under Section 172?	A further penalty of five hundred rupees for each day during which the failure continues.
What is the daily penalty for continuing failure under Section 172?	Five hundred rupees for each day during which the failure continues.
What is the maximum penalty that may be imposed on a company under Section 172?	Three lakh rupees.
What is the maximum penalty that may be imposed on an officer in default under Section 172?	One lakh rupees.
Is Section 172 applicable where a specific penalty or punishment is already provided in the Chapter?	Section 172 applies only where no specific penalty or punishment is provided.
Who is regarded as liable along with the company under Section 172?	Every officer of the company who is in default.

CHAPTER-XII
MEETINGS OF BOARD AND ITS POWERS
What is the subject matter of Section 173 of the Companies Act, 2013?	Meetings of Board.
Within what period must a company hold its first Board meeting?	Within thirty days of the date of its incorporation.
What is the minimum number of Board meetings required every year?	Four meetings of the Board of Directors every year.
What is the maximum interval permitted between two consecutive Board meetings?	Not more than one hundred and twenty days.
What power is conferred on the Central Government under the proviso to Section 173(1)?	To direct by notification that Section 173(1) shall not apply or shall apply with specified exceptions, modifications or conditions.
In relation to whom may the Central Government exempt or modify the application of Section 173(1)?	Any class or description of companies.
How may directors participate in a Board meeting under Section 173(2)?	In person or through video conferencing or other prescribed audio visual means.
What capability must video conferencing or other audio visual means possess?	Capability of recording and recognising participation of directors.
What proceedings must the audio visual system be capable of recording and storing?	The proceedings of the meeting along with date and time.
What power is conferred on the Central Government under the first proviso to Section 173(2)?	To specify matters that shall not be dealt with through video conferencing or other audio visual means.
Can matters prohibited for video conferencing be considered when quorum is physically present?	Any other director may participate through video conferencing or other audio visual means if quorum is present through physical attendance.
What is the condition for participation through video conferencing in matters specified under the first proviso?	There must be quorum through physical presence of directors.
How much notice is required for calling a Board meeting?	Not less than seven days' notice in writing.
To whom must notice of a Board meeting be given?	Every director at his address registered with the company.
In what form must notice of a Board meeting be given?	In writing.
By what modes may notice of a Board meeting be sent?	By hand delivery, post or electronic means.
Can a Board meeting be called at shorter notice?	A Board meeting may be called at shorter notice to transact urgent business.
What condition must be satisfied for a Board meeting called at shorter notice?	At least one independent director, if any, shall be present at the meeting.
What happens if no independent director is present at a Board meeting called at shorter notice?	The decisions taken shall be circulated to all directors.
When do decisions taken at a shorter-notice meeting become final in the absence of an independent director?	Upon ratification by at least one independent director, if any.
To whom must decisions taken at a shorter-notice meeting be circulated when no independent director is present?	All the directors.
Who is liable for failure to give notice under Section 173?	Every officer whose duty is to give notice.
What is the penalty for failure to give notice of a Board meeting?	Twenty-five thousand rupees.
Which companies receive special compliance treatment under Section 173(5)?	One Person Companies, small companies and dormant companies.
How is a One Person Company, small company or dormant company deemed to comply with Section 173?	By conducting at least one Board meeting in each half of a calendar year with a minimum gap of ninety days between the two meetings.
How many Board meetings must a One Person Company, small company or dormant company hold in a calendar year?	At least one meeting in each half of the calendar year.
What minimum gap must exist between two Board meetings of a One Person Company, small company or dormant company?	Ninety days.
When do Section 173(5) and Section 174 not apply to a One Person Company?	When the One Person Company has only one director on its Board.
Does the special exemption for a One Person Company apply where it has more than one director?	The exemption applies only where there is one director on the Board.
What is the subject matter of Section 174 of the Companies Act, 2013?	Quorum for meetings of Board.
What is the quorum for a meeting of the Board of Directors?	One-third of the total strength of the Board or two directors, whichever is higher.
How is the quorum under Section 174(1) determined?	One-third of the total strength or two directors, whichever is higher.
Is participation through video conferencing counted for quorum?	Participation through video conferencing shall be counted for quorum.
Is participation through other audio visual means counted for quorum?	Participation through other audio visual means shall be counted for quorum.
Can continuing directors act despite a vacancy in the Board?	The continuing directors may act notwithstanding any vacancy in the Board.
What can continuing directors do when their number falls below the quorum fixed by the Act?	Act for increasing the number of directors to that fixed for quorum.
What additional power do continuing directors have when their number is below quorum?	Summon a general meeting of the company.
Can continuing directors transact ordinary business when their number is below quorum?	They may act only for increasing the number of directors or summoning a general meeting.
When does the special quorum rule under Section 174(3) apply?	When the number of interested directors exceeds or is equal to two-thirds of the total strength of the Board.
What constitutes quorum when interested directors exceed or equal two-thirds of the Board?	Directors who are not interested directors and are present at the meeting, being not less than two.
What is the minimum number of non-interested directors required under Section 174(3)?	Two directors.
Who is an "interested director" for the purposes of Section 174(3)?	A director within the meaning of section 184(2).
What happens if a Board meeting cannot be held for want of quorum?	The meeting shall automatically stand adjourned.
To when does a Board meeting stand adjourned for want of quorum?	To the same day at the same time and place in the next week.
What happens if the corresponding day in the next week is a national holiday?	The meeting stands adjourned to the next succeeding day which is not a national holiday at the same time and place.
Can the articles of the company alter the rule regarding adjournment for want of quorum?	The adjournment rule applies unless the articles otherwise provide.
How is a fraction treated for the purposes of calculating quorum under Section 174?	Any fraction shall be rounded off as one.
What does "total strength" mean for the purposes of Section 174?	Total strength does not include directors whose places are vacant.
Are vacant directorships included in calculating the total strength of the Board?	Directors whose places are vacant shall not be included in the total strength.
What is the subject matter of Section 175 of the Companies Act, 2013?	Passing of resolution by circulation.
When is a resolution deemed to have been duly passed by circulation?	When it complies with the requirements specified in Section 175(1).
In what form must a resolution be circulated under Section 175(1)?	In draft form together with the necessary papers, if any.
What must accompany a draft resolution circulated under Section 175(1)?	The necessary papers, if any.
To whom must a resolution by circulation be sent?	All the directors or all the members of the committee, as the case may be.
At which addresses must a resolution by circulation be sent?	At their addresses registered with the company in India.
By what modes may a resolution by circulation be sent?	By hand delivery, post, courier or prescribed electronic means.
Can a resolution be passed by circulation through electronic means?	It may be circulated through such electronic means as may be prescribed.
What level of approval is required for a resolution circulated under Section 175(1)?	Approval by a majority of the directors or committee members entitled to vote on the resolution.
Whose votes are counted for approval of a circulated resolution?	Directors or committee members entitled to vote on the resolution.
When must a circulated resolution be decided at a Board meeting instead of by circulation?	When not less than one-third of the total number of directors require it.
What is the duty of the chairperson when one-third of the directors require consideration of a circulated resolution at a meeting?	The chairperson shall put the resolution to be decided at a meeting of the Board.
What proportion of directors can compel consideration of a circulated resolution at a Board meeting?	Not less than one-third of the total number of directors of the company for the time being.
At what meeting must a resolution passed by circulation be noted?	At a subsequent meeting of the Board or the committee, as the case may be.
What must be done with a resolution passed by circulation after it is noted at a subsequent meeting?	It shall be made part of the minutes of such meeting.
Must a resolution passed by circulation be included in the minutes?	It shall be made part of the minutes of the subsequent meeting.
Does Section 175 apply to resolutions of committees as well as the Board?	It applies to resolutions of the Board and of a committee thereof.
What is the subject matter of Section 176 of the Companies Act, 2013?	Defects in appointment of directors not to invalidate actions taken.
What is the effect of a defect in the appointment of a director on acts done by him?	No act done by him as a director shall be deemed to be invalid.
Does subsequent discovery of an invalid appointment invalidate acts already done by a director?	Acts done by him shall not be deemed invalid merely because the appointment is subsequently noticed to be invalid.
What kinds of defects in appointment are covered under Section 176?	Defects or disqualifications rendering the appointment invalid.
Does a director's disqualification invalidate acts done before discovery of the disqualification?	Acts done by him shall not be deemed invalid notwithstanding subsequent notice of the disqualification.
Does termination of office under the Act invalidate earlier acts of a director?	Acts done before such notice shall not be deemed invalid.
Does termination of office under the articles of the company invalidate earlier acts of a director?	Acts done before such notice shall not be deemed invalid.
What is the effect of subsequent notice that a director's appointment had terminated?	Prior acts done by him as director remain valid.
Under what circumstances does Section 176 cease to protect acts of a director?	After the company notices that his appointment is invalid or has terminated.
Are acts done after the company notices the invalidity of appointment protected by Section 176?	Acts done after such notice are not validated by Section 176.
Are acts done after the company notices termination of a director's appointment protected by Section 176?	Acts done after such notice are not validated by Section 176.
To whom must the invalidity or termination of appointment be noticed for the proviso to apply?	The company.
What is the effect of the proviso to Section 176?	It denies validity to acts done after the company notices the appointment to be invalid or terminated.
What is the subject matter of Section 177 of the Companies Act, 2013?	Audit Committee.
Which companies are required to constitute an Audit Committee?	Every listed public company and such other class or classes of companies as may be prescribed.
Who is required to constitute the Audit Committee?	The Board of Directors.
What is the minimum number of directors required in an Audit Committee?	Three directors.
What proportion of the Audit Committee must consist of independent directors?	Independent directors shall form a majority.
What qualification must the majority of members of the Audit Committee possess?	Ability to read and understand the financial statement.
What qualification must the Chairperson of the Audit Committee possess?	Ability to read and understand the financial statement.
Within what period must an existing Audit Committee be reconstituted in accordance with Section 177(2)?	Within one year of the commencement of the Act.
In accordance with whose written terms of reference shall the Audit Committee act?	The Board.
What recommendation relating to auditors falls within the terms of reference of the Audit Committee?	Recommendation for appointment, remuneration and terms of appointment of auditors.
What responsibility does the Audit Committee have regarding auditor independence?	Review and monitor the auditor's independence.
What responsibility does the Audit Committee have regarding auditor performance?	Review and monitor the auditor's performance.
What responsibility does the Audit Committee have regarding the audit process?	Review and monitor the effectiveness of the audit process.
What examination relating to financial reporting must be undertaken by the Audit Committee?	Examination of the financial statement and the auditor's report thereon.
What role does the Audit Committee play in related party transactions?	Approval or subsequent modification of transactions of the company with related parties.
Can the Audit Committee grant omnibus approval for related party transactions?	The Audit Committee may make omnibus approval subject to prescribed conditions.
What must the Audit Committee do if it does not approve a transaction other than one referred to in Section 188?	Make its recommendations to the Board.
What is the consequence if a transaction not exceeding one crore rupees is entered into without Audit Committee approval and is not ratified within three months?	The transaction shall be voidable at the option of the Audit Committee.
Within what period must an unauthorised transaction be ratified by the Audit Committee?	Within three months from the date of the transaction.
What is the monetary limit for the voidability provision relating to unauthorised transactions?	Any amount not exceeding one crore rupees.
Who may have entered into the unauthorised transaction contemplated under Section 177(4)(iv)?	A director or officer of the company.
Who must indemnify the company if the unauthorised transaction is with the related party of a director?	The director concerned.
Who must indemnify the company if the unauthorised transaction is authorised by another director?	The director concerned.
Against what must the director indemnify the company under Section 177(4)(iv)?	Any loss incurred by the company.
To which transactions does the proviso excluding application of clause (iv) apply?	Transactions other than those referred to in section 188 between a holding company and its wholly owned subsidiary company.
Which transactions are exempt from clause (iv) where they occur between a holding company and its wholly owned subsidiary?	Transactions other than those referred to in section 188.
What responsibility does the Audit Committee have regarding inter-corporate loans and investments?	Scrutiny of inter-corporate loans and investments.
What responsibility does the Audit Committee have regarding valuation?	Valuation of undertakings or assets wherever necessary.
What responsibility does the Audit Committee have regarding internal financial controls?	Evaluation of internal financial controls.
What responsibility does the Audit Committee have regarding risk management?	Evaluation of risk management systems.
What responsibility does the Audit Committee have regarding funds raised through public offers?	Monitoring the end use of such funds and related matters.
What comments may the Audit Committee call for from the auditors?	Comments about internal control systems, scope of audit and observations of the auditors.
At what stage may the Audit Committee review the financial statement?	Before submission to the Board.
With whom may the Audit Committee discuss audit-related issues?	Internal auditors, statutory auditors and the management of the company.
What authority does the Audit Committee have regarding matters specified in Section 177(4)?	Authority to investigate into such matters.
Can the Audit Committee investigate matters referred to it by the Board?	The Audit Committee may investigate matters referred to it by the Board.
What power does the Audit Committee have for conducting investigations?	Power to obtain professional advice from external sources.
What access to company records does the Audit Committee possess?	Full access to information contained in the records of the company.
Who has a right to be heard at meetings of the Audit Committee when the auditor's report is considered?	The auditors and the key managerial personnel.
Do auditors have a right to vote at Audit Committee meetings?	They shall not have the right to vote.
Do key managerial personnel have a right to vote at Audit Committee meetings when the auditor's report is considered?	They shall not have the right to vote.
What must the Board's report disclose regarding the Audit Committee?	The composition of the Audit Committee.
What must be disclosed where the Board does not accept a recommendation of the Audit Committee?	The recommendation not accepted and the reasons therefor.
Which companies are required to establish a vigil mechanism?	Every listed company and such other class or classes of companies as may be prescribed.
For whose benefit is the vigil mechanism established?	Directors and employees.
For what purpose is the vigil mechanism established?	To report genuine concerns.
What protection must the vigil mechanism provide?	Adequate safeguards against victimisation of persons using the mechanism.
What special access must the vigil mechanism provide?	Direct access to the Chairperson of the Audit Committee in appropriate or exceptional cases.
Where must details of the vigil mechanism be disclosed?	On the company's website, if any, and in the Board's report.
When is disclosure of the vigil mechanism on a website required?	Where the company has a website.
What is the subject matter of Section 178 of the Companies Act, 2013?	Nomination and Remuneration Committee and Stakeholders Relationship Committee.
Which companies are required to constitute a Nomination and Remuneration Committee?	Every listed public company and such other class or classes of companies as may be prescribed.
Who is required to constitute the Nomination and Remuneration Committee?	The Board of Directors.
What is the minimum strength of the Nomination and Remuneration Committee?	Three or more non-executive directors.
What proportion of the Nomination and Remuneration Committee must be independent directors?	Not less than one-half of the members.
Can the chairperson of the company be a member of the Nomination and Remuneration Committee?	The chairperson of the company may be appointed as a member of the Committee.
Can the chairperson of the company chair the Nomination and Remuneration Committee?	The chairperson of the company shall not chair the Committee.
What is the first function of the Nomination and Remuneration Committee under Section 178(2)?	To identify persons qualified to become directors and persons who may be appointed in senior management.
In accordance with what shall the Nomination and Remuneration Committee identify persons for appointment?	In accordance with the criteria laid down.
What recommendation regarding directors and senior management must the Nomination and Remuneration Committee make to the Board?	Recommendation for their appointment and removal.
What responsibility does the Nomination and Remuneration Committee have regarding performance evaluation?	To specify the manner for effective evaluation of performance of the Board, its committees and individual directors.
By whom may the performance evaluation be carried out?	By the Board, the Nomination and Remuneration Committee or an independent external agency.
What responsibility does the Nomination and Remuneration Committee have after specifying the evaluation mechanism?	To review its implementation and compliance.
What criteria must the Nomination and Remuneration Committee formulate under Section 178(3)?	Criteria for determining qualifications, positive attributes and independence of a director.
What policy must the Nomination and Remuneration Committee recommend to the Board?	A policy relating to remuneration for directors, key managerial personnel and other employees.
What must the remuneration policy ensure regarding the level and composition of remuneration?	It is reasonable and sufficient to attract, retain and motivate directors of the required quality.
What must the remuneration policy ensure regarding performance linkage?	Relationship of remuneration to performance is clear and meets appropriate performance benchmarks.
What balance must the remuneration policy maintain?	A balance between fixed and incentive pay.
Whose remuneration must reflect short-term and long-term performance objectives?	Directors, key managerial personnel and senior management.
To what must remuneration be appropriate under Section 178(4)(c)?	The working of the company and its goals.
Where must the remuneration policy be placed?	On the website of the company, if any.
What details relating to the remuneration policy must be disclosed in the Board's report?	Salient features of the policy, changes therein, if any, and the web address of the policy, if any.
When must a company constitute a Stakeholders Relationship Committee?	When it consists of more than one thousand shareholders, debenture-holders, deposit-holders and other security holders at any time during a financial year.
Who constitutes the Stakeholders Relationship Committee?	The Board of Directors.
Who shall be the chairperson of the Stakeholders Relationship Committee?	A non-executive director.
Who determines the other members of the Stakeholders Relationship Committee?	The Board.
What is the function of the Stakeholders Relationship Committee?	To consider and resolve the grievances of security holders of the company.
Whose grievances are considered by the Stakeholders Relationship Committee?	Grievances of security holders of the company.
Who shall attend the general meetings on behalf of each committee constituted under Section 178?	The chairperson of the committee.
Who may attend the general meeting in the absence of the chairperson of the committee?	Any other member authorised by the chairperson.
What is the penalty on a company for contravention of Section 177 or Section 178?	A penalty of not less than one lakh rupees but which may extend to five lakh rupees.
What is the minimum penalty on a company for contravention of Section 177 or Section 178?	One lakh rupees.
What is the maximum penalty on a company for contravention of Section 177 or Section 178?	Five lakh rupees.
What is the penalty on an officer in default for contravention of Section 177 or Section 178?	A penalty of one lakh rupees.
Does inability to resolve or consider a grievance in good faith constitute contravention of Section 178?	Inability to resolve or consider any grievance in good faith shall not constitute a contravention.
What does the expression "senior management" mean under Section 178?	Personnel who are members of the core management team excluding the Board of Directors.
At what level of management are senior management personnel situated?	One level below the executive directors.
Are functional heads included within senior management?	Functional heads are included in senior management.
Does senior management include the Board of Directors?	Senior management excludes the Board of Directors.
What is the subject matter of Section 179 of the Companies Act, 2013?	Powers of Board.
What general power is conferred upon the Board of Directors under Section 179(1)?	To exercise all such powers and do all such acts and things as the company is authorised to exercise and do.
To what is the Board subject while exercising its powers under Section 179(1)?	The provisions of this Act, the memorandum, the articles and regulations duly made thereunder.
Must the Board comply with regulations made by the company in general meeting?	The Board is subject to regulations made by the company in general meeting.
Can the Board exercise powers required to be exercised by the company in general meeting?	The Board shall not exercise any power or do any act required to be exercised or done by the company in general meeting.
What is the effect of a regulation made by the company in general meeting on prior valid acts of the Board?	It shall not invalidate any prior act of the Board which would have been valid if the regulation had not been made.
How must the Board exercise the powers specified in Section 179(3)?	By means of resolutions passed at meetings of the Board.
How must the Board make calls on shareholders in respect of unpaid share money?	By a resolution passed at a meeting of the Board.
How must the Board authorise buy-back of securities under Section 68?	By a resolution passed at a meeting of the Board.
How must the Board issue securities, including debentures?	By a resolution passed at a meeting of the Board.
Can the Board issue securities outside India under Section 179(3)?	The Board may issue securities, including debentures, whether in or outside India, by Board resolution.
How must the Board exercise the power to borrow monies?	By a resolution passed at a meeting of the Board.
How must the Board invest the funds of the company?	By a resolution passed at a meeting of the Board.
How must the Board grant loans, give guarantees or provide security in respect of loans?	By a resolution passed at a meeting of the Board.
How must the Board approve the financial statement and the Board's report?	By a resolution passed at a meeting of the Board.
How must the Board diversify the business of the company?	By a resolution passed at a meeting of the Board.
How must the Board approve amalgamation, merger or reconstruction?	By a resolution passed at a meeting of the Board.
How must the Board take over a company or acquire a controlling or substantial stake in another company?	By a resolution passed at a meeting of the Board.
Can the Board exercise prescribed matters under Section 179(3)(k) without a Board resolution?	Prescribed matters must be exercised by a resolution passed at a meeting of the Board.
Which powers may the Board delegate under the first proviso to Section 179(3)?	The powers specified in clauses (d), (e) and (f).
To whom may the Board delegate the powers under clauses (d), (e) and (f)?	A committee of directors, the managing director, the manager, any other principal officer of the company, or the principal officer of a branch office.
How must the Board delegate the powers under clauses (d), (e) and (f)?	By a resolution passed at a meeting and subject to specified conditions.
Can the Board impose conditions while delegating powers under clauses (d) to (f)?	The Board may delegate such powers on such conditions as it may specify.
Does acceptance of deposits by a banking company amount to borrowing of monies under Section 179?	Acceptance of deposits in the ordinary course of business shall not be deemed to be borrowing of monies.
Does placing money on deposit by a banking company with another banking company amount to making loans under Section 179?	It shall not be deemed to be making of loans by a banking company.
To which deposits does the second proviso to Section 179(3) apply?	Deposits accepted by a banking company from the public in the ordinary course of its business.
Does clause (d) apply to borrowings by a banking company from other banking companies?	Clause (d) does not apply to such borrowings.
Does clause (d) apply to borrowings by a banking company from the Reserve Bank of India?	Clause (d) does not apply to such borrowings.
Does clause (d) apply to borrowings by a banking company from the State Bank of India?	Clause (d) does not apply to such borrowings.
Does clause (d) apply to borrowings by a banking company from banks established by or under any Act?	Clause (d) does not apply to such borrowings.
What does the exercise of the power to borrow monies mean in dealings between a company and its bankers?	The arrangement made with bankers for borrowing by way of overdraft, cash credit or otherwise.
Does the exercise of borrowing power include day-to-day operation of overdraft or cash credit accounts?	It does not include the actual day-to-day operation of such accounts.
Can the company in general meeting impose restrictions on the Board's powers under Section 179?	The company in general meeting may impose restrictions and conditions on the exercise of the Board's powers.
Does Section 179 affect the right of the company in general meeting to impose restrictions on the Board?	Nothing in Section 179 affects that right.
What is the subject matter of Section 180 of the Companies Act, 2013?	Restrictions on powers of Board.
How must the Board obtain approval for exercising the powers specified under Section 180(1)?	With the consent of the company by a special resolution.
Can the Board sell, lease or otherwise dispose of the whole of the undertaking without special resolution?	Such power may be exercised only with the consent of the company by a special resolution.
Can the Board dispose of substantially the whole of the undertaking without special resolution?	Such power may be exercised only with the consent of the company by a special resolution.
Where a company owns more than one undertaking, what disposal requires a special resolution?	Disposal of the whole or substantially the whole of any such undertaking.
What is an "undertaking" for the purposes of Section 180(1)(a)?	An undertaking in which the investment exceeds twenty per cent of the net worth as per the audited balance sheet of the preceding financial year.
What is the alternative test for determining an "undertaking" under Section 180(1)(a)?	An undertaking generating twenty per cent of the total income of the company during the previous financial year.
What is meant by "substantially the whole of the undertaking"?	Twenty per cent or more of the value of the undertaking as per the audited balance sheet of the preceding financial year.
Can the Board invest compensation received on merger or amalgamation otherwise than in trust securities without special resolution?	Such investment requires the consent of the company by a special resolution.
When does borrowing by the Board require a special resolution under Section 180(1)(c)?	When the amount to be borrowed together with existing borrowings exceeds the aggregate of paid-up share capital, free reserves and securities premium.
What amounts are considered for calculating the borrowing limit under Section 180(1)(c)?	Paid-up share capital, free reserves and securities premium.
Are temporary loans from bankers included while computing the borrowing limit under Section 180(1)(c)?	Temporary loans obtained from the company's bankers in the ordinary course of business are excluded.
Does acceptance of public deposits by a banking company amount to borrowing under Section 180(1)(c)?	Acceptance of such deposits shall not be deemed to be borrowing of monies.
What are "temporary loans" for the purposes of Section 180(1)(c)?	Loans repayable on demand or within six months from the date of the loan.
What examples of temporary loans are mentioned in Section 180?	Short-term loans, cash credit arrangements, discounting of bills and other short-term seasonal loans.
Do loans raised for capital expenditure qualify as temporary loans?	Loans raised for financial expenditure of a capital nature are not temporary loans.
Can the Board remit a debt due from a director without special resolution?	Remission of a debt due from a director requires consent of the company by special resolution.
Can the Board give time for repayment of a debt due from a director without special resolution?	Such power requires consent of the company by special resolution.
What must a special resolution under Section 180(1)(c) specify?	The total amount up to which monies may be borrowed by the Board.
Does Section 180(1)(a) affect the title of a bona fide purchaser or lessee?	It does not affect the title of a buyer or lessee acting in good faith.
Whose title is protected under Section 180(3)(a)?	A buyer or other person who buys or takes on lease the property, investment or undertaking in good faith.
Does Section 180(1)(a) affect sale or lease where selling or leasing forms part of the company's ordinary business?	It does not affect such sale or lease.
What conditions may be stipulated in a special resolution under Section 180(4)?	Conditions regarding the use, disposal or investment of the sale proceeds and other specified conditions.
Can a special resolution under Section 180(4) regulate the use of sale proceeds?	It may stipulate conditions regarding the use, disposal or investment of sale proceeds.
Does Section 180(4) authorise reduction of capital?	It does not authorise reduction of capital except in accordance with this Act.
What is the effect of debt incurred beyond the borrowing limit under Section 180(1)(c)?	Such debt is not valid or effectual unless the lender proves specified conditions.
When will debt incurred beyond the borrowing limit remain valid?	When the lender proves that the loan was advanced in good faith and without knowledge of the excess borrowing.
What must a lender prove to enforce a debt incurred beyond the statutory borrowing limit?	That he advanced the loan in good faith and without knowledge that the borrowing limit had been exceeded.
What is the subject matter of Section 181 of the Companies Act, 2013?	Company to contribute to bona fide and charitable funds, etc.
Who is empowered to contribute to bona fide charitable and other funds under Section 181?	The Board of Directors of the company.
To what kinds of funds may the Board contribute under Section 181?	Bona fide charitable and other funds.
Is the Board empowered to make contributions to charitable funds?	The Board of Directors may contribute to bona fide charitable funds.
When is prior permission of the company in general meeting required for contributions under Section 181?	When the aggregate contribution in any financial year exceeds five per cent of the average net profits of the three immediately preceding financial years.
What is the monetary threshold that triggers the requirement of prior permission in general meeting?	Aggregate contributions exceeding five per cent of the average net profits of the three immediately preceding financial years.
For which period are net profits considered for calculating the limit under Section 181?	The three immediately preceding financial years.
What type of approval is required when the contribution exceeds the prescribed limit under Section 181?	Prior permission of the company in general meeting.
How is the five per cent limit under Section 181 calculated?	On the basis of the average net profits of the three immediately preceding financial years.
In respect of which period is the aggregate contribution calculated under Section 181?	Any financial year.
What is the subject matter of Section 182 of the Companies Act, 2013?	Prohibitions and restrictions regarding political contributions.
Which companies may make political contributions under Section 182(1)?	Any company other than a Government company and a company which has been in existence for less than three financial years.
Can a Government company make political contributions under Section 182?	A Government company cannot make political contributions under this section.
Can a company in existence for less than three financial years make political contributions?	Such company cannot make political contributions under this section.
To whom may an eligible company contribute under Section 182(1)?	To any political party.
Can political contributions be made indirectly under Section 182(1)?	A company may contribute directly or indirectly to a political party.
What approval is required before making a political contribution under Section 182?	A resolution authorising the contribution must be passed at a meeting of the Board of Directors.
Must the authorising resolution be passed at a Board meeting?	The resolution must be passed at a meeting of the Board of Directors.
What is the legal effect of a Board resolution authorising a political contribution?	It shall be deemed to be justification in law for the contribution authorised by it.
What donation is deemed to be a political contribution under Section 182(2)(a)?	A donation, subscription or payment made to a person known to be carrying on activity likely to affect public support for a political party.
When is a donation to a person treated as a political contribution?	When the company knows that the person is carrying on activity reasonably likely to affect public support for a political party.
What knowledge of the company is relevant under Section 182(2)(a)?	Knowledge that the recipient is carrying on activity likely to affect public support for a political party.
What expenditure on publications is deemed to be a political contribution under Section 182(2)(b)?	Expenditure incurred on an advertisement in a souvenir, brochure, tract, pamphlet or similar publication.
When is advertisement expenditure deemed to be a contribution to a political party?	When the publication is by or on behalf of a political party.
When is advertisement expenditure deemed to be a contribution for a political purpose?	When the publication is not by or on behalf of a political party but is for its advantage.
What disclosure must every company make in its profit and loss account under Section 182(3)?	The total amount contributed under this section during the relevant financial year.
Where must political contributions be disclosed by a company?	In its profit and loss account.
What amount must be disclosed in the profit and loss account under Section 182(3)?	The total amount contributed under this section during the financial year.
By what modes may political contributions be made under Section 182(3A)?	By account payee cheque, account payee bank draft or electronic clearing system through a bank account.
Can political contributions be made in cash under Section 182(3A)?	Contributions shall be made only through the prescribed banking modes or permitted instruments.
What banking instruments are specifically permitted for political contributions?	Account payee cheque and account payee bank draft.
Can political contributions be made through electronic clearing system?	Contributions may be made through electronic clearing system through a bank account.
What exception is provided under the proviso to Section 182(3A)?	Contributions may be made through any instrument issued under a notified scheme for contribution to political parties.
What is the punishment for a company making political contributions in contravention of Section 182?	Fine which may extend to five times the amount so contributed.
What is the maximum fine on a company for contravention of Section 182?	Five times the amount contributed in contravention.
What is the punishment for an officer in default for contravention of Section 182?	Imprisonment up to six months and fine up to five times the amount so contributed.
What is the maximum term of imprisonment for an officer in default under Section 182(4)?	Six months.
What is the maximum fine on an officer in default under Section 182(4)?	Five times the amount contributed in contravention.
What does the expression "political party" mean for the purposes of Section 182?	A political party registered under Section 29A of the Representation of the People Act, 1951.
Under which law must a political party be registered to fall within Section 182?	The Representation of the People Act, 1951.
Under which provision of the Representation of the People Act must the political party be registered?	Section 29A of the Representation of the People Act, 1951.
What is the subject matter of Section 182 of the Companies Act, 2013?	Prohibitions and restrictions regarding political contributions.
Which companies may make political contributions under Section 182(1)?	Any company other than a Government company and a company which has been in existence for less than three financial years.
Can a Government company make political contributions under Section 182?	A Government company cannot make political contributions under this section.
Can a company in existence for less than three financial years make political contributions?	Such company cannot make political contributions under this section.
To whom may an eligible company contribute under Section 182(1)?	To any political party.
Can political contributions be made indirectly under Section 182(1)?	A company may contribute directly or indirectly to a political party.
What approval is required before making a political contribution under Section 182?	A resolution authorising the contribution must be passed at a meeting of the Board of Directors.
Must the authorising resolution be passed at a Board meeting?	The resolution must be passed at a meeting of the Board of Directors.
What is the legal effect of a Board resolution authorising a political contribution?	It shall be deemed to be justification in law for the contribution authorised by it.
What donation is deemed to be a political contribution under Section 182(2)(a)?	A donation, subscription or payment made to a person known to be carrying on activity likely to affect public support for a political party.
When is a donation to a person treated as a political contribution?	When the company knows that the person is carrying on activity reasonably likely to affect public support for a political party.
What knowledge of the company is relevant under Section 182(2)(a)?	Knowledge that the recipient is carrying on activity likely to affect public support for a political party.
What expenditure on publications is deemed to be a political contribution under Section 182(2)(b)?	Expenditure incurred on an advertisement in a souvenir, brochure, tract, pamphlet or similar publication.
When is advertisement expenditure deemed to be a contribution to a political party?	When the publication is by or on behalf of a political party.
When is advertisement expenditure deemed to be a contribution for a political purpose?	When the publication is not by or on behalf of a political party but is for its advantage.
What disclosure must every company make in its profit and loss account under Section 182(3)?	The total amount contributed under this section during the relevant financial year.
Where must political contributions be disclosed by a company?	In its profit and loss account.
What amount must be disclosed in the profit and loss account under Section 182(3)?	The total amount contributed under this section during the financial year.
By what modes may political contributions be made under Section 182(3A)?	By account payee cheque, account payee bank draft or electronic clearing system through a bank account.
Can political contributions be made in cash under Section 182(3A)?	Contributions shall be made only through the prescribed banking modes or permitted instruments.
What banking instruments are specifically permitted for political contributions?	Account payee cheque and account payee bank draft.
Can political contributions be made through electronic clearing system?	Contributions may be made through electronic clearing system through a bank account.
What exception is provided under the proviso to Section 182(3A)?	Contributions may be made through any instrument issued under a notified scheme for contribution to political parties.
What is the punishment for a company making political contributions in contravention of Section 182?	Fine which may extend to five times the amount so contributed.
What is the maximum fine on a company for contravention of Section 182?	Five times the amount contributed in contravention.
What is the punishment for an officer in default for contravention of Section 182?	Imprisonment up to six months and fine up to five times the amount so contributed.
What is the maximum term of imprisonment for an officer in default under Section 182(4)?	Six months.
What is the maximum fine on an officer in default under Section 182(4)?	Five times the amount contributed in contravention.
What does the expression "political party" mean for the purposes of Section 182?	A political party registered under Section 29A of the Representation of the People Act, 1951.
Under which law must a political party be registered to fall within Section 182?	The Representation of the People Act, 1951.
Under which provision of the Representation of the People Act must the political party be registered?	Section 29A of the Representation of the People Act, 1951.
What is the subject matter of Section 183 of the Companies Act, 2013?	Power of Board and other persons to make contributions to national defence fund, etc.
Who may contribute to the National Defence Fund under Section 183(1)?	The Board of Directors of any company.
Can a person exercising the powers of the Board contribute under Section 183(1)?	Any person or authority exercising the powers of the Board of Directors may contribute.
Can a person exercising the powers of the company in general meeting contribute under Section 183(1)?	Any person or authority exercising the powers of the company in general meeting may contribute.
To which fund may contributions be made under Section 183(1)?	The National Defence Fund.
Can contributions be made to any fund other than the National Defence Fund?	Contributions may be made to any other Fund approved by the Central Government for the purpose of national defence.
For what purpose must a fund be approved by the Central Government under Section 183(1)?	For the purpose of national defence.
What amount may be contributed under Section 183(1)?	Such amount as the Board or other authorised person thinks fit.
Does Section 183 operate notwithstanding Sections 180, 181 and 182?	Section 183 applies notwithstanding anything contained in Sections 180, 181 and 182.
Does Section 183 override other provisions of the Companies Act?	It applies notwithstanding any other provision of this Act.
Does Section 183 override the memorandum or articles of the company?	It applies notwithstanding anything contained in the memorandum or articles.
Does Section 183 override any other instrument relating to the company?	It applies notwithstanding any other instrument relating to the company.
What disclosure is required under Section 183(2)?	The total amount or amounts contributed to the Fund during the financial year.
Where must contributions under Section 183 be disclosed?	In the profit and loss account of the company.
What amount must be disclosed in the profit and loss account under Section 183(2)?	The total amount or amounts contributed to the Fund referred to in Section 183(1).
For which period must contributions be disclosed under Section 183(2)?	The financial year to which the amount relates.
Which funds are covered by the disclosure requirement under Section 183(2)?	The National Defence Fund and any other Fund approved by the Central Government for the purpose of national defence.
What is the subject matter of Section 184 of the Companies Act, 2013?	Disclosure of interest by director.
When must a director first disclose his concern or interest under Section 184(1)?	At the first meeting of the Board in which he participates as a director.
When must a director make annual disclosure of his concern or interest?	At the first meeting of the Board in every financial year.
When must a director disclose changes in previously made disclosures?	At the first Board meeting held after such change.
What interests are required to be disclosed under Section 184(1)?	Concern or interest in any company, companies, bodies corporate, firms or other association of individuals.
Must shareholding be disclosed under Section 184(1)?	The disclosure shall include shareholding.
In what manner is disclosure under Section 184(1) to be made?	In such manner as may be prescribed.
When is a director required to disclose interest in a contract with a body corporate under Section 184(2)(a)?	When he is directly or indirectly concerned or interested in a contract or arrangement with such body corporate.
What level of shareholding in a body corporate attracts disclosure under Section 184(2)(a)?	More than two per cent shareholding.
Can shareholding held jointly with another director attract disclosure under Section 184(2)(a)?	Yes, where the director together with any other director holds more than two per cent shareholding.
Does being a promoter of a body corporate attract disclosure under Section 184(2)(a)?	Yes, if the contract is with a body corporate in which he is a promoter.
Does being a manager of a body corporate attract disclosure under Section 184(2)(a)?	Yes, if the contract is with a body corporate in which he is a manager.
Does being the Chief Executive Officer of a body corporate attract disclosure under Section 184(2)(a)?	Yes, if the contract is with a body corporate in which he is the Chief Executive Officer.
When is a director required to disclose interest in a contract with a firm or other entity?	When he is a partner, owner or member of that firm or entity.
At which meeting must disclosure under Section 184(2) be made?	At the meeting of the Board in which the contract or arrangement is discussed.
Can an interested director participate in the meeting discussing the contract or arrangement?	He shall not participate in such meeting.
What must a director disclose under Section 184(2)?	The nature of his concern or interest.
What is the duty of a director who becomes interested after a contract has been entered into?	To disclose his concern or interest forthwith or at the first Board meeting held thereafter.
When may a director disclose interest if he becomes interested after execution of the contract?	Forthwith when he becomes interested or at the first Board meeting held after becoming interested.
What is the consequence of entering into a contract without disclosure under Section 184(2)?	The contract or arrangement shall be voidable at the option of the company.
What is the consequence of participation by an interested director in the meeting concerning the contract?	The contract or arrangement shall be voidable at the option of the company.
At whose option is a contract rendered voidable under Section 184(3)?	At the option of the company.
What is the penalty for contravention of Section 184(1)?	A penalty of one lakh rupees.
What is the penalty for contravention of Section 184(2)?	A penalty of one lakh rupees.
Who is liable to penalty under Section 184(4)?	The director who contravenes Section 184(1) or Section 184(2).
Does Section 184 affect general principles of law restricting directors from having interests in company contracts?	Nothing in this section shall prejudice the operation of such rules of law.
What is the effect of Section 184(5)(a)?	It does not prejudice any rule of law restricting a director from having concern or interest in contracts with the company.
When does Section 184 not apply to contracts between companies or bodies corporate under Section 184(5)(b)?	Where directors of one company or body corporate hold not more than two per cent of the paid-up share capital in the other company or body corporate.
What is the maximum shareholding permitted under Section 184(5)(b) for the exemption to apply?	Not more than two per cent of the paid-up share capital.
Can the exemption under Section 184(5)(b) apply where two or more directors together hold shares?	Yes, where two or more directors together hold not more than two per cent of the paid-up share capital.
To which transactions does the exemption under Section 184(5)(b) apply?	Contracts or arrangements between two companies or between one or more companies and one or more bodies corporate.
What is the subject matter of Section 185 of the Companies Act, 2013?	Loans to directors, etc.
What is the general prohibition under Section 185(1)?	No company shall directly or indirectly advance loans, give guarantees or provide securities to specified persons.
Can a company advance a loan represented by a book debt under Section 185(1)?	A loan represented by a book debt is included within the prohibition.
Can a company advance a loan to its director under Section 185(1)?	No company shall advance any loan to its director.
Can a company advance a loan to a director of its holding company?	No company shall advance any loan to a director of its holding company.
Can a company give a guarantee in connection with a loan taken by its director?	No company shall give such guarantee.
Can a company provide security in connection with a loan taken by its director?	No company shall provide such security.
Can a company advance a loan to a partner of its director?	No company shall advance such loan.
Can a company advance a loan to a relative of its director?	No company shall advance such loan.
Can a company advance a loan to a partner of a director of its holding company?	No company shall advance such loan.
Can a company advance a loan to a relative of a director of its holding company?	No company shall advance such loan.
Can a company advance a loan to a firm in which its director is a partner?	No company shall advance such loan.
Can a company advance a loan to a firm in which a relative of its director is a partner?	No company shall advance such loan.
Under what condition may a company advance a loan to a person in whom a director is interested?	A special resolution must be passed in general meeting.
Can a company give a guarantee to a person in whom a director is interested?	It may do so subject to the conditions of Section 185(2).
Can a company provide security to a person in whom a director is interested?	It may do so subject to the conditions of Section 185(2).
What must the explanatory statement disclose when approval under Section 185(2) is sought?	Full particulars of the loan, guarantee or security.
What purpose must be disclosed in the explanatory statement under Section 185(2)?	The purpose for which the loan, guarantee or security is proposed to be utilised.
What other information must be disclosed in the explanatory statement under Section 185(2)?	Any other relevant fact.
For what purpose must loans under Section 185(2) be utilised?	For the borrowing company's principal business activities.
What is meant by "any person in whom any of the director of the company is interested"?	Persons specified in clauses (a), (b) and (c) of the Explanation.
Is a private company in which a director is a director covered by the Explanation to Section 185(2)?	Yes, such private company is a person in whom the director is interested.
Is a private company in which a director is a member covered by the Explanation to Section 185(2)?	Yes, such private company is a person in whom the director is interested.
When is a body corporate covered by the Explanation to Section 185(2)(b)?	When not less than twenty-five per cent of its total voting power may be exercised or controlled by such director or directors.
What is the voting power threshold under Section 185 Explanation (b)?	Not less than twenty-five per cent of the total voting power.
Can two or more directors together satisfy the twenty-five per cent voting power requirement?	Yes, two or more such directors together may satisfy it.
When is a body corporate covered by Section 185 Explanation (c)?	When its Board, managing director or manager is accustomed to act according to the directions or instructions of the lending company's Board or directors.
Does Section 185 apply to loans given to a managing director as a condition of service extended to all employees?	No, such loans are exempt.
Does Section 185 apply to loans given to a whole-time director as a condition of service extended to all employees?	No, such loans are exempt.
Does Section 185 apply to loans given under a scheme approved by members through special resolution?	No, such loans are exempt.
When is a lending company engaged in the ordinary course of business exempt from Section 185?	When it provides loans, guarantees or securities and charges the prescribed minimum rate of interest.
What minimum interest rate must be charged to claim the exemption under Section 185(3)(b)?	Not less than the prevailing yield of the relevant Government security closest to the tenor of the loan.
Which Government securities are referred to in Section 185(3)(b)?	One-year, three-year, five-year or ten-year Government securities.
Is a loan by a holding company to its wholly owned subsidiary exempt from Section 185?	Yes, subject to utilisation for principal business activities.
Is a guarantee by a holding company for a loan to its wholly owned subsidiary exempt from Section 185?	Yes, subject to utilisation for principal business activities.
Is a security provided by a holding company for a loan to its wholly owned subsidiary exempt from Section 185?	Yes, subject to utilisation for principal business activities.
Is a guarantee by a holding company for a bank loan to its subsidiary company exempt from Section 185?	Yes, subject to utilisation for principal business activities.
Is a security by a holding company for a bank or financial institution loan to its subsidiary exempt from Section 185?	Yes, subject to utilisation for principal business activities.
What condition applies to exemptions under clauses (c) and (d) of Section 185(3)?	The loan must be utilised by the subsidiary company for its principal business activities.
What is the punishment for a company contravening Section 185?	Fine of not less than five lakh rupees but which may extend to twenty-five lakh rupees.
What is the minimum fine on a company for contravention of Section 185?	Five lakh rupees.
What is the maximum fine on a company for contravention of Section 185?	Twenty-five lakh rupees.
What is the punishment for an officer in default under Section 185(4)(ii)?	Imprisonment up to six months or fine of not less than five lakh rupees but which may extend to twenty-five lakh rupees.
What is the maximum term of imprisonment for an officer in default under Section 185?	Six months.
What is the minimum fine on an officer in default under Section 185?	Five lakh rupees.
What is the maximum fine on an officer in default under Section 185?	Twenty-five lakh rupees.
What is the punishment for a director or other recipient of a prohibited loan, guarantee or security?	Imprisonment up to six months or fine of not less than five lakh rupees but which may extend to twenty-five lakh rupees, or both.
What is the minimum fine on the director or recipient under Section 185(4)(iii)?	Five lakh rupees.
What is the maximum fine on the director or recipient under Section 185(4)(iii)?	Twenty-five lakh rupees.
Can both imprisonment and fine be imposed on the director or recipient under Section 185(4)(iii)?	Yes, imprisonment and fine may both be imposed.
What is the subject matter of Section 186 of the Companies Act, 2013?	Loan and investment by company.
Through how many layers of investment companies may a company make investments under Section 186(1)?	Not more than two layers of investment companies.
Is the two-layer restriction absolute under Section 186(1)?	It applies unless otherwise prescribed.
Does the two-layer restriction prevent acquisition of a foreign company having more than two investment subsidiary layers?	No, where such layers are permitted under the laws of that foreign country.
What foreign acquisition is exempt from the two-layer restriction?	Acquisition of a company incorporated outside India having investment subsidiaries beyond two layers as permitted by the laws of that country.
Can a subsidiary company have an investment subsidiary to meet legal requirements?	Yes, for meeting requirements under any law, rule or regulation.
What is the first monetary restriction under Section 186(2)?	No company shall exceed sixty per cent of its paid-up share capital, free reserves and securities premium account.
What is the second monetary restriction under Section 186(2)?	No company shall exceed one hundred per cent of its free reserves and securities premium account.
Which limit applies under Section 186(2)?	Whichever is more.
What transactions are covered by the limits under Section 186(2)?	Loans, guarantees, securities and acquisition of securities of other bodies corporate.
Can a company directly give loans exceeding the limits under Section 186(2)?	No company shall directly exceed the prescribed limits.
Can a company indirectly give loans exceeding the limits under Section 186(2)?	No company shall indirectly exceed the prescribed limits.
Can a company give a guarantee exceeding the limits under Section 186(2)?	No company shall do so beyond the prescribed limits.
Can a company provide security exceeding the limits under Section 186(2)?	No company shall do so beyond the prescribed limits.
Can a company acquire securities of another body corporate beyond the limits under Section 186(2)?	No company shall do so beyond the prescribed limits.
How may securities be acquired under Section 186(2)(c)?	By subscription, purchase or otherwise.
Does the expression "person" under Section 186(2) include an individual employed by the company?	No, it does not include an individual in the employment of the company.
When is a special resolution required under Section 186(3)?	When the aggregate of existing and proposed loans, investments, guarantees and securities exceeds the limits under Section 186(2).
What must be authorised by special resolution under Section 186(3)?	The proposed loan, investment, guarantee or security exceeding the statutory limits.
Is special resolution required for a loan by a company to its wholly owned subsidiary?	No, the requirement does not apply.
Is special resolution required for a guarantee given to a wholly owned subsidiary company?	No, the requirement does not apply.
Is special resolution required for a security provided to a wholly owned subsidiary company?	No, the requirement does not apply.
Is special resolution required for a loan, guarantee or security to a joint venture company?	No, the requirement does not apply.
Is special resolution required when a holding company acquires securities of its wholly owned subsidiary?	No, the requirement does not apply.
What disclosure is required when exemptions under the first proviso to Section 186(3) are used?	Details must be disclosed in the financial statement.
What particulars must be disclosed to members under Section 186(4)?	Full particulars of loans, investments, guarantees and securities.
What utilisation details must be disclosed under Section 186(4)?	The purpose for which the loan, guarantee or security is proposed to be utilised.
To whom must disclosures under Section 186(4) be made?	The members through the financial statement.
How must a resolution sanctioning a loan, investment, guarantee or security be passed under Section 186(5)?	At a meeting of the Board.
What level of Board approval is required under Section 186(5)?	Consent of all directors present at the meeting.
When is prior approval of the public financial institution required under Section 186(5)?	Where any term loan is subsisting.
When is prior approval of a public financial institution not required?	When the aggregate amount does not exceed the limits under Section 186(2) and there is no default in repayment or interest.
What are the two conditions for exemption from prior approval of a public financial institution?	The statutory limits are not exceeded and there is no default in repayment of loan instalments or interest.
Which companies are restricted from taking inter-corporate loans or deposits beyond prescribed limits under Section 186(6)?	Companies registered under Section 12 of the SEBI Act, 1992 and covered by prescribed classes.
What must companies covered under Section 186(6) disclose in their financial statements?	Details of the inter-corporate loans or deposits.
Can a company give a loan at an interest rate lower than the prescribed Government Security yield?	No.
What is the minimum interest benchmark under Section 186(7)?	The prevailing yield of the Government Security closest to the tenor of the loan.
Which Government Security yields are relevant under Section 186(7)?	One-year, three-year, five-year or ten-year Government Security yields.
How is the applicable Government Security selected under Section 186(7)?	The security whose tenor is closest to the tenor of the loan.
What is the effect of default in repayment of deposits under Section 186(8)?	The company shall not give any loan, guarantee, security or make any acquisition while the default subsists.
Can a company in default of repayment of deposits give loans under Section 186(8)?	No loan shall be given while such default subsists.
Can a company in default of payment of interest on deposits give guarantees under Section 186(8)?	No guarantee shall be given while such default subsists.
Can a company in default of repayment of deposits provide security under Section 186(8)?	No security shall be provided while such default subsists.
Can a company in default of repayment of deposits make acquisitions under Section 186(8)?	No acquisition shall be made while such default subsists.
Does Section 186(8) apply to deposits accepted before the commencement of the Act?	Yes, it applies to deposits accepted before or after the commencement of the Act.
What register must every company maintain under Section 186(9)?	A register of loans, guarantees, securities and acquisitions made under Section 186.
What must the register maintained under Section 186(9) contain?	Such particulars as may be prescribed.
How shall the register under Section 186(9) be maintained?	In such manner as may be prescribed.
Where shall the register under Section 186(10) be kept?	At the registered office of the company.
Is the register maintained under Section 186 open to inspection?	It shall be open to inspection at the registered office.
Who may inspect the register maintained under Section 186?	Any person entitled to inspect it under the section.
Can members take extracts from the register maintained under Section 186?	Members may take extracts therefrom.
Can members obtain copies of the register maintained under Section 186?	Copies may be furnished to members.
On what condition may copies of the register be furnished to members?	On payment of such fees as may be prescribed.
To which provision of Section 186 do the exemptions under Section 186(11) not apply?	Sub-section (1).
Do the exemptions under Section 186(11) affect the two-layer investment restriction under Section 186(1)?	No, sub-section (1) continues to apply.
Does Section 186, except sub-section (1), apply to loans made by a banking company in the ordinary course of business?	No, it does not apply.
Does Section 186, except sub-section (1), apply to guarantees given by an insurance company in the ordinary course of business?	No, it does not apply.
Does Section 186, except sub-section (1), apply to securities provided by a housing finance company in the ordinary course of business?	No, it does not apply.
Does Section 186, except sub-section (1), apply to investments made by a company engaged in financing industrial enterprises?	No, it does not apply.
Does Section 186, except sub-section (1), apply to investments made by a company engaged in providing infrastructural facilities?	No, it does not apply.
Does Section 186, except sub-section (1), apply to investments made by an investment company?	No, it does not apply.
Does Section 186, except sub-section (1), apply to investments in shares allotted under Section 62(1)(a)?	No, it does not apply.
Does Section 186, except sub-section (1), apply to investments in shares allotted through rights issues by a body corporate?	No, it does not apply.
Does Section 186, except sub-section (1), apply to investment or lending activities of certain NBFCs?	No, it does not apply to eligible NBFCs whose principal business is acquisition of securities.
Which NBFCs receive exemption under Section 186(11)(b)(iii)?	NBFCs registered under Chapter III-B of the RBI Act, 1934 whose principal business is acquisition of securities.
Who may make rules for the purposes of Section 186?	The Central Government.
What is the minimum fine on a company for contravention of Section 186?	Twenty-five thousand rupees.
What is the maximum fine on a company for contravention of Section 186?	Five lakh rupees.
What is the punishment for an officer in default for contravention of Section 186?	Imprisonment up to two years and fine.
What is the maximum term of imprisonment for an officer in default under Section 186(13)?	Two years.
What is the minimum fine on an officer in default under Section 186(13)?	Twenty-five thousand rupees.
What is the maximum fine on an officer in default under Section 186(13)?	One lakh rupees.
What is an "investment company" under Section 186?	A company whose principal business is the acquisition of shares, debentures or other securities.
When is a company deemed to be principally engaged in the business of acquisition of shares, debentures or other securities?	When its investment assets constitute not less than fifty per cent of total assets or investment income constitutes not less than fifty per cent of gross income.
What asset-based test determines whether a company is principally engaged in investment business?	Investment in shares, debentures or other securities constitutes not less than fifty per cent of total assets.
What income-based test determines whether a company is principally engaged in investment business?	Income from investment business constitutes not less than fifty per cent of gross income.
What percentage of total assets must consist of investments for a company to be deemed principally engaged in investment business?	Not less than fifty per cent.
What percentage of gross income must be derived from investment business for a company to be deemed principally engaged in investment business?	Not less than fifty per cent.
What is meant by "infrastructure facilities" for the purposes of Section 186?	The facilities specified in Schedule VI.
What is the subject matter of Section 187 of the Companies Act, 2013?	Investments of company to be held in its own name.
In whose name must investments made or held by a company ordinarily be held?	In the company's own name.
To what investments does Section 187(1) apply?	Investments in any property, security or other asset.
Can a company hold shares in its subsidiary company in the name of nominees?	Yes, where necessary to ensure that the number of members of the subsidiary does not fall below the statutory limit.
Why may a company hold subsidiary shares in the names of nominees?	To ensure that the number of members of the subsidiary company is not reduced below the statutory limit.
Can a company deposit shares or securities with its bankers for collection of dividend or interest?	Yes, it may do so.
With whom may a company deposit shares or securities for collection of dividend or interest?	A bank that is the banker of the company.
Can a company deposit or transfer shares or securities to the State Bank of India or a scheduled bank to facilitate transfer?	Yes, it may do so.
For what purpose may shares or securities be deposited with or transferred to the State Bank of India or a scheduled bank?	To facilitate their transfer.
What must happen if no transfer takes place within six months of transfer to or holding in the name of the State Bank of India or a scheduled bank?	The shares or securities must be re-transferred to the company or again held in its own name.
Within what period must a transfer of shares or securities occur when held in the name of the State Bank of India or a scheduled bank?	Within six months.
What is the company's obligation after expiry of six months if no transfer occurs?	To have the shares or securities re-transferred or again held in its own name as soon as practicable.
Can a company transfer shares or securities as security for repayment of a loan?	Yes, it may do so.
Can a company transfer shares or securities as security for performance of an obligation undertaken by it?	Yes, it may do so.
Can a company hold investments in the name of a depository?	Yes, where the investments are in the form of securities held as beneficial owner.
Under what condition may investments be held in the name of a depository?	When the investments are securities held by the company as beneficial owner.
When must a company maintain a register under Section 187(3)?	When shares or securities are not held in its own name pursuant to Section 187(2)(d).
What must the register under Section 187(3) contain?	Such particulars as may be prescribed.
Who may inspect the register maintained under Section 187(3)?	Any member or debenture-holder of the company.
Is any fee payable for inspection of the register under Section 187(3)?	Inspection shall be without charge.
During what time may the register under Section 187(3) be inspected?	During business hours.
Can the company impose restrictions on inspection of the register under Section 187(3)?	Yes, subject to reasonable restrictions imposed by its articles or in general meeting.
How may reasonable restrictions on inspection be imposed under Section 187(3)?	By the articles of the company or in general meeting.
What is the penalty on the company for default in complying with Section 187?	A penalty of five lakh rupees.
What is the penalty on an officer in default for contravention of Section 187?	A penalty of fifty thousand rupees.
Who is liable to penalty under Section 187(4) besides the company?	Every officer of the company who is in default.
What is the subject matter of Section 188 of the Companies Act, 2013?	Related party transactions.
What approval is generally required before a company enters into a related party transaction under Section 188(1)?	Consent of the Board of Directors by a resolution passed at a meeting of the Board.
Can a company enter into a related party transaction without Board approval under Section 188(1)?	No, Board consent by resolution at a Board meeting is required.
Which transaction relating to goods or materials is covered under Section 188(1)(a)?	Sale, purchase or supply of any goods or materials.
Which transaction relating to property is covered under Section 188(1)(b)?	Selling, otherwise disposing of, or buying property of any kind.
Which transaction relating to leasing is covered under Section 188(1)(c)?	Leasing of property of any kind.
Which service-related transactions are covered under Section 188(1)(d)?	Availing or rendering of any services.
Which agency-related transactions are covered under Section 188(1)(e)?	Appointment of any agent for purchase or sale of goods, materials, services or property.
Which employment-related transaction is covered under Section 188(1)(f)?	Appointment of a related party to any office or place of profit in the company, its subsidiary or associate company.
Which securities-related transaction is covered under Section 188(1)(g)?	Underwriting the subscription of any securities or derivatives thereof of the company.
When is prior approval of the company by resolution additionally required for a related party transaction?	Where the company has prescribed paid-up share capital or the transaction exceeds prescribed sums.
What type of company approval is required under the first proviso to Section 188(1)?	Prior approval of the company by resolution.
Can a related party member vote on the resolution approving a related party transaction?	No member who is a related party shall vote on such resolution.
To which resolution does the voting restriction under the second proviso apply?	The resolution approving a related party contract or arrangement.
When does the restriction on voting by related party members not apply?	Where ninety per cent or more members in number are relatives of promoters or are related parties.
What percentage of members must be relatives of promoters or related parties for the voting restriction exception to apply?	Ninety per cent or more members in number.
Do ordinary course transactions automatically require compliance with Section 188(1)?	The provision does not apply to transactions in the ordinary course of business that are on an arm's length basis.
To which ordinary course transactions does Section 188(1) continue to apply?	Transactions which are not on an arm's length basis.
When is the resolution requirement under the first proviso inapplicable between a holding company and its wholly owned subsidiary?	When the subsidiary's accounts are consolidated with the holding company and placed before shareholders for approval.
What condition must be satisfied for exemption of transactions between a holding company and its wholly owned subsidiary?	The subsidiary's accounts must be consolidated and placed before shareholders at the general meeting for approval.
What is meant by "office or place of profit" where it is held by a director?	An office where the director receives remuneration or benefits over and above his remuneration as director.
What additional benefits received by a director constitute an office or place of profit?	Salary, fee, commission, perquisites, rent-free accommodation or otherwise.
What is meant by "office or place of profit" where it is held by an individual other than a director?	An office where the holder receives remuneration, salary, fee, commission, perquisites, rent-free accommodation or otherwise from the company.
Can a firm holding an office and receiving remuneration from the company constitute an office or place of profit?	Yes.
Can a private company holding an office and receiving remuneration from the company constitute an office or place of profit?	Yes.
Can a body corporate holding an office and receiving remuneration from the company constitute an office or place of profit?	Yes.
What is an "arm's length transaction" under Section 188?	A transaction between related parties conducted as if they were unrelated so that there is no conflict of interest.
What must the Board's report contain regarding contracts entered into under Section 188(1)?	Reference to every such contract or arrangement and justification for entering into it.
What justification must be disclosed in the Board's report under Section 188(2)?	Justification for entering into the contract or arrangement.
What happens when a related party contract is entered into without Board consent or shareholder approval?	It must be ratified within three months.
Within what period must an unauthorised related party contract be ratified?	Within three months from the date of entering into the contract or arrangement.
Who may ratify an unauthorised related party contract?	The Board or the shareholders, as the case may be.
What is the consequence if an unauthorised related party contract is not ratified within three months?	It shall be voidable at the option of the Board or the shareholders, as the case may be.
At whose option is an unratified related party contract voidable?	The Board or the shareholders, as the case may be.
Who must indemnify the company if the unauthorised contract is with a related party of a director?	The director concerned.
Who must indemnify the company if the unauthorised contract is authorised by another director?	The director concerned.
Against what must the directors indemnify the company under Section 188(3)?	Any loss incurred by the company.
Can the company recover losses from a director or employee who entered into a contract in contravention of Section 188?	Yes, the company may proceed against such person for recovery of loss.
Does Section 188(4) prejudice the voidability provision under Section 188(3)?	No, it operates without prejudice to Section 188(3).
Who may be proceeded against under Section 188(4)?	A director or any other employee who entered into the contract in contravention of Section 188.
What is the penalty for a director or employee who violates Section 188 in a listed company?	A penalty of twenty-five lakh rupees.
What is the penalty for a director or employee who violates Section 188 in a company other than a listed company?	A penalty of five lakh rupees.
Who is liable under Section 188(5)?	Any director or other employee who entered into or authorised the contract or arrangement in violation of Section 188.
What is the subject matter of Section 189 of the Companies Act, 2013?	Register of contracts or arrangements in which directors are interested.
What register is every company required to maintain under Section 189(1)?	One or more registers containing particulars of contracts or arrangements to which Section 184(2) or Section 188 applies.
Which contracts or arrangements are to be entered in the register under Section 189(1)?	Contracts or arrangements to which Section 184(2) or Section 188 applies.
How are particulars to be recorded in the register under Section 189(1)?	In such manner and containing such particulars as may be prescribed.
Before which meeting must the register be placed after entering the particulars?	Before the next meeting of the Board.
Who must sign the register placed before the Board?	All the directors present at the meeting.
Within what period must a director disclose the required particulars under Section 189(2)?	Within thirty days of his appointment or relinquishment of office.
Within what period must a key managerial personnel disclose the required particulars under Section 189(2)?	Within thirty days of his appointment or relinquishment of office.
What particulars must be disclosed under Section 189(2)?	Particulars specified in Section 184(1) relating to his concern or interest in other associations.
What additional information may be required to be disclosed under Section 189(2)?	Such other information relating to himself as may be prescribed.
To whom must disclosures under Section 189(2) be made?	To the company.
Where shall the register under Section 189(1) be kept?	At the registered office of the company.
When may the register under Section 189(1) be inspected?	During business hours.
Where may the register under Section 189(1) be inspected?	At the registered office of the company.
Can extracts be taken from the register maintained under Section 189?	Yes, extracts may be taken therefrom.
Who may obtain copies of the register under Section 189(3)?	Any member of the company.
On what conditions may copies of the register be furnished to members?	To such extent, in such manner and on payment of such fees as may be prescribed.
When must the register under Section 189 be produced at an annual general meeting?	At the commencement of every annual general meeting.
For how long must the register remain open at the annual general meeting?	During the continuance of the meeting.
Who may inspect the register at the annual general meeting?	Any person having the right to attend the meeting.
Does Section 189(1) apply to contracts for sale, purchase or supply of goods, materials or services of small value?	No, where the value or cost does not exceed five lakh rupees in the aggregate in any year.
What is the monetary threshold for exemption under Section 189(5)(a)?	Five lakh rupees in the aggregate in any year.
To which transactions does the exemption under Section 189(5)(a) apply?	Sale, purchase or supply of goods, materials or services.
Does Section 189(1) apply to collection of bills by a banking company in the ordinary course of business?	No, it does not apply.
Which banking transactions are exempt from Section 189(1)?	Collection of bills in the ordinary course of business.
What is the penalty for a director failing to comply with Section 189?	A penalty of twenty-five thousand rupees.
Who is liable to penalty under Section 189(6)?	Every director who fails to comply with the section or the rules made thereunder.
What is the penalty for non-compliance with the rules made under Section 189?	Twenty-five thousand rupees.
What is the subject matter of Section 190 of the Companies Act, 2013?	Contract of employment with managing or whole-time director.
Where must every company keep the contract of employment with a managing or whole-time director?	At its registered office.
What must a company keep at its registered office where the contract of service with a managing or whole-time director is in writing?	A copy of the contract.
What must a company keep at its registered office where the contract of service with a managing or whole-time director is not in writing?	A written memorandum setting out its terms.
What should a written memorandum contain when the contract is not in writing?	The terms of the contract of service.
Who may inspect the contract or memorandum kept under Section 190(1)?	Any member of the company.
Are members required to pay any fee for inspection under Section 190(2)?	Inspection shall be allowed without payment of fee.
What documents are open to inspection under Section 190(2)?	The copies of the contract or the memorandum kept under Section 190(1).
What is the penalty on the company for default in complying with Section 190(1)?	A penalty of twenty-five thousand rupees.
What is the penalty on the company for default in complying with Section 190(2)?	A penalty of twenty-five thousand rupees.
What is the penalty on an officer in default for contravention of Section 190?	A penalty of five thousand rupees for each default.
Is the penalty on an officer in default under Section 190 imposed for each default?	Yes, five thousand rupees for each default.
Does Section 190 apply to a private company?	The provisions of Section 190 shall not apply to a private company.
Which class of companies is exempt from Section 190?	Private companies.
To whom must the contract of service relate for Section 190 to apply?	A managing director or a whole-time director.
What is the subject matter of Section 191 of the Companies Act, 2013?	Payment to director for loss of office, etc., in connection with transfer of undertaking, property or shares.
When is a director prohibited from receiving payment for loss of office under Section 191(1)?	In connection with transfer of undertaking, property or shares specified in the section unless prescribed disclosures are made and approval is obtained.
Can a director receive compensation for loss of office in connection with transfer of the whole or part of an undertaking or property of the company without approval?	No.
Can a director receive consideration for retirement from office in connection with transfer of undertaking or property without approval?	No.
What transfers of shares are covered under Section 191(1)(b)?	Transfers resulting from the offers specified in clauses (i) to (iv).
Which offer under Section 191(1)(b)(i) triggers the restrictions on payment to directors?	An offer made to the general body of shareholders.
Which corporate acquisition offer is covered under Section 191(1)(b)(ii)?	An offer made to make the company a subsidiary of another body corporate or of its holding company.
Which individual acquisition offer is covered under Section 191(1)(b)(iii)?	An offer made with a view to obtaining the right to exercise or control not less than one-third of the total voting power.
What percentage of voting power is relevant under Section 191(1)(b)(iii)?	Not less than one-third of the total voting power at a general meeting.
Which conditional offer is covered under Section 191(1)(b)(iv)?	Any offer conditional on acceptance to a given extent.
What types of payments are restricted under Section 191(1)?	Compensation for loss of office, consideration for retirement from office, or payments connected with such loss or retirement.
From whom may the prohibited payment be received under Section 191(1)?	The transferee of the undertaking or property, the transferees of shares, or any other person not being the company.
What disclosure is required before approval of a payment under Section 191(1)?	Prescribed particulars of the proposed payment, including the amount thereof.
To whom must the particulars of the proposed payment be disclosed?	The members of the company.
What approval is required before a payment under Section 191(1) can be made?	Approval of the company in general meeting.
Does Section 191(1) apply to payments made by the company itself?	It applies to payments from the transferee, transferees of shares or any other person not being the company.
What exception is provided under Section 191(2)?	Payments by the company to a managing director, whole-time director or manager for loss of office or retirement subject to prescribed limits or priorities.
To whom does the exception under Section 191(2) apply?	A managing director, whole-time director or manager of the company.
What condition applies to compensation payments under Section 191(2)?	They must be subject to prescribed limits or priorities.
What is the effect if approval fails for want of quorum at the meeting considering the payment?	The proposal shall not be deemed to have been approved.
Does want of quorum at an adjourned meeting amount to approval of the proposal?	No, the proposal shall not be deemed to have been approved.
What is the consequence if a director receives payment in contravention of Section 191(1)?	The amount shall be deemed to have been received by him in trust for the company.
What is the consequence if a proposed payment is made before approval in the meeting?	The amount shall be deemed to have been received by the director in trust for the company.
For whose benefit does the director hold the improperly received amount?	In trust for the company.
What is the penalty for default in complying with Section 191?	A penalty of one lakh rupees.
Who is liable to penalty under Section 191(5)?	The director who makes default in complying with the section.
Does Section 191 affect any other law requiring disclosure of such payments?	No, nothing in this section prejudices the operation of such law.
What type of laws are preserved by Section 191(6)?	Laws requiring disclosure of payments received under this section or similar payments made to a director.
What is the subject matter of Section 192 of the Companies Act, 2013?	Restriction on non-cash transactions involving directors.
What type of transactions are regulated under Section 192?	Arrangements involving acquisition of assets for consideration other than cash between the company and specified directors or connected persons.
Can a director acquire assets from the company for consideration other than cash without approval under Section 192?	No, prior approval by resolution in general meeting is required.
Can a company acquire assets from a director for consideration other than cash without approval under Section 192?	No, prior approval by resolution in general meeting is required.
Which directors are covered under Section 192(1)(a)?	Directors of the company, its holding company, subsidiary company or associate company.
Are persons connected with such directors covered under Section 192?	Yes, persons connected with such directors are covered.
What transaction is covered under Section 192(1)(a)?	Acquisition of assets from the company by a specified director or connected person for consideration other than cash.
What transaction is covered under Section 192(1)(b)?	Acquisition of assets by the company from a specified director or connected person for consideration other than cash.
What approval is required before entering into an arrangement under Section 192(1)?	Prior approval by resolution of the company in general meeting.
When is approval of the holding company also required under Section 192(1)?	When the director or connected person is a director of the holding company.
How must the holding company grant approval under Section 192(1)?	By passing a resolution in general meeting.
What must the notice for approval under Section 192(2) contain?	Particulars of the arrangement and the value of the assets involved.
How must the value of assets be determined for the purposes of Section 192(2)?	By a registered valuer.
Who must calculate the value of assets involved in the arrangement?	A registered valuer.
To which meeting does the notice requirement under Section 192(2) apply?	The general meeting of the company or the holding company considering the resolution.
What is the consequence of entering into an arrangement in contravention of Section 192?	The arrangement shall be voidable at the instance of the company.
At whose instance is a contravening arrangement voidable?	At the instance of the company.
Can a contravening arrangement remain valid where restitution is no longer possible?	Yes, if restitution is no longer possible and the company has been indemnified for the loss or damage.
What two conditions must be satisfied under Section 192(3)(a) to prevent avoidance of the arrangement?	Restitution is no longer possible and the company has been indemnified for the loss or damage.
Who may indemnify the company under Section 192(3)(a)?	Any other person.
Can a contravening arrangement be avoided where third-party rights have been acquired bona fide?	No, where rights have been acquired bona fide for value and without notice of the contravention.
What type of third-party rights are protected under Section 192(3)(b)?	Rights acquired bona fide for value and without notice of the contravention.
What must a person lack knowledge of to obtain protection under Section 192(3)(b)?	The contravention of the provisions of Section 192.
Must the protected third party acquire rights for value under Section 192(3)(b)?	Yes, the rights must be acquired for value.
What is the subject matter of Section 193 of the Companies Act, 2013?	Contract by One Person Company.
To which type of companies does Section 193 apply?	One Person Companies limited by shares or by guarantee.
When does Section 193(1) become applicable?	When a One Person Company enters into a contract with its sole member who is also its director.
What must a One Person Company do if the contract with its sole member-director is not in writing?	Ensure that the terms of the contract or offer are contained in a memorandum or recorded in the minutes of the first Board meeting held thereafter.
When must the terms of a non-written contract be recorded in the Board minutes?	In the minutes of the first meeting of the Board of Directors held next after entering into the contract.
As an alternative to recording in Board minutes, where may the terms of a non-written contract be contained?	In a memorandum.
Whose contract is covered under Section 193(1)?	A contract between the One Person Company and its sole member who is also the director of the company.
Does Section 193(1) apply where the contract is already in writing?	No, the requirement applies unless the contract is in writing.
Are contracts entered into in the ordinary course of business covered by Section 193(1)?	No, the provisions of Section 193(1) do not apply to such contracts.
What is the exception provided under the proviso to Section 193(1)?	Contracts entered into by the company in the ordinary course of its business.
What information must be given to the Registrar under Section 193(2)?	Every contract entered into by the company and recorded in the Board minutes under Section 193(1).
Within what period must the Registrar be informed under Section 193(2)?	Within fifteen days of the date of approval by the Board of Directors.
From which date is the fifteen-day period under Section 193(2) calculated?	From the date of approval by the Board of Directors.
Which contracts must be reported to the Registrar under Section 193(2)?	Contracts entered into by the company and recorded in the minutes of the Board meeting under Section 193(1).
Who is required to inform the Registrar under Section 193(2)?	The One Person Company.
What was the subject matter of former Section 194 of the Companies Act, 2013?	Prohibition on forward dealings in securities of company by director or key managerial personnel.
What is the present status of Section 194 of the Companies Act, 2013?	Omitted by the Companies (Amendment) Act, 2017 with effect from 9 February 2018.
By which legislation was Section 194 omitted?	The Companies (Amendment) Act, 2017.
With effect from what date was Section 194 omitted?	9 February 2018.
What was the subject matter of former Section 195 of the Companies Act, 2013?	Prohibition on insider trading of securities.
What is the present status of Section 195 of the Companies Act, 2013?	Omitted by the Companies (Amendment) Act, 2017 with effect from 9 February 2018.
By which provision was Section 195 omitted?	Section 65 of the Companies (Amendment) Act, 2017.
With effect from what date was Section 195 omitted?	9 February 2018.

