Taxmann's Company Law | CRACKER

Contents

% ' !

0

Chapter-wise Marks Distribution

I-7

Previous Exam Trend Analysis (New Syllabus) (December 2018 Onwards)

I-9

Chapter-wise Comparison with Study Material

I-17

W A L Y N A P M O C O T N O I T C U D O R T N )

Chapter 1

1.1

L A T I P A C E R A H S F O N O I T A R E T L A D N A S U T C E P S O R 0

Chapter 2

2.1

L A T I P A C E R A H S D N A S E R A H 3

Chapter 3

3.1

P I H S R E B M E -

Chapter 4

4.1

S T I S O P E D D N A S T N E M U R T S N I T B E $

Chapter 5

5.1

S E G R A H #

Chapter 6

6.1

D N E D I V I D D N A S T I F O R P F O N O I T U B I R T S I $

Chapter 7

7.1

Y T I L I B I S N O P S E R L A I C O S E T A R O P R O #

Chapter 8

8.1

S R O T I D U A D N A T I D U A S T N U O C C !

Chapter 9

9.1

S E R U S O L C S I D D N A Y C N E R A P S N A R 4

Chapter 10

I-5

10.1

3 4 . % 4 . / #

I-6

% ' !

0

Chapter 12

S D R O C E R D N A S R E T S I G E 2 Chapter 13

N O I T A Z I N A G R O E R E T A R O P R O C F O W E I V R E V O N !

, 2 " 8 N I G N I L I F D N A

! # -

Chapter 15

S R O T C E R I $

Chapter 16

N O I T A R E N U M E R R I E H T D N A 0 +

L E N N O S R E 0 L A I R E G A N A Y E + Chapter 17

S E E T T I M M O C S T I D N A D R A O B F O S G N I T E E -

Chapter 18

S G N I T E E -

Chapter 19

S G N I T E E M L A U T R I 6

Chapter 20

S E I R A T E R C E S Y N A P M O C G N I N R E V O G K R O W E M A R F L A G E ,

Chapter 21

D R A O B S D R A D N A T S L A I R A T E R C E 3

Chapter 22

S T N E M P O L E V E D L A B O L '

Chapter 23

S M R I & A G E -

Chapter 24

E C I T C A R P R O F S N O I T S E U Q D E S A B T N E M D N E M !

P.18

SOLVED PAPER: JUNE 2022 (NEW SYLLABUS)

P.1

SOLVED PAPER: DECEMBER 2021 (NEW SYLLABUS)

24.1

23.1

22.1

21.1

20.1

19.1

18.1

17.1

16.1

15.1

14.1 O T N O I T C U D O R T N ) Chapter 14

13.1

12.1

11.1 Y T I R U C E S D N A S E E T N A R A U G S T N E M T S E VS NN I O I T SC NA AS ON L A ET R T A Y R T OR PA RP OD CE RT E A T L E N R ) Chapter 11

L A T I P A C E V R E S E R N E E W T E B N O I T C N I T S I D F O S T N I O P N I A M E H T E R A

GE NV I R WE S OE L L R O L &A T I P A C special resolution

Balance Sheet Disclosure

ND I A DE EH S OE L H C T S I R D E ED R N A SU E T VE R E E H S S E R E L C A N T I A P L AA #B

ET S E OE L H C S S I E D C N OA T L A DB EN EI NA L T OI NP A SC I E V ER R E E S HE 4R

O T D E S U

ES BE S NS AO CL L SA E T VP I R E A S C E F R F LO A T E I T P I AR #W

S T l O R P L A T I P A #

L A T I P A C D E Z I R O H T U !

S N O I T I D N O C H C U S O .

E B

D L U O H S N O I T U L O ' S! E 2T A LD A I E C S ES PA 3P

3.1

“Reserves & Surplus”

D E S U

ES BE S TS O O NL NL AA T CI LP A A T I C P F AF #O EE VI T R R E W S E O 2T

Created out of

S I ES

VE R S E A S C E R N I LA A T T R I E P AC CN I FY O R O NT OA I D T A N EA R #M

Need of Creation

S I L A T I P A C E V R E S

Y E R R O FT O A D NN OA I T M A EO T R #N

Specific condition

TEEE U VVV OR R R E E DES S S EE E E T R 2 R A L E LA L A A R T T I T C I I P P EP A R AAC C A #Y S Y R T E R OO VlT O T R U R E U T S P T A A E LT T R A S S T L EN IB A P T O IA YN P CA AF R MO #O

Meaning

-

T EYS N A M HNH EO T A F VC PY E O E TMN E R H OA H A T

PCP T FP M TAO NOU A I ED HFC T S O T ON PP SLD E U I E A L T CRO T I A I XUW T M P IA P I EPG E L ACLYL N HI C EBA D H T EE E DCR T VL B EOO LH R D FY T A C E I CI S C TDN E NHE O NA 2UWD NAP

Writing Off Capital Losses

Capital Reserve

Reserve Capital

Points

SHARES AND SHARE CAPITAL

3

CHAPTER

RESERVE CAPITAL vs. CAPITAL RESERVE

Que. 1: Distinguish between Reserve Capital and Capital Reserve.

