Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Corporate and Economic Laws Total Number of Question: 40 Time: 41 Minutes Please check your email after completion of test for result. All the best... Name Phone No Email Area Pin Code 1. Which type of company is required to have a minimum paid-up capital of ₹5 lakh? Private Company Public Company One Person Company Government Company None 2. As per the Companies Act, 2013, which of the following companies is not required to appoint a Company Secretary? Private Company with paid-up capital of ₹2 crore Listed Company Public Company with paid-up capital of ₹10 crore Private Company with paid-up capital of ₹5 crore None 3. Which of the following is true regarding the appointment of an Independent Director? Independent Directors are elected by employees They must not have any material relationship with the company They are the promoters of the company They hold shares in the company None 4. Which section of the Companies Act, 2013 deals with the duties of directors? Section 149 Section 166 Section 172 Section 197 None 5. Which of the following committees is mandatory for listed companies? Corporate Social Responsibility Committee Audit Committee Stakeholders Relationship Committee All of the above None 6. A company is said to be a "subsidiary" of another company when: It owns 10% of the voting power in another company It controls more than 50% of voting power It has more than 25% of the directors in another company It has at least one common director None 7. Who among the following is responsible for signing the financial statements of a company? CFO Managing Director and Company Secretary Statutory Auditor Any employee of the company None 8. A foreign company is defined under which section of the Companies Act, 2013? Section 2(42) Section 135 Section 5 Section 89 None 9. Which of the following does not require shareholder approval by a special resolution? Appointment of an independent director Reduction of share capital Voluntary winding up of a company Change in the registered office from one state to another None 10. The term "quorum" in a Board Meeting refers to: Number of votes required to pass a resolution Minimum number of directors required to hold the meeting Minimum number of shareholders required for a meeting Total number of directors present in a meeting None 11. Which of the following is not a category of Alternative Investment Funds (AIFs) under SEBI regulations? Category I Category II Category III Category IV None 12. The primary function of SEBI is to: Regulate stock markets Control inflation Issue banknotes Collect direct taxes None 13. Which of the following is not a part of the SEBI (LODR) Regulations, 2015? Corporate Governance Disclosure of Material Events Insider Trading Regulations Banking Regulations None 14. The primary objective of FEMA is to: Control foreign exchange strictly Facilitate external trade and payments Ban all foreign currency transactions Control Indian stock markets None 15. Which of the following transactions is covered under the capital account as per FEMA? Import of goods Investment in foreign securities Payment for software services Salary payments to NRIs None 16. Which authority administers FEMA? SEBI RBI Ministry of Corporate Affairs CCI None 17. Which of the following is considered an anti-competitive agreement under the Competition Act, 2002? Joint ventures Cartelization Mergers and acquisitions Franchising None 18. Which entity enforces the Competition Act, 2002? SEBI RBI Competition Commission of India (CCI) Income Tax Department None 19. The resolution process under IBC is initiated by filing an application with: NCLT SEBI RBI ITAT None 20. Which of the following is the first step in the corporate insolvency resolution process? Appointment of liquidator Submission of resolution plan Admission of the application by NCLT Asset valuation None 21. The maximum time allowed for completion of the insolvency resolution process for a corporate debtor is: 180 days 270 days 330 days 365 days None 22. Which agency is responsible for enforcing PMLA in India? SEBI RBI Enforcement Directorate CCI None 23. Which of the following is a punishable offense under PMLA? Hiding the source of illegal income Smurfing transactions Holding unaccounted foreign assets All of the above None 24. Under PMLA, banks and financial institutions are required to: Conduct customer due diligence Maintain records of transactions Report suspicious transactions to the Financial Intelligence Unit (FIU) All of the above None 25. A private company can start its business from the date of: Obtaining the Certificate of Incorporation Obtaining the Certificate of Commencement Holding its first board meeting Filing its first financial statement None 26. The maximum number of directors in a private company (without special resolution) is: 10 12 15 20 None 27. Which of the following is a key feature of a listed company? Shares are traded on a recognized stock exchange No need to file annual returns No requirement of an independent director Cannot raise funds from the public None 28. Which of the following is the highest authority for corporate disputes under the Companies Act, 2013? SEBI NCLT RBI Income Tax Tribunal None 29. Under which section of the Companies Act, 2013 is Corporate Social Responsibility (CSR) covered? Section 125 Section 135 Section 180 Section 230 None 30. Which form is used for Annual Return Filing by a company? MGT-7 INC-22 DIR-3 AOC-4 None 31. Which committee is responsible for monitoring financial reporting in listed companies? Audit Committee CSR Committee Risk Management Committee Nomination and Remuneration Committee None 32. A dormant company under the Companies Act, 2013 is one that: Has not carried out business for two consecutive financial years Is in the process of liquidation Has been delisted by SEBI Has negative net worth None 33. For a fraud committed under the Companies Act, 2013, a director can be held liable for imprisonment of up to: 1 year 3 year 5 year 10 year None 34. Which of the following actions require shareholder approval through a special resolution? Appointment of an internal auditor Change of registered office from one state to another Filing of quarterly compliance reports Conducting statutory audit None 35. A listed company must appoint a woman director if its paid-up capital exceeds: ₹10 crore ₹50 crore ₹100 crore ₹250 crore None 36. A listed company must file financial statements with the Registrar of Companies within: 30 days from the AGM 60 days from the AGM 90 days from the AGM 120 days from the AGM None 37. Who appoints the first auditor of a company? Board of Directors Shareholders SEBI NCLT None 38. A debenture trustee is required for issuing debentures when the total issue size is: ₹5 crore or more ₹10 crore or more ₹20 crore or more ₹50 crore or more None 39. Which of the following statements about a One Person Company (OPC) is true? It must have at least two members It cannot issue shares to the public It must hold an Annual General Meeting (AGM) It cannot be converted into a private company None 40. Under the Companies Act, 2013, what is the validity period of a shelf prospectus? 6 months 1 year 2 year 3 year None 1 out of 4 Great job on taking the INCOC Test! We appreciate your interest in test. Look out for results and future opportunities. Stay Connected !! Your quiz time is about to finish. Few seconds left. 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