CHAPTER-XIII
APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL
What is the subject matter of Section 196 of the Companies Act, 2013?	Appointment of managing director, whole-time director or manager.
Can a company appoint a managing director and a manager at the same time?	No company shall appoint or employ at the same time a managing director and a manager.
What is the maximum term for which a managing director may be appointed or re-appointed at a time?	Five years.
What is the maximum term for which a whole-time director may be appointed or re-appointed at a time?	Five years.
What is the maximum term for which a manager may be appointed or re-appointed at a time?	Five years.
When can re-appointment of a managing director, whole-time director or manager be made?	Not earlier than one year before the expiry of his term.
What is the minimum age prescribed for appointment or continuation as managing director, whole-time director or manager?	Twenty-one years.
Can a person below twenty-one years of age be appointed or continued as managing director, whole-time director or manager?	No.
What is the general upper age limit for appointment or continuation as managing director, whole-time director or manager?	Seventy years.
Can a person who has attained the age of seventy years be appointed as managing director, whole-time director or manager?	Yes, by passing a special resolution with justification in the explanatory statement.
What must the explanatory statement disclose when appointing a person aged seventy years or above?	The justification for appointing such person.
Can a person aged seventy years or above be appointed even if the special resolution is not passed?	Yes, if votes in favour exceed votes against and the Central Government approves the appointment on application by the Board.
What additional condition is required for appointment of a person aged seventy years or above without a special resolution?	The Central Government must be satisfied that the appointment is most beneficial to the company.
Can an undischarged insolvent be appointed or continued as managing director, whole-time director or manager?	No.
Can a person who has at any time been adjudged insolvent be appointed or continued as managing director, whole-time director or manager?	No.
Can a person who has suspended payment to his creditors be appointed or continued as managing director, whole-time director or manager?	No.
Can a person who has made a composition with his creditors be appointed or continued as managing director, whole-time director or manager?	No.
Can a person convicted of an offence and sentenced for more than six months be appointed or continued as managing director, whole-time director or manager?	No.
Subject to which provisions is the appointment of a managing director, whole-time director or manager governed under Section 196(4)?	Section 197 and Schedule V.
Who must approve the appointment of a managing director, whole-time director or manager at the first stage?	The Board of Directors at a meeting.
What company approval is required after Board approval of appointment under Section 196(4)?	Approval by a resolution at the next general meeting.
When is Central Government approval required for appointment under Section 196(4)?	When the appointment is at variance with the conditions specified in Part I of Schedule V.
What must a notice convening a Board meeting for such appointment contain?	Terms and conditions of appointment, remuneration payable and other prescribed matters including directors' interest, if any.
What must a notice convening a general meeting for such appointment contain?	Terms and conditions of appointment, remuneration payable and other prescribed matters including directors' interest, if any.
What particulars relating to directors must be disclosed in the notice for appointment under Section 196(4)?	Interest of a director or directors in such appointment, if any.
Within what period must a return of appointment be filed with the Registrar?	Within sixty days of such appointment.
In what form must the return of appointment be filed with the Registrar?	In the prescribed form.
What is the effect if the company does not approve the appointment of a managing director, whole-time director or manager at the general meeting?	Acts done by him before such approval shall not be deemed invalid.
Are acts performed before non-approval at the general meeting rendered invalid?	No, such acts shall not be deemed to be invalid.
What is the subject matter of Section 197 of the Companies Act, 2013?	Overall maximum managerial remuneration and managerial remuneration in case of absence or inadequacy of profits.
What is the maximum total managerial remuneration payable by a public company in a financial year?	Eleven per cent of the net profits of the company for that financial year.
To whom does the ceiling under Section 197(1) apply?	Directors, including managing director and whole-time director, and the manager.
How are net profits computed for the purposes of Section 197(1)?	In the manner laid down in Section 198.
Can directors' remuneration be deducted from gross profits while computing net profits under Section 197(1)?	No, remuneration of directors shall not be deducted from gross profits.
Can managerial remuneration exceed eleven per cent of net profits?	Yes, if authorised by the company in general meeting subject to Schedule V.
What approval is required for payment of remuneration exceeding eleven per cent of net profits?	Authorisation by the company in general meeting.
To what condition is remuneration exceeding eleven per cent of net profits subject?	The provisions of Schedule V.
What is the maximum remuneration payable to any one managing director without special resolution?	Five per cent of the net profits of the company.
What is the maximum remuneration payable to any one whole-time director without special resolution?	Five per cent of the net profits of the company.
What is the maximum remuneration payable to a manager without special resolution?	Five per cent of the net profits of the company.
What approval is required to exceed the remuneration limits prescribed for a managing director, whole-time director or manager?	Approval of the company in general meeting by a special resolution.
What is the maximum aggregate remuneration payable where there is more than one managing director, whole-time director or manager without special resolution?	Ten per cent of the net profits of the company.
To whom does the ten per cent aggregate ceiling apply?	All managing directors, whole-time directors and the manager taken together.
Can a company waive recovery of excess remuneration refundable under Section 197(9)?	Yes, only with approval of the company by special resolution.
Within what period must waiver of recovery under Section 197(10) be approved?	Within two years from the date the sum becomes refundable.
What type of resolution is required for waiver of recovery of excess remuneration?	A special resolution.
When must prior approval of a bank, public financial institution, non-convertible debenture holders or other secured creditor be obtained before waiver?	When the company has defaulted in payment of their dues.
Whose prior approval is required before obtaining approval for waiver under Section 197(10)?	The concerned bank, public financial institution, non-convertible debenture holders or other secured creditor.
When does a provision increasing directors' remuneration become ineffective under Section 197(11)?	When Schedule V applies due to no profits or inadequate profits and the increase is not in accordance with Schedule V.
To which documents can an ineffective remuneration increase provision relate under Section 197(11)?	The memorandum, articles, an agreement, or a resolution of the company or Board.
What condition must be satisfied for an increase in remuneration during no profits or inadequate profits to be effective?	The increase must be in accordance with the conditions specified in Schedule V.
What remuneration disclosure must every listed company make in its Board's report?	The ratio of the remuneration of each director to the median employee's remuneration.
What additional remuneration disclosures must every listed company make under Section 197(12)?	Such other details as may be prescribed.
For whom may a company take insurance under Section 197(13)?	Its managing director, whole-time director, manager, Chief Executive Officer, Chief Financial Officer or Company Secretary.
For what purpose may insurance be taken under Section 197(13)?	To indemnify such personnel against liability for negligence, default, misfeasance, breach of duty or breach of trust.
Is insurance premium paid for indemnity treated as remuneration?	No, it shall not be treated as part of remuneration.
When is insurance premium treated as part of remuneration?	When the insured person is proved to be guilty.
What liabilities are covered by the indemnity insurance under Section 197(13)?	Liability for negligence, default, misfeasance, breach of duty or breach of trust in relation to the company.
Can a managing director receiving commission from the company also receive remuneration or commission from its holding company?	Yes, subject to Section 197 and disclosure in the Board's report.
Can a whole-time director receiving commission from the company also receive remuneration or commission from its subsidiary company?	Yes, subject to Section 197 and disclosure in the Board's report.
Does receipt of commission from the company disqualify a managing director from receiving remuneration from a holding company?	No.
What condition applies to remuneration or commission received from a holding or subsidiary company under Section 197(14)?	It must be disclosed by the company in the Board's report.
What is the penalty on an individual for default in complying with Section 197?	A penalty of one lakh rupees.
What is the penalty on a company for default in complying with Section 197?	A penalty of five lakh rupees.
Who is required to comment on directors' remuneration in the audit report?	The auditor of the company.
What statement must the auditor make regarding directors' remuneration under Section 197(16)?	Whether remuneration paid is in accordance with Section 197.
What must the auditor state regarding excess remuneration under Section 197(16)?	Whether remuneration paid to any director is in excess of the prescribed limit.
Can the auditor be required to provide additional details regarding directors' remuneration?	Yes, such other details as may be prescribed.
What happened to applications pending before the Central Government under Section 197 after commencement of the Companies (Amendment) Act, 2017?	They abated.
What is the effect of commencement of the Companies (Amendment) Act, 2017 on pending applications under Section 197?	Any pending application to the Central Government shall abate.
Within what period must a company obtain approval under the amended Section 197 after commencement of the Companies (Amendment) Act, 2017?	Within one year of such commencement.
Approval under which provisions must be obtained after abatement of pending applications?	In accordance with the amended provisions of Section 197.
What is the subject matter of Section 198 of the Companies Act, 2013?	Calculation of profits.
For what purpose are net profits computed under Section 198?	For the purposes of Section 197.
What general rule regarding credits and deductions is laid down in Section 198(1)?	Credit shall be given and denied, and deductions allowed and disallowed, as specified in sub-sections (2) to (5).
For which sums must credit be given while computing net profits under Section 198(1)(a)?	The sums specified in sub-section (2).
For which sums must credit not be given while computing net profits under Section 198(1)(a)?	The sums specified in sub-section (3).
Which sums must be deducted while computing net profits under Section 198(1)(b)?	The sums specified in sub-section (4).
Which sums must not be deducted while computing net profits under Section 198(1)(b)?	The sums specified in sub-section (5).
What government receipts must be credited while computing net profits under Section 198(2)?	Bounties and subsidies received from any Government or authorised public authority.
From whom may bounties and subsidies be received to qualify for credit under Section 198(2)?	Any Government or public authority constituted or authorised by a Government.
Can the Central Government direct that certain bounties or subsidies shall not be credited?	Yes, the Central Government may otherwise direct.
Are profits by way of premium on shares generally credited in computation of net profits?	No, credit shall not be given for such profits.
What is the exception to the exclusion of profits by way of premium on shares?	Where the company is an investment company referred to in Section 186 Explanation clause (a).
Are profits by way of premium on debentures generally credited in computation of net profits?	No, credit shall not be given for such profits.
Can an investment company claim credit for profits by way of premium on shares or debentures?	Yes.
Are profits on sale of forfeited shares credited in computation of net profits?	No, credit shall not be given for such profits.
Are profits of a capital nature credited in computation of net profits?	No, credit shall not be given for such profits.
Are profits from sale of the undertaking credited in computation of net profits?	No, credit shall not be given for such profits.
Are profits from sale of any part of an undertaking credited in computation of net profits?	No, credit shall not be given for such profits.
Are profits from sale of immovable property of a capital nature credited in computation of net profits?	No, unless the company's business consists wholly or partly of buying and selling such property.
Are profits from sale of fixed assets of a capital nature credited in computation of net profits?	No, unless the company's business consists wholly or partly of buying and selling such assets.
When can profits from sale of immovable property or fixed assets of a capital nature be credited?	When the company's business consists wholly or partly of buying and selling such property or assets.
What limited credit is allowed where a fixed asset is sold above its written-down value?	Credit shall be given to the extent the excess does not exceed the difference between original cost and written-down value.
What is the maximum credit permissible on sale of a fixed asset under the proviso to Section 198(3)(d)?	The difference between the original cost and the written-down value of the asset.
Can changes in carrying amount of assets recognised in equity reserves be credited in computation of net profits?	No, credit shall not be given.
Can changes in carrying amount of liabilities recognised in equity reserves be credited in computation of net profits?	No, credit shall not be given.
Does the exclusion under Section 198(3)(e) include surplus in the profit and loss account arising from fair value measurement?	Yes.
Can gains arising from fair value measurement of assets or liabilities be credited in computation of net profits?	No, credit shall not be given.
Can unrealised gains be credited in computation of net profits?	No, credit shall not be given.
Can notional gains be credited in computation of net profits?	No, credit shall not be given.
Can revaluation of assets be credited in computation of net profits?	No, credit shall not be given.
Which clause specifically excludes unrealised gains, notional gains and revaluation of assets?	Section 198(3)(f).
Which sums must be deducted while computing net profits under Section 198(4)?	The sums specified in clauses (a) to (o) of Section 198(4).
Are usual working charges deductible while computing net profits under Section 198?	Yes, all the usual working charges shall be deducted.
Is directors' remuneration deductible while computing net profits under Section 198?	Yes, directors' remuneration shall be deducted.
Are bonus or commission paid to company staff deductible while computing net profits?	Yes, bonus or commission paid or payable to any member of the company's staff shall be deducted.
Are bonus or commission paid to engineers or technicians deductible while computing net profits?	Yes, such bonus or commission shall be deducted.
Does the deduction for bonus or commission apply to part-time employees?	Yes, whether employed on a whole-time or part-time basis.
Can taxes on excess or abnormal profits be deducted while computing net profits?	Yes, if notified by the Central Government.
Can taxes on business profits imposed for special reasons be deducted while computing net profits?	Yes, if notified by the Central Government.
Is interest on debentures issued by the company deductible while computing net profits?	Yes.
Is interest on mortgages executed by the company deductible while computing net profits?	Yes.
Is interest on loans and advances secured by a charge on fixed or floating assets deductible?	Yes.
Is interest on unsecured loans and advances deductible while computing net profits?	Yes.
Are repair expenses deductible while computing net profits?	Yes, provided the repairs are not of a capital nature.
Can capital repairs be deducted while computing net profits under Section 198(4)(i)?	No.
Are outgoings inclusive of contributions under Section 181 deductible while computing net profits?	Yes.
Is depreciation deductible while computing net profits?	Yes, to the extent specified in Section 123.
Can past excess expenditure over income be deducted while computing net profits?	Yes, if it arose in computation under Section 198 and has not been deducted in a subsequent preceding year.
What condition applies to deduction of excess expenditure over income under Section 198(4)(l)?	It must not have been deducted in any subsequent year preceding the relevant year.
Are compensation or damages payable under a legal liability deductible while computing net profits?	Yes.
Does legal liability include liability arising from breach of contract under Section 198(4)(m)?	Yes.
Are insurance premiums paid against liabilities covered under Section 198(4)(m) deductible?	Yes.
Are bad debts written off or adjusted during the year deductible while computing net profits?	Yes.
Which sums must not be deducted while computing net profits under Section 198(5)?	The sums specified in clauses (a) to (d) of Section 198(5).
Is income-tax payable under the Income-tax Act, 1961 deductible while computing net profits?	No.
Is super-tax payable by the company deductible while computing net profits?	No.
Can taxes on company income not covered by Section 198(4)(d) and (e) be deducted?	No.
Are voluntary compensation or damages payments deductible while computing net profits?	No.
What is meant by voluntary compensation under Section 198(5)(b)?	Compensation, damages or payments made otherwise than in virtue of a legal liability.
Is loss of a capital nature deductible while computing net profits?	No.
Is loss on sale of an undertaking deductible while computing net profits?	No.
Is loss on sale of part of an undertaking deductible while computing net profits?	No.
What exception exists to the exclusion of capital losses under Section 198(5)(c)?	Excess of written-down value over sale proceeds or scrap value of an asset is not excluded.
Can excess of written-down value over sale proceeds of a sold asset be deducted?	Yes.
Can excess of written-down value over scrap value of a discarded, demolished or destroyed asset be deducted?	Yes.
Can changes in carrying amount of assets recognised in equity reserves be deducted while computing net profits?	No.
Can changes in carrying amount of liabilities recognised in equity reserves be deducted while computing net profits?	No.
Does the exclusion under Section 198(5)(d) include surplus in the profit and loss account arising from fair value measurement?	Yes.
Can fair value adjustments recognised in equity reserves be deducted while computing net profits?	No.
What is the subject matter of Section 199 of the Companies Act, 2013?	Recovery of remuneration in certain cases.
When does Section 199 become applicable?	When a company is required to re-state its financial statements.
For what reasons may financial statements be required to be re-stated under Section 199?	Due to fraud or non-compliance with any requirement under the Act and the rules made thereunder.
Does Section 199 operate in addition to liabilities under other laws?	Yes, without prejudice to any liability incurred under this Act or any other law for the time being in force.
What is the obligation of a company when financial statements are re-stated under Section 199?	The company shall recover excess remuneration received by specified managerial personnel.
From whom must excess remuneration be recovered under Section 199?	Any past or present managing director, whole-time director, manager or Chief Executive Officer.
Is a past managing director covered under Section 199?	Yes.
Is a present managing director covered under Section 199?	Yes.
Is a past whole-time director covered under Section 199?	Yes.
Is a present whole-time director covered under Section 199?	Yes.
Is a past manager covered under Section 199?	Yes.
Is a present manager covered under Section 199?	Yes.
Is a past Chief Executive Officer covered under Section 199?	Yes.
Is a present Chief Executive Officer covered under Section 199?	Yes.
Does Section 199 apply to a Chief Executive Officer by whatever name called?	Yes.
For which period must the person have received remuneration to attract Section 199?	During the period for which the financial statements are required to be re-stated.
What type of remuneration is recoverable under Section 199?	Remuneration received in excess of what would have been payable as per the restated financial statements.
Are stock options included within remuneration recoverable under Section 199?	Yes, remuneration includes stock options.
What is the measure of excess remuneration under Section 199?	The amount received in excess of what would have been payable on the basis of the restated financial statements.
Against what benchmark is excess remuneration determined under Section 199?	The remuneration that would have been payable as per the restatement of financial statements.
Is recovery under Section 199 mandatory or discretionary?	The company shall recover the excess remuneration.
What is the subject matter of Section 200 of the Companies Act, 2013?	Central Government or company to fix limit with regard to remuneration.
To which appointments does Section 200 apply?	Appointments approved under Section 196.
To which remuneration does Section 200 apply?	Remuneration under Section 197 in cases of inadequate or no profits.
In what situations may remuneration be fixed under Section 200?	Where the company has inadequate profits or no profits.
Can a company fix remuneration while approving an appointment under Section 196?	Yes.
Can a company fix remuneration while approving remuneration under Section 197?	Yes.
Within what limits must remuneration be fixed under Section 200?	Within the limits specified in the Act.
How may remuneration be fixed under Section 200?	At such amount or percentage of profits of the company as the company may deem fit.
What must the company consider first while fixing remuneration under Section 200?	The financial position of the company.
Must the company consider the financial position of the company while fixing remuneration?	Yes.
What remuneration earned by the individual in another role must be considered under Section 200?	Remuneration or commission drawn by the individual in any other capacity.
Must remuneration drawn by the individual from another company be considered under Section 200?	Yes.
What aspect of the individual's background must be considered under Section 200?	His professional qualifications and experience.
Are professional qualifications relevant for fixation of remuneration under Section 200?	Yes.
Is the experience of the individual relevant for fixation of remuneration under Section 200?	Yes.
Can prescribed matters be considered while fixing remuneration under Section 200?	Yes, such other matters as may be prescribed shall be considered.
What are the five factors specifically mentioned in Section 200 for fixation of remuneration?	Financial position of the company, remuneration in another capacity, remuneration from another company, professional qualifications and experience, and other prescribed matters.
What is the subject matter of Section 201 of the Companies Act, 2013?	Forms of, and procedure in relation to, certain applications.
Under which provision must an application be made in the prescribed form under Section 201(1)?	Section 196.
In what form must an application under Section 196 be made to the Central Government?	In such form as may be prescribed.
What must be issued before a company makes an application to the Central Government under Section 196?	A general notice to the members of the company.
Who must issue the general notice before making an application under Section 196?	The company or a person acting on its behalf.
What must the general notice indicate under Section 201(2)(a)?	The nature of the application proposed to be made.
To whom must the general notice be issued before making an application under Section 196?	The members of the company.
How many times must the notice be published in a newspaper in the principal language of the district?	At least once.
In which newspaper must the notice be published in the principal language of the district?	A newspaper circulating in the district where the registered office of the company is situated.
How many times must the notice be published in an English newspaper?	At least once.
What type of English newspaper must carry the notice under Section 201(2)(b)?	An English newspaper circulating in the district where the registered office is situated.
Where must the newspapers circulate for the purposes of Section 201(2)(b)?	In the district in which the registered office of the company is situated.
What documents must be attached to the application under Section 201(2)(c)?	Copies of the notices and a certificate of due publication by the company.
What must the company's certificate attached to the application certify?	The due publication of the notices.
Are copies of the published notices required to accompany the application?	Yes.
Is proof of publication required to be attached to the application under Section 201?	Yes, in the form of a certificate of due publication by the company.
What is the subject matter of Section 202 of the Companies Act, 2013?	Compensation for loss of office of managing or whole-time director or manager.
To whom may a company pay compensation for loss of office under Section 202(1)?	A managing director, whole-time director or manager.
Can compensation for loss of office be paid to any director other than a managing director or whole-time director?	No.
For what purposes may compensation be paid under Section 202(1)?	For loss of office, as consideration for retirement from office, or in connection with such loss or retirement.
Can compensation be paid where a director resigns due to reconstruction or amalgamation and is appointed in the reconstructed or amalgamated entity?	No.
What is the condition under Section 202(2)(a) that bars compensation?	The director resigns due to reconstruction or amalgamation and is appointed as managing director, whole-time director, manager or other officer in the reconstructed or resulting body corporate.
Can compensation be paid where a director resigns otherwise than on reconstruction or amalgamation?	No.
Can compensation be paid where the office of the director is vacated under Section 167(1)?	No.
Can compensation be paid where the company is wound up due to the negligence or default of the director?	No.
Can compensation be paid to a director guilty of fraud in relation to the company?	No.
Can compensation be paid to a director guilty of breach of trust in relation to the company?	No.
Can compensation be paid to a director guilty of gross negligence in the conduct of the affairs of the company?	No.
Can compensation be paid to a director guilty of gross mismanagement of the affairs of the company?	No.
Does the disqualification relating to fraud, breach of trust, gross negligence or gross mismanagement extend to subsidiary and holding companies?	Yes.
Can compensation be paid where the director has instigated the termination of his office?	No.
Can compensation be paid where the director has directly taken part in bringing about the termination of his office?	No.
Can compensation be paid where the director has indirectly taken part in bringing about the termination of his office?	No.
What is the maximum compensation payable under Section 202(3)?	Remuneration that would have been earned for the remainder of the term or for three years, whichever is shorter.
On what basis is compensation under Section 202(3) calculated?	On the basis of the average remuneration actually earned during the three years immediately preceding cessation of office.
How is compensation calculated if the person held office for less than three years?	On the basis of the average remuneration actually earned during such lesser period.
Which period is considered for calculating average remuneration under Section 202(3)?	The three years immediately preceding the date on which he ceased to hold office.
Can compensation be paid if winding up commences and company assets are insufficient to repay shareholders' share capital and premium?	No.
What period of commencement of winding up attracts the bar under the proviso to Section 202(3)?	Before or at any time within twelve months after the date on which the director ceased to hold office.
What must be insufficient on winding up to bar payment under the proviso to Section 202(3)?	The assets remaining after deducting winding-up expenses must be insufficient to repay shareholders' share capital and premium.
Are winding-up expenses deducted before determining sufficiency of assets under the proviso to Section 202(3)?	Yes.
Does Section 202 prohibit payment of remuneration for services rendered in another capacity?	No.
Can a managing director receive remuneration for services rendered to the company in another capacity?	Yes.
Can a whole-time director receive remuneration for services rendered to the company in another capacity?	Yes.
Can a manager receive remuneration for services rendered to the company in another capacity?	Yes.
What is the effect of Section 202(4)?	It preserves payment of remuneration for services rendered in any other capacity.
What is the subject matter of Section 203 of the Companies Act, 2013?	Appointment of key managerial personnel.
Which companies are required to appoint whole-time key managerial personnel under Section 203(1)?	Such class or classes of companies as may be prescribed.
What are the categories of whole-time key managerial personnel required under Section 203(1)?	Managing director or Chief Executive Officer or manager and in their absence a whole-time director, company secretary, and Chief Financial Officer.
Who may be appointed as the first category of whole-time key managerial personnel under Section 203(1)(i)?	Managing director, Chief Executive Officer or manager.
Who is to be appointed under Section 203(1)(i) in the absence of a managing director, Chief Executive Officer or manager?	A whole-time director.
Is appointment of a company secretary mandatory as a whole-time key managerial personnel under Section 203(1)?	Yes.
Is appointment of a Chief Financial Officer mandatory as a whole-time key managerial personnel under Section 203(1)?	Yes.
Can an individual be appointed or reappointed simultaneously as chairperson and managing director of the company after commencement of the Act?	No, except in the cases specified in the proviso.
Can an individual be appointed or reappointed simultaneously as chairperson and Chief Executive Officer of the company after commencement of the Act?	No, except in the cases specified in the proviso.
When can the same individual hold the offices of chairperson and managing director simultaneously?	When the articles of the company so provide or the company does not carry multiple businesses.
When can the same individual hold the offices of chairperson and Chief Executive Officer simultaneously?	When the articles of the company so provide or the company does not carry multiple businesses.
What is the first exception to the prohibition on holding the offices of chairperson and managing director or CEO simultaneously?	The articles of the company provide otherwise.
What is the second exception to the prohibition on holding the offices of chairperson and managing director or CEO simultaneously?	The company does not carry multiple businesses.
To which companies does the first proviso to Section 203(1) not apply?	Such class of companies engaged in multiple businesses and having one or more Chief Executive Officers for each business as notified by the Central Government.
Who may notify the class of companies exempt from the first proviso to Section 203(1)?	The Central Government.
How must every whole-time key managerial personnel be appointed?	By means of a resolution of the Board.
What must the Board resolution appointing a whole-time key managerial personnel contain?	The terms and conditions of appointment including remuneration.
Can a whole-time key managerial personnel hold office in more than one company simultaneously?	No, except in its subsidiary company.
What is the exception to the restriction on holding office in more than one company?	Holding office in its subsidiary company.
Can a key managerial personnel be a director of another company?	Yes, with the permission of the Board.
Does Section 203(3) disentitle a key managerial personnel from being a director of another company?	No, with Board permission.
What must a whole-time key managerial personnel holding office in more than one company at the commencement of the Act do?	Choose one company in which he wishes to continue as key managerial personnel.
Within what period must such choice be made by a whole-time key managerial personnel holding office in more than one company?	Within six months from commencement of the Act.
Can a company appoint a person as its managing director if he is already managing director or manager of another company?	Yes, if he is managing director or manager of one, and not more than one, other company and the prescribed conditions are fulfilled.
What Board approval is required for appointing a person who is already managing director or manager of another company?	A resolution passed at a Board meeting with the consent of all directors present.
Whose consent is required at the Board meeting for such appointment of managing director?	The consent of all directors present at the meeting.
What notice requirement applies before appointing a person who is already managing director or manager of another company?	Specific notice of the meeting and the resolution must be given to all directors then in India.
To whom must specific notice be given under the third proviso to Section 203(3)?	All directors then in India.
What must be specified in the notice under the third proviso to Section 203(3)?	The meeting and the resolution proposed to be moved thereat.
What must the Board do when the office of a whole-time key managerial personnel becomes vacant?	Fill up the vacancy at a Board meeting.
Within what period must a vacancy in the office of a whole-time key managerial personnel be filled?	Within six months from the date of vacancy.
Who is responsible for filling a vacancy in the office of a whole-time key managerial personnel?	The Board.
What is the penalty on a company for default in complying with Section 203?	Five lakh rupees.
What is the penalty on every defaulting director under Section 203(5)?	Fifty thousand rupees.
What is the penalty on every defaulting key managerial personnel under Section 203(5)?	Fifty thousand rupees.
What is the additional penalty for a continuing default under Section 203(5)?	One thousand rupees for each day after the first during which the default continues.
What is the maximum additional penalty for a continuing default under Section 203(5)?	Five lakh rupees.
Does the continuing penalty under Section 203(5) apply after the first day of default?	Yes.
What is the subject matter of Section 204 of the Companies Act, 2013?	Secretarial audit for bigger companies.
Which companies are required to annex a secretarial audit report with the Board's report?	Every listed company and such other class of companies as may be prescribed.
With which report must the secretarial audit report be annexed?	The Board's report made under Section 134(3).
Who is required to give the secretarial audit report under Section 204(1)?	A company secretary in practice.
In what form must the secretarial audit report be given?	In such form as may be prescribed.
What is the duty of the company towards the company secretary in practice conducting secretarial audit?	To give all assistance and facilities for auditing the secretarial and related records of the company.
For what purpose must assistance and facilities be provided under Section 204(2)?	For auditing the secretarial and related records of the company.
What must the Board of Directors do regarding qualifications or observations in the secretarial audit report?	Explain in full any qualification, observation or other remarks.
In which report must the Board explain qualifications or observations made in the secretarial audit report?	In the Board's report made under Section 134(3).
Whose qualifications, observations or remarks must be explained by the Board under Section 204(3)?	Those made by the company secretary in practice in the secretarial audit report.
What is the penalty for contravention of Section 204 by the company?	A penalty of two lakh rupees.
What is the penalty for contravention of Section 204 by an officer of the company in default?	A penalty of two lakh rupees.
What is the penalty for contravention of Section 204 by the company secretary in practice?	A penalty of two lakh rupees.
Who can be penalised for contravention of Section 204?	The company, every officer in default and the company secretary in practice.
What is the subject matter of Section 205 of the Companies Act, 2013?	Functions of company secretary.
What is the first function of a company secretary under Section 205(1)?	To report to the Board about compliance with the Act, rules and other applicable laws.
To whom must the company secretary report regarding compliance?	The Board.
Compliance with which laws must be reported by the company secretary?	The Companies Act, the rules made thereunder and other laws applicable to the company.
What is the second function of a company secretary under Section 205(1)?	To ensure that the company complies with the applicable secretarial standards.
What is the third function of a company secretary under Section 205(1)?	To discharge such other duties as may be prescribed.
What are "secretarial standards" for the purposes of Section 205?	Standards issued by the Institute of Company Secretaries of India and approved by the Central Government.
Which body issues secretarial standards under Section 205?	The Institute of Company Secretaries of India.
Under which Act is the Institute of Company Secretaries of India constituted?	The Company Secretaries Act, 1980.
Whose approval is necessary for secretarial standards under Section 205?	The Central Government.
Do Sections 204 and 205 affect the duties and functions of the Board of Directors?	No.
Do Sections 204 and 205 affect the duties and functions of the chairperson of the company?	No.
Do Sections 204 and 205 affect the duties and functions of the managing director?	No.
Do Sections 204 and 205 affect the duties and functions of the whole-time director?	No.
Under Section 205(2), duties under which laws remain unaffected?	This Act and any other law for the time being in force.

CHAPTER-XIV
INSPECTION, INQUIRY AND INVESTIGATION
What is the subject matter of Section 206 of the Companies Act, 2013?	Power to call for information, inspect books and conduct inquiries.
When may the Registrar require further information, explanation or documents from a company under Section 206(1)?	When on scrutiny of documents filed by the company or on information received, he considers such information, explanation or documents necessary.
Who has the power to issue a notice under Section 206(1)?	The Registrar.
How must the Registrar require information or documents under Section 206(1)?	By a written notice.
What may the Registrar require the company to furnish under Section 206(1)(a)?	Such information or explanation in writing.
What may the Registrar require the company to produce under Section 206(1)(b)?	Such documents as may be specified.
Within what period must information, explanation or documents be furnished under Section 206(1)?	Within such reasonable time as may be specified in the notice.
What is the duty of the company on receipt of a notice under Section 206(1)?	To furnish the information or explanation and produce the documents within the specified or extended time.
Whose duty is it to comply with a notice issued under Section 206(1)?	The company and its officers concerned.
To what extent must officers furnish information or explanation under Section 206(2)?	To the best of their knowledge and power.
Can the Registrar extend the time for furnishing information or documents under Section 206(2)?	Yes.
Who must furnish information relating to a past period if called upon by the Registrar?	Officers who had been in the employment of the company during that period.
How must the Registrar call upon former officers to furnish information under the proviso to Section 206(2)?	By a notice served on them in writing.
To what extent must former officers furnish information relating to a past period?	To the best of their knowledge.
When may the Registrar issue a further notice under Section 206(3)?	When information is not furnished, is inadequate, or the documents reveal an unsatisfactory state of affairs.
What can the Registrar require under Section 206(3)?	Production of further books of account, books, papers and explanations.
What opinion regarding information furnished may justify action under Section 206(3)?	That the information or explanation furnished is inadequate.
What satisfaction regarding the company's affairs may justify action under Section 206(3)?	That an unsatisfactory state of affairs exists and does not disclose a full and fair statement of the required information.
At whose inspection must further books and papers be produced under Section 206(3)?	For the inspection of the Registrar.
Can the Registrar specify the place and time for production of books under Section 206(3)?	Yes.
What must the Registrar do before serving a notice under Section 206(3)?	Record his reasons in writing.
When may the Registrar conduct an inquiry under Section 206(4)?	When he is satisfied that the company is carrying on business fraudulently, unlawfully, not in compliance with the Act, or investor grievances are not being addressed.
What may trigger an inquiry under Section 206(4)?	Information available to the Registrar, information furnished to him, or a representation made by any person.
What must the Registrar do before commencing an inquiry under Section 206(4)?	Inform the company of the allegations by a written order.
What may the Registrar require from the company under Section 206(4)?	Information or explanation in writing on matters specified in the order.
Within what period must information be furnished under Section 206(4)?	Within the time specified in the order.
Must the company be given an opportunity of being heard before inquiry under Section 206(4)?	Yes, a reasonable opportunity of being heard.
Can the Registrar carry out such inquiry as he deems fit under Section 206(4)?	Yes.
Who may direct the Registrar or an inspector to carry out an inquiry under Section 206(4)?	The Central Government.
Under what condition may the Central Government direct an inquiry under Section 206(4)?	If it is satisfied that the circumstances so warrant.
Who may be directed by the Central Government to conduct an inquiry under Section 206(4)?	The Registrar or an inspector appointed for the purpose.
What is the consequence where business is carried on for a fraudulent or unlawful purpose under Section 206(4)?	Every officer in default shall be punishable for fraud under Section 447.
Which officers are liable under the second proviso to Section 206(4)?	Every officer of the company who is in default.
Under which provision is punishment imposed for fraudulent or unlawful conduct of business under Section 206(4)?	Section 447.
What additional power does the Central Government have under Section 206(5)?	To direct inspection of the books and papers of a company.
Who conducts inspection under Section 206(5)?	An inspector appointed by the Central Government.
Under what condition may the Central Government order inspection under Section 206(5)?	If it is satisfied that the circumstances so warrant.
Can the Central Government authorise a statutory authority to inspect company books under Section 206(6)?	Yes.
How may the Central Government authorise inspection under Section 206(6)?	By general or special order.
What may be inspected by a statutory authority under Section 206(6)?	Books of account of a company or class of companies.
What factors may the Central Government consider before authorising inspection under Section 206(6)?	The circumstances of the case.
What is the penalty for failure to furnish information, explanation or documents required under Section 206?	Fine which may extend to one lakh rupees.
Who is liable for failure to furnish information, explanation or documents under Section 206(7)?	The company and every officer of the company who is in default.
What is the additional penalty for continuing failure under Section 206(7)?	Fine which may extend to five hundred rupees for every day after the first during which the failure continues.
When does the continuing fine under Section 206(7) commence?	From the day after the first day of failure.
What is the subject matter of Section 207 of the Companies Act, 2013?	Conduct of inspection and inquiry.
When does the duty under Section 207(1) arise?	When the Registrar or inspector calls for books of account and other books and papers under Section 206.
Who is required to produce documents under Section 207(1)?	Every director, officer or other employee of the company.
What documents must be produced under Section 207(1)?	All books of account and other books and papers called for under Section 206.
To whom must the documents be produced under Section 207(1)?	The Registrar or inspector.
What additional duty is imposed on directors, officers and employees under Section 207(1)?	To furnish statements, information or explanations as required by the Registrar or inspector.
In what form must statements, information or explanations be furnished under Section 207(1)?	In such form as the Registrar or inspector may require.
What assistance must directors, officers and employees provide during inspection under Section 207(1)?	All assistance in connection with the inspection.
Can the Registrar or inspector make copies of books during inspection or inquiry?	Yes, he may make or cause to be made copies of books of account and other books and papers.
What documents may be copied by the Registrar or inspector under Section 207(2)(a)?	Books of account and other books and papers.
Can the Registrar or inspector place identification marks on books during inspection?	Yes.
For what purpose may identification marks be placed on books under Section 207(2)(b)?	As a token that the inspection has been made.
What powers does the Registrar or inspector possess notwithstanding any contrary law or contract?	All powers vested in a civil court under the Code of Civil Procedure, 1908, while trying a suit in specified matters.
Under which Code are the civil court powers conferred on the Registrar or inspector?	The Code of Civil Procedure, 1908.
What power relating to documents is available to the Registrar or inspector under Section 207(3)(a)?	Discovery and production of books of account and other documents.
Can the Registrar or inspector specify the place and time for production of documents?	Yes.
What power relating to attendance of persons is available to the Registrar or inspector under Section 207(3)(b)?	Summoning and enforcing attendance of persons.
Can the Registrar or inspector examine persons on oath?	Yes.
What power relating to company records is available under Section 207(3)(c)?	Inspection of books, registers and other documents of the company at any place.
What is the punishment for disobeying a direction issued by the Registrar or inspector under Section 207?	Imprisonment up to one year and fine of not less than ₹25,000 but up to ₹1,00,000.
Who is punishable for disobeying a direction under Section 207(4)(i)?	A director or officer of the company.
What is the minimum fine for disobedience under Section 207(4)(i)?	₹25,000.
What is the maximum fine for disobedience under Section 207(4)(i)?	₹1,00,000.
What is the maximum term of imprisonment for disobedience under Section 207(4)(i)?	One year.
What is the effect of conviction under Section 207 on a director or officer?	He shall be deemed to have vacated his office from the date of conviction.
From which date is the office deemed vacated upon conviction under Section 207(4)(ii)?	From the date of conviction.
What additional consequence follows vacation of office under Section 207(4)(ii)?	Disqualification from holding an office in any company.
Is the disqualification under Section 207(4)(ii) limited to the concerned company?	No, it extends to holding an office in any company.
What is the subject matter of Section 208 of the Companies Act, 2013?	Report on inspection made.
Who is required to submit a report under Section 208?	The Registrar or inspector.
When is the report under Section 208 required to be submitted?	After inspection of books of account or an inquiry under Section 206 and inspection of other books and papers under Section 207.
To whom shall the report under Section 208 be submitted?	The Central Government.
In what form must the report under Section 208 be submitted?	In writing.
What may accompany the report submitted under Section 208?	Such documents, if any.
Can the report under Section 208 contain a recommendation for further investigation?	Yes, if necessary.
What may the Registrar or inspector recommend in the report under Section 208?	That further investigation into the affairs of the company is necessary.
What must support a recommendation for further investigation under Section 208?	Reasons in support of the recommendation.
Into what matter may further investigation be recommended under Section 208?	The affairs of the company.
What is the subject matter of Section 209 of the Companies Act, 2013?	Search and seizure.
Who may exercise powers of search and seizure under Section 209?	The Registrar or inspector.
When may the Registrar or inspector exercise powers under Section 209(1)?	When he has reasonable ground to believe that relevant books and papers are likely to be destroyed, mutilated, altered, falsified or secreted.
On what basis may the Registrar or inspector form such belief under Section 209(1)?	Upon information in his possession or otherwise.
Whose books and papers may be searched and seized under Section 209(1)?	Those of a company or relating to its key managerial personnel, director, auditor or company secretary in practice where no company secretary is appointed.
What condition must be fulfilled before search and seizure under Section 209(1)?	An order of the Special Court for seizure of such books and papers must be obtained.
Which court's order is required for seizure under Section 209(1)?	The Special Court.
What power is conferred under Section 209(1)(a) after obtaining the Special Court's order?	To enter and search the place or places where the books or papers are kept.
Can the Registrar or inspector take assistance while conducting a search under Section 209(1)(a)?	Yes, such assistance as may be required.
What power is conferred under Section 209(1)(b)?	To seize such books and papers as considered necessary.
What right must be given to the company before seizure of books and papers?	To take copies of or extracts from such books or papers at its cost.
Who bears the cost of taking copies or extracts before seizure?	The company.
Within what maximum period must seized books and papers be returned?	Not later than 180 days after seizure.
To whom must seized books and papers be returned under Section 209(2)?	The company from whose custody or power they were seized.
When should seized books and papers be returned under Section 209(2)?	As soon as may be and in any case within 180 days.
Can the Registrar or inspector retain seized books and papers beyond 180 days?	Yes, for a further period of 180 days if required again.
What is required for retaining seized books and papers for a further period?	An order in writing by the Registrar or inspector.
What is the maximum further period for which seized books and papers may be called for again?	180 days.
What may the Registrar or inspector do before returning seized books and papers?	Take copies or extracts, place identification marks, or deal with them in such other manner as considered necessary.
Can identification marks be placed on seized books and papers before their return?	Yes.
Which Code governs searches and seizures under Section 209?	Bharatiya Nagarik Suraksha Sanhita, 2023.
What is the subject matter of Section 210 of the Companies Act, 2013?	Investigation into affairs of company.
When may the Central Government order an investigation into the affairs of a company under Section 210(1)?	When it is of the opinion that investigation is necessary.
On receipt of whose report may the Central Government order an investigation under Section 210(1)(a)?	A report of the Registrar or inspector under Section 208.
Under which section must the report be submitted for the purpose of Section 210(1)(a)?	Section 208.
Can a special resolution of the company lead to an investigation under Section 210(1)?	Yes.
What kind of special resolution may trigger an investigation under Section 210(1)(b)?	A special resolution that the affairs of the company ought to be investigated.
Can the Central Government order an investigation in public interest?	Yes.
Under which clause of Section 210(1) can an investigation be ordered in public interest?	Clause (c).
What action may the Central Government take when any of the grounds under Section 210(1) exist?	It may order an investigation into the affairs of the company.
When is the Central Government bound to order an investigation under Section 210(2)?	When a court or the Tribunal orders that the affairs of a company ought to be investigated.
Which authorities can direct that a company's affairs ought to be investigated under Section 210(2)?	A court or the Tribunal.
Must the Central Government order an investigation when directed by a court or the Tribunal?	Yes, it shall order an investigation.
Into whose affairs shall investigation be ordered under Section 210(2)?	The affairs of the company concerned.
Who may be appointed to conduct an investigation under Section 210(3)?	One or more persons as inspectors.
Who appoints inspectors under Section 210(3)?	The Central Government.
For what purpose are inspectors appointed under Section 210(3)?	To investigate into the affairs of the company.
To whom do the inspectors report under Section 210(3)?	The Central Government.
In what manner shall inspectors submit their report under Section 210(3)?	In such manner as the Central Government may direct.
Can more than one inspector be appointed under Section 210(3)?	Yes.
What is the subject matter of Section 211 of the Companies Act, 2013?	Establishment of Serious Fraud Investigation Office.
Who shall establish the Serious Fraud Investigation Office?	The Central Government.
By what mode is the Serious Fraud Investigation Office established?	By notification.
What is the name of the office established under Section 211(1)?	Serious Fraud Investigation Office.
For what purpose is the Serious Fraud Investigation Office established?	To investigate frauds relating to a company.
What shall be deemed to be the Serious Fraud Investigation Office until its establishment under Section 211(1)?	The Serious Fraud Investigation Office set up by the Central Government under Government of India Resolution No. 45011/16/2003-Adm-I dated 2 July 2003.
For what purpose is the pre-existing Serious Fraud Investigation Office deemed to continue?	For the purposes of Section 211.
Who shall head the Serious Fraud Investigation Office?	A Director.
Of whom shall the Serious Fraud Investigation Office consist?	Such number of experts as may be appointed by the Central Government.
Who appoints the experts of the Serious Fraud Investigation Office?	The Central Government.
From what category of persons are experts appointed to the Serious Fraud Investigation Office?	Persons of ability, integrity and experience.
Which banking-related field is represented in the Serious Fraud Investigation Office?	Banking.
Which corporate governance-related field is represented in the Serious Fraud Investigation Office?	Corporate affairs.
Which revenue-related field is represented in the Serious Fraud Investigation Office?	Taxation.
Which audit-related field is represented in the Serious Fraud Investigation Office?	Forensic audit.
Which securities-related field is represented in the Serious Fraud Investigation Office?	Capital market.
Which technology-related field is represented in the Serious Fraud Investigation Office?	Information technology.
Which legal field is represented in the Serious Fraud Investigation Office?	Law.
Can experts from fields other than those specifically listed be appointed in the Serious Fraud Investigation Office?	Yes, from such other fields as may be prescribed.
Who appoints the Director of the Serious Fraud Investigation Office?	The Central Government.
How is the Director of the Serious Fraud Investigation Office appointed?	By notification.
What is the minimum rank required for appointment as Director of the Serious Fraud Investigation Office?	Not below the rank of Joint Secretary to the Government of India.
What knowledge and experience must the Director of the Serious Fraud Investigation Office possess?	Knowledge and experience in dealing with matters relating to corporate affairs.
Can the Central Government appoint other officers and employees in the Serious Fraud Investigation Office?	Yes.
For what purpose may experts, officers and employees be appointed in the Serious Fraud Investigation Office?	For the efficient discharge of its functions under the Act.
Who determines the necessity of appointing experts, officers and employees in the Serious Fraud Investigation Office?	The Central Government.
How are the terms and conditions of service of the Director determined?	As may be prescribed.
How are the terms and conditions of service of experts in the Serious Fraud Investigation Office determined?	As may be prescribed.
How are the terms and conditions of service of officers and employees of the Serious Fraud Investigation Office determined?	As may be prescribed.
What is the subject matter of Section 212 of the Companies Act, 2013?	Investigation into affairs of company by Serious Fraud Investigation Office.
Does Section 212 operate without prejudice to Section 210?	Yes.
Who may assign investigation of a company's affairs to the Serious Fraud Investigation Office (SFIO)?	The Central Government.
On receipt of whose report may the Central Government assign investigation to SFIO?	A report of the Registrar or inspector under Section 208.
Can a special resolution of a company lead to SFIO investigation?	Yes, where the company resolves that its affairs are required to be investigated.
Can the Central Government assign investigation to SFIO in public interest?	Yes.
Can a request from a Central or State Government department lead to SFIO investigation?	Yes.
How does the Central Government assign an investigation to SFIO?	By order.
Who may designate inspectors for an SFIO investigation?	The Director of SFIO.
How many inspectors may the Director designate for investigation?	Such number as he considers necessary.
What is the effect of assigning a case to SFIO under Section 212(2)?	No other Central or State Government investigating agency shall proceed with investigation of offences under this Act in that case.
What must happen to an already initiated investigation by another agency once SFIO is assigned the case?	It shall not be proceeded with further.
What must the concerned agency transfer to SFIO?	Relevant documents and records relating to offences under this Act.
How shall SFIO conduct an investigation assigned under Section 212?	In the manner and procedure provided in this Chapter.
To whom must SFIO submit its investigation report?	The Central Government.
Within what period must SFIO submit its report?	Within the period specified in the order of assignment.
Who causes the affairs of the company to be investigated under Section 212(4)?	The Director, SFIO.
By whom is the investigation conducted under Section 212(4)?	An Investigating Officer.
What powers does an Investigating Officer have under Section 212(4)?	The powers of an inspector under Section 217.
Who must provide information, explanations, documents and assistance to the Investigating Officer?	The company and its present or former officers and employees.
For what purpose must assistance be provided under Section 212(5)?	For conduct of the investigation.
Which offence is declared cognizable under Section 212(6)?	An offence covered under Section 447.
Can a person accused of an offence covered under Section 447 be released on bail without hearing the Public Prosecutor?	No.
What is the first condition for granting bail under Section 212(6)?	The Public Prosecutor must be given an opportunity to oppose the application.
What is the second condition for granting bail when the Public Prosecutor opposes it?	The court must be satisfied that the accused is not guilty and is not likely to commit any offence while on bail.
Who may be released on bail by direction of the Special Court notwithstanding Section 212(6)?	A person below sixteen years, a woman, or a sick or infirm person.
Who may file the complaint for cognizance of offences under Section 212(6)?	The Director, SFIO.
Who else may file a complaint for cognizance of offences under Section 212(6)?	An officer of the Central Government authorised by general or special order.
Can the Special Court take cognizance of such offences without a written complaint?	No.
Are the bail restrictions under Section 212(6) in addition to other laws?	Yes.
In addition to which laws do the bail restrictions apply?	The Bharatiya Nagarik Suraksha Sanhita, 2023. and any other law in force.
Who may arrest a person under Section 212(8)?	An SFIO officer not below the rank of Assistant Director authorised by the Central Government.
What must the authorised officer possess before making an arrest under Section 212(8)?	Reason to believe, based on material in his possession, that the person is guilty of an offence covered under Section 212(6).
Must the reasons for belief under Section 212(8) be recorded?	Yes, in writing.
What must the authorised officer communicate after arresting a person?	The grounds for such arrest.
What must the authorised officer forward after making an arrest?	A copy of the arrest order along with the material in his possession.
To whom must the arrest order and material be forwarded?	The Serious Fraud Investigation Office.
How must the arrest order and material be forwarded under Section 212(9)?	In a sealed envelope in the prescribed manner.
Who shall preserve the arrest order and material?	The Serious Fraud Investigation Office.
For how long shall SFIO preserve the arrest order and material?	For such period as may be prescribed.
Within what time must an arrested person be produced before the court?	Within twenty-four hours.
Before whom must an arrested person be produced under Section 212(10)?	A Special Court, Judicial Magistrate or Metropolitan Magistrate having jurisdiction.
Is travel time excluded from the twenty-four-hour period?	Yes.
When may SFIO submit an interim report?	When directed by the Central Government.
To whom is the interim report submitted?	The Central Government.
What must SFIO submit on completion of investigation?	The investigation report.
To whom is the final investigation report submitted?	The Central Government.
Can a person concerned obtain a copy of the investigation report?	Yes.
How may a person concerned obtain a copy of the investigation report?	By making an application to the court.
What may the Central Government do after examining the investigation report?	Direct SFIO to initiate prosecution.
Against whom may prosecution be initiated on the basis of the investigation report?	The company, its present or former officers or employees, or any other person directly or indirectly connected with its affairs.
What may the Central Government do if the report states that fraud has taken place and undue benefit has been taken?	File an application before the Tribunal for disgorgement and personal liability.
Against whom may disgorgement proceedings be sought under Section 212(14A)?	A director, KMP, other officer, person or entity that obtained undue advantage or benefit.
What forms of undue advantage or benefit are covered under Section 212(14A)?	Asset, property, cash or any other manner of benefit.
Can the Tribunal hold such persons personally liable without limitation of liability?	Yes.
What is the status of an SFIO investigation report filed with the Special Court for framing charges?	It is deemed to be a police report under Section 193 of the Bharatiya Nagarik Suraksha Sanhita, 2023.
What happens to investigations initiated by SFIO under the Companies Act, 1956?	They continue under the Companies Act, 1956 as if the 2013 Act had not been passed.
What must other investigating agencies provide to SFIO when SFIO is investigating an offence under the Act?	All relevant information or documents available with them.
Which authorities must provide information or documents to SFIO under Section 212(17)(a)?	Investigating agencies, State Governments, police authorities and income-tax authorities.
Can SFIO share information with other authorities?	Yes.
With whom may SFIO share information or documents under Section 212(17)(b)?	Investigating agencies, State Governments, police authorities and income-tax authorities.
When may SFIO share information with other authorities?	When it is relevant or useful for investigation or examination under any other law.
What is the subject matter of Section 213 of the Companies Act, 2013?	Investigation into company’s affairs in other cases.
Which authority may order investigation into the affairs of a company under Section 213?	The Tribunal.
Who may apply for investigation in the case of a company having share capital?	Not less than one hundred members or members holding not less than one-tenth of the total voting power.
What is the minimum voting power required for members to apply for investigation in a company having share capital?	Not less than one-tenth of the total voting power.
Who may apply for investigation in the case of a company having no share capital?	Not less than one-fifth of the persons on the company’s register of members.
What must accompany an application under Section 213(a)?	Such evidence as may be necessary to show good reasons for seeking investigation.
What must the applicants establish through evidence under Section 213(a)?	That they have good reasons for seeking an order for investigation into the affairs of the company.
Can any person other than members apply to the Tribunal for investigation under Section 213(b)?	Yes.
Can the Tribunal act otherwise than on an application under Section 213(b)?	Yes.
What is the first circumstance under Section 213(b)(i) suggesting investigation?	The business is being conducted with intent to defraud creditors, members or any other person.
What unlawful business conduct may justify investigation under Section 213(b)(i)?	Conducting business for a fraudulent or unlawful purpose.
What oppressive conduct may justify investigation under Section 213(b)(i)?	Conducting business in a manner oppressive to any of its members.
Can formation of a company for a fraudulent or unlawful purpose justify investigation?	Yes.
What misconduct in company formation or management may justify investigation under Section 213(b)(ii)?	Fraud, misfeasance or other misconduct towards the company or its members.
Against whom must fraud, misfeasance or misconduct be committed under Section 213(b)(ii)?	Against the company or any of its members.
What information-related ground may justify investigation under Section 213(b)(iii)?	Members have not been given all information regarding the company’s affairs reasonably expected by them.
What specific managerial information is covered under Section 213(b)(iii)?	Information relating to calculation of commission payable to a managing director, other director or manager.
What opportunity must be given before the Tribunal orders investigation under Section 213?	A reasonable opportunity of being heard to the parties concerned.
By whom shall the investigation be conducted when ordered under Section 213?	Inspector or inspectors appointed by the Central Government.
What is the duty of the Central Government when the Tribunal orders investigation under Section 213?	To appoint one or more competent persons as inspectors.
Who appoints inspectors under Section 213?	The Central Government.
What is the qualification required of inspectors appointed under Section 213?	They must be competent persons.
Into what matters shall inspectors investigate under Section 213?	Such matters relating to the affairs of the company as covered by the Tribunal's order.
To whom shall inspectors report under Section 213?	The Central Government.
In what manner shall inspectors submit their report?	In such manner as the Central Government may direct.
What must be proved after investigation to attract punishment under the first limb of the proviso to Section 213?	That the business is conducted with intent to defraud creditors, members or others, or for a fraudulent or unlawful purpose, or that the company was formed for such purpose.
What must be proved after investigation to attract punishment under the second limb of the proviso to Section 213?	That a person concerned in the formation or management of the company has been guilty of fraud.
Who are punishable if fraud or fraudulent purpose is proved after investigation?	Every officer of the company in default and the persons concerned in the formation or management of its affairs.
Under which provision is punishment imposed when fraud is established after investigation under Section 213?	Section 447.
Who are considered liable under the proviso when fraud in formation or management is established?	Persons concerned in the formation of the company or the management of its affairs.
Can officers in default be punished even where the company was formed for a fraudulent or unlawful purpose?	Yes, in the manner provided under Section 447.
What is the subject matter of Section 214 of the Companies Act, 2013?	Security for payment of costs and expenses of investigation.
When may the Central Government require security for payment of investigation costs under Section 214?	Before appointing an inspector for an investigation ordered under Section 210(1)(b) or Section 213.
For investigations under which provisions may security be required under Section 214?	Section 210(1)(b) and Section 213.
Who may be required to furnish security under Section 214?	The applicant.
Who has the power to require security under Section 214?	The Central Government.
For what purpose may security be required under Section 214?	For payment of the costs and expenses of the investigation.
What is the maximum amount of security that may be required under Section 214?	Twenty-five thousand rupees.
At what stage may security be demanded under Section 214?	Before appointing an inspector under Section 210(3) or Section 213(b).
When shall the security furnished under Section 214 be refunded?	If the investigation results in prosecution.
To whom shall the security be refunded under Section 214?	The applicant.
What is the subject matter of Section 215 of the Companies Act, 2013?	Firm, body corporate or association not to be appointed as inspector.
Can a firm be appointed as an inspector under Section 215?	No.
Can a body corporate be appointed as an inspector under Section 215?	No.
Can any other association be appointed as an inspector under Section 215?	No.
Who may be appointed as an inspector under Section 215?	Only an individual person, not a firm, body corporate or association.
What is the subject matter of Section 216 of the Companies Act, 2013?	Investigation of ownership of company.
Who may appoint inspectors under Section 216(1)?	The Central Government.
When may the Central Government appoint inspectors under Section 216(1)?	When it appears that there is reason to do so.
For what purpose may inspectors be appointed under Section 216(1)?	To investigate and report on matters relating to the company and its membership.
What is the first category of persons whose identity may be investigated under Section 216(1)(a)?	Persons who are or have been financially interested in the success or failure of the company.
Can financial interest under Section 216(1)(a) be real or apparent?	Yes.
What is the second category of persons whose identity may be investigated under Section 216(1)(b)?	Persons who are or have been able to control or materially influence the policy of the company.
What is the third category of persons whose identity may be investigated under Section 216(1)(c)?	Persons who have or had beneficial interest in shares or who are or have been beneficial owners or significant beneficial owners of the company.
What interest in shares is relevant under Section 216(1)(c)?	Beneficial interest in shares.
Can significant beneficial owners be investigated under Section 216(1)(c)?	Yes.
Is the Central Government required to appoint inspectors when directed by the Tribunal under Section 216(2)?	Yes.
When may the Tribunal direct investigation under Section 216(2)?	During the course of any proceeding before it.
For what purpose may the Tribunal direct investigation under Section 216(2)?	To investigate the membership of the company and related matters for the purposes specified in Section 216(1).
Can the Central Government define the scope of investigation while appointing an inspector under Section 216(3)?	Yes.
What aspects of the investigation may the Central Government define under Section 216(3)?	The matters, period or any other extent of the investigation.
Can the investigation be limited to particular shares or debentures under Section 216(3)?	Yes.
To what may the Central Government specifically limit an investigation under Section 216(3)?	Matters connected with particular shares or debentures.
To what extent do an inspector's powers extend under Section 216(4)?	To investigation of circumstances suggesting the existence of any relevant arrangement or understanding.
Must the arrangement or understanding investigated under Section 216(4) be legally binding?	No.
Can a non-binding arrangement be investigated under Section 216(4)?	Yes, if it is or was observed or likely to be observed in practice.
What condition must an arrangement or understanding satisfy for investigation under Section 216(4)?	It must be relevant for the purposes of the investigation.
Are an inspector's powers under Section 216(4) subject to his terms of appointment?	Yes.
What is the subject matter of Section 217 of the Companies Act, 2013?	Procedure, powers, etc., of inspectors.
Who are bound to assist an inspector under Section 217(1)?	All officers, employees and agents, including former officers, employees and agents of the company under investigation.
Does the duty under Section 217(1) extend to former officers, employees and agents?	Yes.
What is the first duty imposed under Section 217(1)(a)?	To preserve and produce all books and papers relating to the company or concerned body corporate/person.
To whom must books and papers be produced under Section 217(1)(a)?	To the inspector or any person authorised by him.
What is the second duty imposed under Section 217(1)(b)?	To give all reasonable assistance in connection with the investigation.
Can an inspector require information from a body corporate not under investigation?	Yes, under Section 217(2).
When may an inspector require another body corporate to furnish information under Section 217(2)?	When the information or documents are relevant or necessary for the investigation.
Can an inspector require production of books and papers from another body corporate?	Yes.
For how long may an inspector keep books and papers produced before returning them?	Not more than 180 days.
To whom must books and papers be returned under Section 217(3)?	To the company, body corporate, firm or individual who produced them.
Can books and papers be retained again after return?	Yes, for a further period of 180 days by written order.
Whom may an inspector examine on oath under Section 217(4)(a)?	Persons referred to in Section 217(1).
Can an inspector examine persons other than those referred to in Section 217(1)?	Yes, with prior approval of the Central Government.
What approval is sufficient in an SFIO investigation under Section 212?	Prior approval of the Director, Serious Fraud Investigation Office.
Can an inspector require personal appearance of persons examined?	Yes.
What powers of a civil court are available to an inspector under Section 217(5)?	Discovery and production of documents, summoning and examining persons on oath, and inspection of books and records.
Under which law are the civil court powers derived?	The Code of Civil Procedure, 1908.
Can an inspector summon and enforce attendance of persons?	Yes.
Can an inspector inspect books, registers and documents at any place?	Yes.
What is the punishment for a director or officer disobeying directions of the Registrar or inspector under Section 217(6)(i)?	Imprisonment up to 1 year and fine of ₹25,000 to ₹1,00,000.
What is the consequence of conviction under Section 217(6)(ii)?	Vacation of office and disqualification from holding office in any company.
From what date does the office become vacant upon conviction?	From the date of conviction.
How are notes of examination recorded under Section 217(7)?	In writing, read over to or by the person examined, and signed by him.
Can signed examination notes be used in evidence?	Yes.
What is the punishment for failure to produce books or papers under Section 217(8)(a)?	Imprisonment up to 6 months and fine of ₹25,000 to ₹1,00,000, plus continuing fine.
What is the punishment for failure to furnish information under Section 217(8)(b)?	Imprisonment up to 6 months and fine of ₹25,000 to ₹1,00,000, plus continuing fine.
What is the punishment for failure to appear or answer questions under Section 217(8)(c)?	Imprisonment up to 6 months and fine of ₹25,000 to ₹1,00,000, plus continuing fine.
What is the punishment for refusal to sign examination notes under Section 217(8)(d)?	Imprisonment up to 6 months and fine of ₹25,000 to ₹1,00,000, plus continuing fine.
What is the additional continuing fine under Section 217(8)?	Up to ₹2,000 per day after the first day of default.
Who must assist the inspector under Section 217(9)?	Officers of the Central Government, State Government, police and statutory authorities.
Is prior approval of the Central Government required before seeking such assistance?	Yes.
Can the Central Government enter into agreements with foreign States for investigation assistance?	Yes, under Section 217(10).
What is the purpose of reciprocal arrangements under Section 217(10)?	Assistance in inspections, inquiries and investigations.
Can the Central Government modify the application of this Chapter to foreign States?	Yes, by notification.
What may an Indian court issue when evidence is available outside India during an investigation?	A letter of request.
Who applies to the court for issuance of a letter of request under Section 217(11)?	The inspector.
To whom is the letter of request sent?	A competent court or authority in the foreign country or place.
What may the foreign court or authority do under the letter of request?	Examine persons, record statements and obtain documents or things.
What happens to statements, documents or things received under Section 217(11)?	They are deemed evidence collected during the investigation.
Who specifies the manner of transmission of the letter of request?	The Central Government.
What may the Central Government do upon receiving a foreign letter of request under Section 217(12)?	Forward it to the concerned court in India.
What may the Indian court do upon receiving such a request?	Summon persons, record statements, obtain documents or send the matter to an inspector.
How must the inspector investigate under Section 217(12)?	In the same manner as investigations under the Companies Act.
Within what period must the inspector submit his report to the court under Section 217(12)?	Within 30 days or such extended time as allowed by the court.
What happens to evidence collected pursuant to a foreign request?	It is forwarded through the Central Government to the requesting foreign court or authority.
What is the subject matter of Section 218 of the Companies Act, 2013?	Protection of employees during investigation.
What is the purpose of Section 218?	To protect employees from adverse employment action during investigations or specified proceedings.
Does Section 218 override other laws?	Yes, notwithstanding anything contained in any other law for the time being in force.
During investigations under which sections does Section 218 apply?	Sections 210, 212, 213, 216 and 219.
Does Section 218 apply during proceedings under Chapter XVI?	Yes.
What type of proceedings under Chapter XVI attract Section 218 protection?	Proceedings against any person concerned in the conduct and management of the affairs of a company.
Who is required to obtain approval before taking action against an employee under Section 218?	The company, other body corporate or person concerned.
Whose approval is required under Section 218(1)?	The Tribunal's approval.
What is the first adverse action covered under Section 218(1)(i)?	Discharge of an employee.
What is the second adverse action covered under Section 218(1)(i)?	Suspension of an employee.
What punishment-related action is covered under Section 218(1)(ii)?	Dismissal, removal, reduction in rank or any other punishment.
What employment-related action is covered under Section 218(1)(iii)?	Change of terms of employment to the employee's disadvantage.
Can a company dismiss an employee during an investigation without Tribunal approval?	No.
Can a company suspend an employee during an investigation without Tribunal approval?	No.
Can a company reduce an employee's rank during an investigation without Tribunal approval?	No.
Can a company change service conditions to an employee's disadvantage during an investigation without Tribunal approval?	No.
What must the Tribunal do if it objects to the proposed action?	Send a written notice of objection by post to the company, body corporate or person concerned.
How is the Tribunal's objection communicated under Section 218(1)?	By written notice sent by post.
What happens if the company does not receive approval from the Tribunal within thirty days of the application?	It may proceed with the proposed action against the employee.
After how many days of no response from the Tribunal may the employer proceed?	Thirty days.
When can the company proceed against the employee under Section 218(2)?	Only if approval is not received within thirty days of the application.
What remedy is available if the company is dissatisfied with the Tribunal's objection?	An appeal to the Appellate Tribunal.
Within what period must an appeal be filed under Section 218(3)?	Within thirty days of receipt of the notice of objection.
To whom does the appeal lie under Section 218(3)?	The Appellate Tribunal.
Is payment of prescribed fees required for filing the appeal?	Yes.
What is the effect of the Appellate Tribunal's decision under Section 218(4)?	It is final and binding.
Upon whom is the Appellate Tribunal's decision binding?	The Tribunal and the company, body corporate or person concerned.
Does Section 218 affect the operation of other laws?	No.
What is clarified by Section 218(5)?	That the section operates without prejudice to other laws for the time being in force.
What is the subject matter of Section 219 of the Companies Act, 2013?	Power of inspector to conduct investigation into affairs of related companies, etc.
Which inspectors may exercise powers under Section 219?	Inspectors appointed under Sections 210, 212 or 213.
When may an inspector invoke Section 219?	When he considers it necessary for the purposes of the investigation of the company.
Is prior approval required before investigating related entities under Section 219?	Yes, prior approval of the Central Government.
Can an inspector investigate a subsidiary company under Section 219(a)?	Yes.
Can an inspector investigate a holding company under Section 219(a)?	Yes.
Can an inspector investigate a subsidiary of the company's holding company under Section 219(a)?	Yes.
Must the related company presently hold that status for Section 219(a) to apply?	No, it is sufficient if it held that status at any relevant time.
Can an inspector investigate another body corporate managed by the same managing director or manager?	Yes, under Section 219(b).
What common factor permits investigation under Section 219(b)?	The same person being or having been managing director or manager of both entities.
Can an inspector investigate a body corporate whose Board comprises nominees of the company?	Yes, under Section 219(c).
Can an inspector investigate a body corporate accustomed to act on the directions of the company?	Yes.
Can an inspector investigate a body corporate accustomed to act on the directions of the company's directors?	Yes.
Can an inspector investigate the company's managing director under Section 219(d)?	Yes.
Can an inspector investigate the company's manager under Section 219(d)?	Yes.
Can an inspector investigate an employee of the company under Section 219(d)?	Yes.
Must the managing director, manager or employee be presently associated with the company?	No, present or past association at any relevant time is sufficient.
What is the scope of investigation under Section 219?	Investigation into and reporting on the affairs of related bodies corporate or specified persons.
To what extent may the inspector investigate related entities under Section 219?	Only so far as the results are relevant to the investigation of the company for which he was appointed.
What is the test for extending investigation under Section 219?	Relevance of the results to the investigation of the company under inquiry.
Can an inspector investigate related entities independently of the main investigation?	No, the investigation must be relevant to the affairs of the company being investigated.
What must the inspector do after investigating a related body corporate or person under Section 219?	Report on its affairs to the extent relevant to the main investigation.
What is the subject matter of Section 220 of the Companies Act, 2013?	Seizure of documents by inspector.
When may an inspector exercise powers under Section 220?	During the course of an investigation under this Chapter.
What belief must an inspector form before exercising powers under Section 220(1)?	That books and papers are likely to be destroyed, mutilated, altered, falsified or secreted.
Must the inspector have reasonable grounds for such belief?	Yes.
Whose books and papers may be seized under Section 220?	Those of or relating to any company, other body corporate, managing director or manager.
Can the inspector enter premises where books and papers are kept?	Yes.
May the inspector take assistance while entering premises under Section 220(1)(a)?	Yes.
For what purpose may the inspector enter the premises?	To search for and seize books and papers relevant to the investigation.
Can the inspector seize books and papers he considers necessary?	Yes.
Must the company be allowed to take copies or extracts before seizure?	Yes.
At whose cost may copies or extracts be taken before seizure?	At the company's cost.
For what purpose may books and papers be seized?	For the purposes of the investigation.
How long may the inspector retain books and papers seized under Section 220(2)?	For such period as he considers necessary, but not later than the conclusion of the investigation.
To whom must seized books and papers be returned?	To the company, other body corporate, managing director, manager or other person from whose custody or power they were seized.
When must the seized books and papers be returned?	After the inspector no longer requires them and not later than the conclusion of the investigation.
Can the inspector take copies of seized books and papers before returning them?	Yes.
Can the inspector take extracts from seized books and papers before returning them?	Yes.
Can the inspector place identification marks on seized books and papers?	Yes.
Can the inspector otherwise deal with seized books and papers as necessary before returning them?	Yes.
Do BNSS provisions relating to searches and seizures apply to every search or seizure under Section 220?	Yes.
What is the subject matter of Section 221 of the Companies Act, 2013?	Freezing of assets of company on inquiry and investigation.
Which authority has the power to freeze company assets under Section 221?	The Tribunal.
On whose reference may the Tribunal act under Section 221(1)?	On a reference made by the Central Government.
Can the Tribunal act in connection with an inquiry or investigation under this Chapter?	Yes.
Can members of a company seek relief under Section 221(1)?	Yes, members specified under Section 244(1) may make a complaint.
Can a creditor seek relief under Section 221(1)?	Yes, a creditor having one lakh rupees outstanding against the company.
Can any other person seek relief under Section 221(1)?	Yes, if he has reasonable grounds to believe the circumstances mentioned in the section exist.
What belief must exist before the Tribunal may pass an order under Section 221(1)?	That removal, transfer or disposal of company funds, assets or properties is likely to occur prejudicially.
Prejudicial to whose interests must the likely transfer, removal or disposal be?	The company, its shareholders, its creditors, or public interest.
What property may be protected by an order under Section 221(1)?	Funds, assets and properties of the company.
What may the Tribunal direct regarding transfer, removal or disposal of assets?	That it shall not take place.
For what maximum period can the Tribunal prohibit transfer, removal or disposal?	Three years.
Can the Tribunal permit transfer, removal or disposal subject to conditions?	Yes.
Can the Tribunal impose restrictions on transfer, removal or disposal of assets?	Yes.
What is the maximum duration of an order under Section 221(1)?	Three years.
What is the purpose of freezing assets under Section 221?	To protect the interests of the company, shareholders, creditors or public interest.
What is the punishment for a company violating an order under Section 221(1)?	Fine of not less than ₹1 lakh and up to ₹25 lakh.
What is the minimum fine on the company for contravention of a freezing order?	₹1 lakh.
What is the maximum fine on the company for contravention of a freezing order?	₹25 lakh.
Who is liable if the company contravenes an order under Section 221(1)?	The company and every officer in default.
What is the maximum imprisonment for an officer in default under Section 221(2)?	Three years.
What is the minimum fine for an officer in default under Section 221(2)?	₹50,000.
What is the maximum fine for an officer in default under Section 221(2)?	₹5 lakh.
Can an officer in default be punished with both imprisonment and fine under Section 221(2)?	Yes.
What act constitutes contravention under Section 221(2)?	Removal, transfer or disposal of company funds, assets or properties in violation of the Tribunal's order.
What is the subject matter of Section 222 of the Companies Act, 2013?	Imposition of restrictions upon securities.
Which authority may impose restrictions on securities under Section 222?	The Tribunal.
In connection with which investigation can the Tribunal act under Section 222(1)?	Investigation under Section 216.
Can a complaint by any person trigger action under Section 222(1)?	Yes.
What must appear to the Tribunal before imposing restrictions under Section 222(1)?	There is good reason to find out relevant facts about securities issued or to be issued by a company.
What securities are covered under Section 222(1)?	Securities issued or to be issued by a company.
When may the Tribunal impose restrictions on securities?	When relevant facts cannot be found out unless restrictions are imposed.
Who decides the nature of restrictions under Section 222(1)?	The Tribunal.
For what maximum period may restrictions be imposed under Section 222(1)?	Three years.
Can the Tribunal impose any restrictions it deems fit?	Yes.
What is the purpose of imposing restrictions under Section 222?	To ascertain relevant facts regarding securities.
What happens if securities are issued in contravention of a Tribunal order under Section 222(1)?	The company and officers in default are liable for punishment under Section 222(2).
What happens if securities are transferred in contravention of a Tribunal order under Section 222(1)?	The company and officers in default are liable for punishment under Section 222(2).
What happens if securities are acted upon in contravention of a Tribunal order under Section 222(1)?	The company and officers in default are liable for punishment under Section 222(2).
What is the minimum fine on the company under Section 222(2)?	₹1 lakh.
What is the maximum fine on the company under Section 222(2)?	₹25 lakh.
Who is liable along with the company under Section 222(2)?	Every officer of the company who is in default.
What is the maximum imprisonment for an officer in default under Section 222(2)?	Six months.
What is the minimum fine for an officer in default under Section 222(2)?	₹25,000.
What is the maximum fine for an officer in default under Section 222(2)?	₹5 lakh.
Can an officer in default be punished with both imprisonment and fine under Section 222(2)?	Yes.
What is the subject matter of Section 223 of the Companies Act, 2013?	Inspector’s report.
Who may submit reports under Section 223?	An inspector appointed under this Chapter.
Can an inspector submit interim reports to the Central Government?	Yes.
When must an inspector submit interim reports?	If directed by the Central Government.
To whom are interim reports submitted under Section 223(1)?	The Central Government.
What report must be submitted on conclusion of the investigation?	A final report.
To whom is the final report submitted?	The Central Government.
Must every report under Section 223(1) be in writing or printed?	Yes.
Who decides whether the report shall be in writing or printed?	The Central Government.
Who may obtain a copy of the inspector’s report under Section 223(3)?	Members, creditors, or any other person whose interest is likely to be affected.
How can a person obtain a copy of the inspector’s report?	By making an application to the Central Government.
Can creditors obtain a copy of the inspector’s report?	Yes.
Can any affected person obtain a copy of the inspector’s report?	Yes.
How may an inspector’s report be authenticated under Section 223(4)?	By the seal of the company, if any, or by a certificate of a public officer having custody of the report.
Can the seal of the company authenticate the report?	Yes.
What statutory provision is referred to regarding certification by a public officer?	Section 76 of the Indian Evidence Act, 1872.
Is an authenticated inspector’s report admissible in legal proceedings?	Yes.
For what purpose is the report admissible in legal proceedings?	As evidence regarding matters contained in the report.
Does Section 223 apply to reports under Section 212?	No.
Which reports are excluded from the application of Section 223?	Reports referred to in Section 212.
What is the subject matter of Section 224 of the Companies Act, 2013?	Actions to be taken in pursuance of inspector’s report.
When may the Central Government act under Section 224?	When an inspector’s report under Section 223 discloses specified circumstances.
What may the Central Government do if the inspector’s report reveals criminal liability?	Prosecute the person concerned for the offence.
Against whom may prosecution be launched under Section 224(1)?	Any person found guilty of an offence for which he is criminally liable.
In relation to whose affairs may such offences arise?	The company, another body corporate, or another person whose affairs were investigated.
Who must assist the Central Government in such prosecution?	All officers and other employees of the company or body corporate.
Is it the duty of officers and employees to assist the Central Government in prosecution?	Yes.
When may the Central Government seek winding up under Section 224(2)?	When the company or body corporate is liable to be wound up and circumstances referred to in Section 213 exist.
Which report forms the basis for action under Section 224(2)?	An inspector’s report under Section 223.
Can the Central Government act if the company is already being wound up by the Tribunal?	No.
Who presents the petition or application before the Tribunal?	A person authorised by the Central Government.
What petition may be presented under Section 224(2)(a)?	A petition for winding up on the just and equitable ground.
Under what ground may winding up be sought under Section 224(2)(a)?	That it is just and equitable that the company should be wound up.
What application may be filed under Section 224(2)(b)?	An application under Section 241.
Can both winding up and Section 241 proceedings be initiated together?	Yes.
Which Code is specifically referred to in Section 224(2)?	The Insolvency and Bankruptcy Code, 2016.
When may the Central Government bring proceedings under Section 224(3)?	When it appears in the public interest from the inspector’s report.
For what purpose may proceedings be brought under Section 224(3)(a)?	Recovery of damages for fraud, misfeasance, or other misconduct.
What misconduct is covered under Section 224(3)(a)?	Fraud, misfeasance, or other misconduct in promotion, formation, or management.
For what purpose may proceedings be brought under Section 224(3)(b)?	Recovery of property misapplied or wrongfully retained.
In whose name may the Central Government bring proceedings under Section 224(3)?	In the name of the company or body corporate.
Who must indemnify the Central Government for costs incurred under Section 224(3)?	The company or body corporate concerned.
Against what must the company indemnify the Central Government?	Costs and expenses incurred in connection with such proceedings.
What additional action may the Central Government take where fraud is disclosed in the inspector’s report?	File an application before the Tribunal for disgorgement and personal liability.
Before which authority is such application filed?	The Tribunal.
What must the report state before Section 224(5) can be invoked?	That fraud has taken place in the company.
Who may be proceeded against under Section 224(5)?	Directors, KMPs, officers, or any other person or entity who obtained undue advantage.
What forms of undue advantage are covered under Section 224(5)?	Asset, property, cash, or any other benefit.
What is meant by disgorgement under Section 224(5)?	Recovery of asset, property, cash, or benefit wrongfully obtained.
Can the Tribunal hold such persons personally liable?	Yes.
Can personal liability under Section 224(5) be imposed without limitation of liability?	Yes.
What is the subject matter of Section 225 of the Companies Act, 2013?	Expenses of investigation.
Who initially bears the expenses of an investigation under Section 225(1)?	The Central Government.
Which expenses are excluded from Section 225(1)?	Expenses of inspection under Section 214.
Who may be ordered to reimburse investigation expenses under Section 225(1)(a)?	A person convicted in prosecution under Section 224 or ordered to pay damages or restore property.
Who determines the amount payable under Section 225(1)(a)?	The court convicting the person or ordering payment of damages or restoration of property.
Who reimburses expenses under Section 225(1)(b)?	The company or body corporate in whose name proceedings are brought under Section 224.
To what extent is a company or body corporate liable under Section 225(1)(b)?	To the extent of the amount or value of sums or property recovered through the proceedings.
Who may be directed to reimburse investigation expenses if no prosecution is instituted under Section 224?	The company, body corporate, managing director or manager dealt with in the inspector's report and, where applicable, the applicants for investigation under Section 213.
Who determines the extent of reimbursement under Section 225(1)(c)?	The Central Government.
When are applicants for investigation liable to reimburse expenses under Section 225?	Where the inspector was appointed under Section 213 and no prosecution is instituted under Section 224.
What is the nature of the company's liability under Section 225(2)?	It is a first charge on the sums or property recovered through the proceedings.
On what property does the first charge under Section 225(2) operate?	On the sums or property recovered by the company or body corporate under Section 225(1)(b).
What is the subject matter of Section 226 of the Companies Act, 2013?	Voluntary winding up of company, etc., not to stop investigation proceedings.
What is the effect of an application under Section 241 on investigation proceedings?	It does not prevent initiation, continuation, suspension, or stoppage of the investigation.
What is the effect of a special resolution for voluntary winding up on investigation proceedings?	It does not prevent initiation, continuation, suspension, or stoppage of the investigation.
What is the effect of pending winding up proceedings before the Tribunal on investigation proceedings?	They do not prevent initiation, continuation, suspension, or stoppage of the investigation.
Which circumstances do not stop or suspend an investigation under Section 226?	An application under Section 241, a special resolution for voluntary winding up, and pending winding up proceedings before the Tribunal.
Under what circumstances may an investigation under this Chapter be initiated notwithstanding other proceedings?	Notwithstanding an application under Section 241, voluntary winding up, or pending winding up proceedings before the Tribunal.
What must the inspector do when a winding up order is passed by the Tribunal?	Inform the Tribunal about the pendency of the investigation proceedings.
To whom must the inspector communicate the pendency of the investigation proceedings?	The Tribunal.
What power does the Tribunal have after being informed of the pending investigation?	To pass such order as it deems fit.
What is the effect of a winding up order on the pending investigation?	The investigation does not automatically terminate and remains subject to the Tribunal's orders.
What is the effect of a winding up order on a director's obligation to participate in investigation proceedings?	The director remains bound to participate in the proceedings before the inspector.
What is the effect of a winding up order on an employee's obligation to participate in investigation proceedings?	The employee remains bound to participate in the proceedings before the inspector.
What is the effect of a winding up order on liability arising from the inspector's findings?	It does not absolve any director or employee from such liability.
Who remains liable despite the passing of a winding up order?	Any director or other employee against whom liability arises from the inspector's findings.
What is the purpose of the second proviso to Section 226?	To preserve participation obligations and liabilities despite the winding up order.
How do investigation proceedings interact with winding up proceedings under Section 226?	Investigation proceedings may continue notwithstanding winding up proceedings.
What is the subject matter of Section 227 of the Companies Act, 2013?	Legal advisors and bankers not to disclose certain information.
To whom is disclosure not required under Section 227?	The Tribunal, the Central Government, the Registrar, or an inspector appointed by the Central Government.
What protection is granted to legal advisers under Section 227(a)?	They are not required to disclose privileged communications made to them in that capacity.
What exception applies to privileged communications under Section 227(a)?	The name and address of the client may be required to be disclosed.
What information may a legal adviser still be required to disclose?	The name and address of his client.
What protection is granted to bankers under Section 227(b)?	They are not required to disclose information relating to the affairs of their customers.
Whose customer information is protected under Section 227(b)?	Customers other than the company, body corporate, or person under investigation.
What is the subject matter of Section 228 of the Companies Act, 2013?	Investigation, etc., of foreign companies.
How do the provisions of this Chapter apply to foreign companies?	Mutatis mutandis.
To which proceedings relating to foreign companies does Section 228 apply?	Inspection, inquiry, and investigation.
What is the subject matter of Section 229 of the Companies Act, 2013?	Penalty for furnishing false statement, mutilation, destruction of documents.
To whom does Section 229 apply?	Persons required to provide explanations or statements during inspection, inquiry, or investigation and officers or employees of a company or body corporate under investigation.
What is the consequence of destroying documents relating to the property, assets, or affairs of a company under investigation?	Punishment for fraud under Section 447.
What is the consequence of mutilating documents relating to the property, assets, or affairs of a company under investigation?	Punishment for fraud under Section 447.
What is the consequence of falsifying documents relating to the property, assets, or affairs of a company under investigation?	Punishment for fraud under Section 447.
What is the consequence of concealing documents relating to the property, assets, or affairs of a company under investigation?	Punishment for fraud under Section 447.
What is the consequence of tampering with documents relating to the property, assets, or affairs of a company under investigation?	Punishment for fraud under Section 447.
What is the consequence of unauthorised removal of documents relating to the property, assets, or affairs of a company under investigation?	Punishment for fraud under Section 447.
What is the consequence of being a party to the destruction, mutilation, falsification, concealment, tampering, or unauthorised removal of documents?	Punishment for fraud under Section 447.
What is the consequence of making a false entry in any document concerning the company or body corporate?	Punishment for fraud under Section 447.
What is the consequence of being a party to making a false entry in a document concerning the company or body corporate?	Punishment for fraud under Section 447.
What is the consequence of providing an explanation known to be false during inspection, inquiry, or investigation?	Punishment for fraud under Section 447.
What is the consequence of providing a false explanation during inspection, inquiry, or investigation?	Punishment for fraud under Section 447.
Under which provision is punishment imposed for offences under Section 229?	Section 447.

