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 State 1. What is the minimum number of members required to form a public company? 2 5 7 10 None 2. What is the maximum number of members in a private company? 50 100 200 Unlimited None 3. Which section of the Companies Act, 2013 defines a 'small company'? Section 2(85) Section 3 Section 12 Section 44 None 4. 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 5. Which authority is responsible for issuing the Certificate of Incorporation? Ministry of Finance Reserve Bank of India Registrar of Companies Ministry of Commerce None 6. 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 7. Under Section 135, which activity is considered a part of Corporate Social Responsibility (CSR)? Political donations Employee bonuses Promotion of education Profit sharing None 8. What is the quorum for a general meeting in a public company with 5000 members? 2 members 5 members 30 members 50 members None 9. 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? 12 15 20 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? 1% 2% 3% 5% 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? 2 3 4 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 May the best brain win! Let the games begin! May knowledge be your guide, and may your answers be swift and precise. 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