(December 2009) (June 2012) (December 2012)(4 Marks) Or

‘Reserve Capital’ and ‘Capital Reserve’ are one and the same.

(December 2014) (5 Marks) Ans.

, !

4 ) 0 ! # % 2 ! ( 3 $ . !

3 % 2 ! ( 3

3.2

SWEAT EQUITY vs. ISSUE OF CAPITAL ON PREFERENTIAL BASIS

E U S S I

Y T I U Q E T A E W S N E E W T E B N O I T C N I T S I D F O S T SN T N E I M O PO T NL L I A A ME C EN HE T R EF E R E A R GP NN I WO OA L L L T O I &P A C F O Que. 2: Distinguish between sweat equity and issue of capital on preferential basis.

(December 2009) (4 Marks) Ans.

E ORA UETE E SS DRU S ESNES E I H L I U S T B N NI I I ASE AT C N R P I ONL SE I SSB VMR IU ENOE UOCP HP SCDF CA S I I F E O R LOT HO P S W A N I R I U L T O E O

N Y R U

ESBG S R E S T E S N R I C F E A OS I E ET I HI T TL R H EC PSR FUSEG I !O CA3R

LID NOA GEA N NLU DE ATTO B I L DL EYA ID TA AC T L II MNSA V E A A A R R L EC L OEOVE R SPT UE D TL PAN EMC M I S ROE G AA I V N R ACI R OONF N I H D O R K R 3ARCFA EOE Y H R R V SE SMUT OA YBOF T T T S H R S A C A I GH UEER ONI E R NWER QA YOA W OTH EHL OHYY SPN THTTB N TYM R U AT R IES W O T P EI E E C H N O U OO HN WQ S GR SI T I I T 3E DO PT KR I

G N I N A E -

D E U S S ) M O H 7 O 4

O T E U S S S I N NO AS S R IE EP UF SO S I P L A U I T O N R EG R T E C F E E L R E PS !A D E U S S

I S R EO R T A C SE E R R I D A HR 3O YS T E I E U Y QO %L TP A M EE WO 3T

D E U S S ) W O (

R O R A P A T A E U S S I L A

I T M N U EI R E M F E E R R PP T !A TN A O DI EA T UR SE S I D ES I R A N SO E C R R A O H HF S 3R A YO C T I TN U A QNH EUT TOR C A S E EI H WDT 3AO

N E E W T E B N O I T C N I T S I D F O S T N I O P N I A M E H T E R A G N I W O L L O &

F AYSEEYO R H NAS A T SA I S D W S NPE E EN R S AME R E O O EO E YH CP HE MC OT R L OWS U AP EP H R K M T O C S E IEEU AH H URT RT WOST E T S R RSI ADO C E N F

I DEL E U H R N B NA G M O U UH UYT I E ESPOAI H SC MSFRMI O H R T US EE TT S QE R HF F U A CH RR CO POT AT S SL ET Y T MN C EAE HRR CGI SYD NN AAO PI S T NMPS T AOOU EC R K MACT O HT A CS H I E H G EU WY O OR RL E H DPT NMR UEO

Meaning

(December 2009) (4 Marks) Que. 3: Distinguish between: ESOS and ESOP.

Employee Stock Purchase Scheme “Employee stock purchase scheme or ESPS”

Employees Stock Option Scheme “Employee stock option scheme or ESOS”

Points

Issue of capital on preferential basis Sweat Equity Shares Points

-

-

ESOP vs. ESOS

“Employee Stock

Ans. Option Scheme” & “Employee Stock Purchase Scheme”

, !

4 ) 0 ! # % 2 ! ( 3 $ . !

3 % 2 ! ( 3

.

i.e

.

D E U S S

I E EU BS NS AI CI C 3L 0B 3U %P RA E F DO NT UR SA E P R A A HS 3A LF A PNI O EEC T S GER DNPA EISP V GE OYN B RNI T PAS S O PPA N AMP N EOYA BCB C E OH GTE

T T N)U

I SYT NS A E O S HBE I I T Y C M U L 3E I L L T /A O LS B A 3R U R EP %A E R

S A T O 3P 0S 3E %H RT ON F O SD DE OR I E R F E F PO GE NR I A T S S E E VR A OH .S R O F D O I R E P G NR I A T E S EY VE N MO US I M3 I/ N I 3 -%

-

Nominal capital:

FY O N MA UP DM NO AC R E OH MT F EO ML A ET HP I T YA BC E DR EA S I H R S OF HO T T U N AU SO I SM A LA A M T I P U AM CI HX CA U SM SE NH AT EE MB O T Y N A P M O C A