CHAPTER-XV
COMPROMISES, ARRANGEMENTS AND AMALGAMATIONS
What is the subject matter of Section 230 of the Companies Act, 2013?	Power to compromise or make arrangements with creditors and members.
Between whom may a compromise or arrangement be proposed under Section 230?	Between a company and its creditors or any class of them, or between a company and its members or any class of them.
Who may apply to the Tribunal under Section 230(1)?	The company, any creditor, any member, or in case of a company being wound up, the liquidator.
What may the Tribunal order on an application under Section 230(1)?	A meeting of creditors, class of creditors, members, or class of members to be called, held and conducted.
What does "arrangement" include under the Explanation to Section 230(1)?	Reorganisation of share capital by consolidation of shares, division of shares into different classes, or both.
What must be disclosed to the Tribunal by affidavit under Section 230(2)?	All material facts relating to the company.
What material facts must be disclosed under Section 230(2)(a)?	Latest financial position, latest auditor’s report, and pendency of any investigation or proceedings.
What must be disclosed if reduction of share capital forms part of the compromise or arrangement?	Details of such reduction of share capital.
What percentage of secured creditors in value must consent to a corporate debt restructuring scheme?	Not less than 75% in value.
What documents must accompany a corporate debt restructuring scheme?	Creditor’s responsibility statement, safeguards for creditors, auditor’s report, RBI guideline statement (if applicable), and valuation report.
Who prepares the valuation report under Section 230(2)(c)(v)?	A registered valuer.
To whom must notice of the meeting under Section 230(3) be sent?	Creditors, members and debenture-holders.
What documents must accompany the notice under Section 230(3)?	Details of the compromise or arrangement, valuation report, and explanatory statement.
What interests must be explained in the notice under Section 230(3)?	Effects on creditors, KMPs, promoters, non-promoter members, debenture-holders, directors and debenture trustees.
Where must the notice and documents also be placed?	On the company’s website, if any.
To whom must listed companies send the notice and documents?	SEBI and the stock exchanges where the securities are listed.
How may creditors and members vote on the compromise or arrangement?	In person, through proxy, or by postal ballot.
Within what period may voting take place under Section 230(4)?	Within one month from receipt of notice.
Who may object to the compromise or arrangement?	Persons holding at least 10% shareholding or creditors having at least 5% of total outstanding debt.
To which authorities must notice under Section 230(5) be sent?	Central Government, Income Tax Authorities, RBI, SEBI, Registrar, stock exchanges, Official Liquidator, CCI and other affected regulators.
Within what period must authorities make representations?	Within 30 days from receipt of notice.
What is presumed if no representation is received within 30 days?	That the authority has no representation to make.
What majority is required for approval of a compromise or arrangement?	Majority representing three-fourths in value of creditors or members voting.
When does a compromise or arrangement become binding?	When approved by the requisite majority and sanctioned by the Tribunal.
Upon whom is a sanctioned compromise or arrangement binding?	The company, creditors, members, liquidator and contributories.
What option must be given when preference shares are converted into equity shares?	Option to receive arrears of dividend in cash or accept equivalent equity shares.
What protection may the Tribunal provide under Section 230(7)?	Protection of any class of creditors.
Under which provision must variation of shareholders’ rights be effected?	Section 48.
What is the effect on pending BIFR proceedings when creditors approve the arrangement?	Such proceedings shall abate.
What auditor’s certificate is mandatory before sanction of a scheme?	Certificate that the accounting treatment conforms to accounting standards under Section 133.
Within what period must the Tribunal’s order be filed with the Registrar?	Within 30 days of receipt of the order.
When may the Tribunal dispense with calling a creditors’ meeting?	When creditors holding at least 90% in value agree by affidavit.
Can a compromise or arrangement include a takeover offer?	Yes.
How must takeover offers in listed companies be made?	In accordance with SEBI regulations.
Who may approach the Tribunal regarding grievances in takeover offers of unlisted companies?	An aggrieved party.
What power does the Tribunal have regarding grievances in takeover offers?	To pass such order as it deems fit.
Does Section 66 apply to reduction of share capital effected pursuant to a Tribunal order under Section 230?	Section 66 does not apply.
Can a buy-back scheme be sanctioned under Section 230 if it is not in accordance with Section 68?	Such compromise or arrangement shall not be sanctioned.
What is the subject matter of Section 231 of the Companies Act, 2013?	Power of Tribunal to enforce compromise or arrangement.
What power does the Tribunal have after sanctioning a compromise or arrangement under Section 230?	Power to supervise its implementation.
What is the Tribunal's supervisory role under Section 231(1)(a)?	To supervise the implementation of the compromise or arrangement.
When may the Tribunal issue directions regarding a compromise or arrangement?	At the time of sanctioning the scheme or at any time thereafter.
What directions may the Tribunal issue under Section 231(1)(b)?	Directions regarding any matter necessary for proper implementation of the compromise or arrangement.
What modifications may the Tribunal make under Section 231(1)(b)?	Such modifications as it considers necessary for proper implementation of the compromise or arrangement.
What is the condition for exercising powers under Section 231(2)?	The compromise or arrangement cannot be implemented satisfactorily with or without modifications and the company is unable to pay its debts as per the scheme.
What order may the Tribunal pass if the sanctioned scheme cannot be implemented satisfactorily?	An order for winding up the company.
What additional condition must exist before the Tribunal orders winding up under Section 231(2)?	The company is unable to pay its debts as per the scheme.
How is a winding up order under Section 231(2) treated?	It is deemed to be an order made under Section 273.
Under which provision is the winding up order deemed to have been made?	Section 273.
To which companies does Section 231(3) extend its application?	Companies in respect of which compromise or arrangement was sanctioned before the commencement of this Act.
Does Section 231 apply to compromise or arrangement orders made before the commencement of the Companies Act, 2013?	Yes, so far as may be.
What is the objective of the Tribunal's powers under Section 231?	Proper implementation and enforcement of the compromise or arrangement.
What is the subject matter of Section 232 of the Companies Act, 2013?	Merger and amalgamation of companies.
When does Section 232 apply?	When a compromise or arrangement under Section 230 is proposed for reconstruction, merger or amalgamation of companies.
What must be shown to the Tribunal under Section 232(1)(a)?	That the compromise or arrangement is proposed for or in connection with a scheme of reconstruction involving merger or amalgamation.
What must be shown to the Tribunal under Section 232(1)(b)?	That the undertaking, property or liabilities of the transferor company are to be transferred to the transferee company or divided among and transferred to two or more companies.
Who is a transferor company under Section 232?	The company whose undertaking, property or liabilities are transferred.
Who is a transferee company under Section 232?	The company to which the undertaking, property or liabilities are transferred.
What may the Tribunal order under Section 232(1)?	A meeting of creditors or members to be called, held and conducted.
Which provisions of Section 230 apply to meetings under Section 232?	Section 230(3) to Section 230(6).
What documents must be circulated under Section 232(2)(a)?	Draft terms of the proposed scheme adopted by the directors.
What confirmation must be circulated under Section 232(2)(b)?	Confirmation that the draft scheme has been filed with the Registrar.
What must the directors' report explain under Section 232(2)(c)?	The effect of the compromise on shareholders, KMPs, promoters and non-promoter shareholders.
What specific matter must be disclosed in the directors' report?	Share exchange ratio and any special valuation difficulties.
What report must be circulated regarding valuation?	The expert's valuation report.
When is a supplementary accounting statement required?	When the last annual accounts relate to a financial year ending more than six months before the first meeting.
What may the Tribunal do after compliance with Sections 232(1) and 232(2)?	Sanction the compromise or arrangement.
What may the Tribunal provide regarding transfer of undertaking, property or liabilities?	Transfer to the transferee company from a date determined by the parties unless otherwise directed.
What may the Tribunal provide regarding allotment of shares or debentures?	Their allotment or appropriation by the transferee company.
Can a transferee company hold its own shares after amalgamation?	Any such shares must be cancelled or extinguished.
What happens to shares held by the transferee company in its own name or through a trust after amalgamation?	They must be cancelled or extinguished.
What may the Tribunal provide regarding pending legal proceedings?	Their continuation by or against the transferee company.
What may the Tribunal provide regarding a transferor company?	Dissolution without winding up.
What provision may be made for dissenting persons?	Such provision as directed by the Tribunal.
How are shares allotted to non-resident shareholders under FDI norms?	In the manner specified in the Tribunal's order.
What may the Tribunal provide regarding employees of the transferor company?	Transfer of employees to the transferee company.
What is the status of an unlisted transferee company after merger with a listed transferor company?	It shall remain an unlisted company until it becomes listed.
What right is available to shareholders of a listed transferor company when the transferee company is unlisted?	The option to opt out and receive payment for their shares and benefits.
What is the minimum valuation safeguard for opting-out shareholders?	It shall not be less than the value specified by SEBI regulations.
What benefit regarding authorised capital fees is available on amalgamation?	Fees paid by the transferor company may be set off against fees payable by the transferee company.
What other matters may the Tribunal provide for under Section 232(3)(j)?	Incidental, consequential and supplemental matters necessary to implement the merger or amalgamation.
What auditor's certificate is mandatory before sanction of the scheme?	A certificate confirming conformity of accounting treatment with accounting standards under Section 133.
What is the effect of a Tribunal order transferring property and liabilities?	Property vests in the transferee company and liabilities become liabilities of the transferee company.
Can transferred property be freed from charges?	Yes, if the Tribunal so directs and the charge ceases under the scheme.
Within what period must a certified copy of the Tribunal's order be filed with the Registrar?	Within 30 days of receipt of the certified copy.
What must every scheme under Section 232 clearly indicate?	An appointed date.
From which date does the scheme become effective?	From the appointed date specified in the scheme.
Must companies file compliance statements after the order?	They must file annual statements until completion of the scheme.
Who must certify the annual compliance statement?	A Chartered Accountant, Cost Accountant or Company Secretary in practice.
What must the annual compliance statement indicate?	Whether the scheme is being complied with according to the Tribunal's order.
What is the penalty for failure to file the Tribunal's order with the Registrar under Section 232(5)?	₹20,000.
What is the additional penalty for continuing default under Section 232(8)?	₹1,000 per day after the first day.
What is the maximum penalty for continuing default under Section 232(8)?	₹3,00,000.
What is merger by absorption?	Transfer of undertaking, property and liabilities of one or more companies to an existing company.
What is merger by formation of a new company?	Transfer of undertaking, property and liabilities of two or more companies to a new company.
What is a scheme involving division?	A scheme under which the undertaking, property and liabilities of a company are divided among and transferred to two or more companies.
What does "property" include under Section 232?	Assets, rights and interests of every description.
What do "liabilities" include under Section 232?	Debts and obligations of every description.
What is the subject matter of Section 233 of the Companies Act, 2013?	Merger or amalgamation of certain companies.
To which companies does Section 233 apply?	Two or more small companies, a holding company and its wholly-owned subsidiary company, and such other classes of companies as may be prescribed.
Which sections are overridden by Section 233?	Sections 230 and 232.
Who must receive notice of the proposed scheme under Section 233(1)(a)?	Registrar, Official Liquidator and persons affected by the scheme.
Within what period may objections or suggestions be submitted under Section 233(1)(a)?	Within 30 days.
Who issues the notice of the proposed scheme?	The transferor company or companies and the transferee company.
What must be done with objections and suggestions received under Section 233(1)(b)?	They must be considered in the respective general meetings of the companies.
What approval of members is required under Section 233(1)(b)?	Approval by members holding at least 90% of the total number of shares.
What declaration must each company file under Section 233(1)(c)?	Declaration of solvency.
With whom must the declaration of solvency be filed?	The Registrar having jurisdiction over the registered office of the company.
What creditor approval is required under Section 233(1)(d)?	Approval by majority representing nine-tenths in value of creditors or class of creditors.
How much notice must be given to creditors for approval of the scheme?	21 days.
Can creditor approval be obtained otherwise than by meeting?	By written approval.
With whom must the transferee company file the approved scheme?	Central Government, Registrar and Official Liquidator.
What happens when the Registrar and Official Liquidator have no objections or suggestions?	The Central Government registers the scheme and issues confirmation.
Within what period may the Registrar or Official Liquidator communicate objections or suggestions?	Within 30 days.
What is presumed if no objection or suggestion is communicated within 30 days?	That there is no objection to the scheme.
When may the Central Government apply to the Tribunal under Section 233(5)?	When it considers the scheme not in public interest or not in the interest of creditors.
Within what period must the Central Government apply to the Tribunal under Section 233(5)?	Within 60 days of receipt of the scheme.
What may the Central Government request from the Tribunal under Section 233(5)?	That the scheme be considered under Section 232.
What may the Tribunal do upon receiving an application under Section 233(6)?	Direct consideration under Section 232 or confirm the scheme.
What is deemed if the Central Government neither objects nor applies to the Tribunal?	It is deemed to have no objection to the scheme.
To whom must the order confirming the scheme be communicated?	The Registrar having jurisdiction over the transferee company and the persons concerned.
What must the Registrar do upon receiving the confirmation order?	Register the scheme and issue confirmation.
What is the effect of registration of the scheme under Section 233(8)?	Dissolution of the transferor company without winding up.
What is the effect of registration regarding property and liabilities?	Property and liabilities of the transferor company vest in the transferee company.
What is the effect of registration regarding charges on property?	Existing charges remain applicable and enforceable against the transferee company.
What is the effect of registration regarding pending legal proceedings?	Proceedings continue by or against the transferee company.
What is the effect regarding unpaid amounts due to dissenting shareholders or creditors?	Such unpaid amounts become liabilities of the transferee company.
Can the transferee company hold its own shares after merger or amalgamation?	All such shares must be cancelled or extinguished.
What must the transferee company file after merger regarding authorised capital?	An application indicating the revised authorised capital.
What benefit is available regarding authorised capital fees?	Fees paid by the transferor company may be set off against fees payable by the transferee company.
To which schemes does Section 233(12) extend its application?	Schemes of compromise or arrangement under Section 230 and division or transfer under Section 232(1)(b).
Can the Central Government prescribe the manner of merger or amalgamation under Section 233?	The Central Government may prescribe the manner.
Can a company covered under Section 233 choose to proceed under Section 232?	It may use Section 232 for approval of a merger or amalgamation scheme.
What is the member approval threshold under Section 233?	At least 90% of the total number of shares.
What is the creditor approval threshold under Section 233?	Nine-tenths in value of creditors or class of creditors.
What is the significance of Section 233?	It provides a fast-track merger and amalgamation procedure for specified companies.
What is the subject matter of Section 234 of the Companies Act, 2013?	Merger or amalgamation of company with foreign company.
To what schemes does Section 234 apply?	Schemes of mergers and amalgamations between companies registered under the Companies Act, 2013 and foreign companies.
How do the provisions of this Chapter apply to mergers and amalgamations under Section 234?	Mutatis mutandis.
With companies incorporated in which countries can mergers or amalgamations be undertaken under Section 234?	Countries notified by the Central Government.
Who notifies the foreign jurisdictions eligible for mergers under Section 234?	The Central Government.
What rule-making power is conferred upon the Central Government under Section 234(1)?	Power to make rules relating to mergers and amalgamations under this section.
With whom must the Central Government consult before making rules under Section 234?	The Reserve Bank of India.
Can a foreign company merge into a company registered under the Companies Act, 2013?	Subject to prior approval of the Reserve Bank of India.
Can a company registered under the Companies Act, 2013 merge into a foreign company?	Subject to prior approval of the Reserve Bank of India.
Whose prior approval is mandatory for cross-border mergers under Section 234(2)?	The Reserve Bank of India.
What may the scheme of merger provide regarding consideration to shareholders?	Payment in cash, Depository Receipts, or partly in cash and partly in Depository Receipts.
In what forms may shareholders receive consideration under a cross-border merger scheme?	Cash, Depository Receipts, or a combination of both.
What document determines the terms and conditions of consideration in a cross-border merger?	The scheme of merger drawn up for the purpose.
What is meant by "foreign company" under Section 234?	Any company or body corporate incorporated outside India.
Does the definition of foreign company depend on having a place of business in India?	It includes companies whether having a place of business in India or not.
Can a foreign body corporate without a place of business in India be covered under Section 234?	It is included within the definition of foreign company.
What is the key regulatory approval required for merger between an Indian company and a foreign company?	Prior approval of the Reserve Bank of India.
What is the subject matter of Section 235 of the Companies Act, 2013?	Power to acquire shares of shareholders dissenting from scheme or contract approved by majority.
What type of scheme or contract is covered under Section 235?	A scheme or contract involving transfer of shares or any class of shares from a transferor company to a transferee company.
Who is the transferor company under Section 235?	The company whose shares are proposed to be transferred.
Who is the transferee company under Section 235?	The company proposing to acquire the shares.
What level of approval is required for compulsory acquisition under Section 235(1)?	Approval by holders of not less than nine-tenths in value of the shares whose transfer is involved.
Within what period must the nine-tenths approval be obtained?	Within four months after making the offer.
Which shares are excluded while calculating the nine-tenths approval threshold?	Shares already held by the transferee company, its nominee, or its subsidiary companies on the date of the offer.
Within what period may the transferee company issue notice to dissenting shareholders?	Within two months after expiry of the four-month approval period.
To whom may the transferee company issue notice under Section 235(1)?	Dissenting shareholders.
What is the purpose of the notice under Section 235(1)?	To express the transferee company's desire to acquire the dissenting shareholder's shares.
Within what period may a dissenting shareholder apply to the Tribunal?	Within one month from the date of the notice.
What power does the Tribunal have on an application by a dissenting shareholder?	To make an order otherwise regarding acquisition of the shares.
What is the effect if no contrary order is passed by the Tribunal?	The transferee company becomes entitled and bound to acquire the shares.
On what terms must the dissenting shareholder's shares be acquired?	On the same terms applicable to the approving shareholders under the scheme or contract.
When must the transferee company send a copy of the notice to the transferor company?	After expiry of one month from the notice or after disposal of the Tribunal application.
What documents must accompany the notice sent to the transferor company?	An instrument of transfer executed on behalf of the shareholder and the transferee company.
Who executes the instrument of transfer on behalf of the shareholder?	A person appointed by the transferor company.
Who executes the instrument of transfer on behalf of the transferee company?	The transferee company itself.
What must the transferee company pay or transfer to the transferor company?	The amount or other consideration representing the purchase price of the shares.
What is the duty of the transferor company after receiving the notice and consideration?	To register the transferee company as holder of the shares.
Within what period must the transferor company inform dissenting shareholders after registration?	Within one month of registration.
What information must be communicated to dissenting shareholders?	Registration of the transferee company and receipt of the consideration.
How must the transferor company hold the consideration received?	In trust for the persons entitled to the shares.
Where must the transferor company deposit the amount received?	In a separate bank account.
Within what period must the consideration be disbursed to entitled shareholders?	Within sixty days.
What modifications apply to offers made before commencement of the Companies Act, 2013?	Special substitutions and omissions specified in Section 235(5).
For pre-commencement offers, what expression replaces "shares whose transfer is involved"?	Shares affected.
For pre-commencement offers, which words are omitted from Section 235(3)?	The words relating to execution of the instrument of transfer by appointed persons.
Who is a dissenting shareholder under Section 235?	A shareholder who has not assented to the scheme or contract.
Who else is included within the meaning of dissenting shareholder?	A shareholder who has failed or refused to transfer shares in accordance with the scheme or contract.
What is the significance of Section 235?	It enables compulsory acquisition of minority shareholders' shares after approval by an overwhelming majority.
What is the subject matter of Section 236 of the Companies Act, 2013?	Purchase of minority shareholding.
When does Section 236 become applicable?	When an acquirer or person acting in concert becomes holder of 90% or more of the issued equity share capital.
What other situations trigger Section 236?	When any person or group becomes 90% majority through amalgamation, share exchange, conversion of securities, or any other reason.
What must a 90% shareholder do under Section 236(1)?	Notify the company of intention to buy the remaining equity shares.
Who is required to make an offer to minority shareholders?	The acquirer, person, or group holding 90% or more equity share capital.
At what price must minority shares be purchased?	At a price determined by valuation by a registered valuer.
Who determines the purchase price under Section 236(2)?	A registered valuer.
Can minority shareholders initiate the purchase process?	Yes.
What right is given to minority shareholders under Section 236(3)?	They may offer their shares to majority shareholders for purchase.
At what price can minority shareholders offer their shares?	At the valuation price determined by a registered valuer.
What amount must majority shareholders deposit under Section 236(4)?	An amount equal to the value of shares proposed to be acquired.
Where must the majority shareholders deposit the amount?	In a separate bank account.
Who operates the separate bank account?	The company whose shares are being transferred.
For how long must the bank account be maintained?	At least one year.
Within what period must payment be disbursed to entitled minority shareholders?	Within sixty days.
For how long can unpaid or unclaimed amounts continue to be disbursed?	For one year.
What role does the company play under Section 236(5)?	It acts as a transfer agent.
What functions does the company perform as transfer agent?	Receiving payment, paying minority shareholders, taking delivery of shares, and delivering them to majority shareholders.
What happens if minority shareholders fail to physically deliver share certificates?	The share certificates are deemed cancelled.
Who is authorised to issue replacement shares after deemed cancellation?	The company whose shares are being transferred.
How is payment made when shares are deemed cancelled?	Out of the advance deposit made by majority shareholders.
What protection is given where minority shareholders have died or ceased to exist?	Their right to sell shares continues.
For how long does this right continue?	Three years from the date of majority acquisition or majority shareholding.
What happens if majority shareholders later negotiate a higher transfer price?	Additional compensation must be shared with minority shareholders.
When does the obligation to share additional compensation arise?	When shareholders holding 75% or more minority equity negotiate or obtain a higher price without disclosure.
How is additional compensation distributed?	On a pro rata basis among minority shareholders.
What is the meaning of "acquirer" for Section 236?	Meaning assigned under SEBI Takeover Regulations.
What is the meaning of "person acting in concert" for Section 236?	Meaning assigned under SEBI Takeover Regulations.
Do Section 236 rights continue after delisting of shares?	Yes.
Does Section 236 continue to apply even after expiry of one year or SEBI prescribed period?	Yes.
Who are residual minority equity shareholders?	Minority shareholders whose shares remain unacquired despite majority acquisition efforts.
What is the primary objective of Section 236?	Protection and fair exit of minority shareholders when majority ownership reaches 90% or more.
What is the subject matter of Section 237 of the Companies Act, 2013?	Power of Central Government to provide for amalgamation of companies in public interest.
When can the Central Government exercise power under Section 237?	When it is satisfied that amalgamation of two or more companies is essential in the public interest.
How does the Central Government order amalgamation under Section 237?	By an order notified in the Official Gazette.
Into what are the companies amalgamated under Section 237(1)?	Into a single company.
What may be specified in the amalgamation order?	Constitution, property, powers, rights, interests, authorities, privileges, liabilities, duties, and obligations of the amalgamated company.
Can the amalgamation order provide for pending legal proceedings?	Yes.
What happens to legal proceedings pending by or against transferor companies?	They may continue by or against the transferee company.
Can the order contain incidental and supplemental provisions?	Yes, as necessary to give effect to the amalgamation.
What protection is given to members and creditors of transferor companies?	They should have, as nearly as possible, the same interests or rights in the transferee company.
Who are covered under the term creditors for Section 237(3)?	Including debenture holders.
What happens if a member's or creditor's rights become less after amalgamation?	He is entitled to compensation.
Who assesses the compensation payable under Section 237(3)?	The prescribed authority.
Where is the assessment of compensation published?	In the Official Gazette.
Who pays the compensation assessed under Section 237(3)?	The transferee company.
Can a person challenge the compensation assessment?	Yes.
Within what period can an appeal against compensation assessment be filed?	Within 30 days from publication in the Official Gazette.
To whom is the appeal filed?	The Tribunal.
Who finally determines compensation on appeal?	The Tribunal.
Can the Central Government immediately pass an amalgamation order?	No.
What is the first condition before passing an order under Section 237?	A draft order must be sent to each company concerned.
What is the second condition before passing an order under Section 237?	Time for appeal against compensation must expire or the appeal must be finally disposed of.
What is the third condition before passing an order under Section 237?	The Central Government must consider objections and suggestions received.
What is the minimum period allowed for companies to submit objections or suggestions?	Not less than two months.
From when is the two-month period calculated?	From the date the draft order is received by the company.
Who may submit suggestions or objections to the draft order?	Companies concerned, shareholders or classes of shareholders, creditors or classes of creditors.
Can the Central Government modify the draft order?	Yes, after considering suggestions and objections.
What must be done with copies of every order made under Section 237?	They must be laid before each House of Parliament.
What is the key distinction of Section 237 amalgamation?	It is a compulsory amalgamation ordered by the Central Government in public interest.
What is the subject matter of Section 238 of the Companies Act, 2013?	Registration of offer of schemes involving transfer of shares.
To which schemes does Section 238 apply?	Schemes or contracts involving transfer of shares under Section 235.
What must accompany every circular containing an offer under Section 235?	Prescribed information in the prescribed manner.
What must accompany the directors' recommendation to members regarding the offer?	Prescribed information relating to the scheme or contract.
What statement must every offer contain under Section 238(1)(b)?	A statement by or on behalf of the transferee company disclosing steps taken to ensure availability of necessary cash.
Why must the transferee company disclose steps taken to ensure availability of cash?	To demonstrate that funds are available for acquisition of shares.
To whom must every such circular be presented before issue?	The Registrar.
Can a circular be issued before registration by the Registrar?	No.
What power does the Registrar have regarding registration of the circular?	He may register or refuse registration.
When may the Registrar refuse registration of a circular?	If it lacks prescribed information or presents information in a misleading manner.
Must the Registrar record reasons for refusal?	Yes, in writing.
Within what period must the Registrar communicate refusal of registration?	Within 30 days of the application.
What remedy is available against refusal of registration by the Registrar?	Appeal to the Tribunal.
To whom does the appeal lie against the Registrar's refusal?	The Tribunal.
What is the consequence of issuing an unregistered circular?	The director issuing it is liable to penalty.
What is the penalty for issuing a circular without registration?	Penalty of ₹1,00,000.
Who is liable for the penalty under Section 238(3)?	The director who issues the unregistered circular.
What is the primary objective of Section 238?	To ensure transparency and regulatory scrutiny in takeover schemes involving compulsory acquisition of shares.
What is the subject matter of Section 239 of the Companies Act, 2013?	Preservation of books and papers of amalgamated companies.
Can books and papers of an amalgamated company be disposed of freely?	No.
Whose prior permission is required before disposing of books and papers of an amalgamated company?	The Central Government.
To which companies does Section 239 apply?	Companies amalgamated with another company or whose shares have been acquired by another company under this Chapter.
What may the Central Government do before granting permission for disposal of books and papers?	Appoint a person to examine the books and papers.
Why may the Central Government appoint a person to examine the books and papers?	To ascertain whether they contain evidence of commission of an offence.
What offences are sought to be detected through examination under Section 239?	Offences connected with promotion, formation, management, amalgamation, or acquisition of shares of the transferor company.
What is the purpose of preserving books and papers after amalgamation or acquisition?	To preserve evidence of possible offences.
What is the subject matter of Section 240 of the Companies Act, 2013?	Liability of officers in respect of offences committed prior to merger, amalgamation or acquisition.
Does merger or amalgamation extinguish liability for past offences?	No.
Whose liability continues after merger, amalgamation or acquisition?	Officers in default of the transferor company.
For which offences does liability continue under Section 240?	Offences committed under the Companies Act before merger, amalgamation or acquisition.
Does Section 240 operate notwithstanding other laws?	Yes.
What is the effect of the non-obstante clause in Section 240?	Liability continues despite anything contrary in any other law.
Can officers escape prosecution merely because the company has merged or been acquired?	No.
What is the key principle underlying Section 240?	Corporate restructuring does not wipe out personal liability for prior offences.

CHAPTER-XVI
PREVENTION OF OPPRESSION AND MISMANAGEMENT
What is the subject matter of Section 241 of the Companies Act, 2013?	Application to Tribunal for relief in cases of oppression, mismanagement, or prejudice.
Who may apply to the Tribunal under Section 241(1)?	Any member of a company having the right to apply under Section 244.
On what ground can a member apply under Section 241(1)(a)?	Affairs of the company are being conducted in a manner prejudicial to public interest.
Can a member apply if the affairs are oppressive to him or other members?	Yes.
Can a member apply if the affairs are prejudicial to the interests of the company?	Yes.
What is meant by oppression under Section 241(1)(a)?	Conduct of company affairs in a manner oppressive to a member or members.
On what ground can a member apply under Section 241(1)(b)?	Material change in management or control likely to result in prejudicial conduct of company affairs.
What type of change is contemplated under Section 241(1)(b)?	Change in Board of Directors, manager, ownership of shares, membership, or any other manner of control.
Does every change in management attract Section 241(1)(b)?	No, only material changes likely to prejudice the company or its members.
Are changes made in the interests of creditors covered under Section 241(1)(b)?	No.
Are changes involving debenture holders excluded from Section 241(1)(b)?	Yes, if made in their interests.
Which authority grants relief under Section 241?	The National Company Law Tribunal (NCLT).
Can the Central Government apply under Section 241?	Yes.
When may the Central Government apply to the Tribunal under Section 241(2)?	When it is of the opinion that the affairs of the company are being conducted in a manner prejudicial to public interest.
Before which Bench are prescribed Central Government applications filed?	The Principal Bench of the Tribunal.
What is the purpose of Section 241(3)?	To determine whether a person is fit and proper to hold office in company management.
When may the Central Government initiate proceedings under Section 241(3)?	When circumstances suggesting misconduct or unfitness of a person exist.
What misconduct under Section 241(3)(a) justifies action?	Fraud, misfeasance, persistent negligence, default in duties, or breach of trust.
What business conduct under Section 241(3)(b) justifies action?	Conduct not in accordance with sound business principles or prudent commercial practices.
What industry-related misconduct under Section 241(3)(c) justifies action?	Conduct likely to cause or having caused serious injury or damage to trade, industry, or business.
What fraudulent conduct under Section 241(3)(d) justifies action?	Conduct intended to defraud creditors, members, or others, or conduct prejudicial to public interest.
What request may the Central Government make to the Tribunal under Section 241(3)?	To inquire whether the person is fit and proper to hold the office of director or other management office.
Who must be joined as respondent in proceedings under Section 241(3)?	The person against whom the case is referred.
What must every application under Section 241(3) contain?	A concise statement of circumstances and materials relied upon.
How must an application under Section 241(3) be signed and verified?	In the manner prescribed for a plaint under the Code of Civil Procedure, 1908.
Which section prescribes eligibility requirements for members applying under Section 241?	Section 244.
What is the primary objective of Section 241?	Protection against oppression, mismanagement, and conduct prejudicial to public interest or company interests.
What is the subject matter of Section 243 of the Companies Act, 2013?	Consequence of termination or modification of certain agreements.
When does Section 243 apply?	When an order under Section 242 terminates, sets aside, or modifies certain agreements.
Does termination or modification under Section 242 give rise to claims against the company?	No.
Can a person claim damages or compensation from the company due to such termination or modification?	No.
Are claims for loss of office maintainable after termination under Section 242?	No.
For how long is a managing director, director, or manager barred from reappointment after termination or setting aside of his agreement?	Five years.
From which date is the five-year disqualification calculated?	From the date of the Tribunal's order terminating or setting aside the agreement.
Can such a person be appointed before expiry of five years?	Yes, with the leave of the Tribunal.
What is required before the Tribunal grants leave for such appointment?	Notice to the Central Government and a reasonable opportunity of being heard.
What is the consequence of a finding under Section 242(4A) that a person is not fit and proper?	He cannot hold office of director or any office connected with management of a company for five years.
For how long does the disqualification under Section 243(1A) continue?	Five years from the date of the Tribunal's decision.
Can the Central Government permit such person to hold office before expiry of five years?	Yes, with the leave of the Tribunal.
What happens when a person is removed from office under Section 243(1B)?	He is not entitled to compensation.
Can a removed director or officer claim compensation for loss or termination of office?	No.
Does Section 243(1B) override contracts, articles, memorandum, or other laws?	Yes.
Who commits an offence under Section 243(2)?	A person knowingly acting as managing director, director, or manager in contravention of Section 243.
Can other directors also be liable under Section 243(2)?	Yes.
Which directors are liable under Section 243(2)?	Directors knowingly party to the contravention.
What is the maximum penalty under Section 243(2)?	Fine up to ₹5 lakh.
What is the primary objective of Section 243?	To enforce Tribunal orders and prevent disqualified persons from re-entering company management.
What is the subject matter of Section 244 of the Companies Act, 2013?	Right to apply under Section 241.
Who can apply under Section 241 in the case of a company having share capital?	Not less than 100 members or not less than one-tenth of total members, whichever is less.
Can shareholders holding a specified percentage of share capital apply under Section 241?	Yes, members holding not less than one-tenth of the issued share capital.
What condition must members holding one-tenth share capital satisfy before applying?	They must have paid all calls and other sums due on their shares.
Who can apply under Section 241 in a company not having share capital?	Not less than one-fifth of the total number of members.
Can the Tribunal waive the eligibility requirements under Section 244(1)?	Yes.
What may the Tribunal waive under the proviso to Section 244(1)?	All or any of the requirements specified in clause (a) or clause (b).
Why may the Tribunal grant such waiver?	To enable members to apply under Section 241.
How are jointly held shares counted for the purpose of Section 244?	Joint holders are counted as one member.
Can one member apply on behalf of other eligible members?	Yes.
What is required before one or more members apply on behalf of others under Section 244(2)?	Written consent of the remaining eligible members.
For whose benefit is such application made?	For the benefit of all eligible members.
What is the minimum shareholding percentage required to independently apply under Section 241?	One-tenth of the issued share capital.
What is the minimum numerical membership requirement in a share capital company?	100 members or one-tenth of total members, whichever is less.
What is the minimum numerical membership requirement in a company without share capital?	One-fifth of the total number of members.
Which section prescribes eligibility to file oppression and mismanagement petitions?	Section 244.
What is the primary purpose of Section 244?	To prescribe locus standi for applications under Section 241.
What is the subject matter of Section 245 of the Companies Act, 2013?	Class action by members or depositors.
Who may file a class action under Section 245(1)?	Members, depositors, or any class of them meeting the prescribed threshold.
When can a class action be filed under Section 245?	When company affairs are conducted in a manner prejudicial to the interests of the company, its members, or depositors.
Before which authority is a class action filed?	The Tribunal.
Can members seek to restrain an ultra vires act of the company?	Yes.
Can members seek to restrain breach of the memorandum or articles?	Yes.
Can a resolution altering the memorandum or articles be declared void?	Yes, if passed by suppression of material facts or misstatement.
Can the Tribunal restrain the company and directors from acting on such resolution?	Yes.
Can the Tribunal restrain acts contrary to the Companies Act or any other law?	Yes.
Can the Tribunal restrain actions contrary to resolutions passed by members?	Yes.
Against whom can damages or compensation be claimed under Section 245?	Company, directors, auditors, audit firms, experts, advisors, consultants, or other persons.
Can damages be claimed against directors for fraudulent, unlawful, or wrongful acts?	Yes.
Can damages be claimed against auditors for misleading audit reports?	Yes.
Can damages be claimed against experts or consultants for misleading statements?	Yes.
Can the Tribunal grant any other remedy it deems fit?	Yes.
What is the liability of an audit firm under Section 245(2)?	Liability of both the firm and every involved partner.
Who is liable in an audit firm for misleading statements?	Every partner involved in the improper or misleading statement or wrongful conduct.
What is the minimum membership requirement in a company with share capital for a class action?	100 members or prescribed percentage of total members, whichever is less.
Can shareholders holding a prescribed percentage of issued share capital file a class action?	Yes.
What condition applies to shareholder applicants?	All calls and other sums due on shares must be paid.
What is the minimum membership requirement in a company without share capital?	One-fifth of the total number of members.
What is the minimum depositor requirement for a class action?	100 depositors or prescribed percentage of total depositors, whichever is less.
Can depositors holding a prescribed percentage of total deposits file a class action?	Yes.
What factor must the Tribunal consider regarding the applicant's conduct?	Whether the applicant is acting in good faith.
Must the Tribunal consider involvement of persons other than directors or officers?	Yes.
Must the Tribunal consider whether the applicant can pursue the action individually?	Yes.
Must the Tribunal consider the views of disinterested members or depositors?	Yes.
What must the Tribunal consider when the cause of action has not yet occurred?	Whether the act could be authorised or ratified by the company.
What must the Tribunal consider when the act has already occurred?	Whether the act could be ratified by the company.
What happens after admission of a class action application?	Public notice must be served on all class members or depositors.
What happens to similar class action applications?	They must be consolidated into a single application.
Who chooses the lead applicant in a class action?	The class members or depositors.
Who appoints the lead applicant if no consensus is reached?	The Tribunal.
Can two class action applications for the same cause of action be maintained?	No.
Who bears the costs of a class action proceeding?	The company or person responsible for the oppressive act.
On whom is a class action order binding?	The company, members, depositors, auditors, audit firms, experts, consultants, advisors, and associated persons.
What is the penalty on a company for non-compliance with a class action order?	Fine of ₹5 lakh to ₹25 lakh.
What is the punishment for officers in default for non-compliance with a class action order?	Imprisonment up to 3 years and fine of ₹25,000 to ₹1 lakh.
What happens if a class action application is frivolous or vexatious?	The Tribunal may reject it and impose costs up to ₹1 lakh.
Does Section 245 apply to banking companies?	No.
Can associations of affected persons file actions under Section 245?	Yes.
What is the primary purpose of Section 245?	Collective protection of members and depositors against prejudicial company conduct.
What is the subject matter of Section 246 of the Companies Act, 2013?	Application of certain provisions to proceedings under Sections 241 and 245.
To which proceedings does Section 246 apply?	Proceedings under Section 241 and Section 245.
Which provisions are made applicable by Section 246?	Sections 337 to 341 (both inclusive).
How are Sections 337 to 341 applied under Section 246?	Mutatis mutandis.
Does Section 246 create any independent right or remedy?	No.
What is the effect of Section 246?	It extends the applicability of Sections 337 to 341 to oppression, mismanagement, and class action proceedings.
Do Sections 337 to 341 apply directly or with necessary modifications?	With necessary modifications (mutatis mutandis).
Which types of applications attract Section 246?	Applications made under Section 241 or Section 245.
What is the primary purpose of Section 246?	To apply liability and related provisions under Sections 337–341 to proceedings for oppression, mismanagement, and class actions.

CHAPTER-XVII
REGISTERED VALUERS
What is the subject matter of Section 247 of the Companies Act, 2013?	Valuation by registered valuers.
Who can conduct valuation under Section 247?	A person having prescribed qualifications and experience, registered as a valuer and a member of a recognised organisation.
Who appoints the registered valuer?	The Audit Committee, or in its absence, the Board of Directors of the company.
In respect of what matters can valuation be required under Section 247?	Property, stocks, shares, debentures, securities, goodwill, other assets, net worth, or liabilities of a company.
What is the duty of a valuer regarding valuation?	The valuer must make an impartial, true, and fair valuation of the assets.
What standard of care must a valuer exercise while performing his functions?	The valuer must exercise due diligence.
How must a valuer conduct the valuation process?	The valuation must be carried out in accordance with the prescribed rules.
What restriction is imposed regarding the valuer's interest in the assets being valued?	The valuer must not undertake valuation of assets in which he has a direct or indirect interest.
What is the conflict-of-interest period prescribed under Section 247(2)(d)?	The valuer must not have a direct or indirect interest during the three years preceding his appointment or for three years after conducting the valuation.
What is the penalty for contravention of Section 247 or the rules made thereunder?	The valuer is liable to a penalty of ₹50,000.
What is the punishment where the valuer contravenes the provision with intent to defraud the company or its members?	Imprisonment up to one year and fine ranging from ₹1 lakh to ₹5 lakh.
What are the consequences of conviction of a valuer under Section 247(3)?	The valuer must refund the remuneration received and pay damages for losses caused by incorrect or misleading statements in the valuation report.
To whom must the convicted valuer refund the remuneration?	The remuneration must be refunded to the company.
Who can claim damages from a convicted valuer?	The company or any other person who has suffered loss.
For what type of loss is a convicted valuer liable to pay damages?	Loss arising from incorrect or misleading statements of particulars made in the valuation report.
What is the primary objective of Section 247?	To ensure independent, fair, transparent, and professional valuation under the Companies Act.
What is the subject matter of Section 247 of the Companies Act, 2013?	Valuation by registered valuers.
Who can conduct valuation under Section 247?	A person having prescribed qualifications and experience, registered as a valuer and a member of a recognised organisation.
Who appoints the registered valuer?	The Audit Committee, or in its absence, the Board of Directors of the company.

CHAPTER-XVIII
REMOVAL OF NAMES OF COMPANIES FROM THE REGISTER OF COMPANIES
What is the subject matter of Section 248 of the Companies Act, 2013?	Power of Registrar to remove name of company from register of companies.
When may the Registrar initiate strike-off proceedings under Section 248(1)(a)?	When a company has failed to commence its business within one year of incorporation.
When may the Registrar initiate strike-off proceedings under Section 248(1)(c)?	When a company has not carried on any business or operation for two immediately preceding financial years and has not applied for dormant status under Section 455.
When may the Registrar initiate strike-off proceedings under Section 248(1)(d)?	When subscribers have not paid the subscription amount undertaken at incorporation and the declaration under Section 10A(1) has not been filed within 180 days.
When may the Registrar initiate strike-off proceedings under Section 248(1)(e)?	When physical verification reveals that the company is not carrying on any business or operations.
What must the Registrar do before removing the name of a company?	The Registrar must send a notice to the company and all its directors seeking representations within 30 days.
Within what period must the company respond to the Registrar's notice?	Within 30 days from the date of the notice.
Can a company voluntarily apply for removal of its name from the register?	A company may apply after extinguishing all its liabilities.
What approval is required for voluntary strike-off under Section 248(2)?	A special resolution or consent of 75% members in terms of paid-up share capital.
What additional approval is required for companies regulated under a special Act?	Approval of the concerned regulatory authority must be obtained and enclosed with the application.
Does Section 248(2) apply to Section 8 companies?	Section 248(2) does not apply to companies registered under Section 8.
How is notice of proposed strike-off made public?	It is published in the prescribed manner and in the Official Gazette.
When does a company stand dissolved after strike-off?	Upon publication of the strike-off notice in the Official Gazette.
What must the Registrar ensure before passing a strike-off order?	Sufficient provision must be made for realization of dues and discharge of liabilities and obligations.
From whom may the Registrar obtain undertakings before strike-off?	The managing director, directors, or persons in charge of management.
Do company assets remain available after strike-off?	Company assets remain available for payment and discharge of liabilities even after removal of its name.
Does strike-off extinguish the liability of directors and officers?	Liability of directors, managers, officers, and members continues and remains enforceable.
Against whom can liabilities be enforced after dissolution?	Directors, managers, officers exercising management powers, and members.
Does strike-off affect the Tribunal's power to wind up a company?	The Tribunal's power to wind up a struck-off company remains unaffected.
What is the primary objective of Section 248?	To enable removal of defunct companies from the register while safeguarding creditor and stakeholder interests.
What is the subject matter of Section 249 of the Companies Act, 2013?	Restrictions on making application under Section 248 in certain situations.
When is a company prohibited from applying for voluntary strike-off under Section 248(2)?	When any of the disqualifying events specified in Section 249(1) occurred during the previous three months.
Can a company apply for strike-off if it changed its name within the previous three months?	A company that has changed its name within the previous three months cannot apply for strike-off.
Can a company apply for strike-off if it shifted its registered office from one State to another within the previous three months?	A company that shifted its registered office from one State to another within the previous three months cannot apply for strike-off.
Can a company apply for strike-off after disposing of property or rights for value before cessation of business?	A company that has disposed of property or rights for value in the manner specified under Section 249(1)(b) cannot apply for strike-off.
What type of disposal of property attracts the restriction under Section 249(1)(b)?	Disposal of property or rights held by the company immediately before cessation of trade or business for gain.
Can a company engage in business activities and still apply for strike-off?	A company cannot apply for strike-off if it has engaged in activities other than those permitted under Section 249(1)(c) during the previous three months.
What activities are permitted before making a strike-off application?	Activities necessary for making the application, deciding whether to make it, concluding company affairs, or complying with statutory requirements.
Can a company apply for strike-off while a compromise or arrangement application is pending before the Tribunal?	A company cannot apply for strike-off if such proceedings have not been finally concluded.
Can a company under winding up apply for voluntary strike-off?	A company being wound up under Chapter XX of the Act or under the Insolvency and Bankruptcy Code, 2016 cannot apply for strike-off.
What is the penalty for filing a strike-off application in contravention of Section 249(1)?	Fine which may extend to ₹1 lakh.
What happens if a prohibited strike-off application is filed?	The application must be withdrawn by the company or rejected by the Registrar.
When must the application be withdrawn or rejected?	As soon as the disqualifying conditions are brought to the notice of the company or Registrar.
Who may reject a non-compliant strike-off application?	The Registrar.
What is the primary objective of Section 249?	To prevent misuse of the voluntary strike-off process by companies involved in recent significant transactions, restructuring, or winding-up proceedings.
What is the subject matter of Section 250 of the Companies Act, 2013?	Effect of company notified as dissolved.
When does a company cease to operate under Section 250?	From the date mentioned in the notice published under Section 248(5).
What is the effect of dissolution under Section 250?	The company ceases to operate as a company.
What happens to the Certificate of Incorporation upon dissolution?	The Certificate of Incorporation is deemed to be cancelled from the date of dissolution.
For what limited purposes does a dissolved company continue to exist?	For realizing amounts due to the company and for payment or discharge of its liabilities and obligations.
Can a dissolved company carry on normal business activities?	A dissolved company cannot carry on normal business activities after dissolution.
What is the primary objective of Section 250?	To specify the legal consequences of dissolution following strike-off under Section 248.
What is the subject matter of Section 251 of the Companies Act, 2013?	Fraudulent application for removal of name.
When does Section 251 apply?	When an application under Section 248(2) is made to evade liabilities, deceive creditors, or defraud any person.
What liability arises if a strike-off application was made fraudulently?	Persons in charge of management become jointly and severally liable for resulting loss or damage.
Does liability continue even after the company is dissolved?	Liability continues notwithstanding that the company has been notified as dissolved.
To whom are the persons in charge liable under Section 251(1)(a)?	Any person who has suffered loss or damage due to the company being dissolved.
What is the nature of liability imposed under Section 251(1)(a)?	Joint and several liability.
What punishment applies for a fraudulent strike-off application?	Punishment for fraud under Section 447.
Can the Registrar take action in addition to the consequences under Section 251(1)?	The Registrar may recommend prosecution of the persons responsible.
Who may be prosecuted under Section 251(2)?	Persons responsible for filing the fraudulent application under Section 248(2).
What is the primary objective of Section 251?	To prevent misuse of the strike-off process and protect creditors and other affected persons from fraud.
What is the subject matter of Section 252 of the Companies Act, 2013?	Appeal to Tribunal against strike-off and restoration of company name.
Who may file an appeal under Section 252(1)?	Any person aggrieved by an order of the Registrar notifying a company as dissolved under Section 248.
Within what period can an appeal be filed under Section 252(1)?	Within three years from the date of the Registrar's order.
When may the Tribunal order restoration of a company's name under Section 252(1)?	When it finds that the removal of the company's name was not justified due to absence of the grounds relied upon by the Registrar.
Whom must the Tribunal hear before ordering restoration under Section 252(1)?	The Registrar, the company, and all persons concerned.
Can the Registrar himself seek restoration of a company's name?	The Registrar may apply to the Tribunal for restoration.
Within what period can the Registrar seek restoration?	Within three years from the date of the order dissolving the company under Section 248.
When can the Registrar apply for restoration?	When the company's name was struck off inadvertently or on the basis of incorrect information furnished by the company or its directors.
What must the company do after obtaining a restoration order from the Tribunal?	File a copy of the Tribunal's order with the Registrar within 30 days.
What must the Registrar do upon receipt of the Tribunal's restoration order?	Restore the company's name in the register of companies and issue a fresh certificate of incorporation.
Who may apply under Section 252(3) for restoration of a struck-off company?	The company, any member, creditor, or workman.
Within what period can an application under Section 252(3) be made?	Before the expiry of 20 years from publication of the strike-off notice in the Official Gazette.
When may the Tribunal restore a company under Section 252(3)?	If the company was carrying on business or was in operation at the time of strike-off, or if restoration is otherwise just.
Can a creditor seek restoration of a struck-off company?	A creditor may apply for restoration under Section 252(3).
Can a workman seek restoration of a struck-off company?	A workman may apply for restoration under Section 252(3).
What additional powers does the Tribunal have while restoring a company under Section 252(3)?	It may issue directions and make provisions to place the company and other persons in the same position as if the company had never been struck off.
What document is issued after restoration of the company's name?	A fresh certificate of incorporation.
What is the primary objective of Section 252?	To provide a remedy against wrongful strike-off and enable restoration of companies where justice so requires.

