MCQs for CA Final Exam - CAFinal[dot]Org: Complete Learning Portal for CA Final Students

Quiz

Q1. Objection for such compromise or arrangement be made for the person having outstanding debt amounting to not less than--------------

10% of outstanding debt

20% of outstanding debt

5% of outstanding debt

25% of outstanding debt

Q2. Mr. A who should’ve received shares in ABC Ltd. of his deceased kin through transmission, had failed to receive the same. Lately KSE Ltd. made acquisition of majority of 91% of issued equity shareholding of ABC Ltd. KSE Ltd later intimated the Company the willingness to acquire fully all shares. But Mr. A had no indication of the same. The period of 1 year as statutorily required for maintaining the deposit expired. At 1 year after such expiry Mr. A got aware of his shareholding and decided to make offer for sale. What is the maximum time for making such offer?

3 years from date of majority acquisition

2 years from date of majority acquisition

30 months from date of majority acquisition

18 months from date of majority acquisition

Q3. Any people who have made application shall disclose to tribunal in form

NCLT 1

CAA 1

NCLT 6

CAA 4

Q4. Creditor’s responsibility statement should be given in form

CAA4

CAA5

CAA1

CAA7

Q5. The time limit to vote to the adoption of compromise or arrangement is ________ from the receipt of such notice and can be voted it either themselves or through proxies or through _______________

30 days, e- voting

1 month, postal ballot

30 days, postal ballot

1 month, e-voting

Q6. Arrangement u/s 230 includes ------?

Reorganization of share capital

Appointment of new director

Making a subsidiary

Dealing with some new project

Q7. Mr. A. Director of A. Ltd. failed to file requisite submissions of A. Ltd with the registrar. Later A. Ltd. was amalgamated and a new Co named B Ltd was started. The failure to file submissions of A Ltd came to light in due course. Mr A was sought to be fined for his shortcomings. Mr. A in his defence says that now that A Ltd is not in existence the submission of documents is a trivial and not with legal standing. Does the Companies Act rule in favour of Mr. A

Yes, since the Amalgamated Company is now struck off there is no way to proceed with penalizing violations thereof

Yes, as soon as the amalgamated Company ceases to exist the compliance proceedings against it cease to exist This is done for saving time and resource of Ministry

No, the Companies Act specifically makes the officer in default liable for wrongful actions done in a Amalgamated Co

No, the tacit understanding is that the proceedings shall be now continued against the Amalgamating Company and the old officers are not liable

Q8. What are the modes by which monies may be settled in case a Foreign Transferor Company amalgamates with an Indian Transferee Company

Cash only

Depository Receipts only

Both of a & b wholly or in part

Only through GOI Bonds

Q9. In case of compromise arrangement of the company u/s 230(1) of 2013 Act there is meeting between ----?

Company & its creditors Co. & debtors

Company & its outsider Co. & sellers

Company & its agents Co. & its purchaser

Company & its creditor Co. & members

Q10. Which of the following points shall be included in affidavit NCLT 6?

Latest financial position of the Company

Reduction of share capital, if any

Valuation report in respect of shares, property & assets by value

All of the above

Q11. Scheme of corporate debt restructuring can be executed only of consented by?

25% creditors M. No

75% creditors in value

75% creditors M no

25% creditors in value

Q12. Notice sent u/s 230(4) provides that voting can be done either through postal ballot or with proxies with of receipt of such notice

6 months

45 days

1 month

3 month

Q13. When CG is satisfied that 2 or more companies should amalgamate in ---------- interest, CG shall amalgamate those companies is provided in section of Companies Act, 2013

240

237

233

235

Q14. Notice accompanied by scheme of compromise or arrangement shall disclose following actual except-------?

Details of order of tribunal

Date of meeting at which scheme was approved

Explanatory statement disclosing details of the scheme

Reduction of share capital

Q15. Notice of meeting pursuant to order of tribunal u/s 230(3) shall be sent to all creditors, members, debenture holders in form-------?

CAA 4

CAA

CAA 2

CAA 6

Q16. The amount as determined above shall be disbursed within:

30 days

60 days

90 days

120 days

Q17. A Director failed to issue circular to registrar for registration but issued the same to the members of transferor Company u/s 235. What shall be penal provisions applicable to such Director?

Fine: 10000-1 lakh

Fine: 25000-5 lakh

Fine: 1-5 lakh

Fine: 25000-1 lakh

Q18. When Tribunal is satisfied that the compromise or arrangement cannot be implemented and company is unable to pay its debt the Tribunal will............

Cancel such scheme

Finance such company

File case against the Company

Order winding up