Test 601

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Subject: Corporate and Economic Laws

Total Number of Question: 40

Time: 41 Minutes

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Name

Phone No

State

What is the minimum number of members required to form a public company?

None

What is the maximum number of members in a private company?

100

200

Unlimited

None

Which section of the Companies Act, 2013 defines a 'small company'?

Section 2(85)

Section 3

Section 12

Section 44

None

The concept of 'One Person Company' (OPC) was introduced under the Companies Act, 2013. How many directors must an OPC have?

At least

At least 5

Minimum 1

No restriction

None

Which authority is responsible for issuing the Certificate of Incorporation?

Ministry of Finance

Reserve Bank of India

Registrar of Companies

Ministry of Commerce

None

A company that limits the liability of its members to the amount unpaid on their shares is known as

Unlimited company

Company limited by shares

Guarantee company

Non-profit company

None

Under Section 135, which activity is considered a part of Corporate Social Responsibility (CSR)?

Political donations

Employee bonuses

Promotion of education

Profit sharing

None

What is the quorum for a general meeting in a public company with 5000 members?

2 members

5 members

30 members

50 members

None

What is the tenure of an independent director under the Companies Act, 2013?

3 years

4 years

5 years

6 years

None

10.

Which entity is established to investigate serious corporate frauds as per the Companies Act, 2013?

NCLT

SFIO

SEBI

RBI

None

11.

Which section of the Companies Act, 2013 deals with the incorporation of a company?

Section 3

Section 4

Section 7

Section 10

None

12.

What is the maximum number of directors a company can appoint without seeking special permission?

Unlimited

None

13.

Who is primarily responsible for maintaining the statutory registers of a company?

Director

Shareholders

Company Secretary

Auditor

None

14.

The minimum paid-up share capital for a public company is:

₹5 lakh

₹10 lakh

₹1 lakh

No minimum requirement

None

15.

Which section specifies the contents of a prospectus?

Section 26

Section 32

Section 42

Section 50

None

16.

Under the Companies Act, 2013, the appointment of an auditor is covered under:

Section 124

Section 139

Section 145

Section 161

None

17.

What percentage of the net profit must companies spend on CSR activities as per Section 135?

None

18.

Which body hears appeals against decisions of the NCLT?

Supreme Court

High Court

NCLAT

SEBI

None

19.

What is the minimum number of independent directors required for a listed company?

One-third of the total directors

None

20.

The penalty for non-compliance with CSR provisions under Section 135 includes:

Fine only

Fine and imprisonment

Warning letter

CSR non-compliance has no penalty

None

21.

Under the Companies Act, 2013, dividends must be paid within how many days from declaration?

15 days

30 days

45 days

60 days

None

22.

Which schedule specifies the format of financial statements?

Schedule II

Schedule III

Schedule IV

Schedule VI

None

23.

The provision for 'Related Party Transactions' is covered under:

Section 177

Section 184

Section 188

Section 194

None

24.

Which document defines the scope of a company's activities and powers?

Articles of Association

Memorandum of Association

Prospectus

Share Certificate

None

25.

Which section governs the conduct of Annual General Meetings (AGMs)?

Section 92

Section 96

Section 102

Section 108

None

26.

Under Section 12, the registered office of a company must be verified within how many days of incorporation?

15 days

30 days

45 days

60 days

None

27.

What is the penalty for failing to file annual returns with the Registrar of Companies?

₹50,000

₹1 lakh

₹5 lakh

₹10 lakh

None

28.

Under the Companies Act, 2013, a dormant company is one that has:

Defaulted on loans

No significant accounting transactions

Not held any meetings

No director

None

29.

Which section governs the resignation of a director?

Section 160

Section 168

Section 170

Section 180

None

30.

Which authority is responsible for maintaining the Director Identification Number (DIN)?

SEBI

MCA

RBI

NCLT

None

31.

What is the maximum tenure for which a company auditor can hold office?

3 years

5 years

7 years

10 years

None

32.

The minimum subscription amount for shares offered to the public is:

50%

75%

90%

100%

None

33.

Which section deals with 'Oppression and Mismanagement'?

Sections 245-246

Sections 241-242

Sections 249-250

Sections 254-255

None

34.

Which section relates to the rotation of auditors?

Section 138

Section 139

Section 141

Section 144

None

35.

Under which section is the Serious Fraud Investigation Office (SFIO) empowered?

Section 212

Section 213

Section 214

Section 215

None

36.

A company is required to maintain books of account for how many years?

3 years

5 years

8 years

10 years

None

37.

Which chapter of the Companies Act, 2013 deals with the 'Compromises, Arrangements, and Amalgamations'?

Chapter XII

Chapter XIV

Chapter XV

Chapter XVI

None

38.

Which schedule defines the Code for Independent Directors?

Schedule I

Schedule II

Schedule IV

Schedule VII

None

39.

What is the maximum amount of penalty for a company failing to comply with Section 10A?

₹50,000

₹1 lakh

₹5 lakh

₹10 lakh

None

40.

The 'Doctrine of Ultra Vires' applies to:

Articles of Association

Memorandum of Association

Board Resolutions

Corporate Social Responsibility

None

1 out of 4

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CMA Madhuri Kashayp

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