CHAPTER-XIX
REVIVAL AND REHABILITATION OF SICK COMPANIES
SECTION 253 T0 269 ARE OMITTED

CHAPTER-XX
WINDING UP
What is the subject matter of Section 270 of the Companies Act, 2013?	Winding up by Tribunal.
To what does Section 270 apply?	It applies to the winding up of a company by the Tribunal under the Companies Act, 2013.
Which provisions govern winding up by the Tribunal under Section 270?	The provisions of Part I of Chapter XX.
What is the subject matter of Section 271 of the Companies Act, 2013?	Circumstances in which a company may be wound up by the Tribunal.
When may a company be wound up under Section 271?	On a petition presented under Section 272.
Can a company be wound up if it passes a special resolution for winding up by the Tribunal?	A company may be wound up if it has passed a special resolution for winding up by the Tribunal.
Can a company be wound up for acting against national interests?	A company may be wound up if it has acted against the sovereignty and integrity of India, security of the State, friendly relations with foreign States, public order, decency, or morality. Who may apply for winding up on grounds of fraud under Section 271(c)?
When may the Tribunal order winding up on grounds of fraud?	When the affairs of the company have been conducted fraudulently, the company was formed for fraudulent or unlawful purposes, or persons concerned in its formation or management have been guilty of fraud, misfeasance, or misconduct.
Can a company be wound up for failure to file statutory documents?	A company may be wound up if it has defaulted in filing financial statements or annual returns for five immediately preceding consecutive financial years.
What period of default in filing financial statements or annual returns attracts Section 271(d)?	Five immediately preceding consecutive financial years.
What is the "just and equitable" ground for winding up?	The Tribunal may order winding up if it is of the opinion that it is just and equitable to do so.
Which authority decides whether winding up is just and equitable?	The Tribunal.
Is fraud in formation of a company a ground for winding up?	Fraudulent or unlawful formation of a company is a ground for winding up.
Is misconduct by persons managing the company a ground for winding up?	Fraud, misfeasance, or misconduct in management is a ground for winding up.
What is the primary objective of Section 271?	To specify the circumstances under which the Tribunal may order winding up of a company.
What is the subject matter of Section 272 of the Companies Act, 2013?	Petition for winding up.
Who may present a petition for winding up before the Tribunal?	The company.
Who may present a petition for winding up before the Tribunal?	Any contributory or contributories.
Who may jointly present a petition for winding up before the Tribunal?	The company and contributories together.
Can the Registrar present a petition for winding up?	The Registrar may present a petition subject to the provisions of Section 272.
Can a person authorised by the Central Government present a winding-up petition?	A person authorised by the Central Government may present a winding-up petition.
Who may present a petition in cases covered under Section 271(b)?	The Central Government or a State Government.
Can a holder of fully paid-up shares present a winding-up petition as a contributory?	A contributory may present a petition even if he holds fully paid-up shares.
Can a contributory present a petition if the company has no assets?	A contributory may present a petition even if the company has no assets.
Can a contributory present a petition if there is no surplus for shareholders after payment of liabilities?	A contributory may still present a petition.
What shareholding condition must a contributory satisfy to present a winding-up petition?	The shares must have been originally allotted to him or held and registered in his name for at least six months during the eighteen months immediately preceding commencement of winding up.
Can a contributory who acquired shares through inheritance present a petition?	A contributory may present a petition if the shares devolved upon him through the death of a former holder.
Can the Registrar present a winding-up petition on all grounds under Section 271?	The Registrar cannot present a petition on the ground specified in Section 271(a).
What ground under Section 271 is excluded from the Registrar's power to petition?	The ground that the company has resolved by special resolution to be wound up by the Tribunal.
What approval must the Registrar obtain before presenting a winding-up petition?	Previous sanction of the Central Government.
When will the Central Government grant sanction to the Registrar?	Only after giving the company a reasonable opportunity to make representations.
What must accompany a winding-up petition presented by the company?	A statement of affairs in the prescribed form and manner.
What must be done with a copy of the winding-up petition?	A copy must be filed with the Registrar.
Within what period must the Registrar submit his views to the Tribunal?	Within sixty days of receipt of the petition.
What is the primary objective of Section 272?	To specify who may present a winding-up petition and the procedural requirements for such petitions.
What is the subject matter of Section 273 of the Companies Act, 2013?	Powers of Tribunal on a winding-up petition.
When does the Tribunal exercise powers under Section 273?	Upon receipt of a petition for winding up under Section 272.
Can the Tribunal dismiss a winding-up petition?	The Tribunal may dismiss the petition with or without costs.
Can the Tribunal pass interim orders on a winding-up petition?	The Tribunal may make any interim order it thinks fit.
Can the Tribunal appoint a provisional liquidator?	The Tribunal may appoint a provisional liquidator until the making of a winding-up order.
Can the Tribunal order winding up of a company?	The Tribunal may make an order for winding up with or without costs.
Does the Tribunal have any residual power while deciding a winding-up petition?	The Tribunal may make any other order it thinks fit.
Within what period must the Tribunal pass an order under Section 273(1)?	Within ninety days from the date of presentation of the petition.
Must the Tribunal give notice before appointing a provisional liquidator?	The Tribunal shall give notice to the company and provide a reasonable opportunity of representation.
When may the Tribunal dispense with notice before appointing a provisional liquidator?	For special reasons recorded in writing.
Can the Tribunal refuse winding up merely because the company's assets are fully mortgaged?	The Tribunal shall not refuse winding up solely on that ground.
Can the Tribunal refuse winding up merely because the company has no assets?	The Tribunal shall not refuse winding up solely because the company has no assets.
What are the powers of the Tribunal under Section 273(1)?	Dismiss the petition, pass interim orders, appoint a provisional liquidator, order winding up, or pass any other appropriate order.
What is a provisional liquidator appointed for?	To manage the company until a winding-up order is made.
When may the Tribunal refuse winding up on the "just and equitable" ground?	When another remedy is available and the petitioners are acting unreasonably in seeking winding up instead of pursuing that remedy.
Which ground for winding up is specifically covered under Section 273(2)?	The "just and equitable" ground.
Can availability of an alternative remedy affect a winding-up petition?	The Tribunal may refuse winding up if an effective alternative remedy exists.
What is the primary objective of Section 273?	To empower the Tribunal to pass appropriate orders on a winding-up petition and regulate the winding-up process.
What is the subject matter of Section 274 of the Companies Act, 2013?	Directions for filing statement of affairs.
When does Section 274 apply?	When a winding-up petition is filed by a person other than the company.
What must the Tribunal do if a prima facie case for winding up is made out?	Direct the company to file its objections along with a statement of affairs.
Within what period must the company file its objections and statement of affairs?	Within 30 days of the Tribunal's order.
Can the Tribunal extend the time for filing the statement of affairs?	The Tribunal may allow a further period of 30 days in cases of contingency or special circumstances.
What document must accompany the company's objections?	A statement of affairs in the prescribed form and manner.
Can the Tribunal require security for costs from the petitioner?	The Tribunal may direct the petitioner to deposit reasonable security for costs.
What is the consequence if the company fails to file the statement of affairs?	The company forfeits its right to oppose the winding-up petition.
Who may be held responsible for failure to file the statement of affairs?	Directors and officers responsible for the non-compliance.
What must directors and officers do after a winding-up order is passed under Section 273(1)(d)?	Submit the company's books of account completed and audited up to the date of the order to the liquidator.
Within what period must the books of account be submitted after the winding-up order?	Within 30 days of the winding-up order.
At whose cost are the books of account to be submitted?	At the cost of the company.
To whom must the books of account be submitted?	To the liquidator specified by the Tribunal.
What is the punishment for contravention of Section 274?	Imprisonment up to 6 months, or fine from ₹25,000 to ₹5 lakh, or both.
Who may file a complaint for offences under Section 274?	The Registrar, provisional liquidator, Company Liquidator, or any person authorised by the Tribunal.
Before which court may a complaint under Section 274 be filed?	The Special Court.
What is the primary objective of Section 274?	To ensure disclosure of the company's financial position and cooperation with the winding-up process.
What is the subject matter of Section 275 of the Companies Act, 2013?	Company Liquidators and their appointments.
Who appoints the Company Liquidator in a winding-up by the Tribunal?	The Tribunal.
When does the Tribunal appoint the Company Liquidator?	At the time of passing the winding-up order.
Who may be appointed as Company Liquidator under Section 275(1)?	An Official Liquidator or a liquidator from the prescribed panel.
From whom shall the Tribunal appoint the provisional liquidator or Company Liquidator?	From amongst insolvency professionals registered under the Insolvency and Bankruptcy Code, 2016.
Can the Tribunal appoint a provisional liquidator before appointing a Company Liquidator?	The Tribunal may appoint a provisional liquidator.
Can the Tribunal restrict the powers of a provisional liquidator?	The Tribunal may limit or restrict the powers of a provisional liquidator by order.
What powers does a provisional liquidator have if no restriction is imposed?	The same powers as a Company Liquidator.
On what basis are the terms and conditions of appointment determined?	On the basis of the task to be performed, experience, qualifications of the liquidator, and size of the company.
Who determines the fee payable to the provisional liquidator or Company Liquidator?	The Tribunal.
What declaration must a provisional liquidator or Company Liquidator file upon appointment?	A declaration disclosing any conflict of interest or lack of independence.
Within what period must the declaration be filed?	Within 7 days from the date of appointment.
Before whom must the declaration be filed?	Before the Tribunal.
Does the duty to disclose conflict of interest continue after appointment?	The obligation continues throughout the term of appointment.
Can a provisional liquidator be appointed as the Company Liquidator?	The Tribunal may appoint the provisional liquidator as the Company Liquidator while passing the winding-up order.
Under which provision is the provisional liquidator initially appointed?	Under Section 273(1)(c).
What is the primary objective of Section 275?	To regulate the appointment, qualifications, independence, and functioning of Company Liquidators in winding-up proceedings.
What is the subject matter of Section 276 of the Companies Act, 2013?	Removal and replacement of liquidator.
Who has the power to remove a provisional liquidator or Company Liquidator?	The Tribunal.
Can a liquidator be removed without reasonable cause?	The Tribunal may remove a liquidator only on reasonable cause being shown and for reasons recorded in writing.
Is misconduct a ground for removal of a liquidator?	Misconduct is a ground for removal.
Is fraud or misfeasance a ground for removal of a liquidator?	Fraud or misfeasance is a ground for removal.
Can professional incompetence lead to removal of a liquidator?	Professional incompetence is a ground for removal.
Can failure to exercise due care and diligence lead to removal of a liquidator?	Failure to exercise due care and diligence is a ground for removal.
Can inability to act as liquidator result in removal?	Inability to act as provisional liquidator or Company Liquidator is a ground for removal.
Can conflict of interest lead to removal of a liquidator?	Conflict of interest during the term of appointment is a ground for removal.
Can lack of independence lead to removal of a liquidator?	Lack of independence during the term of appointment is a ground for removal.
What may the Tribunal do if the liquidator dies, resigns, or is removed?	The Tribunal may transfer the work to another Company Liquidator.
Must the Tribunal record reasons while transferring work to another liquidator?	Reasons must be recorded in writing.
Can a liquidator be held liable for losses caused to the company?	A liquidator may be held liable for losses caused due to fraud, misfeasance, or failure to exercise due care and diligence.
Who determines whether the liquidator is responsible for loss or damage?	The Tribunal.
Can the Tribunal recover losses caused by a liquidator?	The Tribunal may recover or cause to be recovered such loss or damage from the liquidator.
Can the Tribunal pass additional orders against a defaulting liquidator?	The Tribunal may pass such other orders as it thinks fit.
Must the liquidator be given an opportunity of hearing before removal?	A reasonable opportunity of being heard must be provided.
To whom must the opportunity of hearing be given?	To the provisional liquidator or Company Liquidator concerned.
What is the primary objective of Section 276?	To ensure accountability, independence, competence, and integrity of liquidators in winding-up proceedings.
What is the subject matter of Section 277 of the Companies Act, 2013?	Intimation to Company Liquidator, provisional liquidator and Registrar.
Within what period must the Tribunal send intimation of appointment of a provisional liquidator or winding-up order?	Within 7 days from the date of passing the order.
To whom must the Tribunal send intimation of such order?	The Company Liquidator or provisional liquidator and the Registrar.
What must the Registrar do upon receiving the order?	Make an endorsement in the records relating to the company.
What publication must the Registrar make after receiving the order?	Notify the appointment or winding-up order in the Official Gazette.
What additional duty does the Registrar have in case of a listed company?	Intimate the stock exchange or exchanges where the company's securities are listed.
What is the effect of a winding-up order on officers, employees, and workmen?	It is deemed to be a notice of discharge.
When does the deemed notice of discharge not apply?	When the business of the company is continued.
Within what period must the Company Liquidator apply for constitution of a winding-up committee?	Within 3 weeks from the date of the winding-up order.
Why is a winding-up committee constituted?	To assist and monitor the progress of liquidation proceedings.
Who are the members of the winding-up committee?	Official Liquidator attached to the Tribunal, nominee of secured creditors, and a professional nominated by the Tribunal.
Who acts as the convener of the winding-up committee?	The Company Liquidator.
What is the role of the winding-up committee regarding company assets?	To assist and monitor taking over and recovery of assets.
Does the winding-up committee examine the statement of affairs?	Examination of the statement of affairs is one of its functions.
What role does the committee play in asset recovery?	It assists and monitors recovery of property, cash, and other assets of the company.
Does the committee review audit reports and accounts?	Review of audit reports and accounts is one of its functions.
Does the committee assist in the sale of assets?	Sale of assets is one of the areas monitored by the committee.
Does the committee participate in finalising creditors and contributories?	Finalisation of the list of creditors and contributories is one of its functions.
What is the committee's role regarding claims?	It assists in compromise, abandonment, and settlement of claims.
Does the committee supervise payment of dividends?	Payment of dividends, if any, is one of its functions.
Can the Tribunal assign additional functions to the winding-up committee?	The committee may perform any other function directed by the Tribunal.
How often must the Company Liquidator submit reports to the Tribunal?	On a monthly basis.
What must accompany the monthly report submitted to the Tribunal?	Minutes of the meetings duly signed by the members present.
Until when must monthly reports be submitted?	Until the final report for dissolution is submitted.
Who prepares the draft final report?	The Company Liquidator.
Who considers and approves the draft final report?	The winding-up committee.
What happens after approval of the final report by the winding-up committee?	The Company Liquidator submits it to the Tribunal for a dissolution order.
What is the primary objective of Section 277?	To ensure supervision, monitoring, and orderly conduct of liquidation proceedings through the winding-up committee.
What is the subject matter of the section 278?	Effect of winding up of order.
What is the effect of a winding-up order under Section 278?	A winding-up order operates in favour of all creditors and contributories of the company.
In whose favour does a winding-up order operate?	In favour of all creditors and all contributories of the company.
How is a winding-up order deemed to have been made?	As if made on the joint petition of creditors and contributories.
What is the subject matter of Section 279 of the Companies Act, 2013?	Stay of suits and legal proceedings on winding-up order.
When does Section 279 become applicable?	When a winding-up order has been passed or a provisional liquidator has been appointed.
Can a new suit or legal proceeding be commenced against the company after a winding-up order?	Only with the leave of the Tribunal and subject to its terms.
Can pending suits continue after a winding-up order?	Only with the leave of the Tribunal and subject to its terms.
Who grants permission to commence or continue legal proceedings after a winding-up order?	The Tribunal.
Within what period must the Tribunal dispose of an application seeking leave under Section 279?	Within 60 days.
Does Section 279 apply to proceedings pending in appeal before the Supreme Court?	It does not apply to proceedings pending in appeal before the Supreme Court.
Does Section 279 apply to proceedings pending in appeal before a High Court?	It does not apply to proceedings pending in appeal before a High Court.
What is the subject matter of Section 280 of the Companies Act, 2013?	Jurisdiction of the Tribunal in winding-up matters.
Does the Tribunal's jurisdiction under Section 280 override other laws?	The Tribunal has jurisdiction notwithstanding anything contained in any other law.
Can the Tribunal entertain suits by or against the company?	The Tribunal has jurisdiction over any suit or proceeding by or against the company.
Can the Tribunal decide claims made by or against the company?	The Tribunal has jurisdiction over claims by or against the company, including branch claims in India.
Does the Tribunal have jurisdiction over applications under Section 233?	The Tribunal may entertain and dispose of applications under Section 233.
Can the Tribunal decide questions of priority in winding-up?	Questions of priorities fall within the Tribunal's jurisdiction.
Can the Tribunal decide questions of law and fact relating to winding-up?	The Tribunal may decide any question of law or fact arising out of or relating to winding-up.
Does the Tribunal's jurisdiction extend to matters relating to assets and business of the company?	Matters relating to assets, business, actions, rights, entitlements, privileges, benefits, duties, responsibilities, and obligations fall within its jurisdiction.
Does the Tribunal have jurisdiction over matters arising before the winding-up order?	The jurisdiction extends to matters arising before the winding-up order.
Does the Tribunal have jurisdiction over matters arising after the winding-up order?	The jurisdiction extends to matters arising after the winding-up order.
What is the primary objective of Section 280?	To vest comprehensive jurisdiction in the Tribunal over all matters connected with the winding up of a company.
What is the subject matter of Section 281 of the Companies Act, 2013?	Submission of report by Company Liquidator.
When must the Company Liquidator submit the report to the Tribunal?	Within 60 days from the winding-up order or appointment.
To whom is the report submitted?	The Tribunal.
What details regarding assets must be included in the report?	Nature, details, location and value of the assets of the company.
Must cash balances be separately stated in the report?	Cash balance in hand and in bank must be stated separately.
Must negotiable securities be disclosed in the report?	Negotiable securities held by the company must be disclosed.
Who values the assets of the company for the report?	Registered valuers.
Must the report contain details of the company's capital?	Amount of capital issued, subscribed and paid-up must be stated.
What liability details must be included in the report?	Existing and contingent liabilities of the company.
Must creditors be identified in the report?	Names, addresses and occupations of creditors must be stated.
Must secured and unsecured debts be separately disclosed?	Secured and unsecured debts must be separately stated.
What particulars of secured debts must be included?	Details of securities, their value, and dates on which they were given.
Must debts due to the company be included in the report?	Debts due to the company and likely realizable amounts must be stated.
Must the report contain details of debtors?	Names, addresses and occupations of debtors must be included.
Are company guarantees required to be disclosed?	Details of guarantees extended by the company must be disclosed.
Must contributories be listed in the report?	A list of contributories and dues payable by them must be included.
Should unpaid calls be disclosed in the report?	Details of unpaid calls must be included.
Must intellectual property owned by the company be reported?	Details of trademarks and intellectual properties owned by the company must be included.
Must subsisting contracts be disclosed?	Details of subsisting contracts, joint ventures and collaborations must be included.
Must information about holding and subsidiary companies be provided?	Details of holding and subsidiary companies must be included.
Must legal proceedings involving the company be disclosed?	Details of legal cases filed by or against the company must be included.
Can the report include additional information?	Any information directed by the Tribunal or considered necessary by the Company Liquidator may be included.
What must the Company Liquidator report regarding the formation of the company?	The manner in which the company was promoted or formed.
Must suspected fraud be reported by the Company Liquidator?	Any fraud in promotion, formation, or by officers of the company must be reported if, in the liquidator's opinion, it exists.
Must the liquidator report other matters to the Tribunal?	Any matter desirable to bring to the Tribunal's notice may be reported.
What must the liquidator report regarding the business of the company?	The viability of the business of the company.
What must the liquidator report regarding company assets?	Steps necessary for maximising the value of the assets of the company.
Can the Company Liquidator submit additional reports?	The Company Liquidator may submit further reports if he thinks fit.
Who may inspect the report submitted under Section 281?	Any person claiming in writing to be a creditor or contributory.
Can a creditor inspect the report?	A creditor may inspect the report at reasonable times.
Can a contributory inspect the report?	A contributory may inspect the report at reasonable times.
Can copies or extracts of the report be obtained?	Copies or extracts may be taken on payment of prescribed fees.
What is the primary objective of Section 281?	To provide the Tribunal with a comprehensive picture of the company's affairs, assets, liabilities, viability, and possible fraud during winding-up proceedings.
What is the subject matter of Section 282 of the Companies Act, 2013?	Directions of Tribunal on report of Company Liquidator.
What must the Tribunal do after considering the report of the Company Liquidator?	Fix a time limit within which the winding-up proceedings shall be completed and the company dissolved.
Can the Tribunal revise the time limit for completion of winding up?	The Tribunal may revise the time limit if continuation of proceedings is not advantageous or economical.
At what stage can the Tribunal revise the time limit?	At any stage of the winding-up proceedings.
Whom may the Tribunal hear before revising the time limit?	The Company Liquidator, creditors, contributories, or any other interested person.
Can the Tribunal order the sale of the company?	The Tribunal may order the sale of the company as a going concern.
Can the Tribunal order sale of company assets?	The Tribunal may order sale of the assets or any part thereof.
On whose reports may the Tribunal order sale of the company or assets?	On examination of the reports submitted by the Company Liquidator.
Whom may the Tribunal hear before ordering a sale?	The Company Liquidator, creditors, contributories, or any other interested person.
Can the Tribunal appoint a sale committee?	The Tribunal may appoint a sale committee where it considers fit.
Who may be included in the sale committee?	Creditors, promoters, and officers of the company.
What is the function of the sale committee?	To assist the Company Liquidator in the sale process.
What happens if a report indicates that fraud has been committed in respect of the company?	The Tribunal shall order an investigation under Section 210.
Can fraud investigation proceed alongside winding-up proceedings?	Investigation may be ordered without prejudice to the winding-up process.
What may the Tribunal do after considering the investigation report?	Pass orders and give directions under Sections 339 to 342.
Can the Tribunal direct filing of a criminal complaint for fraud?	The Tribunal may direct the Company Liquidator to file a criminal complaint against persons involved in the fraud.
Can the Tribunal take steps to protect company assets?	The Tribunal may order measures necessary to protect company assets.
Can the Tribunal take steps to preserve company assets?	The Tribunal may order measures necessary to preserve company assets.
Can the Tribunal take steps to enhance the value of company assets?	The Tribunal may order measures necessary to enhance the value of company assets.
Does the Tribunal possess residual powers under Section 282?	The Tribunal may pass any other order or direction it considers fit.
What is the primary objective of Section 282?	To empower the Tribunal to supervise winding-up proceedings, maximise asset value, address fraud, and ensure efficient dissolution of the company.
What is the subject matter of Section 283 of the Companies Act, 2013?	Custody of company's properties.
When does Section 283 become applicable?	When a winding-up order has been made or a provisional liquidator has been appointed.
Who takes custody or control of the company's property after a winding-up order?	The Company Liquidator or provisional liquidator.
Under whose authority does the liquidator take custody of the company's property?	Under the order of the Tribunal.
What assets must the Company Liquidator take into custody or control?	All property, effects and actionable claims to which the company is or appears to be entitled.
What are actionable claims under Section 283?	Claims or rights enforceable by legal action that belong or appear to belong to the company.
Must the liquidator take steps to protect company property?	The liquidator shall take necessary steps to protect company property.
Must the liquidator preserve company property?	The liquidator shall take necessary measures to preserve company property.
From which date are the company's properties deemed to be in the custody of the Tribunal?	From the date of the winding-up order.
Does the Tribunal have deemed custody of company property even if the liquidator has physical possession?	All property and effects are deemed to be in the custody of the Tribunal.
Can the Tribunal direct persons to hand over company assets to the liquidator?	The Tribunal may order delivery of company assets to the Company Liquidator.
Who may apply to the Tribunal for such directions?	The Company Liquidator.
Can the Tribunal act without an application from the liquidator?	The Tribunal may act otherwise on its own authority.
Who may be required to deliver company property to the liquidator?	Contributories, trustees, receivers, bankers, agents, officers, or other employees of the company.
Can a banker be ordered to hand over company assets?	A banker may be directed to pay, deliver, surrender, or transfer company property.
Can company officers be directed to surrender company books and papers?	Officers may be directed to deliver books and papers belonging to the company.
Can the Tribunal specify a time limit for compliance with its order?	The Tribunal may require compliance forthwith or within such time as it directs.
What types of items may be ordered to be transferred to the liquidator?	Money, property, books and papers belonging or appearing to belong to the company.
What is the primary objective of Section 283?	To secure, protect, preserve, and place all company assets and records under the control of the Tribunal and Company Liquidator during winding-up proceedings.
What is the subject matter of Section 284 of the Companies Act, 2013?	Promoters, directors, etc., to cooperate with Company Liquidator.
Who is required to cooperate with the Company Liquidator under Section 284?	Promoters, directors, officers, and employees who are or have been associated with the company.
Are former employees required to cooperate with the Company Liquidator?	Former employees of the company are required to cooperate.
Are persons formerly associated with the company required to cooperate?	Persons who have acted for or been associated with the company are required to cooperate.
What level of cooperation is required under Section 284(1)?	Full cooperation in the discharge of the Company Liquidator's functions and duties.
Why must promoters, directors, officers, and employees cooperate with the Company Liquidator?	To assist the Company Liquidator in discharging his functions and duties during winding up.
What can the Company Liquidator do if a person fails to cooperate?	The Company Liquidator may apply to the Tribunal for necessary directions.
Under which provision can the Company Liquidator approach the Tribunal for non-cooperation?	Section 284(2).
What is the Tribunal required to do upon receiving such an application?	The Tribunal shall direct the person to comply with the instructions of the Company Liquidator.
Can the Tribunal compel cooperation with the Company Liquidator?	The Tribunal may order the person to cooperate with the Company Liquidator.
What must the person do after the Tribunal issues directions?	Comply with the instructions of the Company Liquidator and cooperate in the discharge of his duties.
Who may seek directions from the Tribunal in case of non-cooperation?	The Company Liquidator.
Can promoters be compelled by the Tribunal to assist the Company Liquidator?	Promoters may be directed by the Tribunal to cooperate.
Can directors be compelled by the Tribunal to assist the Company Liquidator?	Directors may be directed by the Tribunal to cooperate.
Can officers be compelled by the Tribunal to assist the Company Liquidator?	Officers may be directed by the Tribunal to cooperate.
Can employees be compelled by the Tribunal to assist the Company Liquidator?	Employees may be directed by the Tribunal to cooperate.
What is the primary objective of Section 284?	To ensure that all persons connected with the company provide full assistance and cooperation to the Company Liquidator during winding-up proceedings.
What is the subject matter of Section 285 of the Companies Act, 2013?	Settlement of list of contributories and application of assets.
What must the Tribunal do after passing a winding-up order?	Settle a list of contributories.
Can the Tribunal rectify the register of members during winding up?	The Tribunal shall cause rectification of the register of members wherever required.
What is the purpose of settling a list of contributories?	To identify persons liable to contribute towards the company's assets and liabilities.
What must the Tribunal do with the assets of the company after winding up?	Apply the assets towards discharge of the company's liabilities.
Can the Tribunal dispense with settlement of the list of contributories?	The Tribunal may dispense with settlement if no calls or adjustment of contributories' rights is necessary.
What distinction must the Tribunal make while settling the list of contributories?	Between contributories in their own right and contributories representing or liable for the debts of others.
Who is a contributory in winding up?	A person liable to contribute to the assets of the company in winding up.
Who may be included in the list of contributories?	Every person who is or has been a member of the company.
For what purposes may contributories be required to contribute?	Payment of debts, liabilities, winding-up expenses, and adjustment of contributories' rights.
Is a former member always liable to contribute?	A former member is not liable if he ceased to be a member one year or more before commencement of winding up.
Can a former member be liable for debts incurred after he ceased to be a member?	A former member is not liable for debts or liabilities contracted after he ceased to be a member.
When can a former member be called upon to contribute?	Only if present members are unable to satisfy the required contributions.
What is the maximum liability of a member in a company limited by shares?	The amount unpaid on the shares held by him.
Can a member of a company limited by shares be required to contribute beyond unpaid share capital?	No contribution can exceed the amount unpaid on his shares.
What is the maximum liability of a member in a company limited by guarantee?	The amount undertaken to be contributed on winding up.
If a company limited by guarantee also has share capital, what additional liability exists?	The member is liable for any unpaid amount on shares held by him.
Can a guarantor-member be liable both under guarantee and unpaid share capital?	Yes, where the company limited by guarantee has share capital.
What is the role of contributories in winding-up proceedings?	To contribute towards company liabilities and facilitate adjustment of rights among members where necessary.
What is the primary objective of Section 285?	To identify contributories, determine their liability, rectify membership records, and ensure proper application of company assets during winding up.
What is the subject matter of Section 286 of the Companies Act, 2013?	Obligations of directors and managers in winding up.
To whom does Section 286 apply?	Directors and managers of a limited company whose liability is unlimited under the Act.
Are such directors and managers liable only as ordinary members?	They are liable as ordinary members and may also be liable to make a further contribution.
How is the additional liability of such directors and managers determined?	As if they were members of an unlimited company at the commencement of winding up.
Can a director or manager with unlimited liability be required to make additional contributions?	Such director or manager may be required to make a further contribution to the company's assets.
What is the purpose of the additional contribution under Section 286?	To satisfy the debts, liabilities, costs, charges, and expenses of winding up.
Is a former director or manager always liable for additional contribution?	A former director or manager is not liable if he ceased to hold office one year or more before commencement of winding up.
What is the one-year rule under Section 286?	No further contribution can be required from a director or manager who left office at least one year before winding up commenced.
Can a former director or manager be liable for debts incurred after leaving office?	A former director or manager is not liable for debts or liabilities contracted after he ceased to hold office.
Does liability continue for debts incurred while holding office?	Liability may continue for debts incurred before cessation of office, subject to the Act.
Is the additional contribution automatic?	The Tribunal must deem the contribution necessary.
When can the Tribunal require additional contribution from a director or manager?	When necessary to satisfy the debts, liabilities, costs, charges, and expenses of winding up.
Can the articles of the company affect this liability?	The liability is subject to the articles of the company.
Who decides whether additional contribution is necessary?	The Tribunal.
Does Section 286 create personal liability for certain directors and managers?	It imposes additional personal liability on directors and managers whose liability is unlimited.
What is the difference between an ordinary member's liability and liability under Section 286?	Section 286 imposes an additional contribution beyond ordinary membership liability.
Can unlimited liability directors and managers be treated like members of an unlimited company during winding up?	They are treated as members of an unlimited company for determining further contribution.
What is the primary objective of Section 286?	To ensure that directors and managers with unlimited liability contribute further towards company debts and winding-up expenses when necessary.
What is the subject matter of Section 287 of the Companies Act, 2013?	Advisory committee.
Can the Tribunal constitute an advisory committee during winding up?	The Tribunal may direct the constitution of an advisory committee while passing a winding-up order.
What is the purpose of an advisory committee?	To advise the Company Liquidator and report to the Tribunal on matters directed by it.
Who determines the matters on which the advisory committee reports?	The Tribunal.
What is the maximum number of members in an advisory committee?	Not more than 12 members.
Who may be appointed as members of the advisory committee?	Creditors, contributories, or such other persons as directed by the Tribunal.
How does the Tribunal determine the composition of the advisory committee?	Keeping in view the circumstances of the company under liquidation.
Who must convene the meeting of creditors and contributories for forming the advisory committee?	The Company Liquidator.
Within what period must the Company Liquidator convene such meeting?	Within 30 days from the date of the winding-up order.
Why is the meeting of creditors and contributories convened?	To enable the Tribunal to determine persons who may be members of the advisory committee.
From where are creditors and contributories identified for the meeting?	From the books and documents of the company.
Does the advisory committee have inspection rights?	The advisory committee has the right to inspect company records and assets.
What documents may the advisory committee inspect?	Books of account and other documents of the company under liquidation.
Can the advisory committee inspect company assets and properties?	The advisory committee may inspect assets and properties at a reasonable time.
When may the advisory committee inspect company records and assets?	At a reasonable time.
Who presides over meetings of the advisory committee?	The Company Liquidator.
Who chairs the meetings of the advisory committee?	The Company Liquidator.
How are meetings and procedures of the advisory committee regulated?	In the manner prescribed under the rules.
What is the role of creditors in the advisory committee?	Creditors may serve as members and assist in advising the Company Liquidator.
What is the role of contributories in the advisory committee?	Contributories may serve as members and assist in advising the Company Liquidator.
Is the advisory committee a decision-making body?	Its primary function is to advise the Company Liquidator and report to the Tribunal.
What is the primary objective of Section 287?	To provide expert and stakeholder assistance to the Company Liquidator and Tribunal during winding-up proceedings.
What is the subject matter of Section 288 of the Companies Act, 2013?	Submission of periodical reports to Tribunal.
Who is required to submit periodical reports under Section 288?	The Company Liquidator.
To whom are periodical reports submitted?	The Tribunal.
What must the Company Liquidator report on?	The progress of the winding up of the company.
Is the Company Liquidator required to submit reports periodically?	The Company Liquidator shall make periodical reports to the Tribunal.
What is the minimum reporting frequency prescribed under Section 288?	A report must be submitted at the end of each quarter.
When must a mandatory progress report be submitted?	At the end of every quarter.
In what form are quarterly reports to be submitted?	In the prescribed form and manner.
What is the purpose of quarterly reports during winding up?	To keep the Tribunal informed about the progress of liquidation proceedings.
Can the Tribunal review its own orders during winding up?	The Tribunal may review orders made by it.
Who may apply for review of the Tribunal's orders?	The Company Liquidator.
Under which provision can the Company Liquidator seek review of orders?	Section 288(2).
Can the Tribunal modify its previous orders?	The Tribunal may make such modifications as it thinks fit.
Is an application necessary for review under Section 288(2)?	Review may be undertaken on an application by the Company Liquidator.
What discretion does the Tribunal have while reviewing orders?	The Tribunal may modify its orders as it considers appropriate.
Why are periodical reports important in winding-up proceedings?	They enable continuous supervision of the liquidation process by the Tribunal.
What is the primary objective of Section 288?	To ensure regular monitoring of winding-up proceedings and allow modification of Tribunal orders when necessary.
What is the status of Section 289 of the Companies Act, 2013?	Omitted by the Insolvency and Bankruptcy Code, 2016 with effect from 15-11-2016.
What was the heading of Section 289 before omission?	Power of Tribunal on application for stay of winding up.
Is Section 289 currently in force?	No, Section 289 has been omitted.
Which legislation omitted Section 289?	The Insolvency and Bankruptcy Code, 2016.
Under which provision of the Insolvency and Bankruptcy Code was Section 289 omitted?	Section 255 read with the Eleventh Schedule of the Insolvency and Bankruptcy Code, 2016.
From which date was Section 289 omitted?	15 November 2016.
What is the subject matter of Section 290 of the Companies Act, 2013?	Powers and duties of Company Liquidator.
Can the Company Liquidator carry on the business of the company during winding up?	The Company Liquidator may carry on the business so far as necessary for beneficial winding up.
Can the Company Liquidator execute documents on behalf of the company?	The Company Liquidator may execute deeds, receipts, and other documents in the name of the company.
Can the Company Liquidator use the company's seal?	The company’s seal may be used whenever necessary.
Can the Company Liquidator sell company property?	The Company Liquidator may sell movable and immovable property and actionable claims.
How may company property be sold by the Company Liquidator?	By public auction or private contract.
Can company property be sold in parcels?	Property may be sold in parcels.
Can the Company Liquidator transfer company property to any person or body corporate?	The Company Liquidator may transfer property to any person or body corporate.
Can the entire undertaking of the company be sold?	The whole undertaking may be sold as a going concern.
Can the Company Liquidator raise money during winding up?	Money may be raised on the security of company assets.
Can the Company Liquidator initiate legal proceedings?	The Company Liquidator may institute suits, prosecutions, or other legal proceedings.
Can the Company Liquidator defend legal proceedings?	The Company Liquidator may defend civil or criminal proceedings on behalf of the company.
Can the Company Liquidator invite and settle claims?	Claims of creditors, employees, and other claimants may be invited and settled.
How are sale proceeds distributed by the Company Liquidator?	In accordance with statutory priorities under the Act.
Can the Company Liquidator inspect records filed with the Registrar?	The Company Liquidator may inspect records and returns on the files of the Registrar or other authorities.
Can the Company Liquidator claim in the insolvency of a contributory?	The Company Liquidator may prove, rank, and claim in the insolvency of a contributory.
Can the Company Liquidator receive dividends from an insolvent contributory's estate?	Dividends may be received as a separate debt due from the insolvent.
Can the Company Liquidator deal with negotiable instruments?	The Company Liquidator may draw, accept, make, and endorse negotiable instruments.
Which negotiable instruments may be used by the Company Liquidator?	Cheques, bills of exchange, hundis, and promissory notes.
Can the Company Liquidator obtain letters of administration for a deceased contributory?	The Company Liquidator may obtain letters of administration in his official name.
Can the Company Liquidator recover money due from a deceased contributory's estate?	Recovery may be made in the Company Liquidator's official name.
Can professional assistance be obtained by the Company Liquidator?	The Company Liquidator may obtain professional assistance.
Can the Company Liquidator appoint professionals or agents?	Professionals or agents may be appointed for discharge of duties and protection of assets.
Can the Company Liquidator sign applications, affidavits, and petitions?	Necessary papers and instruments may be signed, executed, and verified.
For what purposes may documents be executed by the Company Liquidator?	Winding up, distribution of assets, and discharge of duties.
Can the Company Liquidator seek directions from the Tribunal?	The Company Liquidator may apply for orders or directions necessary for winding up.
Are the powers of the Company Liquidator unrestricted?	The powers are subject to the overall control of the Tribunal.
Can the Tribunal assign additional duties to the Company Liquidator?	The Tribunal may specify additional duties beyond those mentioned in Section 290.
What is the primary objective of Section 290?	To confer comprehensive powers and duties on the Company Liquidator for effective administration and completion of winding-up proceedings.
What is the subject matter of Section 291 of the Companies Act, 2013?	Provision for professional assistance to Company Liquidator.
Can the Company Liquidator appoint professionals to assist in winding-up proceedings?	The Company Liquidator may appoint professionals with the sanction of the Tribunal.
Whose sanction is required before appointing professionals under Section 291?	The sanction of the Tribunal.
Who may be appointed by the Company Liquidator under Section 291?	Chartered accountants, company secretaries, cost accountants, legal practitioners, or other professionals.
Can more than one professional be appointed under Section 291?	One or more professionals may be appointed.
For what purpose may professionals be appointed?	To assist the Company Liquidator in performing his duties and functions under the Act.
Can legal practitioners be appointed to assist the Company Liquidator?	Legal practitioners may be appointed with Tribunal sanction.
Can chartered accountants be appointed to assist the Company Liquidator?	Chartered accountants may be appointed with Tribunal sanction.
Can company secretaries be appointed to assist the Company Liquidator?	Company secretaries may be appointed with Tribunal sanction.
Can cost accountants be appointed to assist the Company Liquidator?	Cost accountants may be appointed with Tribunal sanction.
Who determines the terms and conditions of appointment of professionals?	The appointment is made on such terms and conditions as may be necessary.
Is disclosure of conflict of interest mandatory for appointed professionals?	Every appointed professional must disclose any conflict of interest.
To whom must conflict of interest be disclosed?	The Tribunal.
When must conflict of interest be disclosed?	Forthwith upon appointment.
What must a professional disclose besides conflict of interest?	Any lack of independence in respect of the appointment.
In what manner must the disclosure be made?	In the prescribed form.
Does Section 291 aim to ensure independent professional assistance?	Yes, through mandatory disclosure of conflict of interest and lack of independence.
What is the primary objective of Section 291?	To enable the Company Liquidator to obtain qualified professional assistance while ensuring transparency and independence.
What is the subject matter of Section 292 of the Companies Act, 2013?	Exercise and control of Company Liquidator’s powers.
While administering company assets, whose directions must the Company Liquidator consider?	Directions of creditors, contributories, and the advisory committee.
In which matters must the Company Liquidator have regard to such directions?	Administration of company assets and distribution among creditors.
Can creditors give directions to the Company Liquidator through a general meeting?	Creditors may give directions through a resolution passed at a general meeting.
Can contributories give directions to the Company Liquidator through a general meeting?	Contributories may give directions through a resolution passed at a general meeting.
Who can issue directions besides creditors and contributories?	The advisory committee.
What happens if directions of creditors or contributories conflict with those of the advisory committee?	Directions of creditors or contributories prevail.
Which directions override those of the advisory committee in case of conflict?	Directions given by creditors or contributories at a general meeting.
Can the Company Liquidator call meetings on his own initiative?	The Company Liquidator may summon meetings whenever he thinks fit.
Why may the Company Liquidator summon meetings?	To ascertain the wishes of creditors or contributories.
When is the Company Liquidator required to summon meetings?	When directed by resolution of creditors or contributories.
Can creditors compel the Company Liquidator to call a meeting?	Yes, through a resolution or written request meeting statutory requirements.
Can contributories compel the Company Liquidator to call a meeting?	Yes, through a resolution or written request meeting statutory requirements.
What minimum support is required for a written request to convene a meeting?	Not less than one-tenth in value of creditors or contributories.
Must the Company Liquidator comply with a valid written request for a meeting?	He shall summon the meeting.
Who may challenge an act or decision of the Company Liquidator?	Any person aggrieved by the act or decision.
Before which authority can such grievance be raised?	The Tribunal.
What powers does the Tribunal have regarding a challenged act or decision?	It may confirm, reverse, or modify the act or decision.
Can the Tribunal pass additional orders after hearing a grievance?	The Tribunal may make such further order as it considers just and proper.
What is the primary objective of Section 292?	To regulate the exercise of the Company Liquidator’s powers through stakeholder oversight and Tribunal supervision.
What is the subject matter of Section 293 of the Companies Act, 2013?	Books to be kept by Company Liquidator.
Who is required to keep books under Section 293?	The Company Liquidator.
How must the books be maintained by the Company Liquidator?	In the prescribed manner.
Is the Company Liquidator required to maintain proper books?	The Company Liquidator shall keep proper books.
What proceedings must be recorded in the books?	Proceedings at meetings.
Must minutes of meetings be entered in the books?	Minutes of meetings shall be recorded.
Can entries relating to matters other than meetings be recorded?	Entries of other prescribed matters shall also be made.
Who may inspect the books maintained by the Company Liquidator?	Any creditor or contributory.
Can a creditor inspect the books personally?	A creditor may inspect the books personally.
Can a contributory inspect the books through an agent?	A contributory may inspect the books through an agent.
Is the right of inspection absolute?	It is subject to the control of the Tribunal.
Who exercises control over inspection of the books?	The Tribunal.
Can both creditors and contributories access the liquidation records?	Both creditors and contributories have inspection rights.
What is the purpose of maintaining books under Section 293?	To ensure proper recording and transparency of liquidation proceedings.
What is the primary objective of Section 293?	To maintain accurate records of liquidation proceedings and provide inspection rights to creditors and contributories under Tribunal supervision.
What is the subject matter of Section 294 of the Companies Act, 2013?	Audit of Company Liquidator’s accounts.
Is the Company Liquidator required to maintain proper books?	The Company Liquidator shall keep proper books in the prescribed manner.
What records must be entered in the books maintained by the Company Liquidator?	Proceedings of meetings and other prescribed matters.
Who may inspect the books maintained by the Company Liquidator?	Any creditor or contributory.
Can inspection of books be carried out through an agent?	Inspection may be made personally or through an agent.
Whose control governs inspection of the books?	The Tribunal.
Must the Company Liquidator maintain books of account?	Proper and regular books of account shall be maintained.
What financial records must be maintained by the Company Liquidator?	Accounts of all receipts and payments.
In what manner must accounts be maintained?	In the prescribed form and manner.
How often must the Company Liquidator present accounts to the Tribunal?	At prescribed times, but not less than twice in each year.
To whom are the accounts presented?	The Tribunal.
In how many copies must the accounts be submitted?	In duplicate.
What must accompany the accounts submitted to the Tribunal?	A prescribed declaration verifying the accounts.
Who audits the accounts of the Company Liquidator?	The Tribunal causes the accounts to be audited.
Can the Tribunal demand vouchers and information from the Company Liquidator?	The Company Liquidator must furnish vouchers and information required for audit.
Can the Tribunal inspect the books of account of the Company Liquidator?	The Tribunal may require production and inspection of books at any time.
What happens after the accounts are audited?	One copy is filed with the Tribunal and another with the Registrar.
Who may inspect the audited accounts filed with the Registrar?	Creditors, contributories, and interested persons.
What additional requirement applies to Government companies?	A copy of the audited accounts must be forwarded to the concerned Government member.
When must accounts be sent to the Central Government?	When the Central Government is a member of the Government company.
When must accounts be sent to a State Government?	When a State Government is a member of the Government company.
When must accounts be sent to both Central and State Governments?	When both are members of the Government company.
Must audited accounts be printed?	The Company Liquidator shall cause the audited accounts or a summary thereof to be printed.
To whom must printed accounts or summaries be sent?	Every creditor and every contributory.
How are printed accounts or summaries communicated?	By post.
Can the Tribunal dispense with sending printed accounts?	The Tribunal may dispense with this requirement where it deems fit.
What is the primary objective of Sections 293 and 294?	To ensure transparency, proper record-keeping, auditing, and accountability in the liquidation process.
What is the subject matter of Section 295 of the Companies Act, 2013?	Payment of debts by contributory and extent of set-off.
When may the Tribunal require a contributory to pay money due to the company?	At any time after passing of a winding-up order.
Who may be directed to make payment under Section 295(1)?	Any contributory for the time being on the list of contributories.
Can payment be required from the estate represented by a contributory?	Payment may be required from the estate of the person whom he represents.
What type of money can the Tribunal order a contributory to pay?	Money due to the company.
Does Section 295(1) include money payable by way of calls?	No, it excludes money payable by virtue of any call under the Act.
Who determines the manner in which payment is to be made?	The Tribunal.
Can set-off be allowed in the case of an unlimited company?	The Tribunal may allow set-off in the case of an unlimited company.
What may be set off in the case of an unlimited company?	Money due to the contributory from the company on an independent dealing or contract.
Can dividends due to a contributory be claimed as set-off?	No, money due as dividend or profit cannot be set off.
Can profits due to a member be claimed as set-off?	No, profits due in the capacity of a member cannot be set off.
What is meant by an independent dealing or contract for set-off purposes?	A transaction separate from rights arising as a member of the company.
Can a director or manager with unlimited liability claim set-off in a limited company?	The Tribunal may allow such set-off.
Can the estate of a director or manager with unlimited liability claim set-off?	Such set-off may be allowed to his estate.
When can any money due to a contributory be set off against a subsequent call?	After all creditors have been paid in full.
Does Section 295(3) apply to both limited and unlimited companies?	Yes, it applies to any company.
Can any amount due from the company to a contributory be adjusted against a later call?	It may be allowed by way of set-off against a subsequent call.
What is the primary objective of Section 295?	To enable recovery of debts due to the company from contributories while permitting equitable set-off in specified circumstances.
What is the subject matter of Section 296 of the Companies Act, 2013?	Power of Tribunal to make calls.
When may the Tribunal make calls on contributories?	At any time after the passing of a winding-up order.
Can the Tribunal make calls before ascertaining the sufficiency of company assets?	Yes, calls may be made before ascertaining the sufficiency of assets.
Can the Tribunal make calls after ascertaining the sufficiency of company assets?	Yes, calls may also be made after such ascertainment.
On whom may the Tribunal make calls under Section 296?	All or any contributories for the time being on the list of contributories.
To what extent can calls be made on contributories?	To the extent of their liability.
For what purpose may calls be made by the Tribunal?	To satisfy company debts, liabilities, winding-up expenses, and adjust contributories' rights.
Can the Tribunal order payment of calls made under Section 296?	The Tribunal may make an order for payment of such calls.
Who decides the amount necessary to be raised through calls?	The Tribunal.
What is the primary objective of Section 296?	To empower the Tribunal to recover necessary funds from contributories during winding up.
What is the subject matter of Section 297 of the Companies Act, 2013?	Adjustment of rights of contributories.
Who adjusts the rights of contributories during winding up?	The Tribunal.
Between whom are rights adjusted under Section 297?	Among the contributories themselves.
What must the Tribunal do with any surplus remaining after winding up?	Distribute the surplus among persons entitled thereto.
Who is entitled to receive surplus assets of the company?	Persons entitled under law after settlement of liabilities.
What is the primary objective of Section 297?	To ensure equitable adjustment of contributories' rights and distribution of surplus.
What is the subject matter of Section 298 of the Companies Act, 2013?	Power to order costs.
When does Section 298 become relevant?	When company assets are insufficient to satisfy liabilities.
Who has the power to determine payment of winding-up costs?	The Tribunal.
From what source are winding-up costs paid under Section 298?	Out of the assets of the company.
What expenses may be ordered to be paid under Section 298?	Costs, charges, and expenses incurred in winding up.
Who determines the order of priority for payment of winding-up expenses?	The Tribunal.
On what basis is priority fixed under Section 298?	In such order of priority as the Tribunal considers just and proper.
What is the primary objective of Section 298?	To empower the Tribunal to allocate limited company assets towards winding-up expenses in a just and proper order of priority.
What is the subject matter of Section 299 of the Companies Act, 2013?	Power to summon persons suspected of having property of company, etc.
When may the Tribunal exercise powers under Section 299?	After appointment of a provisional liquidator or passing of a winding-up order.
Who may be summoned by the Tribunal under Section 299?	Any officer of the company or other relevant person.
Can a person suspected of possessing company property be summoned?	Such a person may be summoned before the Tribunal.
Can a person having company books or papers be summoned?	The Tribunal may summon such a person.
Can a person suspected of being indebted to the company be summoned?	The Tribunal may summon a suspected debtor of the company.
Can a person capable of providing information about company affairs be summoned?	The Tribunal may summon such a person.
What matters may information relate to under Section 299?	Promotion, formation, trade, dealings, property, books, papers, or affairs of the company.
Can the Tribunal examine a summoned person on oath?	The Tribunal may examine the person on oath.
In what forms may examination be conducted?	By oral examination, written interrogatories, or affidavit.
Can oral answers be reduced into writing?	The Tribunal may record answers in writing.
Can the Tribunal require a summoned person to sign recorded answers?	The person may be required to sign them.
Can the Tribunal compel production of books and papers?	The Tribunal may require production of books and papers relating to the company.
Does production of books affect an existing lien over them?	Production is without prejudice to any lien claimed.
Who decides disputes regarding a lien on books or papers?	The Tribunal.
Can the Tribunal direct the liquidator to submit a report?	The Tribunal may direct the liquidator to file a report.
What may the report relate to?	Debt or property of the company in possession of other persons.
What order may the Tribunal pass if a person is found indebted to the company?	It may order payment of the debt to the provisional liquidator or liquidator.
Can the Tribunal determine the manner and time of payment?	The Tribunal may determine both.
Can the Tribunal order payment of only part of a debt?	It may order payment of the whole or any part of the debt.
Can costs of examination be imposed on a debtor?	The Tribunal may order payment with or without costs.
What order may the Tribunal pass if a person possesses company property?	It may order delivery of the property to the provisional liquidator or liquidator.
Can the Tribunal determine the terms of delivery of company property?	The Tribunal may fix the time, manner, and terms of delivery.
What happens if a summoned person fails to appear without reasonable cause?	The Tribunal may impose appropriate costs.
How are orders under Section 299(5) enforced?	In the same manner as decrees under the Code of Civil Procedure, 1908.
What is the effect of payment made pursuant to an order under Section 299(5)?	The person is discharged from liability regarding that debt.
What is the effect of delivery of property pursuant to an order under Section 299(5)?	The person is discharged from liability regarding that property unless otherwise directed.
What is the primary objective of Section 299?	To help the Tribunal and liquidator trace, recover, and secure company assets, books, information, and debts during winding up.
What is the subject matter of Section 300 of the Companies Act, 2013?	Power to order examination of promoters, directors, etc.
When can the Tribunal invoke Section 300?	After a winding-up order has been made by the Tribunal.
Whose report forms the basis for action under Section 300?	The report of the Company Liquidator.
What must the Company Liquidator state in his report for Section 300 to apply?	That a fraud has been committed in relation to the company.
In which activities must the alleged fraud relate?	Promotion, formation, business, or conduct of the affairs of the company.
Can the Tribunal direct a person to appear for examination under Section 300?	The Tribunal may direct such person or officer to attend before it.
Who may be examined under Section 300?	Any person or officer suspected of involvement in the fraud.
What may the examination relate to?	Promotion, formation, business conduct, or dealings as an officer of the company.
Must the Company Liquidator participate in the examination?	The Company Liquidator shall take part in the examination.
Can the Company Liquidator engage legal assistance for the examination?	Legal assistance may be employed with special authorisation of the Tribunal.
Who sanctions the legal assistance engaged by the Company Liquidator?	The Tribunal.
On what basis is the person examined under Section 300?	On oath.
Is the examinee required to answer questions put by the Tribunal?	The examinee shall answer all such questions.
Can questions be asked by persons authorised by the Tribunal?	Questions allowed by the Tribunal may be put to the examinee.
Is the examinee entitled to receive a copy of the Liquidator's report?	A copy of the report shall be furnished before examination.
Who bears the cost of obtaining the report copy?	The examinee.
Can the examinee engage professional assistance?	The examinee may employ professionals at his own cost.
Which professionals may assist the examinee?	Chartered accountants, company secretaries, cost accountants, or legal practitioners entitled to appear before the Tribunal.
Can such professionals question the examinee during proceedings?	They may put questions with the Tribunal's approval.
Why may professionals put questions to the examinee?	To enable him to explain or qualify his answers.
Can the examinee seek exculpation from charges?	The examinee may apply to the Tribunal for exculpation.
What is the duty of the Company Liquidator when such an application is made?	To appear and draw attention to relevant matters.
What may the Tribunal do if it allows the exculpation application?	It may award costs to the applicant.
Must notes of the examination be recorded?	Notes of the examination shall be taken down in writing.
Who signs the recorded notes of examination?	The person examined.
Is the examinee entitled to a copy of the examination notes?	A copy shall be supplied to him.
Can examination notes be used as evidence?	They may be used in evidence against the examinee.
Who may inspect the examination notes?	Any creditor or contributory.
Can the Tribunal adjourn the examination?	The Tribunal may adjourn the examination from time to time.
Can the examination be conducted before another authority?	The Tribunal may direct examination before an authorised person or authority.
Can the authorised person exercise Tribunal powers during examination?	Such person may exercise Tribunal powers relating to conduct of examination.
Can the authorised person determine costs?	No, powers regarding costs remain with the Tribunal.
What is the primary objective of Section 300?	To investigate suspected fraud in the affairs of a company through compulsory examination of relevant persons during winding up.
What is the subject matter of Section 301 of the Companies Act, 2013?	Arrest of person trying to leave India or abscond.
When may the Tribunal exercise powers under Section 301?	At any time before or after passing a winding-up order.
Against whom can action be taken under Section 301?	A contributory or a person having company property, accounts, or papers in his possession.
What must the Tribunal be satisfied about before exercising powers under Section 301?	That the person is about to leave India, abscond, remove, or conceal property.
Why may detention be ordered under Section 301?	To prevent evasion of payment of calls or avoidance of examination regarding company affairs.
Can a contributory be detained under Section 301?	The Tribunal may order detention of the contributory.
For how long may detention continue under Section 301?	Until such time as the Tribunal may order.
Can books and papers be seized under Section 301?	The Tribunal may order seizure of books and papers.
Can movable property be seized under Section 301?	Movable property may be seized and safely kept.
What is the primary objective of Section 301?	To prevent absconding and secure company assets, records, and liabilities during winding up.
What is the subject matter of Section 302 of the Companies Act, 2013?	Dissolution of company by Tribunal.
When may the Company Liquidator apply for dissolution of a company?	When the affairs of the company have been completely wound up.
Who makes the application for dissolution?	The Company Liquidator.
To whom is the application for dissolution made?	The Tribunal.
Can the Tribunal order dissolution on its own satisfaction?	The Tribunal may order dissolution if it considers it just and reasonable.
From which date does dissolution take effect?	From the date of the Tribunal's order.
What is the effect of an order under Section 302(2)?	The company stands dissolved accordingly.
Within what period must action be taken after the dissolution order?	Within thirty days from the date of the order.
To whom is a copy of the dissolution order forwarded?	The Registrar.
What must the Registrar do upon receiving the dissolution order?	Record a minute of dissolution in the register relating to the company.
Can the Tribunal direct the Company Liquidator to forward a copy of the order to the Registrar?	Yes, such direction may be issued.
What is the primary objective of Section 302?	To provide the final legal closure and dissolution of a company after completion of winding-up proceedings.
What is the subject matter of Section 303 of the Companies Act, 2013?	Appeals from orders made before commencement of the Act.
Does Section 303 affect orders passed before commencement of the Companies Act, 2013?	No, such orders continue to operate and remain enforceable.
Where must appeals against pre-commencement winding-up orders be filed?	Before the authority competent to hear such appeals before commencement of the Act.
What is the primary objective of Section 303?	To preserve the validity and appellate mechanism of winding-up orders passed before the Companies Act, 2013 came into force.
Section 304- 323 (Omitted)
What is the subject matter of Section 324 of the Companies Act, 2013?	Debts of all descriptions to be admitted to proof.
In which proceedings does Section 324 apply?	In every winding up.
Are contingent debts admissible to proof during winding up?	All debts payable on a contingency are admissible to proof.
Can present claims against the company be proved in winding up?	Present claims are admissible to proof.
Can future claims against the company be proved in winding up?	Future claims are admissible to proof.
Are contingent claims admissible during winding up?	Contingent claims are admissible to proof.
Can ascertained claims be admitted to proof?	Ascertained claims are admissible to proof.
Can claims sounding only in damages be admitted to proof?	Claims sounding only in damages are admissible to proof.
Does Section 324 permit proof of all categories of claims against the company?	Yes, subject to the provisions applicable to insolvent companies.
What must be done where the value of a claim is uncertain?	A just estimate of its value must be made.
How is the value of a contingent debt determined?	By making a just estimate as far as possible.
Can claims dependent upon future events be valued for proof?	Such claims may be estimated and admitted to proof.
What happens when a claim sounds only in damages and has no fixed value?	A just estimate of the value must be made.
Are claims without a presently certain value excluded from proof?	No, they are admitted after valuation by reasonable estimation.
What is the principle underlying Section 324?	All genuine liabilities of the company should be considered during winding up, even if contingent or unascertained.
What is the primary objective of Section 324?	To ensure comprehensive admission and valuation of all debts and claims against the company during winding up.
What was the subject matter of Section 325 of the Companies Act, 2013?	Application of insolvency rules in winding up of insolvent companies.
What is the current status of Section 325?	Omitted.
Which legislation omitted Section 325?	Insolvency and Bankruptcy Code, 2016.
Under which provision was Section 325 omitted?	Section 255 read with the Eleventh Schedule of the Insolvency and Bankruptcy Code, 2016.
From which date was Section 325 omitted?	15 November 2016.
Is Section 325 presently in force?	No, it stands omitted.
Did Section 325 relate to winding up of insolvent companies?	Yes, it dealt with application of insolvency rules in such winding up.
Can Section 325 be relied upon as an operative provision today?	No, it has no current legal effect.
Was the omission of Section 325 part of insolvency law reforms introduced by the Insolvency and Bankruptcy Code, 2016?	Yes.
Should Section 325 be studied as an omitted provision for examination purposes?	Yes, as a historical and omitted provision.
What is the subject matter of Section 326 of the Companies Act, 2013?	Overriding preferential payments.
Which debts receive overriding priority in winding up under Section 326?	Workmen's dues and certain debts due to secured creditors.
What is the first category of debts given priority under Section 326(1)?	Workmen's dues.
What is the second category of debts given priority under Section 326(1)?	Certain unpaid debts of secured creditors relating to realised secured assets.
When does a secured creditor qualify for priority under Section 326?	When he has realised a secured asset but remains unpaid to a specified extent.
How much of the secured creditor's debt receives priority?	The unrecovered debt or the workmen's portion in the security, whichever is less.
How are secured creditors' eligible dues paid in relation to workmen's dues?	Pari passu with workmen's dues.
What does pari passu mean in the context of Section 326?	Equal ranking and proportionate payment.
Which workmen's dues receive special super-priority under the proviso to Section 326(1)?	Dues under clauses (i) and (ii) of the definition of workmen's dues.
For what period are wages and holiday remuneration given special priority?	Two years preceding the winding-up order or such other prescribed period.
Within what period must such dues be paid after sale of assets?	Within thirty days of sale of assets.
Do these dues rank above secured creditors?	Yes, they have priority over all other debts including secured creditors.
What happens after payment of dues covered by the proviso?	Other debts under Section 326(1) are paid.
What if company assets are insufficient to meet overriding preferential payments?	The debts abate in equal proportions.
Who are workmen for the purposes of Section 326?	Employees who are workmen under Section 2(s) of the Industrial Disputes Act, 1947.
Do wages and salaries form part of workmen's dues?	Yes, wages and salaries are included.
Is commission-based salary included in workmen's dues?	Yes, salary earned wholly or partly by commission is included.
Is compensation under the Industrial Disputes Act included in workmen's dues?	Yes.
Is accrued holiday remuneration included in workmen's dues?	Yes.
Can holiday remuneration payable after termination of employment be treated as workmen's dues?	Yes.
Is compensation for death or disablement of workmen included in workmen's dues?	Yes, subject to statutory conditions.
Are provident fund dues included in workmen's dues?	Yes.
Are pension fund dues included in workmen's dues?	Yes.
Are gratuity fund dues included in workmen's dues?	Yes.
Are welfare fund dues included in workmen's dues?	Yes.
What is meant by workmen's portion in relation to a secured creditor's security?	The proportion of the security attributable to workmen's dues.
How is workmen's portion calculated?	In the same ratio as workmen's dues bear to the aggregate of workmen's dues and secured creditors' debts.
Why is the concept of workmen's portion important?	It protects workmen's claims against secured assets.
What is the primary objective of Section 326?	To ensure overriding priority and protection of workmen's dues during winding up.
What is the subject matter of Section 327 of the Companies Act, 2013?	Preferential payments.
Which provision overrides Section 327?	Section 326.
Which government dues are entitled to preferential payment?	Revenues, taxes, cesses, and rates due to the Central Government, State Government, or local authority.
Within what period must government dues have become payable to qualify for preference?	Within twelve months immediately before the relevant date.
What employee dues are covered under Section 327(1)(b)?	Wages or salary including commission-based earnings.
For what maximum period are wages and salary given preferential status?	Four months within the twelve months immediately before the relevant date.
What is the condition regarding preferential payment to workmen under clause (b)?	The amount shall not exceed the notified limit.
What employee benefit is covered under Section 327(1)(c)?	Accrued holiday remuneration.
Who may claim accrued holiday remuneration after the death of an employee?	A person claiming under the deceased employee.
Which statutory contributions receive preferential status under Section 327(1)(d)?	Contributions payable under the Employees’ State Insurance Act, 1948 and similar laws.
For what period must such contributions be due?	Twelve months immediately before the relevant date.
Which compensation claims are covered under Section 327(1)(e)?	Compensation for death or disablement of an employee under the Workmen’s Compensation Act, 1923.
Which employee welfare funds are protected under Section 327(1)(f)?	Provident fund, pension fund, gratuity fund, and other welfare funds.
Which investigation expenses receive preferential payment?	Expenses of investigations under Sections 213 and 216.
Who obtains priority when money is advanced for payment of wages or holiday remuneration?	The person who advanced the money.
How do debts under Section 327 rank among themselves?	They rank equally.
How are preferential debts paid when assets are insufficient?	They abate in equal proportions.
Over whose claims do preferential debts have priority?	Claims of debenture holders under a floating charge.
When should preferential debts be discharged?	Forthwith, subject to retention of winding-up costs and expenses.
Is formal proof required for debts under Section 327(1)(d)?	Not ordinarily, except as prescribed.
What is the effect of distraint by a landlord within three months before the winding-up order?	Preferential debts become a first charge on the distrained goods or sale proceeds.
How is holiday remuneration treated under Section 327(6)?	It is deemed to be wages.
Do Sections 326 and 327 apply to liquidation under the Insolvency and Bankruptcy Code, 2016?	No.
What does the expression "employee" exclude for the purposes of Section 327?	A workman.
What is meant by "accrued holiday remuneration"?	Remuneration payable for a holiday period that would ordinarily have become payable had employment continued.
What is the relevant date where a provisional liquidator has been appointed?	The date of first appointment of the provisional liquidator.
What is the relevant date where no provisional liquidator has been appointed?	The date of the winding-up order.
What is the subject matter of Section 328 of the Companies Act, 2013?	Fraudulent preference.
What is meant by fraudulent preference under Section 328?	Giving an undue advantage to a creditor, surety, or guarantor before winding up.
Who may be the beneficiary of a fraudulent preference?	A creditor, surety, or guarantor of the company.
What is the effect of a fraudulent preference transaction?	It places the beneficiary in a better position during liquidation than otherwise.
Within what period before the winding-up application must the preference be given?	Six months.
Which authority determines whether a transaction amounts to fraudulent preference?	The Tribunal.
What power does the Tribunal have upon finding a fraudulent preference?	It may restore the position to what it would have been had the preference not been given.
What is the object of restoring the position under Section 328?	To remove the unfair advantage obtained through the preference.
What types of transactions may be scrutinised under Section 328(2)?	Transfer of property, delivery of goods, payment, or execution.
Does Section 328 apply to both movable and immovable property?	Yes.
Can a payment made within six months before the winding-up application be declared invalid?	Yes, if it amounts to a preferential transaction.
What can the Tribunal do after declaring a preferential transaction invalid?	Restore the original position.
What is the relevant look-back period under Section 328?	Six months before making the winding-up application.
Why is Section 328 important in winding up proceedings?	It prevents unfair preference to selected creditors at the expense of others.
What is the subject matter of Section 329 of the Companies Act, 2013?	Transfers not in good faith to be void.
Which transfers are declared void under Section 329?	Transfers not made in good faith and for valuable consideration.
Does Section 329 apply to both movable and immovable property?	Yes.
Does Section 329 cover delivery of goods by a company?	Yes.
Which transfers are protected from being declared void?	Transfers made in the ordinary course of business.
Which purchasers are protected under Section 329?	Purchasers in good faith and for valuable consideration.
Which encumbrancers are protected under Section 329?	Encumbrancers in good faith and for valuable consideration.
Within what period before the winding-up petition must the transfer be made to attract Section 329?	One year before the presentation of the winding-up petition.
Against whom is such transfer void?	The Company Liquidator.
What is the essential requirement for protection under Section 329?	Good faith and valuable consideration.
Are ordinary business transactions affected by Section 329?	No.
What is the consequence of a transfer falling within Section 329?	It becomes void against the Company Liquidator.
What is the objective of Section 329?	To prevent improper disposal of company assets before winding up.
What is the subject matter of Section 330 of the Companies Act, 2013?	Certain transfers to be void.
What type of transfer is declared void under Section 330?	Transfer or assignment of all properties or assets of a company to trustees for the benefit of all creditors.
Who are the beneficiaries in the transfer contemplated under Section 330?	All creditors of the company.
To whom are the company's properties or assets transferred under the void transaction?	Trustees.
Must the transfer involve all properties or assets of the company?	Yes.
What is the legal effect of such a transfer or assignment?	It is void.
Does Section 330 invalidate assignments made to trustees for all creditors?	Yes.
What is the purpose of Section 330?	To prevent a company from bypassing the statutory winding-up process through a general assignment of assets to trustees for creditors.
Against whom is the transfer treated as ineffective?	It is void in law.
What is the key requirement for attracting Section 330?	Transfer or assignment of all company properties or assets to trustees for the benefit of all creditors.
What is the subject matter of Section 331 of the Companies Act, 2013?	Liabilities and rights of certain persons fraudulently preferred.
To which type of transaction does Section 331 apply?	Fraudulent preference declared invalid under Section 328.
Who is a person preferred under Section 331(1)?	A person interested in property mortgaged or charged to secure the company's debt.
What liability is imposed on a fraudulently preferred person?	Liability similar to that of a personal surety for the debt.
To what extent does such liability arise?	To the extent of the mortgage or charge or the value of his interest, whichever is less.
What rights does the fraudulently preferred person acquire?	The same rights as a surety for the debt.
How is the value of the preferred person's interest determined?	As on the date of the fraudulent preference transaction.
How is the interest valued under Section 331(2)?	As if it were free from all encumbrances except those subject to the company's mortgage or charge.
Which authority determines disputes regarding fraudulent preference payments?	The Tribunal.
Can the Tribunal decide disputes between the recipient of payment and the surety or guarantor?	Yes.
Can the Tribunal grant relief regarding a fraudulent preference payment?	Yes.
Can a surety or guarantor be impleaded as a third party in such proceedings?	Yes.
Does Section 331(3) apply only to payments of money?	No.
How does Section 331(4) extend the scope of the provision?	It applies mutatis mutandis to transactions other than payment of money.
What is the primary objective of Section 331?	To regulate the rights and liabilities arising from fraudulent preference transactions during winding up.
What is the subject matter of Section 332 of the Companies Act, 2013?	Effect of floating charge.
To which charge does Section 332 apply?	A floating charge on the undertaking or property of a company.
When can a floating charge become invalid under Section 332?	When it is created within twelve months immediately preceding the commencement of winding up.
What must be proved to validate such a floating charge?	That the company was solvent immediately after creation of the charge.
What is the effect if solvency is not proved?	The floating charge becomes invalid.
Does the entire floating charge become invalid in every case?	No, there is an exception for fresh cash consideration.
What portion of the floating charge remains valid despite invalidity?	The amount of cash paid to the company in consideration of the charge.
Can cash advanced after creation of the charge also be protected?	Yes.
Is interest payable on the protected cash amount?	Yes.
What is the prescribed rate of interest under Section 332?	Five per cent per annum or such other notified rate.
Who may notify a different rate of interest?	The Central Government.
What is the relevant period for examining the floating charge?	Twelve months before commencement of winding up.
What is the primary objective of Section 332?	To prevent creation of floating charges shortly before winding up that unfairly prejudice creditors.
What is the subject matter of Section 333 of the Companies Act, 2013?	Disclaimer of onerous property.
Who has the power to disclaim onerous property during winding up?	Company Liquidator.
What permission is required before disclaimer of onerous property?	Leave of the Tribunal.
What type of land may be disclaimed under Section 333?	Land burdened with onerous covenants.
Can shares or stocks in companies be disclaimed?	Yes.
What kind of property may be disclaimed because of burdensome obligations?	Property not saleable or not readily saleable due to onerous obligations or payments.
Can unprofitable contracts be disclaimed?	Yes.
Within what period may the Company Liquidator disclaim property?	Within twelve months after commencement of winding up.
Can the Tribunal extend the period for disclaimer?	Yes.
What is the limitation period where the liquidator becomes aware of the property later?	Twelve months from the date of awareness or extended period allowed by the Tribunal.
What is the effect of disclaimer on the company's rights and liabilities?	It terminates the company's rights, interests and liabilities in the property.
Does disclaimer affect the rights of third parties?	Only to the extent necessary to release the company and its property from liability.
Can the Tribunal impose conditions before granting leave to disclaim?	Yes.
Can the Tribunal require notice to interested persons before disclaimer?	Yes.
Within how many days must the liquidator respond to an interested person's request regarding disclaimer?	Twenty-eight days.
What is the consequence if the liquidator fails to disclaim a contract after such request?	The contract is deemed to have been adopted.
Who may apply for rescission of a contract under Section 333(5)?	A person entitled to the benefit or subject to the burden of the contract.
Can damages awarded on rescission be proved in winding up?	Yes.
Who may apply for a vesting order regarding disclaimed property?	A person claiming an interest or subject to liability in respect of the property.
Can the Tribunal vest disclaimed property without conveyance or assignment?	Yes.
What is a vesting order?	An order transferring property to a person entitled thereto.
What special rule applies to leasehold property?	Vesting may be granted subject to lease liabilities and obligations.
What happens if a mortgagee or under-lessee refuses to accept a vesting order on prescribed terms?	He is excluded from all interest and security in the property.
Can the Tribunal vest leasehold property in a person liable to perform lease covenants?	Yes.
How is a person affected by disclaimer treated in winding up?	As a creditor of the company.
What may such affected person prove in winding up?	Compensation or damages arising from the disclaimer.
What is the primary objective of Section 333?	To relieve the company in liquidation from burdensome property and unprofitable obligations.
What is the subject matter of Section 334 of the Companies Act, 2013?	Transfers, etc., after commencement of winding up to be void.
To which type of winding up does Section 334 apply?	Winding up by the Tribunal.
What happens to a disposition of company property made after commencement of winding up?	It is void unless the Tribunal otherwise orders.
Does Section 334 apply to actionable claims of the company?	Yes.
What is the effect of a transfer of shares made after commencement of winding up?	It is void unless the Tribunal otherwise orders.
What is the effect of alteration in the status of members after commencement of winding up?	It is void unless the Tribunal otherwise orders.
Which authority may validate a transaction otherwise void under Section 334?	The Tribunal.
Are post-commencement transfers automatically valid?	No, they are void unless approved by the Tribunal.
What is the objective of Section 334?	To preserve the company's assets and membership structure after commencement of winding up.
From which point of time does Section 334 operate?	From the commencement of winding up.
What is the subject matter of Section 335 of the Companies Act, 2013?	Certain attachments, executions, etc., in winding up by Tribunal to be void.
To which type of winding up does Section 335 apply?	Winding up by the Tribunal.
What is the effect of an attachment enforced against company property after commencement of winding up without Tribunal's leave?	It is void.
What is the effect of a distress levied against company property without Tribunal's leave after commencement of winding up?	It is void.
What is the effect of an execution put in force without Tribunal's leave after commencement of winding up?	It is void.
What is the effect of a sale of company property held without Tribunal's leave after commencement of winding up?	It is void.
Whose permission is required before attachment, distress, execution, or sale of company property after commencement of winding up?	The Tribunal.
What property is protected under Section 335?	The estate, effects, properties, and assets of the company.
From what point does Section 335 operate?	From the commencement of winding up.
Which proceedings are excluded from the operation of Section 335?	Proceedings for recovery of taxes, imposts, or Government dues.
Do Government recovery proceedings require leave of the Tribunal under Section 335?	No.
What is the objective of Section 335?	To protect company assets from individual enforcement actions during winding up.
What is the subject matter of Section 336 of the Companies Act, 2013?	Offences by officers of companies in liquidation.
To whom does Section 336 apply?	Officers of a company being wound up or subsequently ordered to be wound up by the Tribunal.
What is the punishment under Section 336(1)?	Imprisonment of 3–5 years and fine of ₹1 lakh–₹3 lakh.
What offence is committed by failing to fully disclose company property to the Company Liquidator?	Offence under Section 336(1)(a).
What offence is committed by not delivering company property to the Company Liquidator?	Offence under Section 336(1)(b).
What offence is committed by not delivering company books and papers to the Company Liquidator?	Offence under Section 336(1)(c).
What is the minimum value of concealed property for attracting Section 336(1)(d)(i)?	₹1,000.
What offence is committed by concealing a debt due to or from the company?	Offence under Section 336(1)(d)(i).
What offence is committed by fraudulently removing company property?	Offence under Section 336(1)(d)(ii).
What offence is committed by concealing, destroying, mutilating, or falsifying company books or papers?	Offence under Section 336(1)(d)(iii).
What offence is committed by making a false entry in company books or papers?	Offence under Section 336(1)(d)(iv).
What offence is committed by fraudulently altering or omitting entries in company books?	Offence under Section 336(1)(d)(v).
What offence is committed by obtaining property on credit through false representation?	Offence under Section 336(1)(d)(vi).
What offence is committed by falsely pretending that the company is carrying on business to obtain credit?	Offence under Section 336(1)(d)(vii).
What offence is committed by pawning or pledging unpaid-for property not in the ordinary course of business?	Offence under Section 336(1)(d)(viii).
What offence is committed by making a material omission in a statement relating to company affairs?	Offence under Section 336(1)(e).
What offence is committed by failing to report a false debt proved in winding up?	Offence under Section 336(1)(f).
Within what period must information about a false debt be communicated to the Company Liquidator?	Within one month.
What offence is committed by preventing production of company books after commencement of winding up?	Offence under Section 336(1)(g).
What offence is committed by accounting for company property through fictitious losses or expenses?	Offence under Section 336(1)(h).
What offence is committed by making false representations to obtain creditors' consent regarding winding up affairs?	Offence under Section 336(1)(i).
What defence is available to an accused under Section 336?	Proof of absence of intent to defraud, conceal facts, or defeat the law.
What is the punishment for knowingly receiving property improperly pawned, pledged, or disposed of?	Imprisonment of 3–5 years and fine of ₹3 lakh–₹5 lakh.
Who is included within the meaning of "officer" under Section 336?	A person whose directions or instructions the directors are accustomed to follow.
What is the objective of Section 336?	To punish fraudulent conduct and non-cooperation by officers during liquidation.
What is the subject matter of Section 337 of the Companies Act, 2013?	Penalty for frauds by officers.
To whom does Section 337 apply?	Officers of a company subsequently ordered to be wound up by the Tribunal.
What is the punishment under Section 337?	Imprisonment of 1–3 years and fine of ₹1 lakh–₹3 lakh.
What offence is committed by inducing a person to give credit to the company through false pretences?	Fraud under Section 337(a).
What offence is committed by inducing credit through any other fraudulent means?	Fraud under Section 337(a).
What offence is committed by making a gift of company property with intent to defraud creditors?	Offence under Section 337(b).
What offence is committed by transferring company property with intent to defraud creditors?	Offence under Section 337(b).
What offence is committed by creating a charge on company property with intent to defraud creditors?	Offence under Section 337(b).
What offence is committed by causing or conniving at execution against company property with intent to defraud creditors?	Offence under Section 337(b).
What offence is committed by concealing company property after an unsatisfied judgment or order for payment?	Offence under Section 337(c).
What offence is committed by removing company property after an unsatisfied judgment or order for payment?	Offence under Section 337(c).
Within what period before an unsatisfied judgment can concealment or removal of property attract Section 337(c)?	Within two months before the judgment or order.
What intention is essential for offences under clauses (b) and (c)?	Intent to defraud creditors or other persons.
What is the primary objective of Section 337?	To punish fraudulent acts by company officers that prejudice creditors before winding up.
What is the subject matter of Section 338 of the Companies Act, 2013?	Liability where proper accounts not kept.
When does Section 338 become applicable?	During winding up of a company.
What period is examined for maintenance of proper books of account under Section 338?	Two years immediately preceding commencement of winding up or the period from incorporation, whichever is shorter.
Who is liable under Section 338 for failure to keep proper books of account?	Every officer in default.
What is the punishment under Section 338(1)?	Imprisonment of 1–3 years and fine of ₹1 lakh–₹3 lakh.
What defence is available to an officer under Section 338?	Proof that he acted honestly and the default was excusable in the circumstances.
What is deemed to constitute failure to keep proper books of account under Section 338(2)(a)?	Failure to maintain books necessary to exhibit and explain transactions and financial position.
What cash records must be maintained to constitute proper books of account?	Detailed day-to-day entries of all cash received and all cash paid.
What additional records must be maintained where the business involves dealings in goods?	Statements of annual stock takings.
What sales records must be maintained where the business involves goods?	Detailed records of goods sold.
What purchase records must be maintained where the business involves goods?	Detailed records of goods purchased.
What information must sales and purchase records disclose?	Identification of goods, buyers, and sellers.
Which businesses are exempted from detailed records of goods sold under Section 338(2)(b)?	Goods sold by way of ordinary retail trade.
What is the primary objective of Section 338?	To ensure proper maintenance of accounting records and accountability during winding up.
What is the subject matter of Section 339 of the Companies Act, 2013?	Liability for fraudulent conduct of business.
When does Section 339 become applicable?	During the winding up of a company.
What must appear for Section 339 to be invoked?	Business carried on with intent to defraud creditors or for a fraudulent purpose.
Who may apply to the Tribunal under Section 339(1)?	Official Liquidator, Company Liquidator, creditor, or contributory.
Against whom can a declaration under Section 339 be made?	Directors, managers, officers, or persons knowingly party to the fraudulent business.
What declaration may the Tribunal make under Section 339(1)?	Personal responsibility for company debts or liabilities.
Is liability under Section 339 limited?	No, it is without limitation of liability.
Can the Tribunal impose liability for all company debts?	Yes.
Can the Tribunal impose liability for only some company debts?	Yes.
Can the Official Liquidator give evidence during proceedings under Section 339?	Yes.
Can the Company Liquidator call witnesses in proceedings under Section 339?	Yes.
What power does the Tribunal have under Section 339(2)(a)?	To create a charge on debts, obligations, mortgages, or interests of the liable person.
Can the Tribunal make orders to enforce such charge?	Yes.
What is the consequence for knowingly participating in fraudulent business conduct?	Liability for action under Section 447.
Does Section 339 apply even if punishment is available under another law?	Yes.
Who is considered an "officer" for the purpose of Section 339?	A person whose directions or instructions the directors are accustomed to follow.
Who is included within the meaning of "assignee" under Section 339?	A person to whom or in whose favour a debt, obligation, mortgage, charge, or interest is transferred.
Who is excluded from the definition of assignee?	A bona fide assignee for valuable consideration without notice of the fraud.
What is the primary objective of Section 339?	To impose personal liability for fraudulent conduct of company business during winding up.
What is the subject matter of Section 340 of the Companies Act, 2013?	Power of Tribunal to assess damages against delinquent directors, etc.
When does Section 340 become applicable?	During the winding up of a company.
Against whom can proceedings under Section 340 be initiated?	Promoters, directors, managers, Company Liquidators, and officers of the company.
What misconduct under Section 340(1)(a) attracts liability?	Misapplication, retention, or accountability for company money or property.
What misconduct under Section 340(1)(b) attracts liability?	Misfeasance or breach of trust in relation to the company.
Who may apply to the Tribunal under Section 340?	Official Liquidator, Company Liquidator, creditor, or contributory.
What can the Tribunal inquire into under Section 340?	Conduct of the delinquent person.
What order can the Tribunal pass regarding misapplied money or property?	Repayment or restoration of the money or property.
Can the Tribunal award interest on money ordered to be repaid?	Yes.
Who determines the rate of interest payable?	The Tribunal.
Can the Tribunal order compensation to be paid to the company's assets?	Yes.
For what purpose can compensation be ordered?	Misapplication, retention, misfeasance, or breach of trust.
Within what period must an application under Section 340 be made?	Within five years.
From which events is the five-year period calculated?	Winding-up order, first appointment of Company Liquidator, or the misconduct, whichever is longer.
Does Section 340 apply even if the person is criminally liable?	Yes.
What is the primary objective of Section 340?	To recover losses caused by delinquent promoters, directors, managers, liquidators, or officers during winding up.
What is the subject matter of Section 341 of the Companies Act, 2013?	Liability under Sections 339 and 340 to extend to partners or directors in firms or companies.
When does Section 341 become applicable?	When a declaration under Section 339 or an order under Section 340 is made against a firm or body corporate.
To which entities does Section 341 apply?	Firms and body corporates.
What power does the Tribunal have under Section 341?	To extend liability to partners of a firm or directors of a body corporate.
Who may be made liable where a declaration under Section 339 is made against a firm?	Any person who was a partner of that firm at the relevant time.
Who may be made liable where an order under Section 340 is made against a firm?	Any person who was a partner of that firm at the relevant time.
Who may be made liable where a declaration under Section 339 is made against a body corporate?	Any person who was a director of that body corporate at the relevant time.
Who may be made liable where an order under Section 340 is made against a body corporate?	Any person who was a director of that body corporate at the relevant time.
Can liability under Sections 339 and 340 extend beyond the firm or body corporate itself?	Yes.
What is meant by the expression "relevant time" in Section 341?	The time when the fraudulent conduct, misfeasance, or breach giving rise to liability occurred.
Does Section 341 create an independent ground of liability?	No, it operates when liability has already arisen under Section 339 or Section 340.
What is the primary objective of Section 341?	To prevent partners or directors from escaping liability through the use of firms or body corporates.
What is the subject matter of Section 342 of the Companies Act, 2013?	Prosecution of delinquent officers and members of company.
When does Section 342 become applicable?	During winding up by the Tribunal.
Who can be proceeded against under Section 342?	Any present or former officer or member of the company.
What condition enables the Tribunal to invoke Section 342?	Appearance of commission of an offence in relation to the company.
Who may initiate proceedings before the Tribunal under Section 342?	Any person interested in the winding up.
What action can the Tribunal take on its own motion under Section 342?	Direct prosecution of the offender or refer the matter to the Registrar.
What direction may the Tribunal issue upon finding an offence?	Direction to the liquidator to prosecute the offender.
What alternative course is available to the Tribunal instead of directing prosecution?	Referral of the matter to the Registrar.
Who is responsible for prosecuting the offender when directed by the Tribunal?	The liquidator.
What obligation is imposed upon the liquidator when prosecution is instituted?	To provide all assistance reasonably possible in connection with the prosecution.
Which persons are required to assist in prosecution proceedings under Section 342(5)?	Every present or former officer and agent of the company.
What is the extent of assistance required under Section 342(5)?	All assistance reasonably capable of being provided.
Which categories of persons are included within the expression "agent"?	Bankers, legal advisers and auditors of the company.
Who is treated as an agent by virtue of the Explanation to Section 342?	Any banker, legal adviser or auditor employed by the company.
What is the objective of Section 342?	To facilitate prosecution of persons responsible for offences connected with the company during winding up.
What is the subject matter of Section 343 of the Companies Act, 2013?	Company Liquidator to exercise certain powers subject to sanction.
Whose sanction is generally required for exercise of powers under Section 343(1)?	Sanction of the Tribunal.
Under what circumstance does Section 343 apply?	Winding up of a company by the Tribunal.
What power is conferred upon the Company Liquidator under Section 343(1)(i)?	Power to pay any class of creditors in full.
What power is conferred upon the Company Liquidator under Section 343(1)(ii)?	Power to make compromise or arrangement with creditors or claimants.
With whom may the Company Liquidator enter into a compromise or arrangement?	Creditors or persons claiming to be creditors.
What types of claims may be compromised under Section 343(1)(ii)?	Present or future, certain or contingent claims.
What power is conferred upon the Company Liquidator under Section 343(1)(iii)?	Power to compromise calls, debts, liabilities and claims.
What kinds of liabilities may be compromised under Section 343(1)(iii)?	Liabilities capable of resulting in a debt.
What types of claims may be compromised under Section 343(1)(iii)?	Present or future, certain or contingent, ascertained or unascertained claims.
Between whom may such compromise be made?	The company and contributories, alleged contributories, debtors or persons apprehending liability.
What matters may be compromised under Section 343(1)(iii)?	Matters relating to or affecting the assets, liabilities or winding up of the company.
What ancillary power accompanies the power of compromise?	Power to take security for discharge of liabilities or claims.
What discharge may the Company Liquidator grant under Section 343(1)(iii)?	Complete discharge in respect of the claim, debt or liability.
Which authority may frame rules permitting exercise of powers without Tribunal sanction?	Central Government.
Which powers may be exercised without sanction if rules so provide?	Powers under Section 343(1)(ii) and Section 343(1)(iii).
Who may challenge the exercise or proposed exercise of powers by the Company Liquidator?	Any creditor or contributory.
Before whom can such challenge be made?	The Tribunal.
What must the Tribunal provide before deciding such an application?	Reasonable opportunity of hearing to the applicant and the Company Liquidator.
What is the objective of Section 343?	To regulate compromises, settlements and payments by the Company Liquidator during winding up.
What is the subject matter of Section 344 of the Companies Act, 2013?	Statement that company is in liquidation.
To which companies does Section 344 apply?	Companies being wound up by the Tribunal or voluntarily.
Which documents must contain a statement that the company is being wound up?	Invoices, orders for goods and business letters.
Who may issue the documents covered under Section 344?	The company, Company Liquidator, receiver or manager of the company's property.
What statement must be included in the specified documents?	That the company is being wound up.
What is the condition for applicability of Section 344 to a document?	The name of the company must appear on the document.
Which persons may be held liable for non-compliance under Section 344?	The company, its officers, the Company Liquidator, receiver or manager.
What mental element attracts liability under Section 344(2)?	Wilful authorisation or permission of the non-compliance.
What is the minimum fine prescribed under Section 344(2)?	₹50,000.
What is the maximum fine prescribed under Section 344(2)?	₹3,00,000.
What is the purpose of requiring a statement that the company is being wound up?	To inform persons dealing with the company of its liquidation status.
What is the subject matter of Section 345 of the Companies Act, 2013?	Books and papers of company to be evidence.
When does Section 345 become applicable?	When a company is being wound up.
Which records are covered under Section 345?	Books and papers of the company and the Company Liquidator.
Between whom do the books and papers operate as evidence?	Between the contributories of the company.
What evidentiary value is attached to the books and papers under Section 345?	Prima facie evidence.
Of what do the books and papers constitute prima facie evidence?	The truth of all matters purporting to be recorded therein.
Whose books and papers are recognised as evidence under Section 345?	Those of the company and the Company Liquidator.
What is the objective of Section 345?	To facilitate proof of recorded matters during winding up proceedings.
What is the subject matter of Section 346 of the Companies Act, 2013?	Inspection of books and papers by creditors and contributories.
When does the right of inspection under Section 346 arise?	After the Tribunal makes an order for winding up.
Who may inspect the books and papers of the company under Section 346?	Creditors and contributories of the company.
Which records may be inspected under Section 346?	Books and papers of the company.
How must inspection of books and papers be carried out?	In accordance with the prescribed rules.
To what conditions is the right of inspection subject?	Conditions prescribed under the rules.
Which authority's winding-up order activates Section 346?	The Tribunal.
What rights of the Central Government are preserved under Section 346(2)?	Existing rights conferred by any law in force.
What rights of a State Government are preserved under Section 346(2)?	Existing rights conferred by any law in force.
Which authorities retain their statutory inspection rights despite Section 346?	Authorities or officers of the Central or State Government.
Who may exercise rights under authority of the Government despite Section 346?	Persons acting under the authority of the Government or its officers.
What is the objective of Section 346?	To regulate inspection of company records during winding up while preserving statutory governmental powers.
What is the subject matter of Section 347 of the Companies Act, 2013?	Disposal of books and papers of company.
When can the books and papers of a company be disposed of under Section 347?	After the affairs of the company have been completely wound up and it is about to be dissolved.
Who directs the manner of disposal of books and papers under Section 347(1)?	The Tribunal.
Which books and papers may be disposed of under Section 347?	Books and papers of the company and of the Company Liquidator.
What is the period after which no responsibility arises for missing books and papers?	Five years from the dissolution of the company.
Upon whom does the protection under Section 347(2) operate?	The company, the Company Liquidator, and any person entrusted with custody of the books and papers.
Which authority may frame rules regarding preservation of books and papers?	The Central Government.
What power is conferred on the Central Government under Section 347(3)(a)?	To prevent destruction of books and papers for a specified period.
Who may make representations regarding preservation of books and papers?	Creditors and contributories of the company.
To whom may representations under Section 347(3)(b) be made?	The Central Government.
What remedy is available against an order of the Central Government under Section 347(3)(b)?	Appeal to the Tribunal.
What is the penalty for contravention of rules or orders made under Section 347(3)?	Fine up to ₹50,000.
What is the maximum fine prescribed under Section 347(4)?	₹50,000.
What is the objective of Section 347?	To regulate preservation and disposal of company records after winding up and dissolution.
What is the subject matter of Section 348 of the Companies Act, 2013?	Information as to pending liquidations.
When is a statement required under Section 348(1)?	When winding up is not concluded within one year after its commencement.
Who is required to file the statement under Section 348(1)?	The Company Liquidator.
Within what time after expiry of one year must the first statement be filed?	Within two months of the expiry of the year.
At what intervals must subsequent statements be filed?	At intervals not exceeding one year or shorter prescribed intervals.
Before whom must the statement be filed?	The Tribunal.
What should the statement contain?	Prescribed particulars regarding the proceedings and position of the liquidation.
What is the audit requirement for the statement under Section 348(1)?	Audit by a person qualified to act as auditor of the company.
When is audit of the statement not necessary?	When Section 294 applies.
With whom must a copy of the statement be simultaneously filed?	The Registrar.
How is the copy filed with the Registrar maintained?	Along with the other records of the company.
To whom must a copy be forwarded where the company in liquidation is a government company and the Central Government is a member?	The Central Government.
To whom must a copy be forwarded where a State Government is a member?	The concerned State Government.
To whom must a copy be forwarded where both Central and State Governments are members?	Both the Central Government and the State Government.
Who may inspect the statement filed under Section 348?	Any creditor or contributory of the company.
What condition must be fulfilled for inspection of the statement?	Payment of the prescribed fee.
What additional right is available to creditors and contributories regarding the statement?	To obtain a copy or extract of the statement.
What is the consequence of falsely claiming to be a creditor or contributory for inspection purposes?	Liability for an offence under Section 217 of the Bharatiya Nyaya Sanhita, 2023.
Who may initiate action against a person making a fraudulent claim under Section 348(5)?	The Company Liquidator.
What is the consequence of default by an insolvency professional acting as Company Liquidator?	The default is deemed a contravention of the Insolvency and Bankruptcy Code, 2016.
Which provisions of the Insolvency and Bankruptcy Code apply to such default?	Proceedings under Chapter VI of Part IV of the Code.
What is the objective of Section 348?	To ensure periodic reporting and transparency in pending liquidation proceedings.
What is the subject matter of Section 349 of the Companies Act, 2013?	Official Liquidator to make payments into Public Account of India.
Who is required to comply with Section 349?	Every Official Liquidator.
What monies are covered under Section 349?	Monies received by the Official Liquidator as Official Liquidator of any company.
Into which account must the monies be deposited?	Public Account of India.
In which institution is the Public Account maintained for the purpose of Section 349?	Reserve Bank of India.
How must the monies be deposited under Section 349?	In the prescribed manner.
When must the monies be deposited under Section 349?	At the prescribed times.
What is the duty imposed upon an Official Liquidator under Section 349?	To deposit liquidation monies into the Public Account of India.
What is the objective of Section 349?	To ensure proper custody and management of funds received during liquidation.
What is the subject matter of Section 350 of the Companies Act, 2013?	Company Liquidator to deposit monies into scheduled bank.
Who is required to comply with Section 350?	Every Company Liquidator.
Where must the Company Liquidator deposit monies received in his capacity as liquidator?	In a scheduled bank.
To whose credit must the deposit be made?	To the credit of a special bank account opened by the Company Liquidator.
How must the monies be deposited under Section 350(1)?	In the prescribed manner.
When must the monies be deposited under Section 350(1)?	At the prescribed times.
Which authority may permit opening of the account in a bank other than a scheduled bank?	The Tribunal.
Under what condition may the Tribunal permit deposit in another bank?	When it is advantageous to the creditors, contributories or the company.
What amount may a Company Liquidator retain without attracting Section 350(2)?	Up to ₹5,000 or such higher amount as authorised by the Tribunal.
For how long may the Company Liquidator retain money before Section 350(2) is attracted?	Not more than ten days.
What rate of interest is payable for unauthorised retention of money?	12% per annum.
Who determines the penalty for unauthorised retention of money?	The Tribunal.
What financial consequence follows unauthorised retention besides interest?	Payment of penalty determined by the Tribunal.
What liability regarding expenses may arise from such default?	Liability to pay expenses occasioned by the default.
What consequence may affect the remuneration of the Company Liquidator?	Disallowance of all or part of his remuneration.
What consequence may affect the office of the Company Liquidator?	Removal from office.
What is the objective of Section 350?	To ensure prompt deposit and proper management of liquidation funds.
What is the subject matter of Section 351 of the Companies Act, 2013?	Liquidator not to deposit monies into private banking account.
Who is prohibited from depositing liquidation monies into a private banking account?	Official Liquidator and Company Liquidator.
Which monies are covered under Section 351?	Monies received by a liquidator in his capacity as liquidator.
What restriction is imposed upon an Official Liquidator under Section 351?	Prohibition on depositing liquidation funds into a private banking account.
What restriction is imposed upon a Company Liquidator under Section 351?	Prohibition on depositing liquidation funds into a private banking account.
In what capacity must the monies be received for Section 351 to apply?	In the capacity of Official Liquidator or Company Liquidator.
What type of account cannot be used for depositing liquidation funds?	Private banking account.
What is the objective of Section 351?	To safeguard liquidation funds and ensure their deposit only in authorised accounts.
What is the subject matter of Section 352 of the Companies Act, 2013?	Company Liquidation Dividend and Undistributed Assets Account.
What account is established under Section 352?	Company Liquidation Dividend and Undistributed Assets Account.
Where is the Company Liquidation Dividend and Undistributed Assets Account maintained?	In a scheduled bank.
Which unpaid dividends must be deposited into the Account under Section 352(1)(a)?	Dividends remaining unpaid for six months after declaration.
Which undistributed assets must be deposited into the Account under Section 352(1)(b)?	Assets refundable to contributories remaining undistributed for six months.
Who is responsible for making deposits into the Account?	The liquidator.
What must the liquidator do with unpaid dividends and undistributed assets on dissolution of the company?	Deposit them into the Company Liquidation Dividend and Undistributed Assets Account.
Which authority must receive a statement regarding sums deposited under Section 352?	The Registrar.
What particulars must be included in the statement furnished to the Registrar?	Nature of sums, names and addresses of claimants, amount due to each claimant and nature of claim.
What is the effect of the receipt issued by the scheduled bank to the liquidator?	It operates as a complete discharge of the liquidator in respect of the amount deposited.
What additional obligation is imposed on a Company Liquidator in a voluntary winding up?	To indicate the amount payable into the Account in the statement under Section 348.
Within what period must the indicated amount be deposited in a voluntary winding up?	Within fourteen days of filing the statement.
Who may claim money lying in the Company Liquidation Dividend and Undistributed Assets Account?	Any person entitled to such money.
Before whom must a claim for payment be made?	The Registrar.
What condition must be satisfied before payment is made by the Registrar?	Satisfaction regarding the claimant’s entitlement.
Within what period should the Registrar settle a claim?	Sixty days from receipt of the claim.
To whom must the Registrar report failure to settle a claim within sixty days?	The Regional Director.
What happens to amounts remaining unclaimed for fifteen years?	They are transferred to the General Revenue Account of the Central Government.
Does transfer to the General Revenue Account extinguish the claimant's right?	No, the claim may still be preferred and processed.
What rate of interest is payable by a liquidator who improperly retains money required to be deposited?	12% per annum.
Who determines the penalty for wrongful retention of money?	The Registrar.
Which authority may remit the interest payable by the liquidator?	The Central Government.
What additional liability arises from wrongful retention of money?	Liability to pay expenses caused by the default.
What consequence may follow in a Tribunal winding up for wrongful retention of money?	Disallowance of remuneration.
What further consequence may follow in a Tribunal winding up for wrongful retention of money?	Removal of the liquidator from office by the Tribunal.
What is the objective of Section 352?	To safeguard unpaid dividends and undistributed assets and provide a mechanism for their eventual claim and recovery.
What is the subject matter of Section 353 of the Companies Act, 2013?	Liquidator to make returns, etc.
When does Section 353 become applicable?	When a Company Liquidator defaults in filing, delivering, making or giving any document or notice required by law.
Which documents are covered under Section 353(1)?	Returns, accounts, other documents and notices required by law.
What period is available to the Company Liquidator to rectify the default after service of notice?	Fourteen days.
Who may serve notice requiring the Company Liquidator to rectify the default?	A contributory, creditor or the Registrar through proceedings before the Tribunal.
Which authority may direct the Company Liquidator to make good the default?	The Tribunal.
Who may apply to the Tribunal under Section 353(1)?	Any contributory, creditor of the company or the Registrar.
What direction may the Tribunal issue under Section 353(1)?	Direction to make good the default within the specified time.
Who determines the time within which the default must be rectified?	The Tribunal.
What order regarding costs may the Tribunal pass under Section 353(2)?	Costs of and incidental to the application may be borne by the Company Liquidator.
Upon whom may the Tribunal impose the costs of the application?	The Company Liquidator.
Does Section 353 affect other statutory penalties applicable to the Company Liquidator?	No, existing penalties remain unaffected.
What is preserved by Section 353(3)?	Operation of enactments imposing penalties on the Company Liquidator for such defaults.
What is the objective of Section 353?	To ensure compliance by the Company Liquidator with statutory filing, reporting and notice requirements.
What is the subject matter of Section 354 of the Companies Act, 2013?	Meetings to ascertain wishes of creditors or contributories.
In relation to which proceedings does Section 354 apply?	Matters relating to the winding up of a company.
Whose wishes may the Tribunal take into account under Section 354(1)(a)?	Creditors and contributories of the company.
How may the wishes of creditors or contributories be established before the Tribunal?	By sufficient evidence.
What power does the Tribunal have for ascertaining the wishes of creditors or contributories?	To direct meetings to be called, held and conducted.
Who determines the manner in which such meetings are conducted?	The Tribunal.
What authority does the Tribunal have regarding the chairmanship of such meetings?	To appoint a chairman.
What is the duty of the chairman appointed under Section 354(1)(c)?	To report the result of the meeting to the Tribunal.
What factor is considered while ascertaining the wishes of creditors?	The value of each creditor's debt.
How are creditors' wishes weighted under Section 354(2)?	According to the value of their debts.
What factor is considered while ascertaining the wishes of contributories?	The number of votes that may be cast by each contributory.
How are contributories' wishes weighted under Section 354(3)?	According to their voting strength.
What is the objective of Section 354?	To enable the Tribunal to ascertain and consider the wishes of creditors and contributories during winding up proceedings.
What is the subject matter of Section 355 of the Companies Act, 2013?	Court, tribunal or person, etc., before whom affidavit may be sworn.
Which affidavits are covered under Section 355?	Affidavits required under or for the purposes of Chapter XX.
Before whom may an affidavit be sworn in India under Section 355(1)(a)?	Any court, tribunal, judge or person lawfully authorised to take and receive affidavits.
Before whom may an affidavit be sworn outside India under Section 355(1)(b)?	Any court, judge or person lawfully authorised to take and receive affidavits in that country.
Which Indian officials abroad may administer affidavits for the purposes of Section 355?	Indian diplomatic or consular officers.
What recognition must be given to the seal attached to an affidavit under Section 355(2)?	Judicial notice must be taken of it.
What recognition must be given to the stamp attached to an affidavit under Section 355(2)?	Judicial notice must be taken of it.
What recognition must be given to the signature attached to an affidavit under Section 355(2)?	Judicial notice must be taken of it.
Which authorities in India are required to take judicial notice under Section 355(2)?	Tribunals, judges, justices, commissioners and persons acting judicially.
To which documents does the rule regarding judicial notice apply?	Affidavits and other documents used for the purposes of Chapter XX.
What is the objective of Section 355?	To prescribe competent authorities for swearing affidavits and ensure recognition of their authentication in winding-up proceedings.
What is the subject matter of Section 356 of the Companies Act, 2013?	Powers of Tribunal to declare dissolution of company void.
Which authority has the power to declare dissolution of a company void?	The Tribunal.
To which dissolutions does Section 356 apply?	Dissolutions under Chapter XX, Section 232 or otherwise.
Within what period may the Tribunal declare a dissolution void?	Within two years from the date of dissolution.
Who may apply for an order declaring dissolution void?	The Company Liquidator or any interested person.
What condition must be satisfied regarding an applicant other than the Company Liquidator?	The applicant must appear to the Tribunal to be interested.
On what basis may the Tribunal declare a dissolution void?	On such terms as it thinks fit.
What is the effect of an order declaring dissolution void?	Proceedings may continue as if the company had never been dissolved.
What duty is imposed upon the Tribunal after passing an order under Section 356?	To forward a copy of the order to the Registrar.
Within what period must the Tribunal forward the order to the Registrar?	Within thirty days from the date of the order.
What must the Registrar do upon receiving the order?	Record the order.
Who may be directed to file a certified copy of the order with the Registrar?	The Company Liquidator or the person on whose application the order was made.
Within what period must the certified copy be filed with the Registrar?	Within thirty days from the date of the order or such further period as allowed by the Tribunal.
What is the objective of Section 356?	To enable revival of a dissolved company where circumstances justify setting aside the dissolution.
What is the subject matter of Section 357 of the Companies Act, 2013?	Commencement of winding up by Tribunal.
Which type of winding up is covered under Section 357?	Winding up by the Tribunal.
When is winding up by the Tribunal deemed to commence?	At the time of presentation of the winding-up petition.
What event marks the commencement of winding up under Section 357?	Presentation of the petition for winding up.
Before which authority must the petition be presented for Section 357 to apply?	The Tribunal.
What is the legal significance of presentation of the winding-up petition?	It is deemed to be the commencement of winding up.
What is the objective of Section 357?	To determine the commencement date of winding-up proceedings by the Tribunal.
What is the subject matter of Section 358 of the Companies Act, 2013?	Exclusion of certain time in computing period of limitation.
To which proceedings does Section 358 apply?	Suits or applications in the name and on behalf of a company being wound up by the Tribunal.
Which law is overridden by Section 358?	The Limitation Act, 1963 and any other law for the time being in force.
For whose benefit is the exclusion of limitation period available?	A company being wound up by the Tribunal.
What period is excluded while computing limitation under Section 358?	The period from commencement of winding up to one year immediately following the winding-up order.
From which date does the excluded period begin?	The date of commencement of winding up.
Up to what point does the excluded period continue?	One year immediately after the date of the winding-up order.
What is the purpose of excluding the period under Section 358?	To protect the company's legal rights during winding-up proceedings.
What is the objective of Section 358?	To extend the limitation period for suits and applications on behalf of a company in liquidation.
What is the subject matter of Section 359 of the Companies Act, 2013?	Appointment of Official Liquidator.
Which authority appoints Official Liquidators under Section 359?	The Central Government.
For what purpose are Official Liquidators appointed under Section 359?	For winding up of companies by the Tribunal.
Who may be appointed under Section 359(1)?	Official Liquidators, Joint Official Liquidators, Deputy Official Liquidators and Assistant Official Liquidators.
What criterion determines the number of liquidators to be appointed?	The number considered necessary by the Central Government.
What functions are the appointed liquidators required to discharge?	Functions of the Official Liquidator in winding-up proceedings.
What is the status of liquidators appointed under Section 359(1)?	Whole-time officers of the Central Government.
Who pays the salary of an Official Liquidator?	The Central Government.
Who pays the salary of a Joint Official Liquidator?	The Central Government.
Who pays the salary of a Deputy Official Liquidator?	The Central Government.
Who pays the salary of an Assistant Official Liquidator?	The Central Government.
Who bears the allowances of the liquidators appointed under Section 359?	The Central Government.
What is the objective of Section 359?	To provide for appointment and service conditions of Official Liquidators for Tribunal winding-up proceedings.
What is the subject matter of Section 360 of the Companies Act, 2013?	Powers and functions of Official Liquidator.
Who prescribes the powers and duties of the Official Liquidator under Section 360(1)?	The Central Government.
What is the primary duty of the Official Liquidator under Section 360(1)?	To exercise prescribed powers and perform prescribed duties.
Which powers may be exercised by the Official Liquidator under Section 360(2)(a)?	All or any powers exercisable by a Company Liquidator under the Act.
From whom does the Official Liquidator derive additional powers under Section 360(2)(a)?	The Company Liquidator.
What investigative role may the Official Liquidator perform under Section 360(2)(b)?	Conduct inquiries or investigations.
Who may direct the Official Liquidator to conduct inquiries or investigations?	The Tribunal or the Central Government.
Inquiries and investigations under Section 360 relate to which matters?	Matters arising out of winding-up proceedings.
Does Section 360 limit the Official Liquidator only to prescribed duties?	No, it also permits exercise of powers of a Company Liquidator and investigative functions.
What is the objective of Section 360?	To define the powers, duties and investigative functions of the Official Liquidator in winding-up proceedings.
What is the subject matter of Section 361 of the Companies Act, 2013?	Summary procedure for liquidation.
Which authority may order winding up by summary procedure under Section 361?	The Central Government.
What is the maximum book value of assets for a company to qualify for summary liquidation?	₹1 crore.
What additional requirement must be satisfied for summary liquidation?	The company must belong to a prescribed class of companies.
Under which Chapter does the summary liquidation procedure operate?	Chapter XX.
Who is appointed as liquidator when summary liquidation is ordered?	The Official Liquidator.
What is the first duty of the Official Liquidator after appointment?	To take custody or control of all assets, effects and actionable claims of the company.
Within what period must the Official Liquidator submit his report?	Within 30 days of appointment.
To whom must the report under Section 361(4) be submitted?	The Central Government.
What must the report of the Official Liquidator include?	Whether any fraud has been committed in the promotion, formation or management of the company.
What action may the Central Government take upon finding indications of fraud?	Direct further investigation into the affairs of the company.
Against whom may fraud be investigated under Section 361(5)?	Promoters, directors or other officers of the company.
Who specifies the time within which the investigation report must be submitted?	The Central Government.
What options are available to the Central Government after considering the investigation report?	Proceed with winding up under Part I or continue under the summary procedure.
What is the objective of Section 361?	To provide a simplified liquidation process for small companies with limited assets.
What is the subject matter of Section 362 of the Companies Act, 2013?	Sale of assets and recovery of debts due to company.
Who is responsible for disposal of assets under Section 362?	The Official Liquidator.
Which assets are required to be disposed of under Section 362(1)?	All movable and immovable assets of the company.
Within what period must the Official Liquidator dispose of the assets?	Within 60 days of appointment.
Within what period must the Official Liquidator issue notice to debtors and contributories?	Within 30 days of appointment.
To whom is the notice under Section 362(2) issued?	Debtors of the company or contributories.
What is required from debtors or contributories under the notice?	Deposit the amount payable to the company.
Within what period must the amount be deposited after receipt of notice?	Within 30 days.
What action may be taken if a debtor fails to deposit the amount?	The Official Liquidator may apply to the Central Government.
Which authority may pass orders against a defaulting debtor?	The Central Government.
On whose application can the Central Government act under Section 362(3)?	The Official Liquidator.
How must amounts recovered under Section 362 be dealt with?	They must be deposited in accordance with Section 349.
Into which account are recovered amounts ultimately deposited?	Public Account of India in the Reserve Bank of India as per Section 349.
What is the objective of Section 362?	To ensure speedy realization of assets and recovery of dues during summary liquidation.
What is the subject matter of Section 363 of the Companies Act, 2013?	Settlement of claims of creditors by Official Liquidator.
Who is responsible for settlement of creditors' claims under Section 363?	The Official Liquidator.
Within what period must the Official Liquidator call upon creditors to prove their claims?	Within 30 days of appointment.
Who are required to prove their claims under Section 363(1)?	Creditors of the company.
In what manner are creditors required to prove their claims?	In the prescribed manner.
Within what period must creditors submit their claims after receiving the call?	Within 30 days of receipt of the call.
What document must the Official Liquidator prepare after receiving claims?	A list of claims of creditors.
How must the list of claims be prepared?	In the prescribed manner.
What decision must be communicated to each creditor?	Whether the claim is accepted or rejected.
What must accompany communication of rejection of a claim?	Reasons recorded in writing.
What must accompany communication of acceptance of a claim?	Intimation of acceptance of the claim.
What is the objective of Section 363?	To provide a procedure for verification and settlement of creditors' claims during summary liquidation.
What is the subject matter of Section 364 of the Companies Act, 2013?	Appeal by creditor.
Who may file an appeal under Section 364?	A creditor aggrieved by the decision of the Official Liquidator under Section 363.
Before which authority is the appeal filed?	The Central Government.
Within what period must an appeal be filed under Section 364(1)?	Within 30 days of the decision of the Official Liquidator.
Whose decision is appealable under Section 364?	The decision of the Official Liquidator regarding settlement of claims.
What must the Central Government obtain before deciding the appeal?	A report from the Official Liquidator.
What options are available to the Central Government while deciding the appeal?	Dismiss the appeal or modify the decision of the Official Liquidator.
Who is responsible for making payment to accepted creditors?	The Official Liquidator.
To which creditors must payment be made under Section 364(3)?	Creditors whose claims have been accepted.
What power does the Central Government possess during settlement of claims?	Power to refer the matter to the Tribunal.
At what stage can the Central Government refer the matter to the Tribunal?	At any stage during settlement of claims.
For what purpose may the matter be referred to the Tribunal?	For necessary orders.
What is the objective of Section 364?	To provide an appellate remedy against decisions of the Official Liquidator and ensure proper settlement of creditors' claims.
What is the subject matter of Section 365 of the Companies Act, 2013?	Order of dissolution of company.
Who submits the final report under Section 365?	The Official Liquidator.
When is the final report submitted by the Official Liquidator?	When he is satisfied that the company is finally wound up.
To whom is the final report submitted when no reference is made under Section 364(4)?	The Central Government.
To whom is the final report submitted when a reference is made under Section 364(4)?	The Central Government and the Tribunal.
Who may order dissolution of the company upon receipt of the final report?	The Central Government or the Tribunal, as the case may be.
What condition must be fulfilled before an order of dissolution is made?	Submission of the final report by the Official Liquidator.
What is the effect of an order under Section 365(2)?	Dissolution of the company.
Who is responsible for striking off the name of the company after dissolution?	The Registrar.
From where is the company's name removed after dissolution?	The register of companies.
What additional duty is imposed upon the Registrar after striking off the name?	Publication of a notification regarding the dissolution.
What is the final step in the summary liquidation process under Section 365?	Striking off the company's name and publication of notification by the Registrar.
What is the objective of Section 365?	To provide for dissolution of a company after completion of summary liquidation proceedings.

