Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Company Law 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 State 1. A company incorporated outside India but having a place of business in India is known as: Foreign Company Multinational Company Global Company Overseas Entity None 2. The penalty for non-appointment of a Company Secretary in a company where it is mandatory can be imposed on: The Board of Directors only The Managing Director only The company and every officer in default The shareholders None 3. Which of the following is considered an essential characteristic of a company? Voluntary association Perpetual succession Common seal All of the above None 4. The first directors of a company are appointed by: Shareholders in the first AGM Registrar of Companies Promoters of the company Ministry of Corporate Affairs None 5. A private company can commence business: Only after obtaining a business commencement certificate Only after allotment of shares Immediately after incorporation Only after holding an AGM None 6. Which of the following resolutions is required to alter the Memorandum of Association? Board Resolution Ordinary Resolution Special Resolution Shareholders’ Resolution None 7. The time limit for issuing share certificates after the allotment of shares is: 15 days 30 days 60 days 90 days None 8. Which of the following companies is required to maintain an Audit Committee? Every private company Every listed company Every one-person company Every partnership firm None 9. The Register of Members of a company is maintained at: The company’s factory The company’s registered office The Registrar of Companies office The head office of SEBI None 10. The maximum number of members in an LLP is: 20 500 100 No limit None 11. Who has the power to extend the financial year of a company beyond 12 months? Board of Directors Ministry of Corporate Affairs Registrar of Companies National Company Law Tribunal None 12. Which form is used for filing the annual return of a company? MGT-1 MGT-7 AOC-4 DIR-12 None 13. The time period for filing a special resolution with the Registrar of Companies is: 7 days 15 days 30 days 60 days None 14. Which of the following is a primary function of the Articles of Association? Define the company's objectives Outline the internal management rules Regulate financial reporting Specify taxation rules None 15. The removal of an auditor before the expiry of his term requires approval from: Shareholders Board of Directors Tribunal (NCLT) Registrar of Companies None 16. Which of the following committees is responsible for risk management in listed companies? Audit Committee Risk Management Committee CSR Committee Nomination and Remuneration Committee None 17. A special resolution is passed when it is approved by at least: 51% of members present 67% of members present 75% of members present 90% of members present None 18. Which of the following statements is true regarding the statutory audit of a company? It is optional for private companies It is mandatory for all companies It is required only for listed companies It is only required when a company makes a profit None 19. The term "Red Herring Prospectus" is associated with: Rights Issue Private Placement Initial Public Offering (IPO) Bonus Issue None 20. A company must hold its first Board Meeting within how many days of incorporation? 15 days 30 days 60 days 90 days None 21. The appointment of a Managing Director in a company requires approval from: Board of Directors Shareholders at AGM Ministry of Corporate Affairs SEBI None 22. Which of the following companies is required to have a Nomination and Remuneration Committee? Every listed company Every one-person company Every small company Every private company None 23. A company that is created for a charitable purpose is known as: Private Company Public Limited Company Section 8 Company Producer Company None 24. The liability of a shareholder in a company limited by shares is: Unlimited Limited to the unpaid amount on shares held Limited to company’s total assets Defined by the Board of Directors None 25. The minutes of a Board Meeting must be signed by: The Company Secretary The Chairman of the meeting Any shareholder The Registrar of Companies None 26. A company can declare dividends only if it has: Cash reserves Paid-up capital Sufficient profits Board approval None 27. The official website of the Ministry of Corporate Affairs (MCA) in India is: www.mcaindia.com www.mca.gov.in www.companylaw.org www.sebi.gov.in None 28. Which of the following companies must appoint an internal auditor? All companies Listed companies and certain specified public companies Only private companies Sole proprietorship firms None 29. A company limited by shares can issue: Equity Shares Preference Shares Debentures All of the above None 30. Which of the following meetings is conducted only once in a company’s lifetime? Annual General Meeting Extraordinary General Meeting Statutory Meeting Board Meeting None 31. The minimum number of directors required for a private company is: 1 2 3 5 None 32. A One Person Company (OPC) must mandatorily convert into a private or public company if its paid-up share capital exceeds: ₹25 lakh ₹50 lakh ₹75 lakh ₹2 crore None 33. The maximum tenure of an independent director in a company is: 3 years 5 years 10 years 12 years None 34. A company can issue sweat equity shares to its employees or directors after how many months from its incorporation? 3 months 6 months 9 months 12 months None 35. In the event of a company's liquidation, who is paid first? Equity shareholders Preference shareholders Secured creditors Unsecured creditors None 36. The declaration of dividends is the responsibility of: The Board of Directors The Shareholders at the AGM The Registrar of Companies SEBI None 37. The minimum subscription for a public issue of shares is: 25% of the issue size 50% of the issue size 75% of the issue size 90% of the issue size None 38. A resolution requiring special notice must be given to the company at least how many days before the meeting? 7 days 14 days 21 days 30 days None 39. The statutory register of a company includes: Register of Members Register of Directors Register of Charges All of the above None 40. Which authority has the power to remove the name of a company from the Register of Companies? SEBI National Company Law Tribunal (NCLT) Registrar of Companies (ROC) Ministry of Corporate Affairs (MCA) None 1 out of 4 Great job on taking the INCOC Test! We appreciate your interest in test. 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