Test 604 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. Under the Companies Act, 2013, what is the minimum number of directors required in a public company? 2 3 4 5 None 2. What is the time limit for a newly incorporated company to file its verification of registered office with the Registrar? 7 days 15 days 30 days 60 days None 3. Which section of the Companies Act, 2013 defines the term "Independent Director"? Section 2(20) Section 149(6) Section 186 Section 96 None 4. What is the minimum paid-up share capital required for a private company under the Companies Act, 2013? ₹50,000 ₹1,00,000 ₹10,000 No minimum requirement None 5. Under Section 447 of the Companies Act, 2013, what is the punishment for fraud? Up to ₹5,00,000 Up to 5 years of imprisonment Up to 10 years of imprisonment and fine Up to 7 years of imprisonment None 6. Who appoints the Interim Resolution Professional (IRP) under the IBC? National Company Law Tribunal (NCLT) Creditors’ Committee Ministry of Corporate Affairs Reserve Bank of India None 7. What is the maximum time limit for the completion of the Corporate Insolvency Resolution Process (CIRP) as per the IBC? 90 days 180 days 330 days 365 days None 8. What is the minimum CSR expenditure required for a company under the Companies Act, 2013? 1% of net profit 2% of net profit 5% of net profit None of the above None 9. What is the minimum lock-in period for promoters’ contribution in a public issue as per SEBI regulations? 3 years 5 years 1 year No lock-in requirement None 10. Who heads the Competition Commission of India? Chairman Director Managing Director Chief Executive Officer None 11. Which authority oversees the implementation of FEMA in India? SEBI RBI NCLT Ministry of Finance None 12. Which Act governs the establishment of the Reserve Bank of India? Banking Regulation Act, 1949 Reserve Bank of India Act, 1934 Companies Act, 2013 FEMA, 1999 None 13. Which Act governs the functioning of insurance companies in India? IRDA Act, 1999 Companies Act, 2013 Insurance Act, 1938 SEBI Act, 1992 None 14. Under the IT Act, 2000, what is the penalty for cyber fraud? ₹1 lakh ₹5 lakh ₹10 lakh ₹1 crore None 15. Which organization enforces anti-money laundering laws in India? SEBI RBI Financial Intelligence Unit (FIU-IND) NCLT None 16. What is the quorum for a board meeting of a private company with 6 directors? 2 3 4 5 None 17. Under Section 185 of the Companies Act, 2013, a company is prohibited from advancing loans to which of the following? Employees Subsidiary companies Directors Banks None 18. What is the maximum tenure for an Independent Director in a company? 3 years 5 years 10 years 15 years None 19. Which document is mandatory for the incorporation of a company? Board resolution Memorandum of Association (MOA Balance Sheet Annual Return None 20. Under Section 10A of the Companies Act, 2013, a company must file which form to commence business? INC-20A INC-22 DIR-3 MGT-7 None 21. Who constitutes the Committee of Creditors (CoC) under the IBC? Financial creditors Operational creditors Shareholders Board of directors None 22. What is the minimum default threshold for initiating a Corporate Insolvency Resolution Process (CIRP)? ₹1 lakh ₹10 lakh ₹1 crore ₹10 crore None 23. Which of the following activities is NOT permitted under CSR spending? Eradicating extreme hunger Building political affiliations Promoting education Reducing gender inequality None 24. What percentage of the Board of Directors must be Independent Directors in listed companies? 25% 33% 50% 75% None 25. Under SEBI regulations, the maximum permissible time for listing after an IPO is? 5 days 7 days 10 days 15 days None 26. The Takeover Code mandates that an acquirer must make an open offer on acquiring what percentage of voting rights? 10% 15% 25% 50% None 27. Which of the following practices is prohibited under the Competition Act, 2002? Mergers Acquisitions Abuse of dominant position IPOs None 28. The Competition Commission of India is headquartered in? Mumbai New Delhi Bengaluru Chennai None 29. Under FEMA, who is responsible for regulating foreign exchange transactions? SEBI RBI Ministry of Finance \NCLT None 30. Which of the following is NOT permitted under FEMA for individuals? Investing in foreign equities Sending money abroad for education Gambling abroad Receiving gifts from foreign relatives None 31. What is the statutory liquidity ratio (SLR) requirement as per the Banking Regulation Act, 1949? 18% 25% 40% As prescribed by RBI from time to time None 32. Which section of the Banking Regulation Act, 1949 deals with capital requirements? Section 11 Section 13 Section 15 Section 18 None 33. Who is responsible for regulating insurance companies in India? SEBI IRDAI RBI Ministry of Finance None 34. Which Act governs the MSME sector in India? MSME Development Act, 2006 Companies Act, 2013 Competition Act, 2002 SEBI Act, 1992 None 35. What is the maximum turnover limit for a medium enterprise under MSME definitions? ₹50 crore ₹100 crore ₹250 crore ₹500 crore None 36. The IT Act, 2000 governs which of the following? Cybercrime Data privacy Digital signatures All of the above None 37. Under the IT Act, 2000, which is considered sensitive personal data? Health records Banking details Passwords All of the above None 38. Which Act governs anti-money laundering in India? FEMA Prevention of Money Laundering Act, 2002 SEBI Act RBI Act None 39. Which is NOT a reporting entity under anti-money laundering regulations? Banks Insurance companies Individual traders NBFCs None 40. Which section of the Companies Act, 2013 defines "memorandum"? Section 2(56) Section 4 Section 6 Section 8 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. Time's upYou cannot switch tabs while taking this quiz!You are not allowed to switch tabs violation has been recorded.you cannot minimize full screen mode!You are not allowed to minimize full screen while taking this quiz, violation has been recorded.Access denied! To begin the quiz, please grant this quiz access to your camera.Time is Up!Time is Up!