CHAPTER-XXI
PART-I
Companies Authorised to Register under this Act
What is the subject matter of Section 366 of the Companies Act, 2013?	Companies capable of being registered.
What entities are included within the term "company" for the purposes of Part XXI?	Partnership firms, LLPs, cooperative societies, societies and other business entities formed under any law.
Which business entities may seek registration under Part XXI?	Entities formed under any law and applying for registration under this Part.
What is the minimum number of members required for registration under Section 366(2)?	Two members.
Into which forms may an existing entity register under the Companies Act, 2013?	Unlimited company, company limited by shares or company limited by guarantee.
Does registration become invalid merely because it is undertaken for winding up?	Registration remains valid even if undertaken with a view to winding up.
Which companies are prohibited from registering under Section 366?	Companies already registered under the Indian Companies Act, 1882, Indian Companies Act, 1913 or Companies Act, 1956.
Can a company with statutorily limited liability register as an unlimited company?	No, such registration is prohibited.
Can a company with statutorily limited liability register as a company limited by guarantee?	No, such registration is prohibited.
What condition must be satisfied for registration as a company limited by shares?	The company must have a permanent paid-up or nominal share capital of fixed amount divided into shares or stock.
What principle must govern membership of a company registering as a company limited by shares?	Membership must consist only of holders of shares or stock.
What approval is generally required before registration under Section 366?	Assent of a majority of members present at a general meeting called for the purpose.
What level of approval is required when an unlimited liability entity seeks registration as a limited company?	Assent of not less than three-fourths of the members present.
What additional requirement applies when registering as a company limited by guarantee?	A resolution specifying members' contribution on winding up.
What must members undertake in a guarantee company registration resolution?	To contribute a specified amount towards liabilities, costs and expenses of winding up.
What is the maximum contribution of a member in a guarantee company under Section 366?	The specified amount undertaken in the resolution.
How must a company having less than seven members register?	As a private company.
How is majority calculated when a poll is demanded under Section 366(3)?	According to the number of votes to which each member is entitled under the company's regulations.
What is the objective of Section 366?	To permit specified existing business entities to register under the Companies Act, 2013 subject to prescribed conditions.
What is the subject matter of Section 367 of the Companies Act, 2013?	Certificate of registration of existing companies.
Which authority issues the certificate of registration under Section 367?	The Registrar.
When does the Registrar issue the certificate of registration?	Upon compliance with the requirements of the Chapter and payment of prescribed fees.
Which fee provision is referred to in Section 367?	Section 403.
What does the Registrar certify under Section 367?	That the applicant entity is incorporated as a company under the Companies Act, 2013.
What additional certification is required in the case of a limited company?	Certification that the company is limited.
What is the effect of issuance of the certificate under Section 367?	The entity becomes incorporated as a company under the Act.
When does incorporation under the Companies Act, 2013 take effect for a registering entity?	Upon issuance of the certificate by the Registrar.
Who is responsible for verifying compliance before registration?	The Registrar.
What legal status is acquired after registration under Section 367?	Status of a company incorporated under the Companies Act, 2013.
What is the objective of Section 367?	To provide for issuance of a certificate of registration and confer corporate status upon existing entities registering under the Act.
What is the subject matter of Section 368 of the Companies Act, 2013?	Vesting of property on registration.
When does Section 368 become applicable?	Upon registration of an existing entity under Part XXI.
Which properties are covered under Section 368?	All movable and immovable property including actionable claims.
To whom must the property belong at the time of registration?	The company seeking registration.
What happens to the property upon registration under Section 368?	It passes to and vests in the company incorporated under the Act.
Does Section 368 apply to actionable claims?	Actionable claims also vest in the registered company.
What is the effect of registration on ownership of company property?	Ownership continues in the company incorporated under the Act.
For whose estate and interest does the property vest in the registered company?	For all the estate and interest previously held by the company.
Is a separate transfer required for vesting of property under Section 368?	The vesting occurs by operation of law upon registration.
What is the objective of Section 368?	To ensure automatic transfer and continuity of ownership of company property upon registration under the Companies Act, 2013.
What is the subject matter of Section 369 of the Companies Act, 2013?	Saving of existing liabilities.
What is the effect of registration under Part XXI on existing rights of a company?	Existing rights remain unaffected.
What is the effect of registration under Part XXI on existing liabilities of a company?	Existing liabilities remain unaffected.
Which debts are protected under Section 369?	Debts incurred before registration.
Which obligations are protected under Section 369?	Obligations incurred before registration.
Which contracts are protected under Section 369?	Contracts entered into before registration.
Does registration affect debts incurred prior to registration?	Debts continue to remain enforceable after registration.
Does registration affect obligations incurred prior to registration?	Obligations continue to remain enforceable after registration.
What is the effect of registration on contracts entered into before registration?	Such contracts continue to remain valid and enforceable.
Whose rights are preserved under Section 369?	Rights of the company and persons dealing with the company before registration.
What is the objective of Section 369?	To ensure continuity of pre-registration rights, liabilities, debts and contractual obligations after registration under the Act.
What is the subject matter of Section 370 of the Companies Act, 2013?	Continuation of pending legal proceedings.
What is the effect of registration on pending suits involving the company?	Such suits may continue as if registration had not taken place.
What is the effect of registration on pending legal proceedings against the company?	Such proceedings may continue as if registration had not taken place.
Which proceedings are covered under Section 370?	Suits and other legal proceedings pending at the time of registration.
Against whom may proceedings have been instituted for Section 370 to apply?	The company, any public officer or any member thereof.
At what point must the proceedings be pending for Section 370 to operate?	At the time of registration under Part XXI.
How are pending proceedings continued after registration?	In the same manner as if registration had not occurred.
What restriction is imposed regarding execution of decrees under the proviso to Section 370?	Execution cannot issue against the property or person of an individual member.
Against whose property is execution barred under Section 370?	Property of an individual member of the company.
What remedy is available if the company's property is insufficient to satisfy a decree or order?	An order for winding up of the company may be obtained.
Under which laws may winding up be sought when company assets are insufficient?	The Companies Act, 2013 or the Insolvency and Bankruptcy Code, 2016.
What is the objective of Section 370?	To preserve continuity of pending legal proceedings despite registration under the Companies Act, 2013.
What is the subject matter of Section 371 of the Companies Act, 2013?	Effect of registration under this Part.
When do the consequences under Section 371 become applicable?	Upon registration of a company under Part XXI.
How are pre-existing statutory provisions and constituting instruments treated after registration?	They are deemed to be conditions and regulations of the company.
What documents are deemed to contain the existing conditions and regulations of the company?	The memorandum and articles of association.
Which resolution is specifically recognised in the case of a company limited by guarantee?	Resolution declaring the amount of guarantee.
How are registered companies treated under the Companies Act after registration?	As if they had been originally formed under the Act.
Does Table F automatically apply to a company registered under Part XXI?	It applies only if adopted by special resolution.
Which provision relating to shares may not apply to a registered company?	Provisions relating to numbering of shares where shares are not numbered.
Who becomes a contributory for debts contracted before registration in the event of winding up?	Every person liable for such debts or liabilities before registration.
For which liabilities may a contributory be liable after registration?	Debts, liabilities, winding-up expenses and adjustment of members' rights relating to pre-registration obligations.
What is the obligation of contributories during winding up under Section 371(3)(d)?	To contribute all sums due in respect of pre-registration liabilities.
Which provisions apply on death of a contributory?	Provisions relating to legal representatives of deceased contributories.
Which provisions apply on insolvency of a contributory?	Provisions relating to assignees of insolvent contributories.
Which provisions of the Act apply notwithstanding any contrary law or constituting instrument?	Provisions relating to registration of an unlimited company as a limited company and related capital provisions.
Can registration authorise alteration of provisions that would have been mandatory memorandum clauses?	No, unless alteration is permitted under the Act.
Does Section 371 remove powers of constitutional alteration available under other laws or instruments?	No, such powers continue subject to the Act.
Which section is specifically saved from the protection under Section 371(6)?	Section 242.
What does the expression "instrument" include under Section 371(7)?	Deed of settlement, deed of partnership and limited liability partnership agreement.
What is the objective of Section 371?	To regulate the legal consequences of registration and ensure continuity of the company's constitutional framework, liabilities and rights.
What is the subject matter of Section 372 of the Companies Act, 2013?	Power of Court to stay or restrain proceedings.
Which provisions are applied through Section 372?	Provisions relating to stay and restraint of suits and legal proceedings.
Which laws are referred to in Section 372?	The Companies Act, 2013 and the Insolvency and Bankruptcy Code, 2016.
To which companies does Section 372 apply?	Companies registered under Part XXI.
During which period can proceedings be stayed or restrained under Section 372?	After presentation of a winding-up petition and before the winding-up order.
Who must make the application for stay or restraint for Section 372 to operate?	A creditor.
Which proceedings may be stayed or restrained under Section 372?	Suits and other legal proceedings.
Against whom may the stay or restraint extend under Section 372?	Any contributory of the company.
What is the effect of Section 372 on proceedings against contributories?	Proceedings against contributories may be stayed or restrained in the same manner as proceedings against the company.
What condition must be satisfied before the protection extends to contributories?	The company must be registered under Part XXI and the application must be made by a creditor.
What is the objective of Section 372?	To extend protection against legal proceedings to contributories of a registered company during the pendency of winding-up proceedings.
What is the subject matter of Section 373 of the Companies Act, 2013?	Suits stayed on winding up order.
To which companies does Section 373 apply?	Companies registered under Part XXI.
What events trigger the application of Section 373?	Passing of a winding-up order or appointment of a provisional liquidator.
Against whom are legal proceedings restricted under Section 373?	The company and any contributory of the company.
Which proceedings are covered by Section 373?	Suits and other legal proceedings.
In respect of what liabilities does Section 373 operate?	Debts of the company.
Can a suit be commenced against the company after a winding-up order without permission?	Only with the leave of the Tribunal.
Can pending proceedings continue against a contributory without permission of the Tribunal?	They may proceed only with the leave of the Tribunal.
Which authority grants permission to continue or commence proceedings under Section 373?	The Tribunal.
Can the Tribunal impose conditions while granting leave under Section 373?	Leave may be granted on such terms as the Tribunal imposes.
What is the effect of appointment of a provisional liquidator on suits against the company?	Suits and legal proceedings are stayed unless leave of the Tribunal is obtained.
What is the objective of Section 373?	To protect the company and its contributories from legal proceedings relating to company debts during winding-up proceedings.
What is the subject matter of Section 374 of the Companies Act, 2013?	Obligations of companies registering under this Part.
To whom does Section 374 apply?	Every company seeking registration under Part XXI.
What must a company obtain from its secured creditors before registration under Part XXI?	Consent or No Objection Certificate (NOC).
Whose consent is required under Section 374(a)?	Secured creditors existing prior to registration.
What publication requirement is imposed under Section 374(b)?	Publication of advertisements in newspapers.
In how many newspapers must the advertisement be published?	Two newspapers.
In which languages must the advertisements be published?	One in English and one in the vernacular language.
What is the purpose of the newspaper advertisement under Section 374(b)?	To give notice of registration and invite objections.
What must the company do with objections received pursuant to the advertisement?	Address them suitably.
What document must all members or partners file under Section 374(c)?	A duly notarised affidavit.
What undertaking must be given in the affidavit under Section 374(c)?	Necessary documents shall be submitted for dissolution of the earlier entity upon registration.
Which entities are covered by the dissolution undertaking under Section 374(c)?	Partnership firms, LLPs, cooperative societies, societies and other business entities.
To which authority must dissolution documents be submitted after registration?	The authority with which the entity was previously registered.
What additional obligation may be imposed under Section 374(d)?	Compliance with prescribed conditions.
Why is creditor consent required before registration under Part XXI?	To protect the interests of secured creditors.
What is the objective of Section 374?	To ensure transparency, creditor protection and proper transition of existing entities into companies under the Companies Act, 2013.
What is the subject matter of Section 375 of the Companies Act, 2013?	Winding up of unregistered companies.
Can an unregistered company be wound up under the Companies Act, 2013?	An unregistered company may be wound up under the Act in the prescribed manner.
Which provisions generally apply to winding up of an unregistered company?	Provisions relating to winding up under the Companies Act, subject to specified exceptions and additions.
Can an unregistered company be wound up voluntarily?	Voluntary winding up of an unregistered company is not permitted.
Under what circumstance may an unregistered company be wound up if it has ceased business?	When it is dissolved, has ceased carrying on business, or carries on business only for winding up its affairs.
Can an unregistered company be wound up for inability to pay debts?	It may be wound up if unable to pay its debts.
What equitable ground permits winding up of an unregistered company?	When the Tribunal considers it just and equitable to wind up the company.
What minimum debt amount is required under Section 375(4)(a) for presuming inability to pay debts?	Debt exceeding ₹1 lakh.
What period is given to an unregistered company to satisfy a creditor's demand notice?	Three weeks from service of the demand.
What may a company do within three weeks to avoid being treated as unable to pay its debts?	Pay, secure or compound the debt to the creditor's satisfaction.
When is inability to pay debts established in a suit against a member?	When the company fails within ten days to pay, secure, compound, stay proceedings or indemnify the member.
What period is available to the company after notice of a suit against a member?	Ten days from service of notice.
When is inability to pay debts established through execution proceedings?	When execution of a decree or order is returned unsatisfied wholly or partly.
Can inability to pay debts be proved by other evidence before the Tribunal?	It may be established by any proof satisfactory to the Tribunal.
Which companies are excluded from the definition of unregistered company?	Railway companies, companies registered under this Act and companies registered under previous company laws as specified.
Are companies registered under the Companies Act, 2013 considered unregistered companies?	They are expressly excluded.
Which entities are included within the definition of unregistered company?	Partnership firms, LLPs, societies, co-operative societies, associations and companies meeting the statutory requirement.
What minimum membership is required for an entity to be treated as an unregistered company under Section 375?	More than seven members at the time of presentation of the winding-up petition.
Which authority has jurisdiction to order winding up of an unregistered company?	The Tribunal.
What is the objective of Section 375?	To provide grounds and procedure for winding up unregistered entities that function similarly to companies.
What is the subject matter of Section 376 of the Companies Act, 2013?	Power to wind up foreign companies, although dissolved.
To which entities does Section 376 apply?	Bodies corporate incorporated outside India.
What condition must be satisfied before Section 376 applies?	The foreign body corporate must have carried on business in India.
Can a foreign company be wound up after ceasing business in India?	It may be wound up as an unregistered company.
Under which category is a foreign company wound up under Section 376?	As an unregistered company.
Can a foreign company be wound up even after dissolution in its home country?	Dissolution in the country of incorporation does not prevent winding up in India.
Does cessation of legal existence abroad bar winding up proceedings in India?	Winding up may still be undertaken in India.
What is the objective of Section 376?	To permit winding up of foreign companies that carried on business in India despite their dissolution abroad.
What is the subject matter of Section 377 of the Companies Act, 2013?	Provisions of Chapter cumulative.
What is the nature of provisions relating to unregistered companies under Section 377(1)?	They are additional to and not in derogation of other winding-up provisions.
Do provisions relating to unregistered companies replace general winding-up provisions?	They supplement and do not override them.
What powers may the Tribunal exercise regarding unregistered companies?	Powers exercisable in winding up of companies registered under the Act.
What powers may the Official Liquidator exercise regarding unregistered companies?	Powers exercisable in winding up of companies registered under the Act.
When is an unregistered company deemed to be a company under the Act?	Only for the purposes of winding up.
To what extent is an unregistered company treated as a company under the Act?	Only to the extent provided in Part XXI.
What is the objective of Section 377?	To clarify that winding-up provisions for unregistered companies are supplementary and confer similar powers on the Tribunal and Official Liquidator.
What is the subject matter of Section 378 of the Companies Act, 2013?	Saving and construction of enactments conferring power to wind up partnership firm, association or company, etc., in certain cases.
Does Part XXI affect other laws providing for winding up of entities?	Existing enactments continue to operate unaffected.
Which entities are covered by the saving provision under Section 378?	Partnership firms, LLPs, societies, co-operative societies, associations and companies.
Which earlier legislation is specifically referred to in Section 378?	The Companies Act, 1956 and Acts repealed by it.
What is the effect of the proviso to Section 378?	References to provisions of the Companies Act, 1956 are read as references to corresponding provisions of the Companies Act, 2013.
How are references to repealed company laws interpreted under Section 378?	As references to corresponding provisions of the Companies Act, 2013, where applicable.
What is the objective of Section 378?	To preserve the operation of existing winding-up enactments and ensure continuity through statutory interpretation of references to earlier company laws.

CHAPTER-XXIA
PRODUCER COMPANIES
PART-I
PRELIMINARY
What is the subject matter of Section 378A of the Companies Act, 2013?	Definitions relating to Producer Companies.
Who is an active Member under Section 378A(a)?	A Member fulfilling the quantum and period of patronage required by the articles.
What determines whether a Member is an active Member?	Compliance with patronage requirements prescribed in the articles.
Who is the Chief Executive under Section 378A(b)?	An individual appointed under Section 378W(1).
What is meant by inter-State co-operative society under Section 378A(c)?	A multi-State co-operative society as defined under the Multi-State Co-operative Societies Act, 2002.
Can a co-operative society registered under another law qualify as an inter-State co-operative society?	A co-operative society extending its objects or activities to more than one State qualifies.
What is meant by limited return under Section 378A(d)?	Maximum dividend specified by the articles.
Who is a Member under Section 378A(e)?	A person or Producer Institution admitted as a Member and retaining the required qualifications.
Can a Producer Institution be a Member of a Producer Company?	A Producer Institution may be admitted as a Member.
What is meant by mutual assistance principles under Section 378A(f)?	Principles specified under Section 378G(2).
Who is included within the term officer under Section 378A(g)?	Director, Chief Executive, Secretary or any person directing the business of the Producer Company.
Can a person acting behind the management be treated as an officer?	A person whose directions control the business is included as an officer.
What is patronage under Section 378A(h)?	Use of services offered by the Producer Company through participation in its business activities.
What is patronage bonus under Section 378A(i)?	Payments made from surplus income to Members in proportion to their patronage.
How is patronage bonus distributed among Members?	In proportion to their respective patronage.
What is primary produce under Section 378A(j)(i)?	Produce arising from agriculture and allied activities promoting farmers' or consumers' interests.
Which agricultural activities are included in primary produce?	Animal husbandry, horticulture, floriculture, pisciculture, viticulture, forestry, bee raising and plantation activities.
Does primary produce include forest products?	Forest products are included.
What is primary produce under Section 378A(j)(ii)?	Produce of persons engaged in handloom, handicraft and cottage industries.
Are handloom products included within primary produce?	Handloom products are included.
Are handicraft products included within primary produce?	Handicraft products are included.
Does primary produce include products resulting from primary activities?	Products and by-products resulting from such activities are included.
Are by-products covered within the definition of primary produce?	By-products of primary activities are included.
What is primary produce under Section 378A(j)(iv)?	Products resulting from ancillary activities assisting or promoting primary activities.
Do ancillary activities fall within the definition of primary produce?	Ancillary activities promoting primary activities are included.
What is primary produce under Section 378A(j)(v)?	Activities intended to increase production or improve quality of primary produce.
Does quality improvement activity qualify as primary produce?	Activities improving quality of primary produce are included.
What is the objective of Section 378A?	To define key expressions used in provisions relating to Producer Companies.
Who is a producer under Section 378A(k)?	Any person engaged in any activity connected with or relatable to any primary produce.
What activity qualifies a person as a producer under Section 378A(k)?	Engagement in activities connected with primary produce.
What is a Producer Company under Section 378A(l)?	A body corporate having objects or activities specified in Section 378B and registered as a Producer Company.
Under which laws may a Producer Company be registered?	Companies Act, 2013 or Companies Act, 1956.
What is an essential requirement for classification as a Producer Company?	Possession of objects or activities specified in Section 378B.
What is a Producer Institution under Section 378A(m)?	A Producer Company or other institution having only producers or Producer Companies as members.
Can a Producer Institution be incorporated or unincorporated?	It may be incorporated or unincorporated.
Who may be members of a Producer Institution?	Producers, Producer Companies, or both.
What objects must a Producer Institution possess?	Objects referred to in Section 378B.
What additional condition must a Producer Institution satisfy?	Agreement to use the services of the Producer Company as provided in its articles.
Can an institution with non-producer members qualify as a Producer Institution?	Membership must consist only of producers or Producer Companies.
What is withheld price under Section 378A(n)?	Part of the price payable for goods supplied by a Member and retained by the Producer Company.
To whom is withheld price payable?	The Member supplying the goods.
Why is a portion of the price termed withheld price?	Because payment is deferred to a subsequent date.
Who retains the withheld price?	The Producer Company.
What is the objective of clauses (k) to (n) of Section 378A?	To define producer, Producer Company, Producer Institution and withheld price for Producer Company provisions.

PART-II
INCORPORATION OF PRODUCER COMPANIES AND OTHER MATTERS
What is the subject matter of Section 378B of the Companies Act, 2013?	Objects of Producer Company.
To what matters must the objects of a Producer Company relate?	Matters specified in Section 378B.
Can a Producer Company engage in production and harvesting of primary produce?	Production and harvesting of primary produce of Members are permitted objects.
Can a Producer Company undertake procurement and grading of primary produce?	Procurement and grading of Members' primary produce are permitted objects.
Can a Producer Company market and sell primary produce of its Members?	Marketing and selling of Members' primary produce are permitted objects.
Can a Producer Company export primary produce of its Members?	Export of Members' primary produce is a permitted object.
Can a Producer Company import goods or services for Members' benefit?	Import of goods or services for Members' benefit is a permitted object.
May a Producer Company carry on activities under clause (a) through another institution?	Activities may be carried on directly or through another institution.
Can a Producer Company process produce of its Members?	Processing of Members' produce is a permitted object.
Which processing activities are specifically recognised under Section 378B(1)(b)?	Preserving, drying, distilling, brewing, vinting, canning and packaging.
Can a Producer Company manufacture machinery and equipment?	Manufacture of machinery and equipment mainly for Members is a permitted object.
Can a Producer Company supply consumables to Members?	Supply of consumables mainly to Members is a permitted object.
Can a Producer Company provide education to Members?	Education on mutual assistance principles is a permitted object.
Can education be provided to persons other than Members?	Education may be provided to Members and others.
Can a Producer Company render consultancy and technical services?	Technical and consultancy services are permitted objects.
Can a Producer Company undertake research and development?	Research and development for Members' interests are permitted objects.
Can a Producer Company provide training to Members?	Training activities promoting Members' interests are permitted objects.
Can a Producer Company generate and distribute power?	Generation, transmission and distribution of power are permitted objects.
Can a Producer Company undertake land and water resource conservation?	Revitalisation, use and conservation of land and water resources are permitted objects.
Can a Producer Company undertake communications related to primary produce?	Communications relatable to primary produce are permitted objects.
Can a Producer Company provide insurance facilities?	Insurance of producers or their primary produce is a permitted object.
Can a Producer Company promote mutuality and mutual assistance?	Promotion of mutuality and mutual assistance is a permitted object.
Can a Producer Company undertake welfare measures for Members?	Welfare measures and facilities for Members are permitted objects.
Who decides welfare measures under Section 378B(1)(i)?	The Board.
Can a Producer Company undertake ancillary activities?	Ancillary or incidental activities connected with its objects are permitted.
Can a Producer Company undertake activities promoting mutual assistance among Members?	Activities promoting mutuality and mutual assistance are permitted.
Can a Producer Company provide financial assistance to Members?	Financing and credit facilities for specified activities are permitted objects.
Can a Producer Company extend credit facilities to Members?	Extension of credit facilities to Members is a permitted object.
Can a Producer Company provide financial services to Members?	Financial services to Members are permitted objects.
What principle governs dealings of a Producer Company under Section 378B(2)?	It must deal primarily with the produce of its active Members.
Whose produce must be primarily dealt with by a Producer Company?	Produce of active Members.
What is the objective of Section 378B?	To specify the permissible objects and activities of a Producer Company and ensure primary dealings with active Members.
What is the subject matter of Section 378C of the Companies Act, 2013?	Formation of Producer Company and its registration.
Who may form a Producer Company under Section 378C(1)?	Ten or more individual producers.
Can two or more Producer Institutions form a Producer Company?	Two or more Producer Institutions may form a Producer Company.
Can a combination of individuals and Producer Institutions form a Producer Company?	A combination of ten or more individuals and Producer Institutions may form a Producer Company.
What qualification must individual promoters possess under Section 378C(1)?	Each individual must be a producer.
Which objects must a Producer Company have at the time of formation?	Objects specified in Section 378B.
What statutory requirements must be complied with before registration?	Requirements of Chapter XXIA and provisions relating to registration under the Act.
Who registers a Producer Company?	The Registrar.
Within what period must the Registrar register the Producer Company if requirements are fulfilled?	Within 30 days of receipt of the registration documents.
Which documents are registered by the Registrar under Section 378C(2)?	Memorandum, articles and other required documents.
What document is issued upon successful registration?	Certificate of incorporation.
What is the nature of members' liability in a Producer Company?	Liability is limited to the unpaid amount on shares held by them.
How is a Producer Company classified under Section 378C(3)?	A company limited by shares.
Can promoters be reimbursed for formation expenses?	Direct costs of promotion and registration may be reimbursed.
Which expenses may be reimbursed by the Producer Company?	Registration fees, legal fees, printing costs of memorandum and articles, and other direct promotion costs.
What approval is necessary before reimbursement of promoters' expenses?	Approval at the first general meeting of Members.
What legal status does a Producer Company acquire upon registration?	It becomes a body corporate.
How is a Producer Company treated after registration?	As if it were a private limited company subject to Chapter XXIA.
Is there any limit on the number of Members of a Producer Company?	No limit applies to the number of Members.
Can a Producer Company become a public limited company?	It cannot become or be deemed to become a public limited company under any circumstances.
What is the objective of Section 378C?	To prescribe the formation, registration and legal status of Producer Companies.
What is the subject matter of Section 378D of the Companies Act, 2013?	Membership and voting rights of Members of Producer Company.
How are voting rights determined when membership consists solely of individual Members?	One vote for every Member irrespective of shareholding or patronage.
Does shareholding affect voting rights of individual Members in a Producer Company?	Voting rights are independent of shareholding.
Does patronage affect voting rights of individual Members in a Producer Company?	Voting rights are independent of patronage.
How are voting rights determined when membership consists only of Producer Institutions?	On the basis of participation in the business of the Producer Company in the previous year.
Where are the criteria for determining voting rights of Producer Institutions specified?	In the articles of the Producer Company.
How are voting rights determined for Producer Institutions during the first year of registration?	On the basis of their shareholding.
How are voting rights determined when membership consists of both individuals and Producer Institutions?	One vote for every Member.
Can the articles prescribe conditions for continuation of membership?	Conditions for retaining membership may be provided in the articles.
Can the articles regulate the exercise of voting rights?	The manner of exercising voting rights may be specified in the articles.
Can voting rights be restricted only to active Members?	Voting rights may be restricted to active Members if authorised by the articles.
In which meetings may voting rights be restricted to active Members?	Special meetings and general meetings.
Can a person having a conflicting business interest become a Member of a Producer Company?	A person with a conflicting business interest is ineligible for membership.
What happens if a Member acquires a business interest conflicting with the Producer Company's business?	He ceases to be a Member.
How is a Member with conflicting business interests removed?	In accordance with the articles of the Producer Company.
What is the objective of Section 378D?	To regulate membership eligibility and voting rights in a Producer Company.
What is the subject matter of Section 378E of the Companies Act, 2013?	Benefits to Members.
What is the initial benefit receivable by a Member for produce supplied to a Producer Company?	Value for the produce or products pooled and supplied as determined by the Board.
Who determines the initial value payable for produce supplied by Members?	The Board of the Producer Company.
What is withheld price under Section 378E(1)?	Part of the value retained by the Producer Company for later disbursement.
How may the withheld price be disbursed to Members?	In cash, in kind, or by allotment of equity shares.
On what basis is withheld price distributed among Members?	In proportion to the produce supplied during the financial year.
Who decides the extent, manner and conditions of disbursement of withheld price?	The Board of the Producer Company.
What return is payable to Members on their share capital contribution?	Limited return.
Can a Member receive returns beyond the limited return on share capital?	Only limited return is payable on share capital.
Can Members receive bonus shares in a Producer Company?	Bonus shares may be allotted in accordance with Section 378ZJ.
What must be provided before surplus can be distributed under Section 378E(3)?	Provision for limited return and reserves under Section 378ZI.
What is patronage bonus under Section 378E(3)?	Distribution of surplus among Members in proportion to their participation in the business.
How is patronage bonus distributed among Members?	In proportion to their participation in the business of the Producer Company.
In what forms may patronage bonus be distributed?	Cash, equity shares, or both.
Who decides the mode of distribution of patronage bonus?	Members at the general meeting.
Can surplus be distributed as patronage bonus before creation of reserves?	Surplus is distributable only after provision for limited return and reserves.
What is the objective of Section 378E?	To regulate the financial benefits available to Members of a Producer Company through withheld price, limited return, bonus shares and patronage bonus.
What is the subject matter of Section 378F of the Companies Act, 2013?	Memorandum of Producer Company.
What words must appear at the end of the name of every Producer Company?	"Producer Company Limited".
What must the memorandum specify regarding the registered office?	The State in which the registered office is to be situated.
What should be the main objects stated in the memorandum of a Producer Company?	One or more objects specified in Section 378B.
Whose names and addresses must be stated in the memorandum?	The persons who have subscribed to the memorandum.
What information regarding share capital must be stated in the memorandum?	The amount of share capital and its division into shares of a fixed amount.
Whose names, addresses and occupations must be included as first directors in the memorandum?	Subscribers who are producers and will act as first directors under Section 378J(2).
What statement regarding liability must be included in the memorandum?	Liability of members is limited.
What shareholding information must be stated against each subscriber's name?	The number of shares taken by each subscriber.
What is the minimum number of shares that a subscriber must take?	One share.
What must be stated if the objects of the Producer Company extend beyond one State?	The States to whose territories the objects extend.
Who can act as the first directors named in the memorandum?	Subscribers who are producers.
Can the memorandum omit details of the company's share capital?	The amount and division of share capital must be stated.
What is the objective of Section 378F?	To prescribe the mandatory contents of the memorandum of a Producer Company.
What is the subject matter of Section 378G of the Companies Act, 2013?	Articles of association.
Which documents must be presented to the Registrar for registration of a Producer Company?	Memorandum and articles of the Producer Company.
Who must sign the articles of a Producer Company?	Subscribers to the memorandum.
To which Registrar are the documents presented for registration?	Registrar of the State where the registered office is proposed to be situated.
What is the first mutual assistance principle under Section 378G(2)?	Voluntary and open membership for eligible persons willing to accept membership duties.
Who is eligible for membership under the principle of voluntary membership?	Persons who can participate in or avail services of the Producer Company.
What voting principle applies to Members under the mutual assistance principles?	One Member, one vote irrespective of shareholding.
How must a Producer Company be administered?	By a Board elected or appointed in accordance with the Chapter.
To whom is the Board accountable?	The Members.
What must the articles contain regarding share capital returns?	Particulars relating to limited return.
How should surplus arising from operations be distributed?	Equitably among development, common facilities and Members.
For what purpose may surplus be utilised under Section 378G(2)(e)(i)?	Development of the business of the Producer Company.
For what purpose may surplus be utilised under Section 378G(2)(e)(ii)?	Provision of common facilities.
How is surplus distributed among Members?	In proportion to their participation in the business.
What educational provision must be included in the articles?	Education of Members, employees and others on mutuality and mutual assistance principles.
What co-operation obligation is imposed on a Producer Company?	Active co-operation with other Producer Companies and similar organisations.
At what levels should a Producer Company cooperate with other organisations?	Local, national and international levels.
What membership matters must be provided in the articles?	Qualification, continuance, cancellation of membership and transfer of shares.
What voting-related matter must be specified in the articles?	Manner of ascertaining patronage and voting rights based on patronage.
What Board-related matters must be included in the articles?	Constitution, powers, duties, election, appointment, removal and vacancies of directors.
What Chief Executive-related matter must be included in the articles?	Manner and terms of appointment of the Chief Executive.
What Chairman-related matters must be provided in the articles?	Election, term of office, voting procedure and casting vote powers.
What must the articles provide regarding withheld price?	Circumstances and manner of its determination and distribution.
What must the articles provide regarding patronage bonus?	Manner of disbursement in cash, equity shares or both.
What contribution-related matter must be included in the articles?	Contribution-sharing matters under Section 378ZI(2).
What reserve-related matter must be included in the articles?	Issue of bonus shares out of general reserves under Section 378ZJ.
What share allotment matter must be included in the articles?	Basis and manner of allotting equity shares in lieu of sale proceeds.
What financial matters must be specified in the articles?	Reserves, fund raising, debt limits and conditions.
What lending matters must be specified in the articles?	Credit, loans or advances to Members and conditions thereof.
What information rights must be included in the articles?	Member's right to obtain information relating to the company's business.
What dissolution-related matter must be included in the articles?	Distribution and disposal of funds after meeting liabilities.
What restructuring matters must be included in the articles?	Division, amalgamation, merger, subsidiaries and joint ventures.
Within what period must the memorandum and articles be laid before a special general meeting?	Within 90 days of registration.
Can Members recommend additional provisions for inclusion in the articles?	Additional provisions may be included through a special resolution.
What is the objective of Section 378G?	To prescribe mutual assistance principles and mandatory contents of the articles of a Producer Company.
What is the subject matter of Section 378H of the Companies Act, 2013?	Amendment of memorandum.
Can a Producer Company alter the conditions contained in its memorandum freely?	Alteration is permitted only in cases, modes and extent expressly provided by the Act.
How may a Producer Company alter its objects clause?	By passing a special resolution.
What restriction applies while altering the objects of a Producer Company?	The alteration must not be inconsistent with Section 378B.
Which part of the memorandum may be altered under Section 378H(2)?	Objects specified in the memorandum.
What documents must be filed with the Registrar after alteration of the memorandum?	Copy of the amended memorandum and certified copy of the special resolution.
Who must certify the special resolution filed with the Registrar?	Two directors.
Within what period must the amended memorandum and resolution be filed?	Within 30 days from adoption of the resolution.
What procedure applies when the registered office is transferred from one Registrar's jurisdiction to another?	Certified copies of the special resolution must be filed with both Registrars.
Within what period must the special resolution be filed with both Registrars in case of transfer of jurisdiction?	Within 30 days.
What is the duty of both Registrars upon receipt of the special resolution?	To record the resolution.
What must the Registrar from whose jurisdiction the office is transferred do after recording the resolution?	Forward all documents relating to the Producer Company to the other Registrar.
Can a Producer Company change its registered office from one State to another merely by passing a resolution?	Approval of the Central Government is required.
Whose approval is necessary for alteration relating to transfer of registered office from one State to another?	The Central Government.
How must approval for change of registered office from one State to another be sought?	Through an application in the prescribed form and manner.
When does alteration relating to change of registered office from one State to another become effective?	Only after approval by the Central Government.
What is the objective of Section 378H?	To regulate alteration of the memorandum of a Producer Company and prescribe procedures for changes in objects and registered office.
What is the subject matter of Section 378-I of the Companies Act, 2013?	Amendment of articles.
Who may propose an amendment to the articles of a Producer Company?	Not less than two-thirds of the elected directors.
Can Members propose an amendment to the articles of a Producer Company?	Not less than one-third of the Members may propose the amendment.
What minimum proportion of elected directors is required to propose amendment of articles?	Two-thirds of the elected directors.
What minimum proportion of Members is required to propose amendment of articles?	One-third of the Members.
How must an amendment to the articles be adopted?	By a special resolution of the Members.
Who has the authority to adopt amendments to the articles?	The Members of the Producer Company.
What documents must be filed after amendment of the articles?	Copy of the amended articles and copy of the special resolution.
Who must certify the amended articles and special resolution?	Two directors.
With whom must the amended articles and resolution be filed?	The Registrar.
Within what period must the amended articles and special resolution be filed?	Within 15 days from the date of adoption.
From which date is the filing period of 15 days calculated?	From the date of adoption of the special resolution.
What is the objective of Section 378-I?	To prescribe the procedure for amendment and filing of articles of a Producer Company.
What is the subject matter of Section 378J of the Companies Act, 2013?	Option to inter-State co-operative societies to become Producer Companies.
Which entity is entitled to apply for registration as a Producer Company under Section 378J(1)?	An inter-State co-operative society with objects not confined to one State.
To whom must an inter-State co-operative society apply for registration as a Producer Company?	The Registrar.
What resolution must accompany an application under Section 378J(2)(a)?	A special resolution for incorporation as a Producer Company.
What minimum majority is required for the special resolution under Section 378J(2)(a)?	Not less than two-thirds of the total members.
What particulars regarding management must accompany the application?	Names, addresses and occupations of directors and Chief Executive.
What membership information must accompany the application?	List of members of the inter-State co-operative society.
What statement regarding business activities must accompany the application?	A statement that the society is engaged in one or more objects specified in Section 378B.
Who must certify the correctness of the particulars submitted with the application?	Two or more directors of the inter-State co-operative society.
What name requirement applies after registration as a Producer Company?	The words “Producer Company Limited” must form part of its name.
Within what period must the Registrar issue the certificate of registration?	Within 30 days of receipt of the application.
What is the effect of the Registrar's certificate under Section 378J(4)?	The inter-State co-operative society becomes incorporated as a Producer Company.
Can producer co-operatives registered under other laws apply under Section 378J?	Eligible producer co-operatives and their federations or unions may apply.
What condition must such co-operatives satisfy to become eligible?	They must have extended their objects or activities outside the State.
What happens to an inter-State co-operative society upon registration as a Producer Company?	It stands transformed into a Producer Company.
Which law governs the entity after its transformation into a Producer Company?	The provisions of Chapter XXIA.
Does the earlier governing co-operative law continue to apply after transformation?	It ceases to apply except regarding acts or omissions occurring before registration.
Can any person claim rights merely because of the conversion into a Producer Company?	No claim arises solely by reason of the conversion or transformation.
What duty is imposed on the Registrar of Companies after registration?	To intimate the previous Registrar for deletion of the society from its register.
Why is the previous Registrar informed after registration?	To remove the erstwhile inter-State co-operative society from its register.
What is the objective of Section 378J?	To provide a mechanism for conversion of inter-State co-operative societies into Producer Companies.
What is the subject matter of Section 378K of the Companies Act, 2013?	Effect of incorporation of Producer Company.
To which entities does Section 378K apply?	Inter-State co-operative societies transformed into Producer Companies.
What is meant by the date of transformation under Section 378K?	The date of registration of the Producer Company.
Who is covered by the deeming provision under Section 378K?	Every shareholder of the inter-State co-operative society immediately before the date of transformation.
What happens to shareholders of the inter-State co-operative society upon transformation?	They are deemed to be registered as shareholders of the Producer Company.
From which date do shareholders become shareholders of the Producer Company?	From the date of transformation.
To what extent are former shareholders registered in the Producer Company?	To the extent of the face value of the shares held by them earlier.
Is a fresh allotment of shares required upon transformation?	Existing shareholders are deemed to be registered by operation of law.
What is the basis for determining shareholding in the Producer Company after transformation?	The face value of shares held in the inter-State co-operative society immediately before transformation.
What is the effect of Section 378K on continuity of ownership?	Shareholding in the co-operative society automatically continues in the Producer Company.
What is the objective of Section 378K?	To ensure seamless transfer and continuity of shareholders' interests upon conversion of an inter-State co-operative society into a Producer Company.
What is the subject matter of Section 378L of the Companies Act, 2013?	Vesting of undertaking in Producer Company.
What happens to the movable and immovable properties of an inter-State co-operative society on the date of transformation?	They vest in the Producer Company.
Do all assets of the inter-State co-operative society transfer to the Producer Company?	All assets and properties transfer to the Producer Company.
What happens to the rights and liabilities of the inter-State co-operative society on transformation?	They stand transferred to the Producer Company.
Do debts of the inter-State co-operative society continue after transformation?	They become debts of the Producer Company.
What happens to privileges and obligations of the inter-State co-operative society after transformation?	They become privileges and obligations of the Producer Company.
What is the effect of transformation on contracts entered into by the inter-State co-operative society?	They are deemed to have been entered into by the Producer Company.
What is the effect of transformation on obligations incurred by the inter-State co-operative society?	They are deemed to have been incurred by the Producer Company.
What happens to matters and things engaged to be done by the inter-State co-operative society?	They are deemed to be engaged to be done by the Producer Company.
What happens to money due to the inter-State co-operative society before transformation?	It is deemed to be due to the Producer Company.
Who manages organisations previously managed by the inter-State co-operative society?	The Producer Company.
For how long may the Producer Company manage such organisations?	For such period, extent and manner as circumstances require.
Can financial assistance previously provided by the inter-State co-operative society continue after transformation?	The Producer Company may continue such assistance.
What types of assistance may continue after transformation?	Financial, managerial and technical assistance.
Who decides the period and extent of continued assistance?	The Producer Company.
What happens to the capital of the erstwhile inter-State co-operative society?	It forms part of the capital of the Producer Company.
How are references to the inter-State co-operative society in laws and contracts interpreted after transformation?	They are deemed to be references to the Producer Company.
What is the effect of transformation on pending suits and legal proceedings?	They continue without abatement or discontinuance.
Can pending arbitrations continue after transformation?	Arbitrations may continue against or by the Producer Company.
Can pending appeals continue after transformation?	Appeals may continue against or by the Producer Company.
Does transformation prejudice existing legal proceedings?	Existing proceedings are not prejudicially affected.
Against whom may pending proceedings be enforced after transformation?	Against the Producer Company.
What is the objective of Section 378L?	To ensure complete transfer of assets, liabilities, contracts, capital and legal proceedings from an inter-State co-operative society to the Producer Company upon transformation.
What is the subject matter of Section 378M of the Companies Act, 2013?	Concessions, licences, benefits and exemptions deemed to be granted to the Producer Company.
From which date do the provisions of Section 378M take effect?	From the date of transformation.
What happens to fiscal concessions granted to an inter-State co-operative society after transformation?	They are deemed to have been granted to the Producer Company.
What happens to licences held by an inter-State co-operative society upon transformation?	They are deemed to be granted to the Producer Company.
What happens to benefits enjoyed by an inter-State co-operative society after transformation?	They continue as benefits of the Producer Company.
What happens to privileges granted to an inter-State co-operative society after transformation?	They are deemed to have been granted to the Producer Company.
What happens to exemptions available to an inter-State co-operative society after transformation?	They are deemed to continue in favour of the Producer Company.
Does a Producer Company need fresh grant of concessions after transformation?	Existing concessions automatically continue in its favour.
Which concessions are covered under Section 378M?	Fiscal and other concessions connected with the affairs and business of the society.
Under what laws are the transferred concessions recognised?	Any law for the time being in force.
What is the effect of Section 378M on existing licences and benefits?	They continue uninterrupted in favour of the Producer Company.
What is the objective of Section 378M?	To ensure continuity of all concessions, licences, benefits, privileges and exemptions after transformation of an inter-State co-operative society into a Producer Company.
What is the subject matter of Section 378N of the Companies Act, 2013?	Provisions in respect of officers and other employees of inter-State co-operative society.
For how long do directors of an inter-State co-operative society continue in office after transformation?	For one year from the date of transformation.
Which directors continue in office after incorporation of the Producer Company?	All directors of the inter-State co-operative society holding office before incorporation.
Under which law do continuing directors function after transformation?	In accordance with the provisions of the Companies Act, 2013.
Which employees are covered under Section 378N(2)?	Officers and employees of the inter-State co-operative society other than directors, Chairman and Managing Director.
What happens to employees serving immediately before the date of transformation?	They become officers or employees of the Producer Company.
From which date do employees become employees of the Producer Company?	From the date of transformation.
Do employees retain their tenure after transformation?	They continue with the same tenure.
Do employees retain the same remuneration after transformation?	They continue at the same remuneration.
Do employees retain the same terms and conditions of service?	They continue under the same terms and conditions.
Do employees retain the same rights and obligations after transformation?	They continue with the same rights and obligations.
Are leave benefits protected after transformation?	Existing leave benefits continue.
Are leave travel concessions protected after transformation?	Existing leave travel concessions continue.
Are welfare scheme benefits protected after transformation?	Existing welfare scheme benefits continue.
Are medical benefits protected after transformation?	Existing medical benefits continue.
Are insurance benefits protected after transformation?	Existing insurance benefits continue.
Are provident fund benefits protected after transformation?	Existing provident fund benefits continue.
Are retirement and voluntary retirement benefits protected after transformation?	Existing retirement and voluntary retirement benefits continue.
Are gratuity benefits protected after transformation?	Existing gratuity benefits continue.
What is the effect if an employee opts not to continue with the Producer Company?	The employee is deemed to have resigned.
How is an employee treated if he declines employment under the Producer Company?	As having resigned from service.
Can employees claim compensation merely because their services are transferred to the Producer Company?	No compensation is payable for such transfer.
Does the Industrial Disputes Act, 1947 provide compensation for transfer of service under Section 378N?	Transfer does not entitle employees to compensation under that Act.
Can any court or tribunal entertain a compensation claim arising solely from transfer of service?	Such claims cannot be entertained.
What rights do retired employees of the inter-State co-operative society retain after transformation?	They remain entitled to all benefits, rights and privileges previously available.
Who is responsible for paying benefits to retired employees after transformation?	The Producer Company.
What happens to the provident fund and gratuity fund trusts of the inter-State co-operative society after transformation?	They continue to discharge their functions in the Producer Company.
Do welfare bodies created for employees continue after transformation?	Such welfare bodies continue to function in the Producer Company.
What is the effect of transformation on employee welfare trusts?	Their functions continue as before in the Producer Company.
Do tax exemptions granted to the provident fund continue after transformation?	Tax exemptions continue to apply to the Producer Company.
Do tax exemptions granted to the gratuity fund continue after transformation?	Tax exemptions continue to apply to the Producer Company.
What is the effect of Section 378N(6) on welfare-related institutions?	They continue operating for the benefit of officers and employees in the Producer Company.
Can a director claim compensation for loss of office after transformation?	No compensation is payable for loss of office.
Can the Chairman claim compensation for premature termination of office after transformation?	No compensation is payable.
Can the Managing Director claim compensation for premature termination of a management contract?	No compensation is payable.
Who is barred from claiming compensation under Section 378N(7)?	Directors, Chairman, Managing Director and persons managing the whole or substantial part of the business.
Against whom is compensation barred under Section 378N(7)?	Both the inter-State co-operative society and the Producer Company.
Can compensation be claimed for premature termination of a management contract?	Such compensation is not payable.
Does Section 378N(7) override other laws and regulations?	It operates notwithstanding anything contained in other laws or regulations.

PART-III
MANAGEMENT OF PRODUCER COMPANY
What is the subject matter of Section 378-O of the Companies Act, 2013?	Number of directors.
What is the minimum number of directors required in a Producer Company?	Five directors.
What is the maximum number of directors ordinarily permitted in a Producer Company?	Fifteen directors.
Can a Producer Company have less than five directors?	A minimum of five directors is mandatory.
Can a Producer Company ordinarily have more than fifteen directors?	The maximum limit is fifteen directors.
What special exception is provided for an inter-State co-operative society incorporated as a Producer Company?	It may have more than fifteen directors.
For how long may an inter-State co-operative society incorporated as a Producer Company have more than fifteen directors?	One year from the date of incorporation as a Producer Company.
From which date is the one-year period calculated for the exception under the proviso?	From the date of incorporation as a Producer Company.
Does the exception allowing more than fifteen directors apply to all Producer Companies?	It applies only to an inter-State co-operative society incorporated as a Producer Company.
What is the objective of Section 378-O?	To prescribe the minimum and maximum number of directors in a Producer Company and provide a transitional exception for converted inter-State co-operative societies.
What is the subject matter of Section 378P of the Companies Act, 2013?	Appointment of directors.
Who may designate the first Board of Directors of a Producer Company?	Members who sign the memorandum and articles.
What is the minimum number of directors that may be designated in the first Board?	Five directors.
Until when does the first designated Board govern the affairs of the Producer Company?	Until directors are elected in accordance with Section 378P.
Within what period must the election of directors be conducted after registration of a Producer Company?	Within 90 days of registration.
What is the extended period for election of directors in the case of certain inter-State co-operative societies registered as Producer Companies?	Within 365 days of registration.
When does the 365-day period apply instead of 90 days?	When at least five directors hold office on the date of registration, including continuing directors under Section 378N(1).
What is the minimum term of office of a director under Section 378P(3)?	One year.
What is the maximum term of office of a director under Section 378P(3)?	Five years.
Who determines the exact term of office of a director within the statutory limits?	The articles of the Producer Company.
Is a retiring director eligible for re-appointment?	A retiring director may be re-appointed.
How are directors generally elected or appointed under Section 378P(5)?	By Members in the annual general meeting.
Which provision creates an exception to election or appointment at the annual general meeting?	Section 378P(2).
Can the Board co-opt expert directors?	The Board may co-opt one or more expert directors.
Can the Board appoint additional directors?	The Board may appoint additional directors.
What is the maximum number of expert or additional directors that may be appointed?	Not exceeding one-fifth of the total number of directors.
Can the Board appoint any other person as an additional director?	Any other person may be appointed as an additional director.
Who determines the period for which an additional director is appointed?	The Board.
Can expert directors vote in the election of the Chairman?	Expert directors have no voting right in the election of the Chairman.
Can an expert director be elected as Chairman?	An expert director may be elected as Chairman if the articles so provide.
What is the maximum tenure of an expert director or additional director?	The period specified in the articles.
Where is the tenure of expert and additional directors prescribed?	In the articles of the Producer Company.
What is the objective of Section 378P?	To regulate the appointment, election, tenure, re-appointment and co-option of directors in a Producer Company.
What is the subject matter of Section 378Q of the Companies Act, 2013?	Vacation of office by directors.
When does the office of a director of a Producer Company become vacant?	Upon occurrence of any disqualification specified in Section 378Q.
What is the effect of conviction for an offence involving moral turpitude on a director's office?	The office becomes vacant if sentenced to imprisonment of not less than six months.
What minimum sentence triggers vacation of office under Section 378Q(1)(a)?	Imprisonment for not less than six months.
What type of offence leads to vacation of office under Section 378Q(1)(a)?	An offence involving moral turpitude.
When does a company's loan default result in vacation of office of its director?	When repayment default continues for ninety days.
Which borrowings are covered under Section 378Q(1)(b)?	Advances or loans taken from any company, institution or other person.
What is the consequence if a director defaults in repaying a loan taken from the Producer Company?	His office becomes vacant.
Does personal default by a director towards the Producer Company affect his office?	Such default results in vacation of office.
When does failure to file annual accounts and annual returns cause vacation of office?	When such failure continues for three consecutive financial years.
How many continuous financial years of non-filing trigger vacation of office?	Three financial years.
What payment defaults by the Producer Company may result in vacation of office?	Failure to repay deposits, withheld price, patronage bonus, interest thereon or dividend.
For what duration must such payment default continue to trigger vacation of office?	One year or more.
Can failure to repay withheld price lead to vacation of office?	Continuous default for one year or more results in vacation of office.
Can failure to pay patronage bonus result in vacation of office?	Continuous default for one year or more results in vacation of office.
Can failure to pay dividend result in vacation of office?	Continuous default for one year or more results in vacation of office.
What is the consequence of failure to hold elections for directors in accordance with the Act and articles?	The office of the director becomes vacant.
Which elections are referred to in Section 378Q(1)(e)?	Elections for the office of director.
What is the effect of not calling an annual general meeting in accordance with the Act?	The office of the director becomes vacant.
What is the effect of not calling an extraordinary general meeting in accordance with the Act?	The office of the director becomes vacant.
Is there any exception regarding failure to call meetings?	Natural calamity or other valid reasons may constitute an exception.
Do the provisions of Section 378Q apply only to directors of Producer Companies?	They also apply to directors of Producer Institutions that are members of a Producer Company.
To whom does Section 378Q(2) extend the disqualifications?	Directors of Producer Institutions which are members of a Producer Company.
What is the objective of Section 378Q?	To prescribe circumstances under which the office of a director of a Producer Company becomes vacant.
What is the subject matter of Section 378R of the Companies Act, 2013?	Powers and functions of Board.
Who exercises the powers of a Producer Company under Section 378R(1)?	The Board of Directors.
Under what conditions does the Board exercise its powers?	Subject to the provisions of the Act and the articles.
What is the general authority of the Board under Section 378R(1)?	To exercise all powers and do all acts authorised to the Producer Company.
Can the Board determine the dividend payable by the Producer Company?	Determination of dividend is a power of the Board.
Can the Board determine the quantum of withheld price?	Determination of withheld price is a power of the Board.
What role does the Board play regarding patronage bonus?	It recommends patronage bonus for approval at the general meeting.
Can the Board admit new Members to the Producer Company?	Admission of new Members is a power of the Board.
What policy-making role is assigned to the Board?	Formulating organisational policy and objectives.
Can the Board establish long-term and annual objectives?	Establishment of long-term and annual objectives is a Board function.
Can the Board approve corporate strategies and financial plans?	Approval of corporate strategies and financial plans is a Board function.
Who appoints the Chief Executive of a Producer Company?	The Board.
Can the Board appoint other officers of the Producer Company?	Appointment of officers specified in the articles is a Board function.
What authority does the Board have over the Chief Executive?	Superintendence, direction and control.
What authority does the Board have over other officers appointed by it?	Superintendence, direction and control.
Who is responsible for ensuring maintenance of proper books of account?	The Board.
What financial statements must the Board prepare?	Annual accounts for placement before the annual general meeting.
What documents must accompany annual accounts before the annual general meeting?	Auditor's report and replies to auditor's qualifications, if any.
Can the Board acquire property in the ordinary course of business?	Acquisition of property in the ordinary course of business is a Board power.
Can the Board dispose of property in the ordinary course of business?	Disposal of property in the ordinary course of business is a Board power.
Can the Board invest the funds of the Producer Company?	Investment of funds in the ordinary course of business is a Board power.
Can the Board sanction loans or advances to Members?	Loans or advances may be sanctioned to eligible Members.
To whom cannot the Board sanction loans or advances under Section 378R(2)(j)?	A director or his relative.
Can the Board take measures necessary for discharge of its functions?	It may take all necessary measures and acts for discharge of its functions.
How must the Board exercise its statutory powers?	Through resolutions passed at Board meetings.
Can an individual director exercise powers of the Board independently?	Powers of the Board cannot be exercised by an individual director acting alone.
Can a group of directors that does not constitute the Board exercise Board powers?	Only the duly constituted Board may exercise such powers.
What is the objective of Section 378R?	To define the powers, functions and decision-making authority of the Board of a Producer Company.
What is the subject matter of Section 378S of the Companies Act, 2013?	Matters to be transacted at general meeting.
How must the Board exercise powers under Section 378S?	Through resolutions passed at the annual general meeting of Members.
Can the Board exercise powers under Section 378S outside the annual general meeting?	The powers must be exercised through resolutions at the annual general meeting.
Who approves the budget of a Producer Company under Section 378S?	The Members at the annual general meeting through resolution.
Who adopts the annual accounts of a Producer Company?	The Members at the annual general meeting.
Can annual accounts be adopted without approval at the annual general meeting?	Adoption requires a resolution at the annual general meeting.
Who approves the patronage bonus of a Producer Company?	The Members at the annual general meeting.
Can patronage bonus be granted without approval of Members?	Approval by resolution at the annual general meeting is required.
Who approves the issue of bonus shares in a Producer Company?	The Members at the annual general meeting.
Can bonus shares be issued without approval at the annual general meeting?	Approval through resolution at the annual general meeting is required.
Who declares the limited return in a Producer Company?	The Members at the annual general meeting through resolution.
Who decides the distribution of patronage in a Producer Company?	The Members at the annual general meeting.
Who specifies the conditions and limits of loans that may be given to a director?	The Members at the annual general meeting.
Can the Board independently determine loan limits for directors?	Conditions and limits must be approved at the annual general meeting.
What transactions require approval at the annual general meeting under Section 378S(f)?	Transactions reserved by the articles for approval of Members.
Where may additional matters requiring Member approval be prescribed?	In the articles of the Producer Company.
What is the objective of Section 378S?	To reserve important financial and governance decisions for approval of Members at the annual general meeting.
What is the subject matter of Section 378T of the Companies Act, 2013?	Liability of directors.
When do directors become liable under Section 378T(1)?	When they vote for or approve acts done in contravention of the Act, any other law or the articles.
What type of liability is imposed on directors under Section 378T(1)?	Joint and several liability.
For what purpose are directors jointly and severally liable under Section 378T(1)?	To make good any loss or damage suffered by the Producer Company.
Can liability arise if directors approve an unlawful act by means other than voting?	Approval by any means attracts liability.
What kinds of contraventions attract liability under Section 378T(1)?	Contraventions of the Act, any other law in force, or the articles.
Who suffers the loss or damage contemplated under Section 378T(1)?	The Producer Company.
Can the Producer Company recover profits wrongfully earned by a director?	The Company may recover an amount equal to the profit made.
When can the Producer Company recover profits from a director under Section 378T(2)(a)?	When the director earns profit from a contravention covered by Section 378T(1).
How much profit can be recovered from the director?	An amount equal to the profit so made.
Can the Producer Company recover losses caused by a director's contravention?	The Company may recover an amount equal to the loss or damage suffered.
When does recovery under Section 378T(2)(b) arise?	When loss or damage results from the contravention specified in Section 378T(1).
How much can the Producer Company recover for loss or damage?	An amount equal to the loss or damage incurred.
Does Section 378T replace other liabilities imposed on directors?	Liability under this section is additional to other liabilities.
What is the effect of Section 378T(3) on liabilities under other laws?	Existing liabilities under the Act or other laws continue in addition to this liability.
Can a director be liable under both Section 378T and other provisions of law?	Liability under Section 378T is cumulative and not exclusive.
What is the objective of Section 378T?	To hold directors accountable for unlawful decisions and enable recovery of resulting profits, losses and damages for the benefit of the Producer Company.
What is the subject matter of Section 378U of the Companies Act, 2013?	Committee of directors.
Can the Board constitute committees in a Producer Company?	The Board may constitute such number of committees as it deems fit.
Why may the Board constitute committees under Section 378U(1)?	To assist the Board in the efficient discharge of its functions.
Can the Board delegate its powers to a committee?	The Board cannot delegate its powers to a committee.
Can the powers of the Chief Executive be assigned to a committee?	Powers of the Chief Executive cannot be assigned to a committee.
Can a committee co-opt additional persons as members?	A committee may co-opt members with the approval of the Board.
Whose approval is required before a committee co-opts members?	Approval of the Board.
Must a Chief Executive or director be a member of a committee?	A Chief Executive or a director must be a member of the committee.
Can a committee consist entirely of outsiders?	At least a Chief Executive or director must be a member.
Under whose supervision does a committee function?	Under the general superintendence, direction and control of the Board.
Who determines the duration of a committee?	The Board.
Who determines the manner in which a committee functions?	The Board.
Who determines the fees and allowances payable to committee members?	The Board.
What must be done with the minutes of committee meetings?	They must be placed before the Board at its next meeting.
When must committee minutes be presented to the Board?	At the next meeting of the Board.
What is the objective of Section 378U?	To enable the Board to constitute committees while retaining overall control and responsibility for management of the Producer Company.
What is the subject matter of Section 378V of the Companies Act, 2013?	Meetings of Board and quorum.
How often must a meeting of the Board of a Producer Company be held?	At least once every three months.
What is the minimum number of Board meetings required in a year?	Four meetings every year.
How must notice of every Board meeting be given?	In writing.
To whom must notice of a Board meeting be given?	Every director.
Where should notice be sent to directors who are in India?	To every director for the time being in India.
Where should notice be sent to directors who are outside India?	At their usual address in India.
Who is responsible for giving notice of Board meetings?	The Chief Executive.
How many days before the meeting must notice ordinarily be given?	At least seven days before the meeting.
What is the penalty for failure of the Chief Executive to give proper notice?	Penalty of five thousand rupees.
Can a Board meeting be called at shorter notice?	A meeting may be called at shorter notice.
What condition must be fulfilled when a Board meeting is called at shorter notice?	Reasons must be recorded in writing by the Board.
What is the quorum for a Board meeting of a Producer Company?	One-third of the total strength of directors, subject to a minimum of three.
What is the minimum quorum irrespective of Board strength?	Three directors.
How is quorum calculated under Section 378V(4)?	One-third of total strength of directors.
Can co-opted directors receive fees and allowances for attending Board meetings?	Co-opted directors may receive fees and allowances.
Who decides the fees and allowances for attendance at Board meetings?	Members in the general meeting.
Can the articles provide otherwise regarding fees and allowances?	The provisions apply subject to the articles.
What is the objective of Section 378V?	To regulate Board meetings, notice requirements, quorum and payment of attendance fees in a Producer Company.
What is the subject matter of Section 378W of the Companies Act, 2013?	Chief Executive and his functions.
Is a Producer Company required to appoint a Chief Executive?	Every Producer Company must have a full-time Chief Executive.
Who appoints the Chief Executive of a Producer Company?	The Board.
Can a Member of the Producer Company be appointed as Chief Executive?	The Chief Executive must be appointed from among persons other than Members.
What is the status of the Chief Executive on the Board?	Ex officio director of the Board.
Does the Chief Executive retire by rotation?	The Chief Executive does not retire by rotation.
Who determines the qualifications of the Chief Executive?	The Board.
Who determines the experience required for the Chief Executive?	The Board.
Who determines the terms and conditions of service of the Chief Executive?	The Board.
What powers are entrusted to the Chief Executive?	Substantial powers of management as determined by the Board.
What is the primary administrative function of the Chief Executive?	Managing day-to-day affairs of the Producer Company.
Can the Chief Executive operate bank accounts of the Producer Company?	The Chief Executive may operate bank accounts.
Can the Chief Executive authorise another person to operate bank accounts?	Such authorisation may be given subject to Board approval.
Who is responsible for safe custody of cash and assets of the Producer Company?	The Chief Executive.
Can the Chief Executive sign documents on behalf of the Producer Company?	Documents authorised by the Board may be signed by him.
Who is responsible for maintaining proper books of account?	The Chief Executive.
Who prepares annual accounts of the Producer Company?	The Chief Executive.
Who places audited accounts before the Board and annual general meeting?	The Chief Executive.
What information duty is imposed on the Chief Executive towards Members?	Furnishing periodic information regarding operations and functions of the company.
Can the Chief Executive make appointments to posts in the company?	Appointments may be made within powers delegated by the Board.
What role does the Chief Executive play in planning and policy formulation?	Assists the Board in formulating goals, objectives, strategies, plans and policies.
What advisory role does the Chief Executive perform?	Advises the Board on legal and regulatory matters.
Can the Chief Executive take action on legal and regulatory matters?	Necessary action may be taken in respect of such matters.
Can the Chief Executive exercise powers in the ordinary course of business?	He may exercise powers necessary in the ordinary course of business.
Can the Board delegate additional functions to the Chief Executive?	Additional functions and powers may be delegated by the Board.
Under whose supervision does the Chief Executive manage the affairs of the Producer Company?	Under the general superintendence, direction and control of the Board.
To whom is the Chief Executive accountable for the performance of the Producer Company?	The Board.
What is the objective of Section 378W?	To provide for appointment, status, powers, functions and accountability of the Chief Executive of a Producer Company.
What is the subject matter of Section 378X of the Companies Act, 2013?	Secretary of Producer Company.
When is a Producer Company required to appoint a whole-time secretary?	When its average annual turnover exceeds five crore rupees or such other prescribed amount in each of three consecutive financial years.
What turnover criterion triggers the requirement of a whole-time secretary?	Average annual turnover exceeding five crore rupees or such other prescribed amount.
For how many consecutive financial years must the turnover threshold be met?	Three consecutive financial years.
What type of secretary must be appointed under Section 378X(1)?	A whole-time secretary.
What qualification is mandatory for appointment as whole-time secretary?	Membership of the Institute of Company Secretaries of India.
Which professional body must the whole-time secretary belong to?	The Institute of Company Secretaries of India.
Under which law is the Institute of Company Secretaries of India constituted?	The Company Secretaries Act, 1980.
Can a person who is not a member of the Institute of Company Secretaries of India be appointed as whole-time secretary?	Appointment requires membership of the Institute.
What is the consequence of failure to appoint a whole-time secretary when required?	The Producer Company and every defaulting officer become liable to penalty.
What is the daily penalty for non-compliance with Section 378X(1)?	One hundred rupees for every day of default.
What is the maximum penalty for non-compliance under Section 378X(3)?	One lakh rupees.
Who is liable for the penalty under Section 378X(3)?	The Producer Company and every officer in default.
Can penalty be avoided if reasonable efforts to comply were made?	No penalty shall be imposed if reasonable efforts to comply are proved.
Can financial incapacity be a defence against penalty under Section 378X(3)?	Financial inability to engage a whole-time secretary is a valid defence.
What must be shown to claim the defence of reasonable efforts?	That all reasonable efforts were taken to comply with Section 378X(1).
What is the objective of Section 378X?	To ensure appointment of a qualified whole-time secretary in larger Producer Companies and prescribe penalties for non-compliance.
What is the subject matter of Section 378Y of the Companies Act, 2013?	Quorum.
What is the quorum for a general meeting of a Producer Company?	One-fourth of the total membership.
Can the articles prescribe a higher quorum than that specified in Section 378Y?	The articles may require a larger number.
How is quorum calculated under Section 378Y?	On the basis of total membership.
What is the minimum statutory quorum at a general meeting in the absence of a higher requirement in the articles?	One-fourth of the total membership.
What is the objective of Section 378Y?	To prescribe the quorum requirement for general meetings of a Producer Company.
What is the subject matter of Section 378Z of the Companies Act, 2013?	Voting rights.
What is the general rule regarding voting rights of Members in a Producer Company?	Every Member has one vote.
Which provisions create exceptions to the one Member-one vote rule?	Sections 378D(1) and 378D(3).
How many votes does a Member ordinarily possess in a Producer Company?	One vote.
What happens when votes are equally divided at a meeting?	The Chairman or person presiding has a casting vote.
Who exercises the casting vote in case of equality of votes?	The Chairman or the person presiding over the meeting.
Does the Chairman have a casting vote in the election of the Chairman?	No casting vote is available in the election of the Chairman.
When is the casting vote unavailable despite equality of votes?	During the election of the Chairman.
What is the objective of Section 378Z?	To establish voting rights of Members and provide for a casting vote in case of equality of votes.

PART-IV
GENERAL MEETINGS
What is the subject matter of Section 378ZA of the Companies Act, 2013?	Annual general meetings.
Is every Producer Company required to hold an annual general meeting each year?	Every Producer Company shall hold an annual general meeting every year.
What is the maximum interval allowed between two annual general meetings of a Producer Company?	Fifteen months.
Can the Registrar extend the time for holding an annual general meeting?	The Registrar may grant an extension for special reasons.
What is the maximum extension that may be granted by the Registrar for holding an annual general meeting?	Three months.
Can the first annual general meeting be extended by the Registrar?	The extension provision does not apply to the first annual general meeting.
Within what period must the first annual general meeting of a Producer Company be held?	Within 90 days from incorporation.
What important matters are dealt with by Members at the first annual general meeting?	Adoption of articles and appointment of directors.
Who adopts the articles of the Producer Company?	The Members at the annual general meeting.
Who appoints the directors of the Board?	The Members at the annual general meeting.
What document must accompany the notice of an annual general meeting?	The agenda of the annual general meeting.
Must minutes of the previous meeting accompany the notice of AGM?	Minutes of the previous AGM or extraordinary general meeting must accompany the notice.
What election-related information must accompany the AGM notice?	Names and qualifications of candidates for the office of director.
What financial statements must accompany the AGM notice?	Audited balance sheet and profit and loss account of the Producer Company and its subsidiary, if any.
What report of the Board must accompany the audited accounts?	Report on the affairs and financial position of the Producer Company.
What information regarding reserves must be included in the Board's report?	Amount proposed to be carried to reserve.
What information regarding share capital return must be included in the Board's report?	Amount proposed to be paid as limited return on share capital.
What information regarding patronage bonus must be included in the Board's report?	Amount proposed to be disbursed as patronage bonus.
What information regarding financial position must be disclosed in the Board's report?	Material changes and commitments affecting financial position.
What period is covered by disclosure of material changes and commitments?	Between the date of annual accounts and the date of the Board's report.
What environmental and operational matters must be reported by the Board?	Energy conservation, environmental protection and foreign exchange earnings or expenditure.
Can the Board include other important matters in its report?	Any other matter specified by the Board may be included.
What auditor-related document must accompany the AGM notice?	Draft resolution for appointment of auditors.
What amendment-related document must accompany the AGM notice?	Draft resolution for amendment of memorandum or articles with Board recommendations.
Can Members requisition an extraordinary general meeting of a Producer Company?	One-third of the Members entitled to vote may requisition an extraordinary general meeting.
What must a requisition for an extraordinary general meeting contain?	It must be in writing, duly signed and specify the matters for consideration.
What is the duty of the Board upon receiving a valid requisition under Section 378ZA(5)?	The Board shall proceed to call an extraordinary general meeting.
In accordance with which provisions must an extraordinary general meeting be called?	Relevant provisions of Chapter VII.
When must an annual general meeting be held?	During business hours on a day that is not a public holiday.
Where must an annual general meeting of a Producer Company be held?	At the registered office or another place within the same city, town or village.
What is the minimum notice period for a general meeting of a Producer Company?	Fourteen days' prior notice in writing.
What particulars must be mentioned in the notice of a general meeting?	Date, time and place of the meeting.
To whom must notice of a general meeting be sent?	Every Member and the auditor of the Producer Company.
What is the quorum for an annual general meeting if the articles do not provide otherwise?	One-fourth of the total number of Members.
Can the articles prescribe a larger quorum than one-fourth of the Members?	The articles may require a larger quorum.
What documents must be filed with the Registrar after an annual general meeting?	Proceedings of the AGM, Board's report, audited balance sheet, profit and loss account and annual return.
Within what period must AGM-related documents be filed with the Registrar?	Within 60 days of the annual general meeting.
Must filing with the Registrar be accompanied by fees?	Applicable filing fees under the Act must be paid.
How is a Producer Institution represented in the general body of a Producer Company?	Through its Chairman or Chief Executive.
Who is competent to act on behalf of a Producer Institution in the general body?	Its Chairman or Chief Executive.
Can every Producer Institution be represented at the general body meeting?	Representation is denied if the Institution is in specified default.
Which defaults disqualify a Producer Institution from representation?	Defaults referred to in Section 378Q(1)(d), (e) and (f).

PART-V
SHARE CAPITAL AND MEMBERS RIGHTS
What is the subject matter of Section 378ZB of the Companies Act, 2013?	Share capital.
What type of share capital can a Producer Company have?	Equity shares only.
Can a Producer Company issue preference shares?	The share capital shall consist only of equity shares.
Can a Producer Company have any class of share capital other than equity shares?	Share capital is restricted to equity shares.
What is the composition of the share capital of a Producer Company under Section 378ZB(1)?	Equity shares only.
How should shares held by a Member in a Producer Company be determined?	As far as possible, in proportion to the patronage of the company.
What is the basis for holding shares in a Producer Company?	Patronage of the Producer Company by the Member.
What does the term patronage signify for shareholding purposes under Section 378ZB(2)?	The extent of a Member's participation in the business of the Producer Company.
Must shareholding always exactly correspond to patronage?	Shares shall, as far as may be, be in proportion to patronage.
What principle governs allocation of shares among Members?	Proportionality between shareholding and patronage.
Does Section 378ZB emphasise participation-based ownership?	Ownership is linked to the Member's patronage of the Producer Company.
What is the objective of Section 378ZB?	To restrict the share capital of a Producer Company to equity shares and align shareholding with Member patronage.
What is the subject matter of Section 378ZC of the Companies Act, 2013?	Special user rights.
Who may be granted special user rights in a Producer Company?	Active Members who are producers.
What condition must be satisfied before special user rights can be granted?	The articles must provide for such rights.
Can a Producer Company issue instruments in respect of special user rights?	Appropriate instruments may be issued for such rights.
To whom may instruments relating to special user rights be issued?	Active Members having such rights.
Are special user rights available to all Members automatically?	They are available only if provided in the articles.
Can instruments issued for special user rights be transferred?	They may be transferred subject to Board approval.
Whose approval is required for transfer of instruments issued under Section 378ZC?	Approval of the Board.
To whom may such instruments be transferred?	Any other active Member of the Producer Company.
Can instruments relating to special user rights be transferred to a non-active Member?	Transfer is permitted only to another active Member.
What does the expression “special right” mean under Section 378ZC?	A right relating to supply of additional produce or other rights relating to a Member's produce.
Who may confer special rights on an active Member?	The Board.
Can special rights relate to supply of additional produce?	Supply of additional produce is a special right.
Can special rights relate to a Member's produce generally?	Any right relating to the Member's produce may be conferred.
What is the objective of Section 378ZC?	To enable Producer Companies to grant transferable special user rights to active Members in relation to their produce.
What is the subject matter of Section 378ZD of the Companies Act, 2013?	Transferability of shares and attendant rights.
Are shares of a Member of a Producer Company freely transferable?	Shares are generally not transferable.
What is the general rule regarding transfer of shares in a Producer Company?	Shares of a Member shall not be transferable except as provided in the section.
Can a Member transfer his shares in a Producer Company?	Transfer is permitted only in the manner specified under Section 378ZD.
Whose approval is required before a Member transfers his shares?	Previous approval of the Board.
To whom may a Member transfer his shares?	To an active Member of the Producer Company.
Can only a part of the shares be transferred?	Whole or part of the shares may be transferred.
At what value can shares be transferred under Section 378ZD(2)?	At par value.
Can special rights attached to shares also be transferred?	Shares may be transferred along with special rights.
Within what period must a Member nominate a person for succession to his shares?	Within three months of becoming a Member.
How must nomination be made under Section 378ZD(3)?	In the manner specified in the articles.
What is the purpose of nomination under Section 378ZD(3)?	To determine the person in whom shares shall vest on the Member's death.
Who becomes entitled to the shares on the death of a Member?	The nominee.
What rights does the nominee acquire on the death of the Member?	All rights in the shares of the Producer Company.
What is the duty of the Board upon the death of a Member?	Transfer the shares of the deceased Member to the nominee.
What happens if the nominee is not a producer?	The Board shall direct surrender of the shares and special rights to the Producer Company.
At what value are shares surrendered when the nominee is not a producer?	At par value or such other value as determined by the Board.
Can the Board determine a value other than par value for surrendered shares?	The Board may determine another value.
When may the Board direct surrender of a Member's shares under Section 378ZD(5)?	When the Member ceases to be a primary producer or loses membership qualifications.
What happens if a Member ceases to be a primary producer?	The Board may direct surrender of shares and special rights.
What happens if a Member fails to retain qualifications specified in the articles?	The Board may direct surrender of shares and special rights.
Can the Board direct surrender of special rights along with shares?	Shares and special rights may both be surrendered.
At what value are shares surrendered under Section 378ZD(5)?	At par value or such other value as determined by the Board.
Must the Member be heard before surrender of shares is directed?	An opportunity of being heard must be given.
Is prior notice required before directing surrender of shares?	Written notice must be served on the Member.
What is the objective of Section 378ZD?	To regulate transfer, succession and compulsory surrender of shares and special rights in a Producer Company.

PART-VI
FINANCE, ACCOUNTS AND AUDIT
What is the subject matter of Section 378ZE of the Companies Act, 2013?	Books of account.
Where must a Producer Company keep its books of account?	At its registered office.
What type of books must a Producer Company maintain?	Proper books of account.
What particulars relating to money transactions must be recorded in the books of account?	All sums of money received and expended and the matters relating thereto.
Must receipts and expenditure of a Producer Company be recorded in its books?	All receipts and expenditure must be properly recorded.
What particulars regarding sales and purchases must be maintained?	All sales and purchases of goods by the Producer Company.
Must a Producer Company maintain records of goods bought and sold?	Records of all purchases and sales must be maintained.
What instruments must be recorded in the books of account?	Instruments of liability executed by or on behalf of the Producer Company.
Must liabilities undertaken by the Producer Company be documented in the books?	Instruments of liability must be recorded.
What information regarding the financial position of the Producer Company must be maintained?	Assets and liabilities of the Producer Company.
Are records of assets and liabilities mandatory under Section 378ZE?	Assets and liabilities must be properly recorded.
What additional records must be maintained by a Producer Company engaged in production, processing or manufacturing?	Particulars relating to utilisation of materials, labour and other items of cost.
Must cost-related information be maintained by manufacturing Producer Companies?	Utilisation of materials, labour and other cost items must be recorded.
How should the balance sheet of a Producer Company be prepared?	As far as may be, in accordance with Section 129.
How should the profit and loss account of a Producer Company be prepared?	As far as may be, in accordance with Section 129.
Which provision governs preparation of financial statements of a Producer Company?	Section 129 of the Companies Act, 2013.
What is the objective of Section 378ZE?	To ensure proper maintenance of books of account and preparation of financial statements by a Producer Company.
What is the subject matter of Section 378ZF of the Companies Act, 2013?	Internal audit.
Is every Producer Company required to conduct an internal audit?	Every Producer Company shall have an internal audit of its accounts.
What is required to be internally audited under Section 378ZF?	The accounts of the Producer Company.
Who must conduct the internal audit of a Producer Company?	A Chartered Accountant.
Which professional qualification is required for the internal auditor?	Chartered Accountant as defined under the Chartered Accountants Act, 1949.
Under which Act is a Chartered Accountant defined for the purpose of Section 378ZF?	The Chartered Accountants Act, 1949.
Which provision of the Chartered Accountants Act, 1949 is referred to in Section 378ZF?	Section 2(1)(b).
At what intervals must internal audit be carried out?	At such intervals as may be specified in the articles.
Who determines the interval for internal audit?	The articles of the Producer Company.
In what manner must internal audit be conducted?	In the manner specified in the articles.
Can the articles prescribe the procedure for internal audit?	The manner of internal audit may be specified in the articles.
Is appointment of a Chartered Accountant mandatory for internal audit?	Internal audit must be carried out by a Chartered Accountant.
Can a person who is not a Chartered Accountant conduct the internal audit?	Internal audit must be conducted only by a Chartered Accountant.
What is the objective of Section 378ZF?	To ensure periodic internal audit of the accounts of a Producer Company by a qualified Chartered Accountant.
What is the subject matter of Section 378ZG of the Companies Act, 2013?	Duties of auditor under this Chapter.
Does Section 378ZG operate in addition to Section 143 of the Companies Act, 2013?	It applies without prejudice to Section 143.
What must the auditor report regarding debts due to the Producer Company?	The amount of debts due along with particulars of bad debts, if any.
Must the auditor report bad debts of a Producer Company?	Particulars of bad debts, if any, must be reported.
What must the auditor verify regarding cash balances and securities?	Cash balances and securities.
Is verification of cash balance part of the auditor's duties?	Verification of cash balance is mandatory.
Is verification of securities required under Section 378ZG?	Securities must be verified by the auditor.
What must the auditor report regarding assets and liabilities?	Details of assets and liabilities.
Must the auditor report transactions contrary to this Chapter?	Transactions appearing contrary to the provisions of this Chapter must be reported.
What loans must specifically be disclosed by the auditor?	Loans given by the Producer Company to directors.
Are loans to directors required to be reported by the auditor?	Such loans must be disclosed in the audit report.
What must the auditor report regarding donations and subscriptions?	Donations or subscriptions given by the Producer Company.
Can the auditor report additional matters not expressly listed in Section 378ZG?	Any matter considered necessary by the auditor may be reported.
Who determines whether an additional matter should be reported under Section 378ZG(g)?	The auditor.
What is the objective of Section 378ZG?	To impose additional reporting obligations on auditors of Producer Companies.
What is the subject matter of Section 378ZH of the Companies Act, 2013?	Donation or subscription by Producer Company.
Can a Producer Company make donations or subscriptions?	Donations or subscriptions may be made by special resolution.
What type of resolution is required for making donations or subscriptions?	Special resolution.
To whom may a Producer Company make donations or subscriptions?	Any institution or individual.
For what purpose may donations be made under Section 378ZH(a)?	Promoting the social and economic welfare of Producer Members, producers or the general public.
Can donations be made for the welfare of Producer Members?	Such donations are permitted.
Can donations be made for the welfare of producers generally?	Such donations are permitted.
Can donations be made for the welfare of the general public?	Such donations are permitted.
For what purpose may donations be made under Section 378ZH(b)?	Promoting the mutual assistance principles.
Can donations be made to promote mutual assistance principles?	Such donations are expressly permitted.
What is the maximum aggregate amount of donations and subscriptions in a financial year?	Three per cent of the net profit of the immediately preceding financial year.
How is the donation limit calculated?	On the basis of net profit of the preceding financial year.
Can donations exceed three per cent of the previous year's net profit?	Donations and subscriptions cannot exceed that limit.
Which year's profit is relevant for calculating the donation ceiling?	The financial year immediately preceding the year of donation.
Can a Producer Company contribute to a political party?	Contributions to political parties are prohibited.
Can a Producer Company make donations for political purposes?	Donations for political purposes are prohibited.
Are indirect political contributions permitted?	Direct and indirect political contributions are prohibited.
Can a Producer Company provide personnel or material for political purposes?	Such facilities cannot be made available.
What facilities are specifically covered by the prohibition?	Personnel, material and other facilities.
What is the objective of Section 378ZH?	To permit limited welfare-oriented donations while prohibiting political contributions by Producer Companies.
What is the subject matter of Section 378Z-I of the Companies Act, 2013?	General and other reserves.
Is a Producer Company required to maintain a general reserve?	Every Producer Company shall maintain a general reserve every financial year.
Can a Producer Company maintain reserves in addition to the general reserve?	Additional reserves may be maintained as specified in the articles.
In which period must a Producer Company maintain a general reserve?	In every financial year.
What determines the requirement for maintaining other reserves besides the general reserve?	The articles of the Producer Company.
What happens if a Producer Company does not have sufficient funds to transfer to reserves?	The contribution to the reserve shall be shared among Members.
How is contribution to reserve shared when funds are insufficient?	In proportion to Members' patronage in the business of the Company during that year.
Who bears the reserve contribution when the Company lacks sufficient funds?	The Members.
What is the basis for allocating reserve contribution among Members?	Patronage in the business of the Producer Company.
What is the objective of Section 378Z-I?	To ensure creation and maintenance of reserves by a Producer Company.
What is the subject matter of Section 378ZJ of the Companies Act, 2013?	Issue of bonus shares.
Can a Producer Company issue bonus shares?	Bonus shares may be issued subject to statutory conditions.
Whose recommendation is necessary before issue of bonus shares?	Recommendation of the Board.
What approval is required for issue of bonus shares?	Resolution passed in the general meeting.
From which source may bonus shares be issued?	By capitalisation of amounts from general reserves.
Which reserve is utilised for issue of bonus shares under Section 378ZJ?	General reserve referred to in Section 378Z-I.
How are bonus shares allotted among Members?	In proportion to shares held by Members.
On which date is the proportion of shareholding determined for bonus issue?	On the date of issue of bonus shares.
Can bonus shares be issued without approval in the general meeting?	A resolution in the general meeting is mandatory.
Can the Board alone issue bonus shares?	Board recommendation and general meeting approval are both required.
What is the objective of Section 378ZJ?	To permit issue of bonus shares through capitalisation of general reserves for the benefit of Members.

PART-VII
LOANS TO MEMBERS AND INVESTMENTS
What is the subject matter of Section 378ZK of the Companies Act, 2013?	Loan, etc., to Members.
Can a Producer Company provide financial assistance to its Members?	The Board may provide financial assistance subject to the articles.
Who is empowered to provide financial assistance to Members?	The Board of the Producer Company.
Is the power to provide financial assistance subject to any condition?	It is subject to the provisions contained in the articles.
In what forms may financial assistance be provided to Members?	By credit facility, loans and advances.
Can a Producer Company provide a credit facility to its Members?	A credit facility may be provided to a Member.
For what purpose may a credit facility be granted?	In connection with the business of the Producer Company.
What is the maximum period for which a credit facility may be granted?	Six months.
Can a credit facility under Section 378ZK exceed six months?	The period cannot exceed six months.
Can a Producer Company grant loans to its Members?	Loans may be granted to Members.
Can a Producer Company grant advances to its Members?	Advances may be granted to Members.
Against what security may loans or advances be granted?	Security specified in the articles.
What is the minimum repayment period for loans and advances under Section 378ZK(b)?	More than three months from the date of disbursement.
What is the maximum repayment period for loans and advances under Section 378ZK(b)?	Seven years from the date of disbursement.
Can a loan under Section 378ZK be repayable within three months?	Repayment period must exceed three months.
Can a loan under Section 378ZK extend beyond seven years?	Repayment period cannot exceed seven years.
From which date is the repayment period calculated?	From the date of disbursement of the loan or advance.
Can a loan or advance be granted to a director of the Producer Company?	It may be granted only after approval by Members in a general meeting.
Can a loan or advance be granted to a relative of a director?	It may be granted only after approval by Members in a general meeting.
What approval is required before granting a loan or advance to a director?	Approval of the Members in general meeting.
What approval is required before granting a loan or advance to a director's relative?	Approval of the Members in general meeting.
What is the objective of Section 378ZK?	To regulate financial assistance, credit facilities, loans and advances granted by a Producer Company to its Members.
What is the subject matter of Section 378ZL of the Companies Act, 2013?	Investment in other companies, formation of subsidiaries etc.
How must the general reserves of a Producer Company be invested?	To secure the highest returns available from approved investments.
In which securities may general reserves be invested?	Approved securities.
Can a Producer Company invest its general reserves in fixed deposits?	Fixed deposits are permitted investments.
Can general reserves be invested in units and bonds issued by the Government?	Such investments are permitted.
Can a Producer Company invest its reserves in co-operative banks or scheduled banks?	Investments in co-operative or scheduled bank instruments are permitted.
Can reserves be invested in any other mode?	Other prescribed modes of investment are permitted.
Can a Producer Company acquire shares of another Producer Company?	Shares of another Producer Company may be acquired for promoting its objectives.
For what purpose may a Producer Company acquire shares of another Producer Company?	For promotion of its objectives.
Can a Producer Company form a subsidiary company?	It may form a subsidiary company for promoting its objects.
Can a Producer Company enter into a joint venture?	It may enter into a joint venture for promoting its objects.
What approval is required for forming a subsidiary or joint venture?	A special resolution.
Can a Producer Company subscribe to the share capital of a body corporate?	Subscription may be made for promoting its objects.
What is the maximum investment limit in companies other than Producer Companies under Section 378ZL(4)?	Thirty per cent of the aggregate of paid-up capital and free reserves.
How is the investment ceiling under Section 378ZL(4) calculated?	On the aggregate of paid-up capital and free reserves.
Can a Producer Company invest beyond the thirty per cent limit?	Investment beyond the limit is permitted with special resolution and prior Central Government approval.
What approvals are necessary to exceed the statutory investment limit?	Special resolution and prior approval of the Central Government.
Must investments be related to the objects of the Producer Company?	Investments must be consistent with the objects of the Producer Company.
Can the Board dispose of investments made under Sections 378ZL(3) and 378ZL(4)?	The Board may dispose of such investments with prior Member approval.
What approval is required before disposal of investments?	Previous approval of Members by special resolution.
Is a Producer Company required to maintain a register of investments?	A register of all investments must be maintained.
What particulars must be entered in the investment register?	Names of companies, number and value of shares, date of acquisition and details of disposal.
Must the register record the manner and price of disposal of shares?	Such particulars must be recorded.
Where must the investment register be kept?	At the registered office of the Producer Company.
Who may inspect the investment register?	Any Member.
Can Members take extracts from the investment register?	Members may take extracts from the register.
What is the objective of Section 378ZL?	To regulate investments, subsidiaries, joint ventures and maintenance of investment records by a Producer Company.

PART-VIII
PENALTIES
What is the subject matter of Section 378ZM of the Companies Act, 2013?	Penalty for contravention.
Can a person other than a registered Producer Company use the words "Producer Company Limited" in its name?	Such use is prohibited.
What is the punishment for unauthorised use of the words "Producer Company Limited"?	Fine up to ₹10,000 for every day of such use.
Is the penalty for unauthorised use of "Producer Company Limited" a continuing penalty?	Fine may be imposed for every day the name is used.
Who is liable under Section 378ZM(1)?	Any person other than a Producer Company registered under this Chapter.
What happens if a director or officer wilfully fails to furnish information relating to the affairs of the Producer Company?	He is liable to imprisonment and fine.
To whom must information be furnished under Section 378ZM(2)?	A Member or a person duly authorised in this behalf.
What is the maximum imprisonment for wilful failure to furnish information?	Six months.
What fine is imposed for wilful failure to furnish information?	Fine equivalent to 5% of the turnover of the preceding financial year.
How is the fine under Section 378ZM(2) calculated?	Five per cent of the Company's turnover during the preceding financial year.
Can both imprisonment and fine be imposed under Section 378ZM(2)?	Imprisonment and fine may both be imposed.
What is the punishment if a director or officer fails to hand over books of account, documents or property to the Producer Company?	Fine up to ₹1,00,000.
What is the punishment if a director or officer fails to convene annual general meetings or other general meetings?	Fine up to ₹1,00,000.
What is the maximum basic fine under Section 378ZM(3)?	₹1,00,000.
Can additional fine be imposed for a continuing default under Section 378ZM(3)?	Additional fine may be imposed for continuing default.
What is the maximum additional fine for continuing default under Section 378ZM(3)?	₹10,000 for every day during which the default continues.
What property must be handed over under Section 378ZM(3)(a)?	Books of account, other documents and property in custody of the director or officer.
Who is responsible for convening annual general meetings and other general meetings?	Directors or officers responsible under the Act and articles.
What is the objective of Section 378ZM?	To prescribe penalties for misuse of Producer Company status, withholding information and failure to comply with key governance obligations.

PART-IX
AMALGAMATION, MERGER OR DIVISION
What is the subject matter of Section 378ZN of the Companies Act, 2013?	Amalgamation, merger or division to form new Producer Companies.
Can a Producer Company transfer its assets and liabilities to another Producer Company?	A Producer Company may transfer its assets and liabilities, wholly or partly, to another Producer Company.
What approval is required for transfer of assets and liabilities under Section 378ZN(1)(a)?	Resolution passed at the general meeting of both Producer Companies.
For what purpose may assets and liabilities be transferred?	For any of the objects specified in Section 378B.
Can a Producer Company divide itself into new Producer Companies?	It may divide itself into two or more new Producer Companies.
Can two or more Producer Companies amalgamate?	Two or more Producer Companies may amalgamate and form a new Producer Company.
Can one Producer Company merge with another Producer Company?	One Producer Company may merge with another Producer Company.
What is the term used for the company that merges into another?	Merging company.
What is the term used for the company into which another company merges?	Merged company.
What majority is required for passing a resolution under Section 378ZN?	Majority of total Members with voting rights and not less than two-thirds of Members present and voting.
Where must the resolution under Section 378ZN be passed?	At a general meeting.
What particulars must the resolution contain?	Details of transfer, division, amalgamation or merger.
Must Members and creditors receive prior notice of the proposed resolution?	Notice in writing with a copy of the proposed resolution must be given.
To whom must notice of the proposed resolution be sent?	All Members and creditors.
What right does a dissenting Member have under Section 378ZN(5)?	To transfer his shares to an active Member with Board approval and cease membership.
What right does a dissenting creditor have under Section 378ZN(5)?	To withdraw his deposit, loan or advance.
Within what period must a dissenting Member or creditor exercise the option?	Within one month from the date of service of notice.
What happens if a Member or creditor does not exercise the option within one month?	He is deemed to have consented to the resolution.
When does a resolution under Section 378ZN become effective?	After expiry of one month or earlier upon assent of all Members and creditors.
What must the resolution provide regarding future affairs of the Producer Company?	Regulation of conduct of affairs of the Producer Company.
Can the resolution provide for purchase of shares of Members?	It may provide for purchase of shares or interests of Members.
Can share capital be reduced under the resolution?	Consequent reduction of share capital may be provided.
Can agreements with directors, secretaries or managers be terminated or modified?	Such agreements may be terminated, set aside or modified.
Can agreements with third parties be terminated under the resolution?	Such agreements may be terminated, set aside or modified after due notice.
Is consent necessary for modification of agreements with third parties?	Consent of the concerned party is required.
Can fraudulent preference transactions be set aside?	Transfers, payments or acts amounting to fraudulent preference may be set aside.
Can the undertaking, property or liabilities be transferred to the merged company?	Such transfer may be provided in the resolution.
Can shares, debentures or other interests of the merged company be allotted under the scheme?	Allotment or appropriation may be provided.
Can pending legal proceedings continue after amalgamation or merger?	Proceedings may continue by or against the merged company.
Can a Producer Company be dissolved without winding up under the resolution?	Dissolution without winding up may be provided.
Must the resolution provide for dissenting Members and creditors?	Provision must be made for dissenting Members and creditors.
Can the resolution address tax liabilities arising from the scheme?	Taxes payable by the Producer Company may be provided for.
Can incidental and consequential matters be included in the resolution?	Necessary supplemental matters may be included.
What is the effect of a resolution taking effect under Section 378ZN(9)?	It acts as a sufficient conveyance to vest assets and liabilities in the transferee.
Is a separate conveyance required after a resolution under Section 378ZN takes effect?	The resolution itself is sufficient conveyance.
What obligation does a Producer Company have towards dissenting Members and creditors?	It must satisfy their claims in full or otherwise make arrangements for payment.
Whose claims must be satisfied under Section 378ZN(10)?	Members and creditors who exercised the option not to continue.
What happens when the whole assets and liabilities of a Producer Company are transferred to another Producer Company?	The registration of the transferor company stands cancelled.
What is the effect of cancellation of registration under Section 378ZN(11)?	The company is deemed dissolved and ceases to exist as a corporate body.
What happens to the merging company after a merger under Section 378ZN(2)?	Its registration stands cancelled and it ceases to exist.
What happens when two or more Producer Companies amalgamate into a new Producer Company?	Registrations of all amalgamating companies stand cancelled upon registration of the new company.
What is the effect of registration of the new amalgamated Producer Company?	The amalgamating companies cease to exist as corporate bodies.
What happens when a Producer Company divides into two or more Producer Companies?	The registration of the original company stands cancelled.
What is the status of the original company after division and registration of new companies?	It is deemed dissolved and ceases to exist.
Do amalgamation, merger or division affect pre-existing rights and obligations?	Pre-existing rights and obligations remain unaffected.
Can legal proceedings continue after amalgamation, merger or division?	Legal proceedings may continue by or against the resulting or merged company.
Against whom may pending legal proceedings continue after restructuring?	The resulting company or merged company, as the case may be.
Who is responsible for removing dissolved Producer Companies from the register?	The Registrar.
What must the Registrar do regarding companies dissolved under Section 378ZN?	Strike off their names from the register.
Who may appeal against transfer of assets, division, amalgamation or merger?	Any aggrieved member, creditor or employee.
Within what period can an appeal be filed under Section 378ZN(16)?	Within thirty days of passing the resolution.
Before which authority is the appeal filed?	The Tribunal.
What must the Tribunal do before deciding the appeal?	Give a reasonable opportunity of being heard.
What powers does the Tribunal have on such appeal?	It may pass such orders as it deems fit.
What is the effect of filing an appeal under Section 378ZN(16)?	The transfer, division, amalgamation or merger becomes subject to the Tribunal's decision.
Does filing an appeal automatically make the restructuring final?	The restructuring remains subject to the Tribunal's decision.
What is the objective of Section 378ZN(9) to (18)?	To regulate the legal consequences of transfer, amalgamation, merger and division of Producer Companies and protect the rights of Members, creditors and employees.

PART-X
RESOLUTION OF DISPUTES
What is the subject matter of Section 378Z-O of the Companies Act, 2013?	Disputes.
How are disputes relating to the formation, management or business of a Producer Company to be settled?	By conciliation or arbitration under the Arbitration and Conciliation Act, 1996.
Between whom can disputes arise under Section 378Z-O(1)(a)?	Among Members, former Members, persons claiming to be Members or nominees of deceased Members.
Can disputes among Members of a Producer Company be referred to arbitration?	Such disputes shall be settled by conciliation or arbitration.
Can former Members be parties to disputes under Section 378Z-O?	Former Members are included.
Can nominees of deceased Members be parties to disputes under Section 378Z-O?	Nominees of deceased Members are included.
Between whom can disputes arise under Section 378Z-O(1)(b)?	Between a Member or former Member and the Producer Company, its Board, office-bearers or liquidator.
Can disputes between a Member and the Board of Directors be referred to arbitration?	Such disputes are covered by Section 378Z-O.
Can disputes involving a liquidator of a Producer Company be referred to arbitration?	Disputes involving a liquidator are covered.
Between whom can disputes arise under Section 378Z-O(1)(c)?	Between the Producer Company or its Board and any director, office-bearer or former director.
Can disputes involving legal representatives of a deceased director be referred to arbitration?	Nominees, heirs and legal representatives are covered.
Is written consent for arbitration required separately from the parties?	Consent is deemed to have been given in writing.
Which law governs dispute resolution under Section 378Z-O?	The Arbitration and Conciliation Act, 1996.
What is deemed under Section 378Z-O regarding arbitration agreements?	Parties are deemed to have consented in writing to conciliation or arbitration.
Does a claim for debt constitute a dispute under Section 378Z-O?	A claim for any debt or amount due is a dispute.
Can a surety's claim against the principal debtor amount to a dispute?	Such a claim is included within the meaning of dispute.
When does a surety's claim become a dispute under Section 378Z-O?	When the Producer Company recovers the amount from the surety due to the principal debtor's default.
Can a Producer Company's claim against a Member for failure to supply produce be treated as a dispute?	Such a claim is expressly included.
Can a Member's claim against the Producer Company for refusing goods supplied by him be treated as a dispute?	Such a claim is expressly included.
Who decides whether a dispute relates to formation, management or business of a Producer Company?	The arbitrator.
What happens if there is doubt whether a dispute falls within Section 378Z-O?	The question shall be referred to the arbitrator.
Is the arbitrator's decision on jurisdiction final?	The arbitrator's decision is final.
What is the objective of Section 378Z-O?	To provide compulsory conciliation or arbitration for disputes relating to the formation, management and business of Producer Companies.

PART-XI
MISCELLANEOUS PROVISIONS
What is the subject matter of Section 378ZP of the Companies Act, 2013?	Strike off name of Producer Company.
When can the Registrar strike off the name of a Producer Company?	When it fails to commence business within one year of registration.
Can a Producer Company be struck off for ceasing to transact business with its Members?	Yes, the Registrar may strike off its name.
Can the Registrar strike off a Producer Company if it is no longer carrying on its objects?	Yes, if it is not carrying on any object specified in Section 378B.
Who decides whether a Producer Company is no longer carrying on its objects?	The Registrar after making such inquiry as he thinks fit.
What is the effect of an order striking off the name of a Producer Company?	The Producer Company ceases to exist forthwith.
Can the Registrar strike off a Producer Company without giving notice?	No, prior notice and opportunity of hearing are mandatory.
To whom must the Registrar send the show-cause notice before striking off?	The Producer Company and all its directors.
What opportunity must be given before passing a strike-off order?	A reasonable opportunity to represent its case.
Can a Producer Company be struck off for not maintaining mutual assistance principles?	Yes, if the Registrar has reasonable cause to believe so.
Under which provision is strike off for failure to maintain mutual assistance principles carried out?	Section 248 of the Companies Act, 2013.
Who may appeal against an order striking off the name of a Producer Company?	Any Member of the Producer Company.
Within what period can an appeal be filed against a strike-off order?	Within sixty days of the order.
Before which authority can an appeal against strike off be filed?	The Tribunal.
What is the effect of filing an appeal against the strike-off order?	The strike-off order does not take effect until the appeal is disposed of.
Does the Producer Company cease to exist immediately if an appeal is filed?	No, the strike-off remains suspended until disposal of the appeal.
What is the objective of Section 378ZP?	To empower the Registrar to strike off inactive or non-compliant Producer Companies while safeguarding the right of appeal and principles of natural justice.
What is the subject matter of Section 378ZQ of the Companies Act, 2013?	Overriding effect of provisions relating to Producer Companies.
Do the provisions of Chapter XXIA prevail over inconsistent provisions of the Companies Act, 2013?	Yes, they have overriding effect.
Do the provisions of Chapter XXIA override other laws in force?	Yes, to the extent of inconsistency.
Can any instrument having effect under any law override the provisions of Chapter XXIA?	No, Chapter XXIA prevails over inconsistent instruments.
What is the effect of the non-obstante clause in Section 378ZQ?	The provisions of Chapter XXIA override inconsistent provisions of any law or instrument.
Do other provisions of law continue to apply to Producer Companies?	Yes, if they are not inconsistent with Chapter XXIA.
When will provisions of other laws apply to a Producer Company?	When they are not varied by or inconsistent with Chapter XXIA.
Can provisions of the Companies Act apply alongside Chapter XXIA?	Yes, insofar as they are not inconsistent with Chapter XXIA.
What is the objective of Section 378ZQ?	To give overriding effect to the special provisions governing Producer Companies.
What is the subject matter of Section 378ZR of the Companies Act, 2013?	Application of provisions relating to private companies.
Are Producer Companies treated like private companies for certain purposes?	Yes, as far as applicable and not inconsistent with Chapter XXIA.
Which provisions of the Companies Act apply to Producer Companies under Section 378ZR?	All limitations, restrictions and provisions applicable to private companies, except those specifically covered in Chapter XXIA.
Do all provisions relating to private companies automatically apply to Producer Companies?	They apply only so far as they are not in conflict with Chapter XXIA.
How is a Producer Company regarded for applying provisions outside Chapter XXIA?	As if it were a private limited company.
Can provisions applicable to private companies override Chapter XXIA?	No, Chapter XXIA prevails in case of conflict.
What is the test for applying private company provisions to Producer Companies?	They must not conflict with the provisions of Chapter XXIA.
What is the objective of Section 378ZR?	To apply the general legal framework of private companies to Producer Companies wherever consistent with Chapter XXIA.

PART-XII
RE-CONVERSION OF PRODUCER COMPANY TO INTER-STATE CO-OPERATIVE SOCIETY
What is the subject matter of Section 378ZS of the Companies Act, 2013?	Re-conversion of Producer Company to inter-State co-operative society.
Which Producer Companies are eligible for re-conversion under Section 378ZS?	Producer Companies that were originally inter-State co-operative societies.
Can a Producer Company apply for re-conversion into an inter-State co-operative society?	Yes, subject to the conditions prescribed in Section 378ZS.
How may an application for re-conversion be initiated by Members?	By a resolution passed by not less than two-thirds of Members present and voting.
Can creditors initiate re-conversion proceedings?	Yes, creditors representing three-fourths in value of total creditors may request re-conversion.
Before which authority is the application for re-conversion filed?	The Tribunal.
What is the role of the Tribunal upon receiving an application for re-conversion?	It directs a meeting of Members or creditors.
Who conducts the meeting ordered under Section 378ZS(2)?	The meeting is conducted in the manner directed by the Tribunal.
What majority is required for approval of re-conversion at the Tribunal-directed meeting?	Majority in number representing three-fourths in value of Members or creditors present and voting.
Is Tribunal sanction necessary even after approval by Members or creditors?	Yes, re-conversion requires sanction of the Tribunal.
On whom is the sanctioned re-conversion binding?	All Members, all creditors and the company.
What condition must be satisfied before the Tribunal sanctions re-conversion?	Full disclosure of all material facts relating to the company.
What financial information must be disclosed to the Tribunal?	Latest financial position and latest auditor's report.
Must pending investigations be disclosed to the Tribunal?	Yes, pendency of investigations under Chapter XIV must be disclosed.
When does the Tribunal's re-conversion order become effective?	After a certified copy is filed with the Registrar.
Is filing of the certified copy with the Registrar mandatory?	Yes, without such filing the order has no effect.
What document must contain a copy of the Tribunal's re-conversion order?	Every copy of the memorandum issued thereafter.
If the company has no memorandum, where must the order be annexed?	To every copy of the instrument constituting or defining its constitution.
What is the penalty for failure to comply with Section 378ZS(5)?	Fine up to ₹100 for each copy in respect of which default is made.
Who is liable for the penalty under Section 378ZS(6)?	The company and every officer in default.
Can the Tribunal stay suits or proceedings during re-conversion proceedings?	Yes, the Tribunal may stay proceedings.
When can the Tribunal grant such stay?	Any time after the application for re-conversion is made.
On what terms may the Tribunal stay proceedings?	On such terms as it thinks fit.
For how long can proceedings remain stayed?	Until the application is finally disposed of.
What must a Producer Company do after obtaining Tribunal sanction for re-conversion?	Apply for registration as a multi-State co-operative society or co-operative society.
Under which law may re-registration be sought?	The Multi-State Co-operative Societies Act, 2002 or any other applicable law.
Within what period must the application for re-registration be made?	Within six months of Tribunal sanction.
To whom must the re-converted company submit a report of its registration application?	The Tribunal, Registrar of Companies and Registrar of Co-operative Societies.
What is the objective of Section 378ZS?	To provide a legal mechanism for re-conversion of an erstwhile inter-State co-operative society from a Producer Company back into a co-operative society.
What is the subject matter of Section 378ZT of the Companies Act, 2013?	Power to modify Act in its application to Producer Companies.
Who is empowered to modify the application of provisions of the Companies Act to Producer Companies?	The Central Government.
How may the Central Government exercise its power under Section 378ZT?	By notification.
Can the Central Government exempt Producer Companies from provisions of the Companies Act?	Yes, except provisions contained in Chapter XXIA.
Which provisions of the Companies Act cannot be modified under Section 378ZT?	Provisions contained in Chapter XXIA.
Can the Central Government exempt a particular class of Producer Companies from certain provisions?	Yes, any class or category may be exempted.
Can provisions of the Companies Act be applied with modifications to Producer Companies?	Yes, with specified exceptions or adaptations.
What may be specified in a notification issued under Section 378ZT(1)(b)?	Exceptions or adaptations in the application of provisions.
Is Parliamentary oversight required before issuing a notification under Section 378ZT?	Yes, the draft notification must be laid before Parliament.
Before whom must the draft notification be laid?	Each House of Parliament.
For what minimum period must the draft notification remain before Parliament?	Thirty days.
Can the thirty-day period extend over more than one session of Parliament?	Yes, it may be spread over two or more successive sessions.
What happens if both Houses disapprove the notification?	The notification shall not be issued.
What happens if both Houses agree to modify the notification?	The notification shall be issued only in the modified form.
When is Parliamentary approval deemed complete for the purpose of Section 378ZT?	After expiry of the prescribed parliamentary review period without disapproval.
What is the objective of Section 378ZT?	To empower the Central Government to adapt the Companies Act for Producer Companies while ensuring Parliamentary control.
What is the subject matter of Section 378ZU of the Companies Act, 2013?	Power to make rules.
Who has the power to make rules under Section 378ZU?	The Central Government.
For what purpose may rules be made under Section 378ZU?	For carrying out the purposes of Chapter XXIA.
Can the Central Government frame rules relating to Producer Companies?	Yes, to implement the provisions of Chapter XXIA.
What is the objective of Section 378ZU?	To confer rule-making power on the Central Government for effective implementation of the provisions relating to Producer Companies.

CHAPTER-XXII
COMPANIES INCORPORATED OUTSIDE INDIA
What is the subject matter of Section 379 of the Companies Act, 2013?	Application of Act to foreign companies.
Which provisions of the Companies Act, 2013 generally apply to all foreign companies?	Sections 380 to 386 and Sections 392 and 393.
Do Sections 380 to 386 apply to every foreign company?	Yes, they apply to all foreign companies.
Do Sections 392 and 393 apply to all foreign companies?	Yes, they apply to all foreign companies.
When is a foreign company required to comply with additional provisions of the Companies Act, 2013?	When at least 50% of its paid-up share capital is held by specified Indian persons or entities.
What percentage of paid-up share capital triggers the applicability of Section 379(2)?	Not less than fifty per cent.
Does Section 379(2) apply to both equity and preference share capital?	Yes, whether equity, preference or partly both.
Can Indian citizens alone hold the required fifty per cent share capital?	Yes.
Can Indian companies alone hold the required fifty per cent share capital?	Yes.
Can the required fifty per cent share capital be held jointly by Indian citizens and Indian companies?	Yes.
Must the fifty per cent holding be calculated individually or in aggregate?	It may be held singly or in the aggregate.
Who are the Indian entities referred to in Section 379(2)?	Companies or bodies corporate incorporated in India.
How is such a foreign company treated for compliance purposes?	As if it were a company incorporated in India.
What provisions must such a foreign company comply with?	The provisions of this Chapter and such other prescribed provisions of the Act.
What is the subject matter of Section 380 of the Companies Act, 2013?	Documents, etc., to be delivered to Registrar by foreign companies.
Within what period must a foreign company deliver documents to the Registrar after establishing a place of business in India?	Within thirty days.
When does the obligation under Section 380(1) arise?	On establishment of a place of business in India.
What must a foreign company file regarding its constitution?	A certified copy of its charter, statutes, memorandum and articles or other constitutive instrument.
What must be filed if the constitutive document is not in English?	A certified English translation.
Must a foreign company provide the address of its registered or principal office?	Yes, the full address must be delivered to the Registrar.
What particulars of directors and secretary must be filed?	A list containing prescribed particulars of directors and secretary.
Must a foreign company appoint a person in India for service of documents?	Yes, one or more persons resident in India must be authorised.
What is the purpose of the authorised representative resident in India?	To accept service of process, notices and other documents on behalf of the company.
Must the foreign company disclose its principal place of business in India?	Yes, the full address must be furnished.
What details regarding previous business operations in India must be provided?	Particulars of opening and closing of any place of business in India on earlier occasions.
What declaration regarding directors is required under Section 380(1)(g)?	That no director or authorised representative has been convicted or debarred from company formation or management in India or abroad.
Can additional information be prescribed under Section 380(1)(h)?	Yes, other prescribed information must also be furnished.
Does Section 380 apply to foreign companies existing at the commencement of the Companies Act, 2013?	Yes, certain continuing obligations apply.
What obligation continues for existing foreign companies under Section 380(2)?	Delivery of documents and particulars required under Section 592 of the Companies Act, 1956.
What must a foreign company do if any filed document or particular is altered?	Deliver a return containing particulars of the alteration.
Within what period must alterations be reported to the Registrar?	Within thirty days of the alteration.
In what form must alterations be reported?	In the prescribed form.
Does Section 380 require filing both initial documents and subsequent changes?	Yes, both initial filings and alterations must be reported.
What is the subject matter of Section 381 of the Companies Act, 2013?	Accounts of foreign company.
How often must a foreign company prepare its accounts under Section 381?	Every calendar year.
What financial statements must a foreign company prepare every calendar year?	A balance sheet and profit and loss account.
In what form must the balance sheet and profit and loss account be prepared?	In the prescribed form.
What particulars must be included in the balance sheet and profit and loss account of a foreign company?	Such particulars as may be prescribed.
Can prescribed documents be annexed or attached to the financial statements?	Yes, prescribed documents must be included, annexed or attached.
What must a foreign company deliver to the Registrar under Section 381(1)(b)?	A copy of the balance sheet, profit and loss account and related documents.
Can the Central Government exempt foreign companies from the requirements of Section 381(1)(a)?	Yes, by notification.
Can the Central Government modify the accounting requirements for a class of foreign companies?	Yes, with specified exceptions and modifications.
What happens if the balance sheet or related documents are not in English?	A certified English translation must be annexed.
Is a certified translation mandatory for non-English documents?	Yes, a certified English translation is required.
What additional document must a foreign company submit along with its accounts?	A list of all places of business established in India.
In what form must the list of places of business be submitted?	In the prescribed form.
As of which date must the list of places of business be prepared?	The date with reference to which the balance sheet is made out.
Must all places of business in India be disclosed to the Registrar?	Yes, all places of business established in India must be listed.
Who receives the annual accounts and list of places of business?	The Registrar.
What is the objective of Section 381?	To ensure annual financial disclosure and reporting obligations of foreign companies carrying on business in India.
What is the subject matter of Section 382 of the Companies Act, 2013?	Display of name, etc., of foreign company.
What information must a foreign company display outside every office or place of business in India?	The name of the company and the country of incorporation.
Where must the name and country of incorporation be displayed?	On the outside of every office or place where it carries on business in India.
In what language must the name and country of incorporation be displayed outside the office?	In easily legible English characters.
Must the name also be displayed in a local language?	Yes, in the language or one of the languages in general use in the locality.
How should the name and country of incorporation be displayed?	Conspicuously and in easily legible characters.
What information must appear on business letters of a foreign company?	The name of the company and the country in which it is incorporated.
Must the country of incorporation be mentioned on billheads?	Yes.
Must the country of incorporation be stated on letter paper?	Yes.
Must notices and official publications contain the company's name and country of incorporation?	Yes.
In what form must the company's name and country of incorporation appear on official documents?	In legible English characters.
When must a foreign company disclose that its members have limited liability?	When the liability of its members is limited.
Where must the fact of limited liability be stated under Section 382(c)(i)?	In every prospectus, business letter, billhead, letter paper, notice, advertisement and official publication.
Must advertisements of a foreign company disclose limited liability of members?	Yes, if the liability of members is limited.
Must prospectuses issued by a foreign company disclose limited liability?	Yes.
In what language must the limited liability notice appear in documents?	In legible English characters.
Where must the notice of limited liability be displayed physically?	On the outside of every office or place where it carries on business in India.
Must the limited liability notice be displayed in local language as well?	Yes, in the language or one of the languages in general use in the locality.
What is the objective of Section 382?	To ensure transparency regarding the identity, incorporation status and limited liability status of foreign companies carrying on business in India.
What is the subject matter of Section 383 of the Companies Act, 2013?	Service on foreign company.
How may a process, notice or document be served on a foreign company?	By serving it on the authorised person whose name and address have been delivered to the Registrar under Section 380.
To whom should a process or notice be addressed for valid service on a foreign company?	A person whose name and address have been delivered to the Registrar under Section 380.
Which section requires details of the authorised person to be filed with the Registrar?	Section 380.
When is service on a foreign company deemed sufficient?	When addressed to the authorised person and delivered in the prescribed manner.
Can service be effected by leaving the document at the registered address of the authorised person?	Yes.
Can service be effected by post?	Yes, by sending it by post to the address delivered to the Registrar.
Can service be effected through electronic mode?	Yes.
What address is relevant for service under Section 383?	The address delivered to the Registrar under Section 380.
Is actual service on the foreign company's head office outside India necessary under Section 383?	No, service on the authorised person in the prescribed manner is sufficient.
What types of documents are covered under Section 383?	Any process, notice or other document required to be served on a foreign company.
Does Section 383 provide a statutory mode of service on foreign companies?	Yes.
What is the legal effect of complying with Section 383?	Service is deemed to be sufficiently effected.
What is the objective of Section 383?	To provide an effective and legally recognised mechanism for serving processes, notices and documents on foreign companies operating in India.
What is the subject matter of Section 384 of the Companies Act, 2013?	Debentures, annual return, registration of charges, books of account and their inspection.
Which provision relating to debentures applies to a foreign company under Section 384(1)?	Section 71.
How does Section 71 apply to a foreign company?	Mutatis mutandis.
What does Section 384(1) deal with?	Application of debenture provisions to foreign companies.
Which provision relating to annual return applies to a foreign company under Section 384(2)?	Section 92.
Which provision relating to Corporate Social Responsibility applies to a foreign company under Section 384(2)?	Section 135.
Do Sections 92 and 135 apply to foreign companies in the same manner as Indian companies?	Yes, subject to prescribed exceptions, modifications and adaptations.
Who may prescribe exceptions, modifications and adaptations for application of Sections 92 and 135 to foreign companies?	The Central Government through rules under the Act.
Which provision relating to books of account applies to a foreign company?	Section 128.
Where must a foreign company keep its books of account in India?	At its principal place of business in India.
What books of account must a foreign company maintain in India?	Books relating to monies received and spent, sales and purchases, and assets and liabilities.
Must the books of account relate to the foreign company's business in India?	Yes.
What transactions must be recorded in the books maintained under Section 384(3)?	Transactions in the course of or in relation to its business in India.
Which Chapter relating to charges applies to foreign companies?	Chapter VI.
To what charges does Chapter VI apply in relation to foreign companies?	Charges on properties created or acquired by a foreign company.
How does Chapter VI apply to foreign companies?	Mutatis mutandis.
Which Chapter relating to inspection, inquiry and investigation applies to foreign companies?	Chapter XIV.
To what extent does Chapter XIV apply to a foreign company?	To its Indian business.
Does Chapter XIV apply to the foreign company's business outside India?	No, it applies to its Indian business.
How are the provisions of Chapter XIV applied to foreign companies?	In the same manner as to companies incorporated in India.
What is the subject matter of Section 385 of the Companies Act, 2013?	Fee for registration of documents.
To whom must the fee for registration of documents be paid under Section 385?	The Registrar.
For what purpose is the fee payable under Section 385?	For registering documents required under this Chapter.
Are foreign companies required to pay a fee for registration of documents filed under this Chapter?	Yes.
Who prescribes the fee payable under Section 385?	The prescribed rules under the Companies Act, 2013.
Is the amount of fee specified in Section 385 itself?	No, it is prescribed separately.
What type of documents attract the fee under Section 385?	Documents required by the provisions of this Chapter to be registered by the Registrar.
What is the subject matter of Section 386 of the Companies Act, 2013?	Interpretation.
What does the expression "certified" mean for the purposes of Chapter XXII?	Certified in the prescribed manner to be a true copy or a correct translation.
Must a certified document be certified in the prescribed manner?	Yes.
What may a certified document represent under Section 386(a)?	A true copy or a correct translation.
How is the term "director" interpreted in relation to a foreign company?	It includes any person in accordance with whose directions or instructions the Board of Directors is accustomed to act.
Does the term "director" include shadow directors in a foreign company?	Yes.
Whose directions or instructions are relevant for inclusion within the term "director"?	Those on whose directions or instructions the Board is accustomed to act.
What does the expression "place of business" include under Section 386(c)?	A share transfer office or registration office.
Is a share transfer office regarded as a place of business?	Yes.
Is a registration office included within the expression "place of business"?	Yes.

CHAPTER-XXIII
GOVERNMENT COMPANIES
What is the subject matter of Section 387 of the Companies Act, 2013?	Dating of prospectus and particulars to be contained therein.
Can a prospectus offering securities of a company incorporated outside India be issued in India without being dated and signed?	No.
To which companies does Section 387(1) apply?	Companies incorporated or to be incorporated outside India.
Does Section 387 apply even if the foreign company has not established a place of business in India?	Yes.
What particulars regarding the constitution of the company must the prospectus contain?	Particulars of the instrument constituting or defining the constitution of the company.
What particulars regarding incorporation must the prospectus contain?	The enactments or provisions under which the company was incorporated.
What inspection-related information must be disclosed in the prospectus?	The address in India where constitutional documents and related enactments may be inspected.
What additional document must be available for inspection if the constitutional documents are not in English?	A certified English translation.
What details regarding incorporation must be stated in the prospectus?	The date and country of incorporation.
What particulars regarding business presence in India must be disclosed?	Whether the company has established a place of business in India and its principal office address, if any.
Which section's disclosures must also be included in the prospectus under Section 387(1)(b)?	Section 26.
When do sub-clauses (i), (ii) and (iii) of Section 387(1)(a) cease to apply?	When the prospectus is issued more than two years after the company became entitled to commence business.
Can an applicant be required to waive compliance with Section 387(1)?	No, such a condition is void.
Can a prospectus impute notice of documents not specifically referred to in it?	No, such a condition is void.
Can an application form for securities be issued in India without an accompanying compliant prospectus?	No.
What exception exists to the requirement of issuing an application form with a prospectus?	A bona fide invitation to enter into an underwriting agreement.
Does Section 387 apply to prospectuses issued to existing members or debenture holders?	No, subject to the exception provided in sub-section (4)(a).
Does Section 387 fully apply to prospectuses relating to securities identical to securities already quoted on a recognised stock exchange?	No, except for the requirement that the prospectus be dated.
Does Section 387 apply only at the formation stage of a company?	No, it applies both at formation and subsequently.
Does Section 387 affect liabilities arising under other laws or the Companies Act?	No, liabilities under other laws or the Act remain unaffected.
What is the consequence of a waiver clause requiring compliance with Section 387 to be waived?	Such clause is void.
What is the subject matter of Section 388 of the Companies Act, 2013?	Provisions as to expert’s consent and allotment.
To which companies does Section 388 apply?	Companies incorporated or to be incorporated outside India.
Does Section 388 apply even if the company has not established a place of business in India?	Yes.
Can a prospectus containing an expert's statement be issued without the expert's written consent?	No.
What type of consent is required from an expert under Section 388(1)(a)?	Written consent.
Can a prospectus be issued if the expert has withdrawn his consent before registration of the prospectus?	No.
What statement regarding the expert's consent must appear in the prospectus?	That the expert has given and has not withdrawn his consent.
Must the expert's statement be included in the form and context consented to by the expert?	Yes.
When is issuance of a prospectus prohibited under Section 388(1)(a)?	When the required expert consent is absent or withdrawn.
Which provisions must bind all persons concerned when an application is made pursuant to the prospectus?	Sections 33 and 40, so far as applicable.
Can a prospectus be issued if it does not render persons concerned bound by Sections 33 and 40?	No.
What is the consequence under Section 388(1)(b) if Sections 33 and 40 are not complied with?	The prospectus cannot be issued, circulated or distributed.
When is a statement deemed to be included in a prospectus under Section 388(2)?	When contained in a report or memorandum appearing on its face.
Can a statement incorporated by reference be treated as part of the prospectus?	Yes.
Can a statement issued along with the prospectus be deemed included in it?	Yes.
What documents are specifically mentioned in Section 388(2) for inclusion of statements?	Reports and memoranda.
What is the subject matter of Section 389 of the Companies Act, 2013?	Registration of prospectus.
To which companies does Section 389 apply?	Companies incorporated or to be incorporated outside India.
Does Section 389 apply even if the company has not established a place of business in India?	Yes.
Can a prospectus be issued, circulated or distributed in India without prior registration?	No.
Before issue of a prospectus in India, where must a copy be delivered?	To the Registrar for registration.
Who must certify the copy of the prospectus delivered to the Registrar?	The chairperson of the company and two other directors.
What must the certifying officers certify regarding the prospectus?	That it has been approved by resolution of the managing body.
How must approval of the prospectus be given before registration?	By resolution of the managing body.
What statement must appear on the face of the prospectus?	That a copy has been delivered to the Registrar for registration.
What consent required under Section 388 must accompany the registered copy of the prospectus?	Consent to the issue of the prospectus by the expert, where required.
Must prescribed documents be attached to the copy delivered for registration?	Yes.
What documents must be endorsed on or attached to the copy delivered to the Registrar?	Section 388 consents and such other prescribed documents.
Can a prospectus be issued in India if the copy has not been delivered to the Registrar?	No.
What is the consequence of non-registration of the prospectus under Section 389?	The prospectus cannot be issued, circulated or distributed in India.
What is the subject matter of Section 390 of the Companies Act, 2013?	Offer of Indian Depository Receipts.
Who is empowered to make rules under Section 390?	The Central Government.
What is the overriding effect contained in Section 390?	It operates notwithstanding anything contained in any other law for the time being in force.
Can the Central Government make rules regarding the offer of Indian Depository Receipts?	Yes.
What does clause (a) of Section 390 empower the Central Government to regulate?	The offer of Indian Depository Receipts.
Can rules be made regarding disclosures in a prospectus relating to Indian Depository Receipts?	Yes.
Can rules be made regarding disclosures in a letter of offer relating to Indian Depository Receipts?	Yes.
What does clause (b) of Section 390 deal with?	Disclosure requirements in a prospectus or letter of offer connected with Indian Depository Receipts.
Can the Central Government prescribe the manner in which Indian Depository Receipts are dealt with in depository mode?	Yes.
Who may be regulated by rules concerning handling of Indian Depository Receipts?	Depositories, custodians and underwriters.
What does clause (c) of Section 390 regulate?	The manner in which Indian Depository Receipts are dealt with by depositories, custodians and underwriters.
Can rules be made regarding sale of Indian Depository Receipts?	Yes.
Can rules be made regarding transfer of Indian Depository Receipts?	Yes.
Can rules be made regarding transmission of Indian Depository Receipts?	Yes.
What does clause (d) of Section 390 regulate?	The manner of sale, transfer or transmission of Indian Depository Receipts.
To which companies does Section 390 apply?	Companies incorporated or to be incorporated outside India.
Does Section 390 apply even if the foreign company has not established a place of business in India?	Yes.
Does Section 390 apply even if the foreign company does not intend to establish a place of business in India?	Yes.
What is the objective of Section 390?	To empower the Central Government to regulate the issuance and handling of Indian Depository Receipts by foreign companies.
What is the subject matter of Section 391 of the Companies Act, 2013?	Application of Sections 34 to 36 and Chapter XX.
Which provisions are applied by Section 391(1)?	Sections 34 to 36.
Do Sections 34 to 36 apply to a prospectus issued by a foreign company under Section 389?	Yes.
How are Sections 34 to 36 applied to a prospectus issued by a foreign company?	In the same manner as to a prospectus issued by an Indian company.
Does Section 391 apply to the issue of Indian Depository Receipts by a foreign company?	Yes.
Which provisions apply to the issue of Indian Depository Receipts by a foreign company?	Sections 34 to 36.
What is the effect of Section 391(1)(ii)?	Sections 34 to 36 apply to Indian Depository Receipts issued by a foreign company.
Which Chapter is applied by Section 391(2)?	Chapter XX.
How does Chapter XX apply under Section 391(2)?	Mutatis mutandis.
For what purpose is Chapter XX applied to a foreign company?	Closure of its place of business in India.
Is the application of Chapter XX under Section 391(2) subject to any provision?	Yes, subject to Section 376.
When does Chapter XX become applicable to a foreign company under Section 391(2)?	When it has raised monies through offer or issue of securities under this Chapter which have not been repaid or redeemed.
Can a foreign company close its place of business in India without attracting Chapter XX if securities issued remain unpaid or unredeemed?	No.
How is the foreign company treated for the purposes of Chapter XX?	As if it were a company incorporated in India.
What condition relating to securities triggers the application of Chapter XX?	Monies raised through securities have not been repaid or redeemed.
Does Section 391 ensure investor protection in relation to foreign companies?	Yes, by applying Sections 34 to 36 and Chapter XX in specified cases.
What is the subject matter of Section 392 of the Companies Act, 2013?	Punishment for contravention.
To whom does Section 392 apply?	Foreign companies and their defaulting officers.
What is the minimum fine for a foreign company contravening the provisions of this Chapter?	One lakh rupees.
What is the maximum fine for a foreign company contravening the provisions of this Chapter?	Three lakh rupees.
What additional penalty may be imposed for a continuing contravention by a foreign company?	Fine up to fifty thousand rupees for every day after the first during which the contravention continues.
When does the additional daily fine become applicable?	In the case of a continuing offence.
What is the maximum daily fine for a continuing contravention by a foreign company?	Fifty thousand rupees per day.
Are officers in default also liable for contravention of this Chapter?	Yes.
What is the minimum fine for an officer in default under Section 392?	Twenty-five thousand rupees.
What is the maximum fine for an officer in default under Section 392?	Five lakh rupees.
Does Section 392 operate independently of Section 391?	Yes, it applies without prejudice to Section 391.
Can both the foreign company and its officers be penalised for the same contravention?	Yes.
What is the subject matter of Section 393 of the Companies Act, 2013?	Company's failure to comply with provisions of this Chapter not to affect validity of contracts, etc.
Does non-compliance with the provisions of this Chapter affect the validity of contracts entered into by the company?	No.
Does non-compliance with this Chapter invalidate dealings or transactions of the company?	No.
Does failure to comply with this Chapter affect the company's liability to be sued?	No.
Can a company still be sued in respect of a contract despite non-compliance with this Chapter?	Yes.
Can a non-compliant company bring a suit in respect of a contract, dealing or transaction?	No, until it complies with the applicable provisions of the Act.
Can a non-compliant company claim a set-off in legal proceedings?	No, until compliance is achieved.
Can a non-compliant company make a counter-claim in legal proceedings?	No, until compliance is achieved.
Can a non-compliant company institute any legal proceeding relating to a contract, dealing or transaction?	No, until it complies with the applicable provisions of the Act.
What must a company do before it can bring a suit, claim a set-off, make a counter-claim or institute legal proceedings?	Comply with the provisions of the Act applicable to it.
Does Section 393 protect third parties dealing with a non-compliant company?	Yes, by preserving the validity of contracts, dealings and transactions.
What is the subject matter of Section 393A of the Companies Act, 2013?	Exemptions under this Chapter.
Who has the power to grant exemptions under Section 393A?	The Central Government.
How may the Central Government grant exemptions under Section 393A?	By notification.
Can the Central Government exempt foreign companies from provisions of this Chapter?	Yes.
Can the Central Government exempt companies incorporated outside India from provisions of this Chapter?	Yes.
Does Section 393A apply to companies yet to be incorporated outside India?	Yes.
Can exemption be granted even if the company has not established a place of business in India?	Yes.
Can exemption be granted even if the company may not establish a place of business in India in future?	Yes.
From what may the notified class of companies be exempted?	Any of the provisions of this Chapter.
Can the exemption be granted to a specific class of companies?	Yes.
What must be specified in the notification issued under Section 393A?	The class of companies to which the exemption applies.
What must be done with every notification issued under Section 393A?	It must be laid before both Houses of Parliament.
When must the notification be laid before Parliament?	As soon as may be after it is made.

CHAPTER-XXIII
GOVERNMENT COMPANIES
What is the subject matter of Section 394 of the Companies Act, 2013?	Annual reports on Government companies.
When is the Central Government required to prepare an annual report under Section 394(1)?	Where it is a member of a Government company.
Within what period must the annual report be prepared?	Within three months of the annual general meeting.
Which annual general meeting is referred to in Section 394(1)(a)?	The AGM before which the CAG comments and audit report are placed under Section 143(6).
Whose comments are required to be placed before the AGM for the purposes of Section 394?	Comments of the Comptroller and Auditor-General of India.
Which audit report is referred to in Section 394(1)(a)?	The audit report placed under the proviso to Section 143(6).
Before whom must the annual report be laid by the Central Government?	Both Houses of Parliament.
When must the annual report be laid before Parliament?	As soon as may be after its preparation.
What documents must accompany the annual report when laid before Parliament?	The audit report and the comments upon or supplement to the audit report made by the Comptroller and Auditor-General of India.
Who prepares comments upon or supplement to the audit report?	The Comptroller and Auditor-General of India.
Does Section 394 apply when both the Central Government and a State Government are members of a Government company?	Yes.
What must the State Government do when it is also a member of the Government company?	Cause a copy of the annual report to be laid before the State Legislature.
Before whom must the State Government lay the annual report?	The House or both Houses of the State Legislature.
What documents must accompany the annual report laid before the State Legislature?	The audit report and the comments upon or supplement to the audit report referred to in Section 394(1).
Does the State Government prepare a separate annual report under Section 394(2)?	No, it lays a copy of the annual report prepared under Section 394(1).
What is the subject matter of Section 395 of the Companies Act, 2013?	Annual reports where one or more State Governments are members of companies.
When does Section 395(1) apply?	When the Central Government is not a member of a Government company.
Who is required to cause an annual report to be prepared under Section 395(1)?	Every State Government which is a member of the Government company.
What if only one State Government is a member of the Government company?	That State Government shall cause the annual report to be prepared.
Within what time must the annual report be prepared under Section 395(1)(a)?	Within the time specified in Section 394(1).
What is the time limit specified in Section 394(1) for preparation of the annual report?	Within three months of the annual general meeting.
Before whom must the annual report be laid under Section 395(1)(b)?	The House or both Houses of the State Legislature.
When must the annual report be laid before the State Legislature?	As soon as may be after its preparation.
What documents must accompany the annual report laid before the State Legislature?	The audit report and comments upon or supplement to the audit report referred to in Section 394(1).
Whose comments upon or supplement to the audit report accompany the annual report?	Those of the Comptroller and Auditor-General of India.
Do Sections 394 and 395 apply to a Government company in liquidation?	Yes.
How do Sections 394 and 395 apply to a Government company in liquidation?	In the same manner as they apply to any other Government company, so far as may be.
Can a Government company in liquidation be exempt from annual reporting requirements under Sections 394 and 395?	No, these provisions continue to apply so far as may be.

CHAPTER-XXIV
REGISTRATION OFFICES AND FEES
What is the subject matter of Section 396 of the Companies Act, 2013?	Registration offices.
Who has the power to establish registration offices under Section 396(1)?	The Central Government.
How are registration offices established under Section 396(1)?	By notification.
For what purposes may registration offices be established under Section 396(1)?	For exercising powers, discharging functions under the Act and registration of companies.
How many registration offices may the Central Government establish?	Such number as it thinks fit.
What must be specified in the notification establishing registration offices?	Their jurisdiction.
Which officers may be appointed under Section 396(2)?	Registrars, Additional Registrars, Joint Registrars, Deputy Registrars and Assistant Registrars.
For what purpose are officers appointed under Section 396(2)?	Registration of companies and discharge of functions under the Act.
How are the powers and duties of officers appointed under Section 396(2) determined?	As may be prescribed.
How are the terms and conditions of service of officers appointed under Section 396(2) determined?	As may be prescribed.
How are the salaries of persons appointed under Section 396(2) determined?	As may be prescribed.
What may the Central Government direct to be prepared under Section 396(4)?	A seal or seals.
For what purpose may seals be prepared under Section 396(4)?	Authentication of documents required for or connected with registration of companies.
What is the subject matter of Section 397 of the Companies Act, 2013?	Admissibility of certain documents as evidence.
Which documents are covered under Section 397?	Documents reproducing or derived from returns and documents filed by a company with the Registrar.
In what forms may the documents covered under Section 397 exist?	Paper form, electronic form, electronic data storage device or computer-readable media.
Who may authenticate documents for the purposes of Section 397?	The Registrar or any other officer empowered by the Central Government.
How must documents be authenticated under Section 397?	In the prescribed manner.
What is the legal status of authenticated documents under Section 397?	They are deemed to be documents for the purposes of the Act and the rules made thereunder.
In which proceedings are authenticated documents admissible?	Proceedings under the Companies Act, 2013 and the rules made thereunder.
Is production of the original document necessary for admissibility under Section 397?	No, further proof or production of the original is not required.
What may an authenticated document be used as evidence of?	The contents of the original document.
What facts may an authenticated document prove under Section 397?	Any fact stated therein of which direct evidence is admissible.
What is the effect of the non-obstante clause in Section 397?	The provision operates notwithstanding anything contained in any other law for the time being in force.
What is the subject matter of Section 398 of the Companies Act, 2013?	Provisions relating to filing of applications, documents, inspection, etc., in electronic form.
Who is empowered to make rules under Section 398(1)?	The Central Government.
Which Act is specifically referred to in Section 398(1)?	The Information Technology Act, 2000.
Which provision of the Information Technology Act, 2000 is referred to in Section 398(1)?	Section 6.
From what date may the requirements under Section 398 become applicable?	From such date as may be prescribed in the rules.
What documents may be required to be filed in electronic form under Section 398(1)(a)?	Applications, balance sheets, prospectuses, returns, declarations, memoranda, articles, particulars of charges and other prescribed documents.
How must documents filed electronically under Section 398(1)(a) be authenticated?	In the prescribed manner.
What documents may be required to be served or delivered in electronic form under Section 398(1)(b)?	Documents, notices, communications or intimations required under the Act.
How must electronic service or delivery under Section 398(1)(b) be authenticated?	In the prescribed manner.
What records may be maintained by the Registrar in electronic form under Section 398(1)(c)?	Applications, balance sheets, prospectuses, returns, registers, memoranda, articles, particulars of charges and other documents and returns.
How may electronic records maintained by the Registrar be registered or authenticated?	In the prescribed manner.
What documents may be inspected electronically under Section 398(1)(d)?	Memoranda, articles, registers, indexes, balance sheets, returns and other documents maintained in electronic form.
Who may inspect documents maintained in electronic form under Section 398(1)(d)?	Any person.
How may inspection under Section 398(1)(d) be carried out?	Through electronic form in the prescribed manner.
Who is empowered to make rules under Section 398(1)?	The Central Government.
Which Act is specifically referred to in Section 398(1)?	The Information Technology Act, 2000.
Which provision of the Information Technology Act, 2000 is referred to in Section 398(1)?	Section 6.
From what date may the requirements under Section 398 become applicable?	From such date as may be prescribed in the rules.
What documents may be required to be filed in electronic form under Section 398(1)(a)?	Applications, balance sheets, prospectuses, returns, declarations, memoranda, articles, particulars of charges and other prescribed documents.
How must documents filed electronically under Section 398(1)(a) be authenticated?	In the prescribed manner.
What documents may be required to be served or delivered in electronic form under Section 398(1)(b)?	Documents, notices, communications or intimations required under the Act.
How must electronic service or delivery under Section 398(1)(b) be authenticated?	In the prescribed manner.
What records may be maintained by the Registrar in electronic form under Section 398(1)(c)?	Applications, balance sheets, prospectuses, returns, registers, memoranda, articles, particulars of charges and other documents and returns.
How may electronic records maintained by the Registrar be registered or authenticated?	In the prescribed manner.
What documents may be inspected electronically under Section 398(1)(d)?	Memoranda, articles, registers, indexes, balance sheets, returns and other documents maintained in electronic form.
Who may inspect documents maintained in electronic form under Section 398(1)(d)?	Any person.
How may inspection under Section 398(1)(d) be carried out?	Through electronic form in the prescribed manner.
How may fees, charges or other sums payable under the Act be paid under Section 398(1)(e)?	Through electronic form in the prescribed manner.
Which functions may the Registrar perform in electronic form under Section 398(1)(f)?	Registration of change of registered office, alteration of memorandum or articles, issue of certificate of incorporation, registration of documents, issuance of certificates, recording of notices, receipt of communications and other statutory functions.
Does the Explanation to Section 398 permit rules relating to imposition of fines or pecuniary penalties?	No.
What matters are excluded from the scope of rules made under Section 398?	Imposition of fines, pecuniary penalties, demand or payment of fees for contraventions and punishment therefor.
How may the Central Government implement the provisions of Section 398(1)?	By framing a scheme through notification.
Under which sub-section may the Central Government frame an electronic governance scheme?	Section 398(2).
What is the subject matter of Section 399 of the Companies Act, 2013?	Inspection, production and evidence of documents kept by Registrar.
Who may inspect documents kept by the Registrar under Section 399(1)?	Any person.
How may documents kept by the Registrar be inspected under Section 399(1)(a)?	By electronic means.
Which documents may be inspected under Section 399(1)(a)?	Documents filed or registered by the Registrar and records of facts required or authorised to be recorded or registered under the Act.
What is required for inspection of documents under Section 399(1)(a)?	Payment of the prescribed fee for each inspection.
What may a person require from the Registrar under Section 399(1)(b)?	A certificate of incorporation or a certified copy or extract of any document.
What condition must be fulfilled before obtaining a certified copy, extract or certificate under Section 399(1)(b)?	Payment in advance of the prescribed fee.
During what period may documents delivered with a prospectus under Section 26 be inspected as of right?	During the fourteen days beginning with the date of publication of the prospectus.
What permission is required to inspect documents delivered under Section 26 after the fourteen-day period?	Permission of the Central Government.
During what period may documents delivered under Section 388(1)(b) be inspected as of right?	During the fourteen days beginning with the date of the prospectus.
What permission is required to inspect Section 388 documents after the fourteen-day period?	Permission of the Central Government.
What restriction is placed on courts and Tribunals regarding production of documents kept by the Registrar?	No process compelling production shall issue without leave of the court or Tribunal.
What must be stated on a process issued for production of documents kept by the Registrar?	That it is issued with the leave of the court or Tribunal.
What documents are covered by Section 399(3)?	Copies or extracts of documents kept and registered at offices for registration of companies.
Who certifies copies or extracts under Section 399(3)?	The Registrar.
Is proof of the Registrar's official position necessary for admissibility of the certified copy?	No.
What evidentiary value does a certified copy or extract have under Section 399(3)?	It is admissible in evidence with equal validity as the original document.
In what proceedings are certified copies admissible as evidence?	All legal proceedings.
What is the subject matter of Section 400 of the Companies Act, 2013?	Electronic form to be exclusive, alternative or in addition to physical form.
Who is empowered to make rules under Section 400?	The Central Government.
Which sections are referred to in Section 400?	Sections 398 and 399.
What may the Central Government provide regarding electronic form under Section 400?	That it shall be exclusive, alternative to, or in addition to the physical form.
For what purposes may electronic form be prescribed under Section 400?	The purposes specified in Sections 398 and 399.
In what capacities may electronic form operate under Section 400?	As an exclusive mode, an alternative mode, or an additional mode to physical form.
What forms are contrasted with electronic form under Section 400?	Physical form.
What is the subject matter of Section 401 of the Companies Act, 2013?	Provision of value added services through electronic form.
Who may provide value added services under Section 401?	The Central Government.
Through what mode may value added services be provided under Section 401?	Through electronic form.
What type of services may be provided under Section 401?	Value added services.
What power regarding fees is conferred on the Central Government under Section 401?	The power to levy prescribed fees for value added services.
How are the fees for value added services determined under Section 401?	As may be prescribed.
What is the subject matter of Section 402 of the Companies Act, 2013?	Application of provisions of Information Technology Act, 2000.
Which Act is made applicable under Section 402?	The Information Technology Act, 2000.
To what subject matter of the Information Technology Act does Section 402 relate?	Electronic records.
What aspects of electronic records under the Information Technology Act are specifically made applicable?	The manner and format in which electronic records shall be filed.
To which records do the provisions of the Information Technology Act apply under Section 402?	Records in electronic form specified under Section 398.
What is the condition for applicability of the Information Technology Act under Section 402?	The provisions must not be inconsistent with the Companies Act, 2013.
Which section of the Companies Act specifies the electronic records referred to in Section 402?	Section 398.
In relation to what records does Section 402 apply the provisions of the Information Technology Act, 2000?	Records maintained or filed in electronic form under Section 398.
What is the subject matter of Section 403 of the Companies Act, 2013?	Fee for filing, etc.
What must accompany the submission, filing, registration or recording of a document, fact or information under Section 403(1)?	The prescribed fee.
Within what period must a document, fact or information be submitted, filed, registered or recorded under Section 403(1)?	Within the time specified in the relevant provision.
Which sections are specifically referred to in the first proviso to Section 403(1)?	Sections 92 and 137.
What consequence follows if a document under Sections 92 or 137 is not filed within the prescribed period?	It may be filed after expiry of the period on payment of the prescribed additional fee.
What is the minimum additional fee for delayed filing under Sections 92 and 137?	One hundred rupees per day.
Can different additional fees be prescribed for different classes of companies under the first proviso?	Different amounts may be prescribed for different classes of companies.
How may delayed filing be regularised in cases other than those covered by Sections 92 and 137?	By payment of the prescribed additional fee.
Can different additional fees be prescribed for different classes of companies in cases other than Sections 92 and 137?	Different fees may be prescribed for different classes of companies.
What consequence follows where there is default on two or more occasions in filing prescribed documents, facts or information?	Higher additional fee may be prescribed.
Does payment of additional fee bar other legal action or liability under the Act?	It is without prejudice to any other legal action or liability under the Act.
What is the effect of Section 403(2) where a company fails to file within the prescribed period?	The company and defaulting officers remain liable for penalty or punishment under the Act.
Who is liable under Section 403(2) for failure or default in filing?	The company and the officers of the company who are in default.
Does liability for penalty or punishment under Section 403(2) exist in addition to filing fees and additional fees?	Yes, it is without prejudice to liability for payment of fee and additional fee.
What is the subject matter of Section 404 of the Companies Act, 2013?	Fees, etc., to be credited into public account.
What amounts are covered under Section 404?	All fees, charges and other sums received under the Act.
Which officers are mentioned in Section 404?	Registrar, Additional Registrar, Joint Registrar, Deputy Registrar, Assistant Registrar and any other officer of the Central Government.
In pursuance of what are the fees, charges and sums received under Section 404?	Any provision of the Companies Act, 2013.
Where must the fees, charges and other sums received under Section 404 be paid?	Into the Public Account of India.
In which institution must the Public Account of India be credited under Section 404?	The Reserve Bank of India.

CHAPTER-XXV
COMPANIES TO FURNISH INFORMATION OR STATISTICS
What is the subject matter of Section 405 of the Companies Act, 2013?	Power of Central Government to direct companies to furnish information or statistics.
Who may require companies to furnish information or statistics under Section 405(1)?	The Central Government.
How may the Central Government require companies to furnish information or statistics?	By order.
To whom may an order under Section 405(1) be directed?	Companies generally, any class of companies, or any company.
With regard to what matters may information or statistics be required under Section 405(1)?	The constitution or working of the company.
Who specifies the time within which information or statistics must be furnished?	The Central Government.
Where must every order under Section 405(1) be published?	In the Official Gazette.
How may an order under Section 405(1) be addressed to companies generally or a class of companies?	In such manner as the Central Government may think fit.
What is deemed to be the date on which the requirement for information or statistics is made?	The date of publication of the order in the Official Gazette.
For whom is the date of publication deemed to be the date of the requirement?	Companies generally or the class of companies to whom the order is addressed.
Who may require companies to furnish information or statistics under Section 405(1)?	The Central Government.
How may the Central Government require companies to furnish information or statistics?	By order.
To whom may an order under Section 405(1) be directed?	Companies generally, any class of companies, or any company.
With regard to what matters may information or statistics be required under Section 405(1)?	The constitution or working of the company.
Who specifies the time within which information or statistics must be furnished?	The Central Government.
Where must every order under Section 405(1) be published?	In the Official Gazette.
How may an order under Section 405(1) be addressed to companies generally or a class of companies?	In such manner as the Central Government may think fit.
What is deemed to be the date on which the requirement for information or statistics is made?	The date of publication of the order in the Official Gazette.
For what purpose may the Central Government act under Section 405(3)?	To satisfy itself that information or statistics furnished are correct and complete.
What may the Central Government require a company to produce under Section 405(3)?	Records or documents in its possession.
What may the Central Government require a company to permit under Section 405(3)?	Inspection of records or documents by an officer.
What additional requirement may be imposed under Section 405(3)?	Furnishing of further information considered necessary by the Central Government.
What is the penalty for failure to comply with an order under Section 405(1) or Section 405(3)?	Twenty thousand rupees.
What is the penalty for furnishing incorrect or incomplete information in any material respect?	Twenty thousand rupees.
What is the additional penalty for a continuing failure under Section 405(4)?	One thousand rupees for each day after the first during which the failure continues.
What is the maximum penalty for a continuing failure under Section 405(4)?	Three lakh rupees.
Who is liable for penalty under Section 405(4)?	The company and every officer of the company who is in default.
How does Section 405 apply to a foreign company carrying on business in India?	References to a company include a foreign company in relation to its business in India.
To what extent does Section 405 apply to a foreign company?	Only in relation to its business carried on in India.

CHAPTER-XXVI
NIDHIS
What is the subject matter of Section 406 of the Companies Act, 2013?	Provision relating to Nidhis and its application, etc.
What is a "Nidhi" under Section 406(1)?	A company declared by the Central Government by notification in the Official Gazette to be a Nidhi.
What is a "Mutual Benefit Society" under Section 406(1)?	A company declared by the Central Government by notification in the Official Gazette to be a Mutual Benefit Society.
By what mode may a company be declared a Nidhi or Mutual Benefit Society?	By notification in the Official Gazette.
Who has the power to declare a company as a Nidhi or Mutual Benefit Society?	The Central Government.
What power is conferred on the Central Government under Section 406(2)?	To exempt Nidhis or Mutual Benefit Societies from specified provisions of the Act or apply them with modifications.
How may the Central Government exempt a Nidhi or Mutual Benefit Society from provisions of the Act?	By notification in the Official Gazette.
What may the Central Government specify while applying provisions of the Act to a Nidhi or Mutual Benefit Society?	Exceptions, modifications and adaptations.
What must be laid before each House of Parliament before issuance of a notification under Section 406(2)?	A draft of the proposed notification.
For what total period must the draft notification remain before each House of Parliament?	Thirty days.
During what parliamentary status must the draft notification be laid before Parliament?	While Parliament is in session.
What is the effect if both Houses of Parliament disapprove the proposed notification?	The notification shall not be issued.
What is the effect if both Houses agree to modify the proposed notification?	The notification shall be issued only in the modified form agreed upon by both Houses.
What period is excluded while calculating the thirty-day period under Section 406(4)?	Any period during which either House is prorogued or adjourned for more than four consecutive days.
Within the meaning of Section 406(4), what minimum adjournment period is excluded from computation?	More than four consecutive days.
What must be done with every notification issued under Section 406?	A copy must be laid before each House of Parliament.
When must a copy of the notification be laid before Parliament?	As soon as may be after it has been issued.

CHAPTER-XXVII
NATIONAL COMPANY LAW TRIBUNAL AND APPELLATE TRIBUNAL
What is the subject matter of Section 407 of the Companies Act, 2013?	Definitions.
Who is the "Chairperson" under Section 407(a)?	The Chairperson of the Appellate Tribunal.
Who is a "Judicial Member" under Section 407(b)?	A member of the Tribunal or the Appellate Tribunal appointed as such.
Which office holders are included within the expression "Judicial Member"?	The President or the Chairperson, as the case may be.
Who is a "Member" under Section 407(c)?	A member, whether Judicial or Technical, of the Tribunal or the Appellate Tribunal.
Which office holders are included within the expression "Member"?	The President or the Chairperson, as the case may be.
Who is the "President" under Section 407(d)?	The President of the Tribunal.
Who is a "Technical Member" under Section 407(e)?	A member of the Tribunal or the Appellate Tribunal appointed as such.
To which bodies do the expressions "Judicial Member" and "Technical Member" relate?	The Tribunal and the Appellate Tribunal.
What categories of Members are recognised under Section 407(c)?	Judicial Members and Technical Members.
What is the subject matter of Section 408 of the Companies Act, 2013?	Constitution of National Company Law Tribunal.
Who constitutes the National Company Law Tribunal under Section 408?	The Central Government.
How is the National Company Law Tribunal constituted?	By notification.
From when does the National Company Law Tribunal come into existence?	From such date as may be specified in the notification.
What is the name of the Tribunal constituted under Section 408?	National Company Law Tribunal.
Who are the constituents of the National Company Law Tribunal?	A President and such number of Judicial and Technical Members as the Central Government may deem necessary.
Who appoints the President and Members of the Tribunal?	The Central Government.
How are the President and Members appointed under Section 408?	By notification.
What categories of Members may be appointed to the Tribunal?	Judicial Members and Technical Members.
How is the number of Judicial and Technical Members determined?	As the Central Government may deem necessary.
What powers and functions does the National Company Law Tribunal exercise?	Such powers and functions as are conferred by or under the Companies Act, 2013 or any other law for the time being in force.
Under which laws may powers and functions be conferred on the Tribunal?	The Companies Act, 2013 and any other law for the time being in force.
What is the subject matter of Section 409 of the Companies Act, 2013?	Qualification of President and Members of Tribunal.
What is the qualification for appointment as President of the Tribunal under Section 409(1)?	The person must be or have been a Judge of a High Court for five years.
Who is qualified for appointment as a Judicial Member under Section 409(2)(a)?	A person who is or has been a Judge of a High Court.
What is the minimum experience required for a District Judge to qualify as a Judicial Member under Section 409(2)(b)?	At least five years as a District Judge.
What is the minimum period of practice required for an advocate to qualify as a Judicial Member under Section 409(2)(c)?	Ten years.
What periods are included while computing ten years' practice as an advocate under the Explanation to Section 409(2)?	Periods spent in judicial office, as a member of a tribunal, or in a post under the Union or a State requiring special knowledge of law after becoming an advocate.
What is the minimum service required in the Indian Corporate Law Service or Indian Legal Service for appointment as a Technical Member under Section 409(3)(a)?	Fifteen years.
What rank must a member of the Indian Corporate Law Service or Indian Legal Service hold to qualify as a Technical Member?	Secretary or Additional Secretary to the Government of India.
What is the minimum period of practice required for a Chartered Accountant to qualify as a Technical Member under Section 409(3)(b)?	Fifteen years.
What is the minimum period of practice required for a Cost Accountant to qualify as a Technical Member under Section 409(3)(c)?	Fifteen years.
What is the minimum period of practice required for a Company Secretary to qualify as a Technical Member under Section 409(3)(d)?	Fifteen years.
What qualifications are required under Section 409(3)(e) for appointment as a Technical Member?	Proven ability, integrity and standing with special knowledge and professional experience of at least fifteen years in industrial finance, industrial management, industrial reconstruction, investment or accountancy.
What is the minimum professional experience required under Section 409(3)(e)?	Fifteen years.
What experience as a judicial officer qualifies a person for appointment as a Technical Member under Section 409(3)(f)?	Serving as a Presiding Officer of a Labour Court, Tribunal or National Tribunal for at least five years.
Under which Act must the Labour Court, Tribunal or National Tribunal referred to in Section 409(3)(f) be constituted?	The Industrial Disputes Act, 1947.
What is the subject matter of Section 410 of the Companies Act, 2013?	Constitution of Appellate Tribunal.
Who constitutes the National Company Law Appellate Tribunal under Section 410?	The Central Government.
How is the National Company Law Appellate Tribunal constituted?	By notification.
From when does the Appellate Tribunal come into existence?	From such date as may be specified in the notification.
What is the name of the Appellate Tribunal constituted under Section 410?	National Company Law Appellate Tribunal.
Who are the constituents of the National Company Law Appellate Tribunal?	A Chairperson and such number of Judicial and Technical Members as the Central Government may deem fit.
Who appoints the Chairperson and Members of the Appellate Tribunal?	The Central Government.
How are the Chairperson and Members appointed under Section 410?	By notification.
What categories of Members may be appointed to the Appellate Tribunal?	Judicial Members and Technical Members.
How is the number of Judicial and Technical Members determined?	As the Central Government may deem fit.
Against whose orders may appeals be heard by the Appellate Tribunal under Section 410(a)?	Orders of the Tribunal or the National Financial Reporting Authority.
Under which Act are appeals against orders of the Tribunal or NFRA heard by the Appellate Tribunal?	The Companies Act, 2013.
Against what Competition Act matters may appeals be heard by the Appellate Tribunal under Section 410(b)?	Any direction, decision or order referred to in Section 53A of the Competition Act, 2002.
In accordance with which law are Competition Act appeals heard by the Appellate Tribunal?	The Competition Act, 2002.
What is the subject matter of Section 411 of the Companies Act, 2013?	Qualifications of Chairperson and Members of Appellate Tribunal.
What is the qualification for appointment as Chairperson of the Appellate Tribunal under Section 411(1)?	The person must be or have been a Judge of the Supreme Court or the Chief Justice of a High Court.
Who is qualified for appointment as a Judicial Member of the Appellate Tribunal under Section 411(2)?	A person who is or has been a Judge of a High Court.
What experience as a Tribunal Member qualifies a person for appointment as a Judicial Member of the Appellate Tribunal?	Five years as a Judicial Member of the Tribunal.
What qualifications are required for appointment as a Technical Member of the Appellate Tribunal under Section 411(3)?	Proven ability, integrity and standing with special knowledge and professional experience in industrial finance, industrial management, industrial reconstruction, investment and accountancy.
What is the minimum professional experience required for a Technical Member under Section 411(3)?	Twenty-five years.
In which fields must a Technical Member possess special knowledge and professional experience under Section 411(3)?	Industrial finance, industrial management, industrial reconstruction, investment and accountancy.
What is the subject matter of Section 412 of the Companies Act, 2013?	Selection of Members of Tribunal and Appellate Tribunal.
After whose consultation is the President of the Tribunal appointed under Section 412(1)?	The Chief Justice of India.
After whose consultation is the Chairperson of the Appellate Tribunal appointed under Section 412(1)?	The Chief Justice of India.
After whose consultation are Judicial Members of the Appellate Tribunal appointed under Section 412(1)?	The Chief Justice of India.
On whose recommendation are Members of the Tribunal appointed under Section 412(2)?	The Selection Committee.
On whose recommendation are Technical Members of the Appellate Tribunal appointed under Section 412(2)?	The Selection Committee.
Who is the Chairperson of the Selection Committee under Section 412(2)?	The Chief Justice of India or his nominee.
Who is the judicial member of the Selection Committee under Section 412(2)(b)?	A senior Judge of the Supreme Court or Chief Justice of a High Court.
Which Ministry is represented by a Secretary on the Selection Committee under Section 412(2)(c)?	The Ministry of Corporate Affairs.
Which Ministry is represented by a Secretary on the Selection Committee under Section 412(2)(d)?	The Ministry of Law and Justice.
What voting power does the Chairperson possess in case of equality of votes in the Selection Committee?	A casting vote.
Who acts as the Convener of the Selection Committee?	The Secretary, Ministry of Corporate Affairs.
Who determines the procedure of the Selection Committee?	The Selection Committee itself.
For what purpose does the Selection Committee determine its procedure?	Recommending persons for appointment under Section 412(2).
What is the effect of a vacancy in the Selection Committee on appointments?	The appointment shall not be invalid merely by reason of such vacancy.
What is the effect of a defect in the constitution of the Selection Committee on appointments?	The appointment shall not be invalid merely by reason of such defect.
What is the subject matter of Section 413 of the Companies Act, 2013?	Term of office of President, Chairperson and other Members.
What is the term of office of the President of the Tribunal under Section 413(1)?	Five years from the date of entering office.
What is the term of office of a Member of the Tribunal under Section 413(1)?	Five years from the date of entering office.
What is the re-appointment eligibility of the President of the Tribunal under Section 413(1)?	Eligible for re-appointment for another term of five years.
What is the re-appointment eligibility of a Member of the Tribunal under Section 413(1)?	Eligible for re-appointment for another term of five years.
Up to what age may the President of the Tribunal hold office under Section 413(2)(a)?	Sixty-seven years.
Up to what age may a Member of the Tribunal other than the President hold office under Section 413(2)(b)?	Sixty-five years.
What is the minimum age required for appointment as a Member of the Tribunal?	Fifty years.
For what maximum period may a Member of the Tribunal retain lien with his parent cadre, Ministry or Department?	One year.
What is the term of office of the Chairperson of the Appellate Tribunal under Section 413(3)?	Five years from the date of entering office.
What is the term of office of a Member of the Appellate Tribunal under Section 413(3)?	Five years from the date of entering office.
What is the re-appointment eligibility of the Chairperson of the Appellate Tribunal?	Eligible for re-appointment for another term of five years.
What is the re-appointment eligibility of a Member of the Appellate Tribunal?	Eligible for re-appointment for another term of five years.
Up to what age may the Chairperson of the Appellate Tribunal hold office under Section 413(4)(a)?	Seventy years.
Up to what age may a Member of the Appellate Tribunal other than the Chairperson hold office under Section 413(4)(b)?	Sixty-seven years.
What is the minimum age required for appointment as a Member of the Appellate Tribunal?	Fifty years.
For what maximum period may a Member of the Appellate Tribunal retain lien with his parent cadre, Ministry or Department?	One year.
What is the subject matter of Section 414 of the Companies Act, 2013?	Salary, allowances and other terms and conditions of service of Members.
Whose salary, allowances and service conditions are governed by Section 414?	Members of the Tribunal and the Appellate Tribunal.
How are the salary, allowances and other terms and conditions of service of Members determined?	As may be prescribed.
Can the salary of a Member be varied after appointment to his disadvantage?	The salary shall not be varied to his disadvantage after appointment.
Can the allowances of a Member be varied after appointment to his disadvantage?	The allowances shall not be varied to his disadvantage after appointment.
Can the terms and conditions of service of a Member be varied after appointment to his disadvantage?	The terms and conditions of service shall not be varied to his disadvantage after appointment.
What protection is provided to Members regarding service conditions after appointment?	Their salary, allowances and other terms and conditions of service cannot be altered to their disadvantage.
What is the subject matter of Section 415 of the Companies Act, 2013?	Acting President and Chairperson of Tribunal or Appellate Tribunal.
Who acts as the President of the Tribunal when a vacancy occurs in that office?	The senior-most Member.
Who acts as the Chairperson of the Appellate Tribunal when a vacancy occurs in that office?	The senior-most Member.
What events may result in a vacancy in the office of the President or Chairperson under Section 415(1)?	Death, resignation or otherwise.
Until when does the senior-most Member act as President or Chairperson under Section 415(1)?	Until the newly appointed President or Chairperson enters upon office.
How must the new President or Chairperson be appointed for the purposes of Section 415(1)?	In accordance with the provisions of the Companies Act, 2013.
Who discharges the functions of the President when he is unable to perform his duties due to absence, illness or any other cause?	The senior-most Member.
Who discharges the functions of the Chairperson when he is unable to perform his duties due to absence, illness or any other cause?	The senior-most Member.
What circumstances may prevent the President or Chairperson from discharging his functions under Section 415(2)?	Absence, illness or any other cause.
Until when does the senior-most Member discharge the functions under Section 415(2)?	Until the President or Chairperson resumes his duties.
What is the subject matter of Section 416 of the Companies Act, 2013?	Resignation of Members.
Who may resign under Section 416?	The President, the Chairperson or any Member.
To whom must a resignation under Section 416 be addressed?	The Central Government.
In what form must a resignation under Section 416 be submitted?	By notice in writing under the hand of the person resigning.
For how long does the President, Chairperson or Member continue in office after the Central Government receives the resignation notice?	Three months from the date of receipt of the notice.
What is one event that terminates continuance in office after resignation before the expiry of three months?	Entry into office of a duly appointed successor.
How does the appointment of a successor affect the continuance of the resigning President, Chairperson or Member?	He ceases to hold office when the successor enters upon office.
How does expiry of the term of office affect a pending resignation?	The office ceases upon expiry of the term if it occurs earlier.
What is the governing rule for determining the date on which the resigning office-holder vacates office?	The earliest of three months from receipt of notice, entry of successor into office, or expiry of the term of office.
What is the subject matter of Section 417 of the Companies Act, 2013?	Removal of Members.
Who may remove the President, Chairperson or a Member under Section 417(1)?	The Central Government.
After whose consultation may the Central Government remove the President, Chairperson or a Member under Section 417(1)?	The Chief Justice of India.
What is the consequence of being adjudged an insolvent under Section 417(1)(a)?	Removal from office.
What type of conviction constitutes a ground for removal under Section 417(1)(b)?	Conviction for an offence involving moral turpitude in the opinion of the Central Government.
What physical condition constitutes a ground for removal under Section 417(1)(c)?	Physical incapacity to act as President, Chairperson or Member.
What mental condition constitutes a ground for removal under Section 417(1)(c)?	Mental incapacity to act as President, Chairperson or Member.
What type of interest constitutes a ground for removal under Section 417(1)(d)?	Financial or other interest likely to affect prejudicially the discharge of functions.
What conduct constitutes a ground for removal under Section 417(1)(e)?	Abuse of position rendering continuance in office prejudicial to public interest.
For which grounds is a reasonable opportunity of being heard mandatory before removal?	Grounds specified in clauses (b), (c), (d) and (e) of Section 417(1).
On what grounds may removal under Section 417(2) be ordered after inquiry?	Proved misbehaviour or incapacity.
Who conducts the inquiry under Section 417(2)?	A Judge of the Supreme Court nominated by the Chief Justice of India.
Who makes the reference for inquiry under Section 417(2)?	The Central Government.
What procedural safeguard must be provided before removal under Section 417(2)?	Information of the charges and a reasonable opportunity of being heard.
Whose concurrence is required for suspension under Section 417(3)?	The Chief Justice of India.
When may the President, Chairperson or Member be suspended under Section 417(3)?	After a reference has been made to a Supreme Court Judge under Section 417(2).
Until when may the suspension under Section 417(3) continue?	Until the Central Government passes orders on receipt of the Judge's report.
Who makes rules regulating the inquiry under Section 417(4)?	The Central Government.
After whose consultation are rules for inquiry made under Section 417(4)?	The Supreme Court.
What is the purpose of the rules made under Section 417(4)?	To regulate the procedure for inquiry into proved misbehaviour or incapacity.
What is the subject matter of Section 417A of the Companies Act, 2013?	Qualifications, terms and conditions of service of Chairperson and Member.
To whom does Section 417A apply?	The Chairperson and other Members of the Appellate Tribunal.
What is the overriding effect provided under Section 417A?	It applies notwithstanding anything contained in the Companies Act, 2013.
Which Act governs the qualifications of the Chairperson and Members appointed after the commencement of the Tribunals Reforms Act, 2021?	Chapter II of the Tribunals Reforms Act, 2021.
Which Act governs the appointment of the Chairperson and Members appointed after the commencement of the Tribunals Reforms Act, 2021?	Chapter II of the Tribunals Reforms Act, 2021.
Which Act governs the term of office of the Chairperson and Members appointed after the commencement of the Tribunals Reforms Act, 2021?	Chapter II of the Tribunals Reforms Act, 2021.
Which Act governs the salaries and allowances of the Chairperson and Members appointed after the commencement of the Tribunals Reforms Act, 2021?	Chapter II of the Tribunals Reforms Act, 2021.
Which Act governs the resignation of the Chairperson and Members appointed after the commencement of the Tribunals Reforms Act, 2021?	Chapter II of the Tribunals Reforms Act, 2021.
Which Act governs the removal of the Chairperson and Members appointed after the commencement of the Tribunals Reforms Act, 2021?	Chapter II of the Tribunals Reforms Act, 2021.
Which Act governs the other terms and conditions of service of the Chairperson and Members appointed after the commencement of the Tribunals Reforms Act, 2021?	Chapter II of the Tribunals Reforms Act, 2021.
What is the governing law for Chairpersons and Members appointed before the commencement of Part XIV of Chapter VI of the Finance Act, 2017?	The Companies Act, 2013 and the rules made thereunder.
How are Chairpersons and Members appointed before the commencement of Part XIV of Chapter VI of the Finance Act, 2017 treated for service conditions?	As if Section 184 of the Finance Act, 2017 had not come into force.
Which provision of the Finance Act, 2017 is specifically referred to in the proviso to Section 417A?	Section 184 of the Finance Act, 2017.
What is the subject matter of Section 418 of the Companies Act, 2013?	Staff of Tribunal and Appellate Tribunal.
Who is responsible for providing officers and employees to the Tribunal and Appellate Tribunal under Section 418(1)?	The Central Government.
With whom must the Central Government consult before providing officers and employees under Section 418(1)?	The Tribunal and the Appellate Tribunal.
For what purpose are officers and employees provided to the Tribunal and Appellate Tribunal?	For the exercise of powers and discharge of functions of the Tribunal and Appellate Tribunal.
Under whose superintendence and control do the officers and employees of the Tribunal function?	The President or a Member authorised by him.
Under whose superintendence and control do the officers and employees of the Appellate Tribunal function?	The Chairperson or a Member authorised by him.
Who may delegate powers of superintendence and control over officers and employees under Section 418(2)?	The President or the Chairperson, as the case may be.
How are the salaries and allowances of the officers and employees of the Tribunal and Appellate Tribunal determined?	As may be prescribed.
How are the other conditions of service of the officers and employees of the Tribunal and Appellate Tribunal determined?	As may be prescribed.
What is the subject matter of Section 418A of the Companies Act, 2013?	Benches of Appellate Tribunal.
By whom are the Benches of the Appellate Tribunal constituted under Section 418A(1)?	The Chairperson.
Through whom may the powers of the Appellate Tribunal be exercised under Section 418A(1)?	The Benches of the Appellate Tribunal.
What is the minimum composition of a Bench of the Appellate Tribunal?	One Judicial Member and one Technical Member.
Where do the Benches of the Appellate Tribunal ordinarily sit?	New Delhi.
Who may notify places other than New Delhi for sitting of the Benches?	The Central Government.
After whose consultation may the Central Government notify places for sitting of the Benches?	The Chairperson.
Who may establish additional Benches of the Appellate Tribunal under the proviso to Section 418A(2)?	The Central Government.
How are additional Benches of the Appellate Tribunal established?	By notification.
After whose consultation may additional Benches be established?	The Chairperson.
For what purpose may additional Benches be established under the proviso to Section 418A(2)?	To hear specified appeals under the Competition Act, 2002 and the Insolvency and Bankruptcy Code, 2016.
Which provision of the Competition Act is referred to in the proviso to Section 418A(2)?	Section 53A of the Competition Act, 2002.
Which provision of the Insolvency and Bankruptcy Code is referred to in the proviso to Section 418A(2)?	Section 61 of the Insolvency and Bankruptcy Code, 2016.
How is the number of additional Benches determined under the proviso to Section 418A(2)?	Such number as the Central Government may consider necessary.
What is the subject matter of Section 419 of the Companies Act, 2013?	Benches of Tribunal.
Who specifies the number of Benches of the Tribunal under Section 419(1)?	The Central Government.
By what mode are Benches of the Tribunal constituted under Section 419(1)?	By notification.
Where is the Principal Bench of the Tribunal located?	New Delhi.
Who presides over the Principal Bench of the Tribunal?	The President of the Tribunal.
How are the powers of the Tribunal ordinarily exercised under Section 419(3)?	By Benches consisting of two Members.
What is the composition of a regular Bench of the Tribunal?	One Judicial Member and one Technical Member.
Who may authorise Members to function as a single-member Bench?	The President.
What type of Member may constitute a single-member Bench under the first proviso to Section 419(3)?	A single Judicial Member.
What powers may a single Judicial Member exercise?	Powers of the Tribunal in respect of specified classes of cases or matters.
How are the classes of cases or matters for a single Judicial Member Bench determined?	By general or special order of the President.
What should a single Judicial Member do if a case appears fit for hearing by a two-member Bench?	Refer or transfer the case for hearing by a two-member Bench.
Who may transfer a case from a single-member Bench to a two-member Bench?	The President.
Who establishes Benches of the Tribunal for insolvency matters under Section 419(4)?	The Central Government.
By what mode are insolvency Benches established under Section 419(4)?	By notification.
For what purpose are Benches established under Section 419(4)?	To exercise the jurisdiction, powers and authority of the Adjudicating Authority under Part II of the Insolvency and Bankruptcy Code, 2016.
Under which statute is the Adjudicating Authority jurisdiction referred to in Section 419(4) conferred?	The Insolvency and Bankruptcy Code, 2016.
How is the number of insolvency Benches determined under Section 419(4)?	As the Central Government may consider necessary.
How is a matter decided when Members of a Bench differ in opinion and there is a majority?	According to the majority opinion.
What must Members do when they are equally divided on a point?	State the point or points on which they differ.
Who refers the points of difference for further hearing under Section 419(5)?	The President.
To whom may the President refer the points of difference?	One or more other Members of the Tribunal.
How are points of difference finally decided after reference?	According to the opinion of the majority of Members who have heard the case, including the Members who first heard it.
What is the subject matter of Section 420 of the Companies Act, 2013?	Orders of Tribunal.
What opportunity must the Tribunal provide before passing an order under Section 420(1)?	A reasonable opportunity of being heard.
To whom must the Tribunal provide a reasonable opportunity of being heard?	The parties to the proceeding before it.
What power does the Tribunal have after hearing the parties under Section 420(1)?	To pass such orders as it thinks fit.
Within what period may the Tribunal amend an order under Section 420(2)?	Within two years from the date of the order.
For what purpose may the Tribunal amend an order under Section 420(2)?	To rectify a mistake apparent from the record.
What type of mistake may be corrected under Section 420(2)?	A mistake apparent from the record.
When is the Tribunal required to amend an order under Section 420(2)?	When the mistake is brought to its notice by the parties.
What restriction is placed on the Tribunal's power to amend orders under the proviso to Section 420(2)?	No amendment may be made if an appeal against the order has been preferred under the Act.
What must the Tribunal do after passing an order under Section 420?	Send a copy of the order to all the parties concerned.
Who must receive a copy of every order passed under Section 420(3)?	All the parties concerned.
What is the subject matter of Section 421 of the Companies Act, 2013?	Appeal from orders of Tribunal.
Who may prefer an appeal under Section 421(1)?	Any person aggrieved by an order of the Tribunal.
To which authority does an appeal lie under Section 421(1)?	The Appellate Tribunal.
Which orders of the Tribunal are not appealable under Section 421(2)?	Orders made by the Tribunal with the consent of parties.
Within what period must an appeal be filed under Section 421(3)?	Forty-five days from the date on which a copy of the order is made available to the aggrieved person.
From which date is the limitation period for appeal computed under Section 421(3)?	The date on which a copy of the Tribunal's order is made available to the aggrieved person.
In what manner must an appeal under Section 421(3) be filed?	In the prescribed form and accompanied by the prescribed fees.
What is the maximum condonable delay under the proviso to Section 421(3)?	A further period not exceeding forty-five days.
Under what condition may the Appellate Tribunal entertain an appeal after forty-five days?	If sufficient cause prevented the appellant from filing the appeal within the prescribed period.
What opportunity must the Appellate Tribunal provide before deciding an appeal under Section 421(4)?	A reasonable opportunity of being heard.
To whom must the Appellate Tribunal provide a reasonable opportunity of being heard?	The parties to the appeal.
What orders may the Appellate Tribunal pass under Section 421(4)?	Such orders as it thinks fit.
What are the three specific courses open to the Appellate Tribunal under Section 421(4)?	Confirming, modifying or setting aside the order appealed against.
To whom must the Appellate Tribunal send a copy of every order under Section 421(5)?	The Tribunal and the parties to the appeal.
What is the duty of the Appellate Tribunal after making an order in appeal?	To send a copy of the order to the Tribunal and the parties to the appeal.
What is the subject matter of Section 422 of the Companies Act, 2013?	Expeditious disposal by Tribunal and Appellate Tribunal.
What matters are covered by Section 422(1)?	Applications, petitions and appeals before the Tribunal and Appellate Tribunal.
How should applications, petitions and appeals be dealt with under Section 422(1)?	As expeditiously as possible.
What endeavour must the Tribunal make regarding applications and petitions?	To dispose of them within three months from the date of presentation.
What endeavour must the Appellate Tribunal make regarding appeals?	To dispose of them within three months from the date of filing.
From which date is the three-month period computed for an application or petition?	The date of its presentation before the Tribunal.
From which date is the three-month period computed for an appeal?	The date of filing before the Appellate Tribunal.
What must the Tribunal do if an application or petition is not disposed of within three months?	Record the reasons for the delay.
What must the Appellate Tribunal do if an appeal is not disposed of within three months?	Record the reasons for the delay.
Who may extend the period for disposal in the case of the Tribunal?	The President.
Who may extend the period for disposal in the case of the Appellate Tribunal?	The Chairperson.
What must be considered before extending the period under Section 422(2)?	The reasons recorded for non-disposal within three months.
What is the maximum period by which the disposal period may be extended?	Ninety days.
Under which provision is the initial disposal period prescribed?	Section 422(1).
What is the subject matter of Section 423 of the Companies Act, 2013?	Appeal to Supreme Court.
Who may file an appeal under Section 423?	Any person aggrieved by an order of the Appellate Tribunal.
To which court does an appeal lie under Section 423?	The Supreme Court.
Against whose order may an appeal be filed under Section 423?	An order of the Appellate Tribunal.
Within what period must an appeal be filed under Section 423?	Sixty days from the date of receipt of the order.
From which date is the limitation period under Section 423 computed?	The date of receipt of the Appellate Tribunal's order by the aggrieved person.
On what grounds may an appeal be filed before the Supreme Court under Section 423?	On any question of law arising out of the order.
Can an appeal under Section 423 be filed on a question of fact?	The appeal lies on a question of law arising out of the order.
What power does the Supreme Court have regarding delay in filing an appeal?	It may condone the delay if sufficient cause is shown.
What condition must be satisfied for condonation of delay under the proviso to Section 423?	The appellant was prevented by sufficient cause from filing the appeal within sixty days.
What is the maximum additional period that may be allowed by the Supreme Court for filing the appeal?	A further period not exceeding sixty days.
Who decides whether sufficient cause exists for condonation of delay?	The Supreme Court.
What is the subject matter of Section 424 of the Companies Act, 2013?	Procedure before Tribunal and Appellate Tribunal.
By which procedure are the Tribunal and Appellate Tribunal not bound under Section 424(1)?	The procedure laid down in the Code of Civil Procedure, 1908.
By what principles are the Tribunal and Appellate Tribunal guided under Section 424(1)?	The principles of natural justice.
What power regarding procedure is conferred on the Tribunal and Appellate Tribunal under Section 424(1)?	The power to regulate their own procedure.
Subject to which laws may the Tribunal and Appellate Tribunal regulate their own procedure?	The Companies Act, 2013, the Insolvency and Bankruptcy Code, 2016, and the rules made thereunder.
For what purpose do the Tribunal and Appellate Tribunal possess powers of a civil court under Section 424(2)?	For discharging their functions under the Companies Act, 2013 and the Insolvency and Bankruptcy Code, 2016.
What power relating to attendance of persons is conferred under Section 424(2)(a)?	Summoning and enforcing attendance and examining persons on oath.
What power relating to documents is conferred under Section 424(2)(b)?	Requiring discovery and production of documents.
What power relating to affidavits is conferred under Section 424(2)(c)?	Receiving evidence on affidavits.
What power relating to public records is conferred under Section 424(2)(d)?	Requisitioning public records or copies thereof from any office.
Subject to which provisions of the Indian Evidence Act may public records be requisitioned?	Sections 123 and 124 of the Indian Evidence Act, 1872.
What power relating to witnesses and documents is conferred under Section 424(2)(e)?	Issuing commissions for examination of witnesses or documents.
What power is conferred under Section 424(2)(f)?	Dismissing a representation for default or deciding it ex parte.
What power is conferred under Section 424(2)(g)?	Setting aside dismissal for default or ex parte orders.
How may an order of the Tribunal or Appellate Tribunal be enforced under Section 424(3)?	In the same manner as a decree of a civil court.
To which court may the Tribunal send an order for execution against a company?	The court within whose jurisdiction the registered office of the company is situated.
To which court may the Tribunal send an order for execution against a person other than a company?	The court within whose jurisdiction the person resides, carries on business, or personally works for gain.
How are proceedings before the Tribunal and Appellate Tribunal classified under Section 424(4)?	Judicial proceedings.
For the purposes of which BNS sections are proceedings before the Tribunal and Appellate Tribunal deemed judicial proceedings?	Sections 229, 223 and 267 of the Bharatiya Nyaya Sanhita, 2023.
For what purposes are the Tribunal and Appellate Tribunal deemed to be civil courts?	For Section 175 of the BNSS.
What is the subject matter of Section 425 of the Companies Act, 2013?	Power to punish for contempt.
What jurisdiction do the Tribunal and Appellate Tribunal have regarding contempt under Section 425?	The same jurisdiction as a High Court in respect of contempt of itself.
What powers do the Tribunal and Appellate Tribunal possess regarding contempt?	The same powers and authority as a High Court.
Which statute governs the exercise of contempt powers under Section 425?	The Contempt of Courts Act, 1971.
For what purpose may the Tribunal and Appellate Tribunal exercise powers under the Contempt of Courts Act, 1971?	For dealing with contempt of themselves.
How is the reference to a High Court construed under Section 425(a)?	As including a reference to the Tribunal and the Appellate Tribunal.
Which provision of the Contempt of Courts Act is specifically modified under Section 425(b)?	Section 15.
How is the reference to the Advocate-General in Section 15 of the Contempt of Courts Act construed for the purposes of Section 425?	As a reference to such Law Officers as the Central Government may specify.
Who specifies the Law Officers referred to in Section 425(b)?	The Central Government.
What is the effect of the modifications provided in clauses (a) and (b) of Section 425?	The Contempt of Courts Act, 1971 applies to the Tribunal and Appellate Tribunal with those modifications.
What is the subject matter of Section 426 of the Companies Act, 2013?	Delegation of powers.
Who may delegate powers under Section 426?	The Tribunal or the Appellate Tribunal.
By what mode may powers be delegated under Section 426?	By general or special order.
To whom may powers be delegated under Section 426?	Officers or employees of the Tribunal or Appellate Tribunal, or any other person authorised by it.
Can delegation under Section 426 be made subject to conditions?	Subject to such conditions as may be specified in the order.
For what purpose may powers be delegated under Section 426?	To inquire into any matter connected with a proceeding or appeal before the Tribunal or Appellate Tribunal.
What type of matters may be inquired into under a delegation order?	Matters connected with any proceeding or appeal before the Tribunal or Appellate Tribunal.
What is the duty of the person authorised under Section 426 after conducting the inquiry?	To report to the Tribunal or Appellate Tribunal.
How is the report to be submitted under Section 426?	In such manner as may be specified in the order.
What types of orders may be used for delegation under Section 426?	General orders or special orders.
What is the subject matter of Section 427 of the Companies Act, 2013?	President, Members, officers, etc., to be public servants.
Who are deemed to be public servants under Section 427?	The President, Members, officers and other employees of the Tribunal.
Who else are deemed to be public servants under Section 427?	The Chairperson, Members, officers and other employees of the Appellate Tribunal.
Under which provision are the persons specified in Section 427 deemed to be public servants?	Section 2(28) of the Bharatiya Nyaya Sanhita, 2023.
What is the subject matter of Section 428 of the Companies Act, 2013?	Protection of action taken in good faith.
Against whom is protection granted under Section 428?	The Tribunal, the President, Members, officers and other employees of the Tribunal.
Who else is protected under Section 428?	The Appellate Tribunal, the Chairperson, Members, officers and other employees thereof.
Is a liquidator protected under Section 428?	A liquidator is protected for acts done in good faith under the Act.
Are persons authorised by the Tribunal or Appellate Tribunal protected under Section 428?	Any person authorised for discharge of functions under the Act is protected.
What types of proceedings are barred under Section 428?	Suit, prosecution or other legal proceeding.
What is the basis of protection under Section 428?	Acts done or intended to be done in good faith in pursuance of the Act.
Does the protection extend to intended acts as well as completed acts?	It extends to acts done or intended to be done in good faith.
What kind of loss or damage is covered under Section 428?	Loss or damage caused or likely to be caused by the protected act.
For discharge of what functions may an authorised person receive protection under Section 428?	Functions discharged under the Companies Act, 2013.
What condition must be satisfied for the protection under Section 428 to apply?	The act must be done or intended to be done in good faith in pursuance of the Act.
What is the subject matter of Section 429 of the Companies Act, 2013?	Power to seek assistance of Chief Metropolitan Magistrate, etc.
In which proceedings may the Tribunal invoke Section 429(1)?	Proceedings for winding up under the Companies Act, 2013 or proceedings under the Insolvency and Bankruptcy Code, 2016.
For what purpose may the Tribunal seek assistance under Section 429(1)?	To take into custody or control property, books of account or other documents.
Who may be requested by the Tribunal under Section 429(1)?	The Chief Metropolitan Magistrate, Chief Judicial Magistrate or the District Collector.
How must the Tribunal make a request under Section 429(1)?	In writing.
Which authority may be approached where the property or documents are situated or found?	The Chief Metropolitan Magistrate, Chief Judicial Magistrate or District Collector having jurisdiction.
What is the duty of the Chief Metropolitan Magistrate, Chief Judicial Magistrate or District Collector upon receiving a request under Section 429(1)?	To take possession of the property, books of account or documents.
After taking possession, what must the authority do under Section 429(1)(b)?	Entrust them to the Tribunal or a person authorised by it.
What items may be taken into possession under Section 429(1)?	Property, books of account and other documents.
Whose property, books or documents may be taken into possession in winding-up proceedings?	Those of the company.
Whose property, books or documents may be taken into possession in proceedings under the Insolvency and Bankruptcy Code, 2016?	Those of the corporate person.
What power is conferred on the Chief Metropolitan Magistrate, Chief Judicial Magistrate or District Collector under Section 429(2)?	To take necessary steps and use necessary force to secure compliance.
For what purpose may force be used under Section 429(2)?	To secure compliance with Section 429(1).
Who determines the necessity of steps or force under Section 429(2)?	The Chief Metropolitan Magistrate, Chief Judicial Magistrate or District Collector.
Can acts done under Section 429 be challenged before a court or authority?	Acts done under Section 429 cannot be called in question before any court or authority.
What protection is granted under Section 429(3)?	Actions of the Chief Metropolitan Magistrate, Chief Judicial Magistrate or District Collector under the section are immune from challenge.
What is the subject matter of Section 430 of the Companies Act, 2013?	Civil court not to have jurisdiction.
Which courts are barred from exercising jurisdiction under Section 430?	Civil courts.
In respect of what matters is the jurisdiction of civil courts barred under Section 430?	Matters which the Tribunal or the Appellate Tribunal is empowered to determine.
Which authorities' powers form the basis of the jurisdictional bar under Section 430?	The Tribunal and the Appellate Tribunal.
Does the jurisdictional bar under Section 430 apply only to matters under the Companies Act, 2013?	It applies to matters under the Companies Act, 2013 and any other law for the time being in force.
Can a civil court entertain a suit relating to a matter within the jurisdiction of the Tribunal?	No civil court can entertain such a suit.
Can a civil court entertain a proceeding relating to a matter within the jurisdiction of the Appellate Tribunal?	No civil court can entertain such a proceeding.
What type of judicial relief is specifically prohibited under Section 430?	Injunction.
Who is prohibited from granting an injunction under Section 430?	Any court or other authority.
In respect of what actions can no injunction be granted under Section 430?	Actions taken or to be taken pursuant to powers conferred on the Tribunal or Appellate Tribunal.
What is the source of the powers referred to in Section 430?	The Companies Act, 2013 or any other law for the time being in force.
Can an injunction be granted against a proposed action of the Tribunal or Appellate Tribunal?	No injunction can be granted against an action taken or to be taken by them under the law.
What is the subject matter of Section 431 of the Companies Act, 2013?	Vacancy in Tribunal or Appellate Tribunal not to invalidate acts or proceedings.
Can an act of the Tribunal be questioned merely because of a vacancy in the Tribunal?	An act of the Tribunal cannot be questioned merely on the ground of a vacancy.
Can a proceeding of the Tribunal be invalidated merely because of a vacancy in the Tribunal?	A proceeding of the Tribunal cannot be invalidated merely on the ground of a vacancy.
Can an act of the Appellate Tribunal be questioned merely because of a vacancy in the Appellate Tribunal?	An act of the Appellate Tribunal cannot be questioned merely on the ground of a vacancy.
Can a proceeding of the Appellate Tribunal be invalidated merely because of a vacancy in the Appellate Tribunal?	A proceeding of the Appellate Tribunal cannot be invalidated merely on the ground of a vacancy.
What effect does a defect in the constitution of the Tribunal have on its acts or proceedings?	It does not invalidate or render them questionable merely on that ground.
What effect does a defect in the constitution of the Appellate Tribunal have on its acts or proceedings?	It does not invalidate or render them questionable merely on that ground.
Which bodies are covered by the protection under Section 431?	The Tribunal and the Appellate Tribunal.
What is protected under Section 431 from challenge on technical grounds?	Acts and proceedings of the Tribunal and Appellate Tribunal.
What is the subject matter of Section 432 of the Companies Act, 2013?	Right to legal representation.
Who is entitled to representation under Section 432?	A party to any proceeding or appeal before the Tribunal or the Appellate Tribunal.
Before which authorities does the right of representation under Section 432 apply?	The Tribunal and the Appellate Tribunal.
May a party appear personally before the Tribunal or Appellate Tribunal?	A party may appear in person.
May a party authorise another person to present his case before the Tribunal or Appellate Tribunal?	A party may authorise another person to present his case.
Who may be authorised to represent a party under Section 432?	One or more chartered accountants.
Who may be authorised to represent a party under Section 432 besides chartered accountants?	One or more company secretaries.
Who may be authorised to represent a party under Section 432 besides company secretaries?	One or more cost accountants.
Who may be authorised to represent a party under Section 432 besides cost accountants?	One or more legal practitioners.
Can any other person be authorised to present a case under Section 432?	Any other person may be authorised to present the case.
How many representatives may a party authorise under Section 432?	One or more representatives.
What is the purpose of authorising a representative under Section 432?	To present the party's case before the Tribunal or the Appellate Tribunal.
What is the subject matter of Section 433 of the Companies Act, 2013?	Limitation.
Which Act is made applicable by Section 433?	The Limitation Act, 1963.
To what proceedings does Section 433 apply the Limitation Act, 1963?	Proceedings before the Tribunal.
To what appeals does Section 433 apply the Limitation Act, 1963?	Appeals before the Appellate Tribunal.
How does the Limitation Act, 1963 apply under Section 433?	As far as may be.
Which adjudicatory bodies are covered by Section 433?	The Tribunal and the Appellate Tribunal.
What is the effect of Section 433 on proceedings before the Tribunal?	The provisions of the Limitation Act, 1963 apply as far as may be.
What is the effect of Section 433 on appeals before the Appellate Tribunal?	The provisions of the Limitation Act, 1963 apply as far as may be.
What is the subject matter of Section 434 of the Companies Act, 2013?	Transfer of certain pending proceedings.
To which authority are pending matters before the Company Law Board transferred under Section 434(1)(a)?	The Tribunal.
What happens to matters, proceedings or cases pending before the Company Law Board on the notified date?	They stand transferred to the Tribunal.
How shall the Tribunal dispose of matters transferred from the Company Law Board?	In accordance with the provisions of the Companies Act, 2013.
Who may appeal against a decision or order of the Company Law Board under Section 434(1)(b)?	Any person aggrieved by such decision or order.
To which court does an appeal against a Company Law Board order lie under Section 434(1)(b)?	The High Court.
On what ground may an appeal against a Company Law Board order be filed?	On any question of law arising out of the order.
Within what period must an appeal against a Company Law Board order be filed?	Sixty days from the date of communication of the order.
What is the maximum additional period that may be allowed by the High Court for filing an appeal?	A further period not exceeding sixty days.
Under what condition may the High Court condone delay in filing an appeal?	If sufficient cause prevented timely filing.
Which proceedings pending before District Courts or High Courts are transferred to the Tribunal under Section 434(1)(c)?	Proceedings under the Companies Act, 1956, including arbitration, compromise, arrangements, reconstruction and winding up proceedings.
From what stage may the Tribunal continue transferred proceedings?	From the stage before their transfer.
Which winding-up proceedings are transferred to the Tribunal?	Such winding-up proceedings as may be prescribed by the Central Government.
Who may apply for transfer of winding-up proceedings pending before a court under the second proviso?	Any party or parties to such proceedings.
How are winding-up proceedings transferred under the second proviso dealt with by the Tribunal?	As an application for initiation of corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016.
Which non-winding-up proceedings remain with the High Court?	Proceedings in which orders have been reserved by the High Court.
Under which law are non-transferred proceedings dealt with?	The Companies Act, 1956 and the Companies (Court) Rules, 1959.
Under which law are winding-up proceedings not transferred from the High Court dealt with?	The Companies Act, 1956 and the Companies (Court) Rules, 1959.
How are voluntary winding-up proceedings treated where advertisement of resolution was given but dissolution had not occurred before 1 April 2017?	They continue under the Companies Act, 1956 and the Companies (Court) Rules, 1959.
Who may make rules to ensure timely transfer of proceedings under Section 434(2)?	The Central Government.
For what purpose may rules be made under Section 434(2)?	To ensure timely transfer of matters, proceedings or cases to the Tribunal.

CHAPTER-XXVIII
SPECIAL COURTS
What is the subject matter of Section 435 of the Companies Act, 2013?	Establishment of Special Courts.
Who may establish or designate Special Courts under Section 435(1)?	The Central Government.
For what purpose are Special Courts established under Section 435(1)?	For providing speedy trial of offences under the Companies Act, 2013.
Which offence is excluded from the jurisdiction of Special Courts under Section 435(1)?	Offences under Section 452.
By what mode are Special Courts established or designated under Section 435(1)?	By notification.
How many Special Courts may be established under Section 435(1)?	As many as may be necessary.
Who constitutes a Special Court for offences punishable with imprisonment of two years or more?	A single Judge holding office as a Sessions Judge or Additional Sessions Judge.
For which category of offences is a Sessions Judge or Additional Sessions Judge designated as a Special Court?	Offences punishable with imprisonment of two years or more.
Who constitutes a Special Court for offences other than those punishable with imprisonment of two years or more?	A Metropolitan Magistrate or a Judicial Magistrate of the First Class.
For which category of offences is a Metropolitan Magistrate or Judicial Magistrate of the First Class designated as a Special Court?	Other offences under the Act.
Who appoints the Magistrate constituting a Special Court under Section 435(2)(b)?	The Central Government.
Whose concurrence is required for appointment of a Magistrate as a Special Court under Section 435(2)(b)?	The Chief Justice of the High Court.
Which High Court's Chief Justice gives concurrence for such appointment?	The High Court within whose jurisdiction the judge to be appointed is working.
What is the subject matter of Section 436 of the Companies Act, 2013?	Offences triable by Special Courts.
Which offences are triable only by Special Courts under Section 436(1)(a)?	Offences specified under Section 435(1).
Which Special Court has jurisdiction to try an offence under Section 436(1)(a)?	The Special Court for the area where the registered office of the company is situated.
Who specifies the Special Court when more than one Special Court exists for the area?	The concerned High Court.
What power does a Judicial Magistrate have when a person accused of an offence under the Act is forwarded to him under Section 187 BNSS?	To authorise detention for a period not exceeding fifteen days in the whole.
What power does an Executive Magistrate have when a person accused of an offence under the Act is forwarded to him under Section 187 BNSS?	To authorise detention for a period not exceeding seven days in the whole.
What must a Magistrate do if he considers further detention unnecessary?	Forward the person to the Special Court having jurisdiction.
What power does the Special Court exercise in relation to a person forwarded to it under Section 436(1)(c)?	The same power as a Magistrate under Section 187 of the BNSS.
Can a Special Court take cognizance of an offence without committal?	A Special Court may take cognizance without the accused being committed to it for trial.
On what basis may a Special Court take cognizance under Section 436(1)(d)?	Upon a police report or a complaint.
Can a Special Court try offences other than offences under the Companies Act?	It may try other offences with which the accused may be charged at the same trial.
Under which provision is a Special Court empowered to try connected offences?	Section 436(2).
Which offences may be tried summarily by a Special Court under Section 436(3)?	Offences punishable with imprisonment not exceeding three years.
What is the maximum sentence of imprisonment that may be imposed in a summary trial?	One year.
When may a Special Court discontinue a summary trial?	When a sentence exceeding one year may have to be passed or summary trial is otherwise undesirable.
What must the Special Court do before converting a summary trial into a regular trial?	Hear the parties and record an order to that effect.
What must the Special Court do regarding witnesses after deciding not to proceed summarily?	Recall any witnesses already examined.
How must the case proceed after discontinuance of summary trial?	In accordance with the procedure for a regular trial.
What is the subject matter of Section 436 of the Companies Act, 2013?	Offences triable by Special Courts.
Which offences are triable only by Special Courts under Section 436(1)(a)?	Offences specified under Section 435(1).
Which Special Court has jurisdiction to try an offence under Section 436(1)(a)?	The Special Court for the area where the registered office of the company is situated.
Who specifies the Special Court when more than one Special Court exists for the area?	The concerned High Court.
What power does a Judicial Magistrate have when a person accused of an offence under the Act is forwarded to him under Section 187 BNSS.	To authorise detention for a period not exceeding fifteen days in the whole.
What power does an Executive Magistrate have when a person accused of an offence under the Act is forwarded to him under Section 187 BNSS?	To authorise detention for a period not exceeding seven days in the whole.
What must a Magistrate do if he considers further detention unnecessary?	Forward the person to the Special Court having jurisdiction.
What power does the Special Court exercise in relation to a person forwarded to it under Section 436(1)(c)?	The same power as a Magistrate under Section 148 of the BNSS.
Can a Special Court take cognizance of an offence without committal?	A Special Court may take cognizance without the accused being committed to it for trial.
On what basis may a Special Court take cognizance under Section 436(1)(d)?	Upon a police report or a complaint.
Can a Special Court try offences other than offences under the Companies Act?	It may try other offences with which the accused may be charged at the same trial.
Under which provision is a Special Court empowered to try connected offences?	Section 436(2).
Which offences may be tried summarily by a Special Court under Section 436(3)?	Offences punishable with imprisonment not exceeding three years.
What is the maximum sentence of imprisonment that may be imposed in a summary trial?	One year.
When may a Special Court discontinue a summary trial?	When a sentence exceeding one year may have to be passed or summary trial is otherwise undesirable.
What must the Special Court do before converting a summary trial into a regular trial?	Hear the parties and record an order to that effect.
What must the Special Court do regarding witnesses after deciding not to proceed summarily?	Recall any witnesses already examined.
How must the case proceed after discontinuance of summary trial?	In accordance with the procedure for a regular trial.
What is the subject matter of Section 437 of the Companies Act, 2013?	Appeal and revision.
Which court is empowered under Section 437?	The High Court.
For the purposes of appeal and revision, how is a Special Court treated under Section 437?	As a Court of Session.
Within whose jurisdiction must the Special Court be situated for Section 437 to apply?	Within the local limits of the jurisdiction of the High Court.
What is the legal fiction created by Section 437 regarding a Special Court?	The Special Court is deemed to be a Court of Session trying cases within the jurisdiction of the High Court.
What is the effect of treating a Special Court as a Court of Session under Section 437?	The High Court can exercise appellate and revisional powers over its decisions.
What is the subject matter of Section 438 of the Companies Act, 2013?	Application of Code to proceedings before Special Court.
Which Code applies to proceedings before a Special Court under Section 438?	BNSS
When do the provisions of the Bharatiya Nagrik Suraksha Sanhita apply to proceedings before a Special Court?	Save as otherwise provided in the Companies Act, 2013.
How is a Special Court treated for the purposes of the Bharatiya Nagrik Suraksha Sanhita under Section 438?	As a Court of Session, Metropolitan Magistrate Court, or Judicial Magistrate of the First Class, as the case may be.
For what purpose is the Special Court deemed to be a Court of Session or Magistrate Court?	For the purposes of applying the provisions of the Bharatiya Nagarik Suraksha Sanhita.
Who is deemed to be a Public Prosecutor under Section 438?	The person conducting a prosecution before a Special Court.
What is the legal status of the prosecutor appearing before a Special Court?	A deemed Public Prosecutor.
Does Section 438 make the BNSS applicable absolutely?	The BNSS applies except where otherwise provided in the Companies Act, 2013.
What is the subject matter of Section 439 of the Companies Act, 2013?	Offences to be non-cognizable.
How are offences under the Companies Act generally classified under Section 439(1)?	As non-cognizable offences.
Which offence is excluded from the non-cognizable classification under Section 439(1)?	Offences referred to in Section 212(6).
Under which Code is the expression "non-cognizable" to be understood?	The Bharatiya Nagarik Suraksha Sanhita, 2023.
Who may file a complaint for an offence under the Companies Act under Section 439(2)?	The Registrar.
Who else may file a complaint under Section 439(2)?	A shareholder of the company.
Who else may file a complaint under Section 439(2) besides a shareholder?	A member of the company.
Who else may file a complaint under Section 439(2)?	A person authorised by the Central Government.
In what form must a complaint under Section 439(2) be made?	In writing.
What is the condition for a court to take cognizance of an offence under the Companies Act?	A written complaint by an authorised person specified in Section 439(2).
Who may file a complaint relating to issue and transfer of securities or non-payment of dividend?	A person authorised by the Securities and Exchange Board of India.
What types of offences are covered by the SEBI-related proviso to Section 439(2)?	Offences relating to issue and transfer of securities and non-payment of dividend.
Does Section 439(2) apply to prosecutions initiated by a company against its officers?	It does not apply to such prosecutions.
When is the personal attendance of the Registrar or authorised person unnecessary under Section 439(3)?	When they are the complainant and the court does not require their presence.
Who are covered by the exemption from personal attendance under Section 439(3)?	The Registrar and persons authorised by the Central Government.
Does Section 439(2) apply to actions taken by a liquidator in winding-up matters?	It does not apply to such actions.
In relation to which matters can a liquidator take action without the restriction in Section 439(2)?	Matters under Chapter XX and other provisions relating to winding up.
How is a liquidator treated for the purposes of Section 439(2)?	The liquidator is not deemed to be an officer of the company.
What is the subject matter of Section 440 of the Companies Act, 2013?	Transitional provisions.
Which offences are covered by Section 440?	Offences under the Companies Act, 2013 that are triable by a Special Court.
Who tries offences triable by a Special Court before a Special Court is established?	A Court of Session, Court of Metropolitan Magistrate, or Judicial Magistrate of the First Class, as the case may be.
What determines the court that will try offences before establishment of a Special Court?	Jurisdiction over the area concerned.
Does Section 440 operate notwithstanding the Bharatiya Nagarik Suraksha Sanhita, 2023.	It operates notwithstanding anything contained in the Bharatiya Nagarik Suraksha Sanhita, 2023.
Which courts are empowered under Section 440 to try offences during the transitional period?	A Court of Session, Court of Metropolitan Magistrate, or Judicial Magistrate of the First Class.
When does the transitional arrangement under Section 440 apply?	Until a Special Court is established.
Which power of the High Court is expressly preserved by the proviso to Section 440?	The power of transfer under Section 447 of the Bharatiya Nagarik Suraksha Sanhita, 2023
Can the High Court transfer cases taken cognizance of under Section 440?	The High Court may transfer such cases under Section 366 BNSS.
What types of matters may be transferred by the High Court under the proviso to Section 440?	Any case or class of cases taken cognizance of under Section 440.
What is the subject matter of Section 441 of the Companies Act, 2013?	Compounding of certain offences.
Which offences may be compounded under Section 441(1)?	Offences punishable with fine only.
Which offences cannot be compounded under Section 441(1)?	Offences punishable with imprisonment only or with imprisonment and fine.
At what stage may an offence be compounded under Section 441(1)?	Before or after institution of prosecution.
Who may compound an offence under Section 441(1)(a)?	The Tribunal.
Who may compound an offence under Section 441(1)(b)?	The Regional Director or an officer authorised by the Central Government.
Up to what maximum fine may the Regional Director or authorised officer compound an offence?	Where the maximum fine does not exceed twenty-five lakh rupees.
To whom is the compounding amount paid or credited?	The Central Government.
Who specifies the amount payable for compounding?	The Tribunal, Regional Director or authorised officer.
What is the maximum limit of the compounding amount?	It shall not exceed the maximum amount of fine prescribed for the offence.
What amount must be taken into account while fixing the compounding amount?	Additional fee paid under Section 403(2).
When is compounding barred due to investigation?	When investigation against the company has been initiated or is pending under the Act.
Within what period is a similar offence not compoundable after previous compounding?	Three years.
How is a similar offence committed after three years from previous compounding treated?	As a first offence.
Who is the Regional Director for the purposes of Section 441?	A person appointed by the Central Government as Regional Director.
To whom must an application for compounding be made?	The Registrar.
What must the Registrar do with an application for compounding?	Forward it with comments to the competent authority.
Within what period must the company intimate the Registrar after compounding?	Seven days from the date of compounding.
What is the effect of compounding before institution of prosecution?	No prosecution shall be instituted for that offence.
Who is barred from instituting prosecution after pre-prosecution compounding?	The Registrar, any shareholder, or any person authorised by the Central Government.
What is the effect of compounding after institution of prosecution?	The company or officer shall be discharged after the Registrar informs the court.
Who informs the court about compounding after prosecution has commenced?	The Registrar.
What direction may the Tribunal, Regional Director or authorised officer issue under Section 441(4)?	To file, register, deliver or send the required return, account or document within the specified time.
What payments may be required while complying with an order under Section 441(4)?	Fee and additional fee under Section 403.
What is the consequence of failure to comply with an order under Section 441(4)?	The maximum fine for the offence becomes twice the amount provided in the corresponding section.
Which offences are expressly declared non-compoundable under Section 441(6)?	Offences punishable with imprisonment only or with imprisonment and fine.
How must offences under Section 441 be compounded?	Only in accordance with the provisions of Section 441.
What is the subject matter of Section 442 of the Companies Act, 2013?	Mediation and Conciliation Panel.
Who maintains the Mediation and Conciliation Panel under Section 442(1)?	The Central Government.
What is the name of the panel maintained under Section 442(1)?	The Mediation and Conciliation Panel.
Who constitutes the Mediation and Conciliation Panel?	Experts having such qualifications as may be prescribed.
For what purpose is the Mediation and Conciliation Panel constituted?	For mediation between parties during the pendency of proceedings.
Before which authorities may proceedings be pending for mediation under Section 442?	The Central Government, the Tribunal or the Appellate Tribunal.
Who may apply for reference of a matter to the Mediation and Conciliation Panel?	Any party to the proceedings.
At what stage may an application for mediation be made?	At any time during the proceedings.
To whom may an application for mediation be made?	The Central Government, the Tribunal or the Appellate Tribunal.
In what manner must an application for mediation be made?	In the prescribed form along with the prescribed fees.
Who appoints the expert or experts from the Mediation and Conciliation Panel?	The Central Government, the Tribunal or the Appellate Tribunal, as the case may be.
Can a matter be referred to the Mediation and Conciliation Panel without an application by the parties?	The Central Government, the Tribunal or the Appellate Tribunal may refer it suo motu.
How many experts may be appointed from the Mediation and Conciliation Panel?	Such number of experts as the authority deems fit.
How are the fees and service conditions of experts on the Mediation and Conciliation Panel determined?	As may be prescribed.
What procedure must the Mediation and Conciliation Panel follow?	The prescribed procedure.
Within what period must the Mediation and Conciliation Panel dispose of a referred matter?	Three months from the date of reference.
To whom must the Mediation and Conciliation Panel forward its recommendations?	The Central Government, the Tribunal or the Appellate Tribunal, as the case may be.
Who may file objections against the recommendations of the Mediation and Conciliation Panel?	Any party aggrieved by the recommendations.
Before whom may objections to the Panel's recommendations be filed?	The Central Government, the Tribunal or the Appellate Tribunal, as the case may be.
What is the subject matter of Section 443 of the Companies Act, 2013?	Power of Central Government to appoint company prosecutors.
Who may appoint company prosecutors under Section 443?	The Central Government.
For what purpose may company prosecutors be appointed?	For the conduct of prosecutions arising out of the Companies Act, 2013.
In what manner may company prosecutors be appointed under Section 443?	Generally, for any case, or for any specified class of cases in any local area.
How many company prosecutors may be appointed under Section 443?	One or more persons.
What powers do company prosecutors possess under Section 443?	All the powers conferred on Public Prosecutors under the Bharatiya Nagarik Suraksha Sanhita, 2023.
What privileges do company prosecutors possess under Section 443?	All the privileges conferred on Public Prosecutors under the Bharatiya Nagarik Suraksha Sanhita, 2023.
What is the subject matter of Section 444 of the Companies Act, 2013?	Appeal against acquittal.
Who may direct presentation of an appeal against acquittal under Section 444?	The Central Government.
In which cases may the Central Government direct an appeal under Section 444?	Any case arising under the Companies Act, 2013.
Who may be directed to present an appeal against acquittal?	A company prosecutor.
Who else may be authorised to present an appeal against acquittal?	Any other person authorised by the Central Government.
How may the Central Government authorise a person under Section 444?	Either by name or by virtue of his office.
Against what type of order may an appeal be presented under Section 444?	An order of acquittal.
From which courts can an appeal against acquittal be presented under Section 444?	Any court other than a High Court.
What is the legal effect of an appeal presented by a company prosecutor or authorised person under Section 444?	It is deemed to have been validly presented to the appellate court.
What is the subject matter of Section 445 of the Companies Act, 2013?	Compensation for accusation without reasonable cause.
How does Section 273 of the Bharatiya Nagarik Suraksha Sanhita, 2023 apply under Section 445?	Mutatis mutandis.
Before which courts does Section 445 apply?	The Special Court and the Court of Session.
What type of compensation is governed by Section 445?	Compensation for accusation without reasonable cause.
What is the subject matter of Section 446 of the Companies Act, 2013?	Application of fines.
Who has the power to direct the application of fines under Section 446?	The court imposing the fine.
What may the court direct regarding a fine imposed under the Companies Act?	The whole or any part of the fine may be applied for specified purposes.
Can the entire fine be applied under Section 446?	The whole of the fine may be applied.
Can only a portion of the fine be applied under Section 446?	Any part of the fine may be applied.
For what purpose may a fine be applied under Section 446?	Payment of the costs of the proceedings.
What other purpose may a fine be applied for under Section 446?	Payment of a reward to the person on whose information the proceedings were instituted.
Who may receive a reward out of the fine under Section 446?	The person on whose information the proceedings were instituted.
What is the subject matter of Section 446A of the Companies Act, 2013?	Factors for determining level of punishment.
Which authorities must consider the factors under Section 446A?	The court or the Special Court.
For what purpose are the factors under Section 446A considered?	For deciding the amount of fine or imprisonment under the Companies Act, 2013.
What factor relating to the company must be considered under Section 446A?	The size of the company.
What business-related factor must be considered under Section 446A?	The nature of business carried on by the company.
What public interest factor must be considered under Section 446A?	Injury to public interest.
What default-related factor must be considered under Section 446A?	The nature of the default.
What recurrence-related factor must be considered under Section 446A?	Repetition of the default.
How many factors are specifically prescribed under Section 446A for determining punishment?	Five factors.
What is the subject matter of Section 446B of the Companies Act, 2013?	Lesser penalties for certain companies.
Which companies are entitled to lesser penalties under Section 446B?	One Person Companies, small companies, start-up companies and Producer Companies.
To whom does the benefit of lesser penalties under Section 446B extend?	The company, its officer in default and any other person in respect of such company.
For what type of contraventions does Section 446B apply?	Non-compliance with any provision of the Companies Act, 2013 for which a penalty is payable.
What is the extent of reduction in penalty under Section 446B?	Not more than one-half of the penalty specified.
What is the maximum penalty payable by a company under Section 446B?	Two lakh rupees.
What is the maximum penalty payable by an officer in default under Section 446B?	One lakh rupees.
What is the maximum penalty payable by any other person under Section 446B?	One lakh rupees.
How is a Producer Company defined for the purposes of Section 446B?	A company as defined in clause (l) of Section 378A.
How is a start-up company defined for the purposes of Section 446B?	A private company incorporated under the Companies Act, 2013 or the Companies Act, 1956 and recognised as a start-up in accordance with the notification issued by the Central Government in the Department for Promotion of Industry and Internal Trade.

CHAPTER XXIX
MISCELLANEOUS
What is the subject matter of Section 447 of the Companies Act, 2013?	Punishment for fraud.
To whom does Section 447 apply?	Any person found guilty of fraud.
Does punishment under Section 447 affect other liabilities?	It is without prejudice to any liability, including repayment of any debt under this Act or any other law.
What monetary threshold attracts the main punishment under Section 447?	Fraud involving at least ten lakh rupees or one per cent of the turnover of the company, whichever is lower.
What is the minimum imprisonment for fraud covered by the main provision of Section 447?	Six months.
What is the maximum imprisonment under the main provision of Section 447?	Ten years.
What is the minimum fine under the main provision of Section 447?	Not less than the amount involved in the fraud.
What is the maximum fine under the main provision of Section 447?	Three times the amount involved in the fraud.
What is the minimum imprisonment where the fraud involves public interest?	Three years.
How is fraud involving less than ten lakh rupees or one per cent of the turnover treated?	It is punishable under the second proviso if it does not involve public interest.
What is the maximum imprisonment for fraud involving less than the prescribed threshold and not involving public interest?	Five years.
What is the maximum fine for fraud involving less than the prescribed threshold and not involving public interest?	Fifty lakh rupees.
What punishments may be imposed for fraud involving less than the prescribed threshold and not involving public interest?	Imprisonment, fine or both.
How is "fraud" defined under the Explanation to Section 447?	Any act, omission, concealment of fact or abuse of position committed with intent to deceive, gain undue advantage or injure the interests of the company, its shareholders, creditors or any other person.
Is wrongful gain or wrongful loss necessary to constitute fraud under Section 447?	Fraud may exist whether or not there is any wrongful gain or wrongful loss.
What is "wrongful gain" under Section 447?	Gain by unlawful means of property to which the person gaining is not legally entitled.
What is "wrongful loss" under Section 447?	Loss by unlawful means of property to which the person losing is legally entitled.
What is the subject matter of Section 448 of the Companies Act, 2013?	Punishment for false statement.
To what documents does Section 448 apply?	Returns, reports, certificates, financial statements, prospectuses, statements and other documents required by or for the purposes of the Companies Act, 2013 or the rules made thereunder.
Who is liable under Section 448?	Any person making a false statement or omitting a material fact as specified under the section.
What kind of false statement attracts liability under Section 448(a)?	A statement false in any material particular, knowing it to be false.
What omission attracts liability under Section 448(b)?	Omission of a material fact knowing it to be material.
Is knowledge of falsity required for liability under Section 448(a)?	The false statement must be made knowing it to be false.
Is knowledge of materiality required for liability under Section 448(b)?	The omitted fact must be known to be material.
Under which provision is a person punishable for making a false statement under Section 448?	Section 447.
Does Section 448 apply where the Act otherwise provides?	It applies save as otherwise provided in the Companies Act, 2013.
What is the subject matter of Section 449 of the Companies Act, 2013?	Punishment for false evidence.
Who is liable under Section 449?	Any person who intentionally gives false evidence.
Does Section 449 apply where the Companies Act otherwise provides?	It applies save as otherwise provided in the Companies Act, 2013.
In what type of examination does giving false evidence attract liability under Section 449(a)?	An examination on oath or solemn affirmation authorised under the Companies Act, 2013.
What documents are covered under Section 449(b)?	Affidavit, deposition or solemn affirmation.
In relation to what proceedings does Section 449(b) apply?	Winding up of a company or any matter arising under the Companies Act, 2013.
What is the minimum imprisonment under Section 449?	Three years.
What is the maximum imprisonment under Section 449?	Seven years.
What is the maximum fine under Section 449?	Ten lakh rupees.
What mental element is required for punishment under Section 449?	The false evidence must be given intentionally.
What is the subject matter of Section 450 of the Companies Act, 2013?	Punishment where no specific penalty or punishment is provided.
When does Section 450 apply?	When no specific penalty or punishment is provided elsewhere in the Companies Act, 2013.
Who may be liable under Section 450?	The company, every officer of the company who is in default, or any other person.
What kinds of contraventions are covered under Section 450?	Contraventions of the Companies Act, the rules made thereunder, or conditions, limitations or restrictions attached to approvals, sanctions, consents, confirmations, recognitions, directions or exemptions.
What is the basic penalty under Section 450?	Ten thousand rupees.
What is the additional penalty for a continuing contravention under Section 450?	One thousand rupees for each day after the first during which the contravention continues.
What is the maximum penalty payable by a company under Section 450?	Two lakh rupees.
What is the maximum penalty payable by an officer in default under Section 450?	Fifty thousand rupees.
What is the maximum penalty payable by any other person under Section 450?	Fifty thousand rupees.
Does Section 450 apply to breach of conditions attached to approvals or exemptions?	It applies to contravention of any condition, limitation or restriction subject to which an approval, sanction, consent, confirmation, recognition, direction or exemption has been accorded, given or granted.
What is the subject matter of Section 451 of the Companies Act, 2013?	Punishment in case of repeated default.
To whom does Section 451 apply?	A company and an officer of a company.
When does Section 451 apply?	When the same offence is committed for the second or subsequent occasion within three years.
What type of offences are covered under Section 451?	Offences punishable with fine or with imprisonment.
Within what period must the repeated offence be committed for Section 451 to apply?	Within three years.
What is the enhanced fine under Section 451?	Twice the amount of fine prescribed for the offence.
Is imprisonment excluded when Section 451 applies?	The enhanced fine is in addition to any imprisonment provided for the offence.
Who is liable for the enhanced punishment in case of repeated default?	The company and every officer thereof who is in default.
What is the condition for imposing enhanced punishment under Section 451?	The same offence must be committed for the second or subsequent occasion within three years.
What is the subject matter of Section 452 of the Companies Act, 2013?	Punishment for wrongful withholding of property.
Who may be punished under Section 452(1)?	An officer or employee of a company.
What act under Section 452(1)(a) attracts punishment?	Wrongfully obtaining possession of any property, including cash, of the company.
What act under Section 452(1)(b) attracts punishment?	Wrongfully withholding or knowingly applying company property or cash for unauthorised purposes.
What type of property is covered under Section 452?	Any property, including cash, of the company.
For what purposes must company property be applied to avoid liability under Section 452(1)(b)?	Purposes expressed or directed in the articles and authorised by the Companies Act, 2013.
Who may file a complaint under Section 452(1)?	The company, any member, creditor or contributory.
What is the minimum fine under Section 452(1)?	One lakh rupees.
What is the maximum fine under Section 452(1)?	Five lakh rupees.
What additional power does the court have under Section 452(2)?	To order delivery or refund of the property, cash or benefits derived therefrom.
Within what time must the officer or employee comply with the court's order under Section 452(2)?	Within the time fixed by the court.
What may the court order to be delivered or refunded under Section 452(2)?	The wrongfully obtained or withheld property or cash and the benefits derived therefrom.
What is the consequence of default in complying with the court's order under Section 452(2)?	Imprisonment for a term which may extend to two years.
What is the maximum imprisonment for default in complying with the court's order under Section 452(2)?	Two years.
When shall imprisonment not be ordered for wrongful possession or withholding of a dwelling unit?	When the court is satisfied that the company has not paid specified employee welfare dues or compensation.
Which employee welfare dues are covered by the proviso to Section 452(2)?	Provident fund, pension fund, gratuity fund or any other welfare fund maintained by the company.
Which compensation is covered by the proviso to Section 452(2)?	Compensation or liability under the Workmen's Compensation Act, 1923 in respect of death or disablement.
What is the subject matter of Section 453 of the Companies Act, 2013?	Punishment for improper use of "Limited" or "Private Limited".
Who is liable under Section 453?	Any person trading or carrying on business under an unauthorised name ending with "Limited" or "Private Limited" or any contraction or imitation thereof.
What words are protected under Section 453?	"Limited" and "Private Limited".
Does Section 453 also apply to contractions or imitations of the words "Limited" or "Private Limited"?	Contractions or imitations of those words are also covered.
When does liability arise under Section 453?	When a person uses "Limited" or "Private Limited" in the business name without being duly incorporated with the corresponding limited liability.
What is the exception to punishment under Section 453?	Being duly incorporated with limited liability or as a private company with limited liability, as the case may be.
What is the minimum fine under Section 453?	Five hundred rupees.
What is the maximum fine under Section 453?	Two thousand rupees for every day the name or title has been used.
How is the fine calculated under Section 453?	On a per-day basis for every day the improper name or title is used.
What is the subject matter of Section 454 of the Companies Act, 2013?	Adjudication of penalties.
Who appoints adjudicating officers under Section 454(1)?	The Central Government.
How are adjudicating officers appointed under Section 454(1)?	By an order published in the Official Gazette.
What is the minimum rank of an adjudicating officer under Section 454(1)?	Not below the rank of Registrar.
For what purpose are adjudicating officers appointed?	For adjudging penalties under the Companies Act, 2013.
What must the Central Government specify while appointing adjudicating officers?	Their jurisdiction.
What powers does an adjudicating officer have under Section 454(3)?	To impose penalties and direct rectification of defaults.
On whom may an adjudicating officer impose a penalty?	The company, the officer in default or any other person.
What must an adjudicating officer state while imposing a penalty?	The non-compliance or default under the relevant provisions of the Act.
What additional direction may an adjudicating officer issue under Section 454(3)(b)?	To rectify the default wherever considered fit.
When is no penalty imposed for default under Sections 92(4), 137(1) or 137(2)?	When the default is rectified before or within thirty days of the notice issued by the adjudicating officer.
What is the effect of rectification within the prescribed period under the proviso to Section 454(3)?	No penalty is imposed and the proceedings are deemed concluded.
What must an adjudicating officer provide before imposing a penalty?	A reasonable opportunity of being heard.
Who may appeal against an order of the adjudicating officer?	Any person aggrieved by the order.
To whom does an appeal against the adjudicating officer's order lie?	The Regional Director having jurisdiction.
Within what period must an appeal be filed under Section 454(6)?	Sixty days from receipt of the order.
In what manner must an appeal under Section 454(6) be filed?	In the prescribed form and manner with the prescribed fees.
What powers does the Regional Director have while deciding an appeal?	To confirm, modify or set aside the order.
What is the time limit for complying with an order under Section 454(3) or 454(7)?	Ninety days from receipt of the order.
What is the minimum fine on a company for failure to comply with an order under Section 454?	Twenty-five thousand rupees.
What is the maximum fine on a company for failure to comply with an order under Section 454?	Five lakh rupees.
What is the maximum imprisonment for an officer or other person failing to comply with an order under Section 454?	Six months.
What is the minimum fine on an officer or other person for failure to comply with an order under Section 454?	Twenty-five thousand rupees.
What is the maximum fine on an officer or other person for failure to comply with an order under Section 454?	One lakh rupees.
What punishments may be imposed on an officer or other person for failure to comply with an order under Section 454?	Imprisonment, fine or both.
What is the subject matter of Section 454A of the Companies Act, 2013?	Penalty for repeated default.
To whom does Section 454A apply?	A company, an officer of a company or any other person.
When does Section 454A apply?	When the same default is committed again within three years from the date of the penalty order.
Which authorities' penalty orders are relevant for the purpose of Section 454A?	The adjudicating officer or the Regional Director.
Within what period must the repeated default occur for Section 454A to apply?	Three years from the date of the penalty order.
What is the penalty for a second or subsequent default under Section 454A?	Twice the amount of penalty provided for such default under the relevant provisions of the Companies Act, 2013.
What is the basis for calculating the enhanced penalty under Section 454A?	The penalty provided for the default under the relevant provisions of the Companies Act, 2013.
What is the subject matter of Section 455 of the Companies Act, 2013?	Dormant company.
Which company may apply for the status of a dormant company under Section 455(1)?	A company formed for a future project or to hold an asset or intellectual property and having no significant accounting transaction, or an inactive company.
For what purpose may a company be formed to apply for dormant status?	For a future project or to hold an asset or intellectual property.
To whom is an application for dormant company status made?	The Registrar.
In what manner is an application for dormant company status made?	In the prescribed manner.
What is an "inactive company" under Section 455?	A company which has not carried on any business or operation, or has not made any significant accounting transaction during the last two financial years, or has not filed financial statements and annual returns during the last two financial years.
Over what period is inactivity measured for an inactive company?	The last two financial years.
What is a "significant accounting transaction" under Section 455?	Any transaction other than the specified excluded transactions.
Is payment of fees to the Registrar a significant accounting transaction?	Payment of fees to the Registrar is not a significant accounting transaction.
Are payments made to comply with the Companies Act or any other law treated as significant accounting transactions?	Such payments are not significant accounting transactions.
Is allotment of shares to fulfil the requirements of the Companies Act a significant accounting transaction?	It is not a significant accounting transaction.
Are payments for maintenance of the company's office and records significant accounting transactions?	They are not significant accounting transactions.
Who grants the status of a dormant company under Section 455(2)?	The Registrar.
What does the Registrar issue after granting dormant company status?	A certificate in the prescribed form.
What register must the Registrar maintain under Section 455(3)?	A register of dormant companies.
When shall the Registrar issue a notice under Section 455(4)?	When a company has not filed financial statements or annual returns for two consecutive financial years.
What action may the Registrar take after issuing notice under Section 455(4)?	Enter the company's name in the register of dormant companies.
What is the minimum governance requirement for retaining dormant status?	The company must have the prescribed minimum number of directors.
What filing requirement must a dormant company fulfil to retain its dormant status?	It must file the prescribed documents.
What fee must a dormant company pay to retain its dormant status?	The prescribed annual fee to the Registrar.
How may a dormant company become an active company?	By making an application with the prescribed documents and fee.
Who may convert a dormant company into an active company?	The Registrar, upon the prescribed application.
When shall the Registrar strike off the name of a dormant company from the register?	When the dormant company fails to comply with the requirements of Section 455.
What is the subject matter of Section 456 of the Companies Act, 2013?	Protection of action taken in good faith.
Who is protected under Section 456?	The Government, any officer of the Government, or any other person.
What legal proceedings are barred under Section 456?	Suit, prosecution or other legal proceeding.
For what acts does Section 456 provide protection?	Acts done or intended to be done in good faith in pursuance of the Companies Act, 2013 or the rules or orders made thereunder.
Does Section 456 protect intended acts done in good faith?	It protects acts intended to be done in good faith.
Does Section 456 extend protection to publications?	It protects publication of any report, paper or proceedings.
Whose publications are protected under Section 456?	Publications made by or under the authority of the Government or an officer of the Government.
What is the condition for claiming protection under Section 456?	The act or publication must be done in good faith.
What is the subject matter of Section 457 of the Companies Act, 2013?	Non-disclosure of information in certain cases.
Who is protected from being compelled to disclose the source of information under Section 457?	The Registrar, any officer of the Government or any other person.
Before which authorities can disclosure of the source of information not be compelled?	Any court, Tribunal or other authority.
What cannot be compelled to be disclosed under Section 457?	The source from which the information was obtained.
When is the source of information protected under Section 457(a)?	When the information has led the Central Government to order an investigation under Section 210.
When is the source of information protected under Section 457(b)?	When the information is or has been material or relevant in connection with an investigation under Section 210.
Which investigation is referred to in Section 457?	An investigation ordered under Section 210.
Does Section 457 override other laws?	It operates notwithstanding anything contained in any other law for the time being in force.
What is the subject matter of Section 458 of the Companies Act, 2013?	Delegation by Central Government of its powers and functions.
Who may delegate powers and functions under Section 458?	The Central Government.
How may the Central Government delegate its powers under Section 458?	By notification.
To whom may the Central Government delegate its powers or functions?	Such authority or officer as may be specified in the notification.
What may accompany the delegation of powers under Section 458?	Such conditions, limitations and restrictions as may be specified in the notification.
Which power cannot be delegated under Section 458?	The power to make rules.
What must be done with every notification issued under Section 458(1)?	A copy must be laid before each House of Parliament.
When must the notification be laid before Parliament?	As soon as may be after it is issued.
What is the subject matter of Section 459 of the Companies Act, 2013?	Powers of Central Government or Tribunal to accord approval, etc., subject to conditions and to prescribe fees on applications.
Who may exercise the powers under Section 459?	The Central Government or the Tribunal.
What approvals may the Central Government or the Tribunal accord under Section 459(1)(a)?	Approval, sanction, consent, confirmation or recognition.
What other power may the Central Government or the Tribunal exercise under Section 459(1)(b)?	Give any direction in relation to any matter.
What exemption-related power is conferred under Section 459(1)(c)?	Grant any exemption in relation to any matter.
Subject to what may approvals, sanctions, consents, confirmations, recognitions, directions or exemptions be granted?	Such conditions, limitations or restrictions as the Central Government or the Tribunal thinks fit.
When may the Central Government or the Tribunal rescind or withdraw an approval, sanction, consent, confirmation, recognition, direction or exemption?	On contravention of any condition, limitation or restriction attached to it.
What must generally accompany an application made to the Central Government or the Tribunal under the Act?	The prescribed fees.
For what types of matters are applications covered under Section 459(2)?	Approval, sanction, consent, confirmation, recognition, direction, exemption or any other matter under the Act.
Can different fees be prescribed for different applications under Section 459?	Different fees may be prescribed for different matters or different classes of companies.
What is the subject matter of Section 460 of the Companies Act, 2013?	Condonation of delay in certain cases.
Who has the power to condone delay under Section 460?	The Central Government.
What type of delay may be condoned under Section 460(a)?	Delay in making an application to the Central Government under the Companies Act, 2013.
What condition must be satisfied before delay is condoned under Section 460(a)?	The Central Government must record its reasons in writing.
What type of delay may be condoned under Section 460(b)?	Delay in filing a document with the Registrar under the Companies Act, 2013.
What condition must be satisfied before delay is condoned under Section 460(b)?	The Central Government must record its reasons in writing.
To whom must the delayed application under Section 460(a) be made?	The Central Government.
With whom must the delayed document under Section 460(b) be filed?	The Registrar.
Does Section 460 override other provisions of the Companies Act?	It operates notwithstanding anything contained in the Companies Act, 2013.
What is the subject matter of Section 461 of the Companies Act, 2013?	Annual report by Central Government.
Who is responsible for preparing the annual report under Section 461?	The Central Government.
What type of report is required under Section 461?	A general annual report on the working and administration of the Companies Act, 2013.
On what does the annual report under Section 461 relate?	The working and administration of the Companies Act, 2013.
Before whom must the annual report be laid?	Each House of Parliament.
Within what period must the annual report be laid before Parliament?	Within one year of the close of the year to which the report relates.
What is the subject matter of Section 462 of the Companies Act, 2013?	Power to exempt class or classes of companies from provisions of this Act.
Who may grant exemptions under Section 462?	The Central Government.
In what interest may exemptions be granted under Section 462?	Public interest.
How are exemptions granted under Section 462?	By notification.
What may the Central Government direct under Section 462(1)(a)?	That any provision of the Companies Act shall not apply to a class or classes of companies.
What may the Central Government direct under Section 462(1)(b)?	That any provision of the Companies Act shall apply with specified exceptions, modifications and adaptations.
To whom may exemptions under Section 462 apply?	Such class or classes of companies as specified in the notification.
What must be done before issuing a notification under Section 462(1)?	A draft of the proposed notification must be laid before each House of Parliament.
For how long must the draft notification remain before Parliament?	A total period of thirty days.
What happens if both Houses of Parliament disapprove the proposed notification?	The notification shall not be issued.
What happens if both Houses agree to modify the proposed notification?	The notification shall be issued only in the modified form agreed upon by both Houses.
What period is excluded while calculating the thirty-day period under Section 462(3)?	Any period during which either House is prorogued or adjourned for more than four consecutive days.
What must be done after a notification under Section 462 is issued?	A copy of the notification must be laid before each House of Parliament.
When must the issued notification be laid before Parliament?	As soon as may be after it is issued.
What is the subject matter of Section 463 of the Companies Act, 2013?	Power of court to grant relief in certain cases.
Against whom may proceedings be instituted under Section 463(1)?	An officer of a company.
For what kinds of misconduct may relief be granted under Section 463(1)?	Negligence, default, breach of duty, misfeasance or breach of trust.
What must the court find before granting relief under Section 463(1)?	That the officer acted honestly and reasonably and ought fairly to be excused having regard to all the circumstances.
What circumstances may the court consider while granting relief under Section 463(1)?	All the circumstances of the case, including those connected with the officer's appointment.
Can the court grant complete or partial relief under Section 463(1)?	The court may grant relief wholly or partly.
On what basis may the court grant relief under Section 463(1)?	On such terms as it thinks fit.
Can a court in criminal proceedings relieve an officer from civil liability under Section 463?	No, the court cannot grant relief from any civil liability in criminal proceedings.
Who may apply to the High Court under Section 463(2)?	An officer who apprehends that proceedings may be brought against him.
When may an officer apply to the High Court under Section 463(2)?	When he has reason to apprehend proceedings for negligence, default, breach of duty, misfeasance or breach of trust.
Which court hears an application under Section 463(2)?	The High Court.
What powers does the High Court have under Section 463(2)?	The same powers to grant relief as a court under Section 463(1).
What must the court do before granting relief under Section 463(1) or Section 463(2)?	Serve notice to the Registrar and such other persons as it thinks necessary to show cause.
Who must be given an opportunity to show cause before relief is granted?	The Registrar and such other persons as the court considers necessary.
What is the subject matter of Section 464 of the Companies Act, 2013?	Prohibition of association or partnership of persons exceeding certain number.
What does Section 464(1) prohibit?	Formation of an association or partnership exceeding the prescribed number of persons for carrying on business for gain unless registered or formed under another law.
For what purpose is the restriction under Section 464(1) applicable?	Carrying on any business having as its object the acquisition of gain.
What is the maximum number of persons that may be prescribed under Section 464(1)?	One hundred persons.
How can an association or partnership exceeding the prescribed number lawfully carry on business?	By being registered as a company under the Companies Act, 2013 or formed under any other law for the time being in force.
Which entities are exempt from Section 464(1)?	A Hindu Undivided Family carrying on business and associations or partnerships of professionals governed by special Acts.
Does Section 464(1) apply to a Hindu Undivided Family carrying on business?	No, a Hindu Undivided Family is exempt.
Does Section 464(1) apply to professionals governed by special Acts?	No, associations or partnerships of such professionals are exempt.
What is the punishment for contravention of Section 464(1)?	Fine which may extend to one lakh rupees.
Who is liable for punishment under Section 464(3)?	Every member of the association or partnership carrying on business in contravention of Section 464(1).
What is the civil liability of members under Section 464(3)?	They are personally liable for all liabilities incurred in such business.
What is the subject matter of Section 465 of the Companies Act, 2013?	Repeal of certain enactments and savings.
Which enactments are repealed under Section 465(1)?	The Companies Act, 1956 and the Registration of Companies (Sikkim) Act, 1961.
Until when do the provisions relating to the Company Law Board and courts under the Companies Act, 1956 continue to apply?	Until the Central Government notifies the transfer of all matters, proceedings or cases to the Tribunal under Section 434(1).
Which provisions of the Companies Act, 1956 continue to apply to Limited Liability Partnerships until corresponding provisions are notified?	The provisions referred to in the notification issued under Section 67 of the Limited Liability Partnership Act, 2008.
What is the effect of actions taken under the repealed enactments under Section 465(2)(a)?	They are deemed to have been done under the corresponding provisions of the Companies Act, 2013, if not inconsistent.
What kinds of actions are saved under Section 465(2)(a)?	Rules, notifications, inspections, orders, notices, appointments, declarations, operations, directions, proceedings, penalties, punishments, forfeitures and fines.
What happens to orders, rules, notifications and other instruments in force under the repealed enactments?	They continue in force as if made under the Companies Act, 2013.
Are existing principles of law, jurisdiction, customs and procedures affected by the repeal?	They are not affected.
What is the status of persons appointed under the repealed enactments?	They are deemed to have been appointed under the Companies Act, 2013.
Does repeal revive matters not in existence or in force?	No, matters not in existence or in force are not revived or restored.
What is the status of registration offices existing at the commencement of the Companies Act, 2013?	They continue as if established under the Companies Act, 2013.
What is the status of companies registered under the repealed enactments?	Their incorporation remains valid and they are deemed to be registered under the Companies Act, 2013.
What happens to registers and funds constituted under the repealed enactments?	They are deemed to be registers and funds constituted under the corresponding provisions of the Companies Act, 2013.
What happens to prosecutions pending under the repealed enactments?	They continue before the same court, subject to the Companies Act, 2013.
What happens to inspections, investigations or inquiries ordered under the Companies Act, 1956?	They continue as if ordered under the corresponding provisions of the Companies Act, 2013.
What happens to matters pending before the Registrar, Regional Director or Central Government under the Companies Act, 1956?	They are concluded under the Companies Act, 1956 despite its repeal.
Which provision of the General Clauses Act is preserved by Section 465(3)?	Section 6 of the General Clauses Act, 1897.
What is the effect of Section 465(3)?	The specific savings under Section 465(2) do not prejudice the general application of Section 6 of the General Clauses Act, 1897.
What is the subject matter of Section 466 of the Companies Act, 2013?	Dissolution of Company Law Board and consequential provisions.
When does the Company Law Board stand dissolved under Section 466(1)?	On the constitution of the Tribunal and the Appellate Tribunal.
Which body is dissolved under Section 466?	The Board of Company Law Administration constituted under the Companies Act, 1956.
Who may function as the President, Chairperson or Member of the Tribunal or Appellate Tribunal until they are constituted?	The Chairman, Vice-Chairman and Members of the Company Law Board who fulfil the prescribed qualifications.
What qualification must Company Law Board members satisfy to function in the Tribunal or Appellate Tribunal?	The qualifications and requirements prescribed under the Companies Act, 2013 for appointment.
What happens to officers and employees appointed on deputation to the Company Law Board?	They become officers or employees of the Tribunal or Appellate Tribunal if qualified; otherwise they revert to their parent cadre, Ministry or Department.
What happens to regular employees of the Company Law Board upon dissolution?	They become officers or employees of the Tribunal or Appellate Tribunal.
What service benefits are protected for regular employees transferred to the Tribunal or Appellate Tribunal?	Pension, gratuity and other similar benefits.
Until when do transferred regular employees continue in service?	Until their employment is duly terminated or their service conditions are duly altered.
Are transferred employees entitled to compensation for transfer under the Industrial Disputes Act or any other law?	No, they are not entitled to such compensation.
What happens to the provident fund, superannuation fund, welfare fund or other employee funds of the Company Law Board?	The monies relating to transferred employees stand transferred to and vest in the Tribunal or Appellate Tribunal.
How are transferred employee funds dealt with after transfer?	In the prescribed manner by the Tribunal or the Appellate Tribunal.
What happens to Company Law Board personnel not covered by the provisos to Section 466(1)?	They vacate their offices upon constitution of the Tribunal and Appellate Tribunal.
Can Company Law Board personnel claim compensation for premature termination under Section 466(2)?	No, they are not entitled to claim compensation.
What is the subject matter of Section 467 of the Companies Act, 2013?	Power of Central Government to amend Schedules.
Who has the power to alter the Schedules under Section 467?	The Central Government.
How may the Central Government alter the Schedules under Section 467?	By notification.
What may the Central Government alter under Section 467(1)?	Regulations, rules, Tables, forms and other provisions contained in any of the Schedules to the Companies Act, 2013.
What is the effect of an alteration notified under Section 467(2)?	It has effect as if enacted in the Companies Act, 2013.
When does an alteration under Section 467 come into force?	On the date of the notification unless the notification otherwise directs.
Does an alteration in Table F of Schedule I apply to companies registered before the alteration?	No, it does not apply to companies registered before the date of the alteration.
What must be done with every alteration made under Section 467(1)?	It must be laid before each House of Parliament.
For how long must the alteration remain before Parliament?	A total period of thirty days, which may be comprised in one or more successive sessions.
What happens if both Houses of Parliament agree to modify the alteration?	The alteration takes effect only in the modified form.
What happens if both Houses of Parliament agree that the alteration should not be made?	The alteration becomes of no effect.
Does modification or annulment affect actions already taken under the alteration?	No, it is without prejudice to the validity of anything previously done pursuant to the alteration.
What is the subject matter of Section 468 of the Companies Act, 2013?	Powers of Central Government to make rules relating to winding up.
Who has the power to make rules relating to winding up under Section 468?	The Central Government.
With which law must the rules made under Section 468 be consistent?	The Code of Civil Procedure, 1908.
For what purpose may rules be made under Section 468(1)?	For matters relating to the winding up of companies required to be prescribed under the Companies Act, 2013.
What proceedings may the rules regulate under Section 468(2)(i)?	The mode of proceedings for winding up of a company by the Tribunal.
What meetings may the rules provide for under Section 468(2)(ii)?	Meetings of creditors and members in connection with proceedings under Section 230.
What capital-related matter may the rules provide for under Section 468(2)(iii)?	Giving effect to the provisions relating to reduction of capital.
What applications may the rules regulate under Section 468(2)(iv)?	Applications made to the Tribunal under the Companies Act, 2013.
What meetings may the rules regulate under Section 468(2)(v)?	Meetings to ascertain the wishes of creditors and contributories.
What member-related matters may the rules provide for under Section 468(2)(vi)?	Settling lists of contributories, rectifying the register of members, and collecting and applying assets.
What property-related matters may the rules regulate under Section 468(2)(vii)?	Payment, delivery, conveyance, surrender or transfer of money, property, books or papers to the liquidator.
What financial power may the rules provide for under Section 468(2)(viii)?	The making of calls.
What claims-related matter may the rules regulate under Section 468(2)(ix)?	Fixing the time within which debts and claims shall be proved.
What is the status of Supreme Court winding-up rules existing before the commencement of the Companies Act, 2013?	They continue in force until the Central Government makes rules under Section 468.
How are references to the High Court in the existing winding-up rules construed after the commencement of the Companies Act, 2013?	As references to the Tribunal.
What is the subject matter of Section 469 of the Companies Act, 2013?	Power of Central Government to make rules.
Who has the power to make rules under Section 469?	The Central Government.
How are rules made under Section 469?	By notification.
For what purpose may rules be made under Section 469(1)?	For carrying out the provisions of the Companies Act, 2013.
What matters may be covered by rules under Section 469(2)?	Matters required or permitted by the Companies Act, 2013 to be prescribed or provided by rules.
What is the maximum fine for contravention of rules made under Section 469?	Five thousand rupees.
What is the additional fine for a continuing contravention of rules under Section 469?	Five hundred rupees for every day after the first during which the contravention continues.
What must be done with every rule made under Section 469?	It must be laid before each House of Parliament.
What other instrument, besides rules, must be laid before Parliament under Section 469(4)?	Regulations made by the Securities and Exchange Board under the Companies Act, 2013.
For how long must the rules or regulations remain before Parliament?	A total period of thirty days, which may be comprised in one or more successive sessions.
What happens if both Houses of Parliament agree to modify a rule or regulation?	It takes effect only in the modified form.
What happens if both Houses of Parliament agree that a rule or regulation should not be made?	It becomes of no effect.
Does modification or annulment affect actions already taken under the rule or regulation?	No, it is without prejudice to the validity of anything previously done under the rule or regulation.
What is the subject matter of Section 470 of the Companies Act, 2013?	Power to remove difficulties.
Who has the power to remove difficulties under Section 470?	The Central Government.
When may the Central Government exercise its power under Section 470?	When any difficulty arises in giving effect to the provisions of the Companies Act, 2013.
How may the Central Government remove difficulties under Section 470?	By an order published in the Official Gazette.
What kind of provisions may the Central Government make under Section 470?	Provisions necessary or expedient for removing the difficulty, not inconsistent with the Companies Act, 2013.
Can an order under Section 470 be inconsistent with the Companies Act, 2013?	No, it must not be inconsistent with the provisions of the Act.
What is the time limit for issuing an order under Section 470?	Within five years from the date of commencement of Section 1 of the Companies Act, 2013.
What must be done with every order made under Section 470?	It must be laid before each House of Parliament.
When must an order under Section 470 be laid before Parliament?	As soon as may be after it is made.

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