S LCER I B A L O T B T I O U S P T E APL V C A L N DACI I R EE N H Z H C NC I I R EE H OG H TW E T ON H U OI ATT NY

SI FMI ON O O T A TRMA F U CP RL I M OSE

NTP O LO PC S A I I AE T T H I A N T H P C FAT AI L ) Y CP N L I S P FPE S O ARME TDA R I SA N HS ES UV H IS I OE GNY MC NOU AEIIB T Y R P U ES I O R HA B T C 4H NS T S YIBE NDUR S E E AT T NN PS E E I MR HS T OE I T CN DH OS HI E C OS E T I R S H S R E WAE R O DP RHN X OW UE F

capital:

Subscribed

ETL Y YER SNN H NS O I I G I ATAEA T R EA P O S R R E RMTEU I ST S CI I S OPNR I YG CUAI T I NE P E AMM AR HN PRHUO T E CMCEH OI MF V I T H OE X NOE CL R BWAOBU AI M A S L S A A T L HN T E L E U CO I E BRW F I H PP A S N N SC I SI WE AH I FC TH D HRO T Y LOCE I I A T D T WDN H T E I O E LB W U E P D A U N O A

L E T A I L S MC$T S L P E II A

D A AI P D C E CN EN AR O FAMRO C OL A S P O UH Y A TMMS EDMS E N I BZFI I UOX I L TR OCA TA O F O A T MOMSN HH I P AR E TT R U E D A A ER HANAOC H HT T S A D H S S 4I S E C G L I G A Z U N ETHT I I R 2)GISC U P

O H NH OAI T ESR AT HI E HCWNU T D N T !

HA EDl E T F E Z I PS E IROL W I R E M A B SI D ROTD O S H S I EC ES NT G R EO FAUE E O CARNP T Ans.

E 3 T 0MA 3UD M %I E H N NI T AM M RAO E RF R DO NFA R NE UI DDY EEET UKNN SCOE S OFM I L O ED T SB O E L O R LI L L A RA A HH E F 3S PO ESF HEO R T E A S YH I F S C I C R EEE X PHE ST YRO T AO MFN T DA YO U NI S AR R PEU MPP

ONDN CI O EI KU EC T HO SP S 4L O I

Vesting Period

-

Public Issue

NN EOE VS C I I ER G ERP A R HD A E SST E EN ES YAU OHO L CC P R S MUI EPD 3OA T 0TA 3NT OO %I TP RP E S DOE NNH 5A T SG VE N I R I G T A S EH E R S V A ER SS E E A T EH F YC A OR L U P P MO E ET T 3NA /OD 3I R TE %PT ROL A D E N O DAAR I NNT E 5E AP

Lock-in

-

Purchase of Shares

Employee Stock Purchase Scheme Employees Stock Option Scheme Points

SE NH AT EY MB D E B I R C S B U S G N I E B E M I T E H T R O F S I H C I H W

LY A N T I A P AP CM EO HC T A FF O O TS R R A E PB HM C UE SM

Section 2(86) of the Companies Act, 2013: “Subscribed capital”

3.3

NOMINAL CAPITAL vs. SUBSCRIBED CAPITAL

Que. 4: Distinguish between nominal capital and subscribed capital.

(June 2010) (4 Marks)

i.e

registered capital or authorized capital.

Section 2(8) of the Companies Act, 2013: “Authorised capital” or “nominal capital”

S E I N A P M O # E H T F O

N O I

T C T EC 3!

RR E

E HE HD CU T LU R S UO S FHSI E G T SR NH E A I G UHD I L SS R O S S IGH A NR YI NS IN TE AI W HO PX T MEF N OOOK CTOS I NSIE T E ER A U R HA S HNS 7S II DS ET I UO E ST V S R TAE I S NS SO E E COR R FSE A HORE SEER D F EO L ER R F F H A O ET YR SN U E AAO R A PHS H SI SMGS A SOI NB UCT NAI S OYX "BE D E DU I S S S NI OE CR SA E S VE I R E CA H ES H R S A YSC NAT ANS PON I I MA T A OR G #E A

S I E R E H T E U S S I T H G I R F O E S A C N ) YS NU AN EO VB I F E CO EE R S A TC O NN SI E N OO DT I YA NR E AD PI

E S MN U OO S S #C I S I E R E H T E U S S I S U N O B F O E S A C N )

N IHO R G I OU T HO U T R L U O HS AT E E R U L S A S I I C T E H P G S I

R R Y R FMOA O O RYS S R EFA E S NN C A E IN COD I T RS A NZ OI ) E L H A T R E N N E O G

E Y N EHMA DTOP AFR F M MON O NO C SI OI I E TTH EAAT Z I UDR F SNO O E S HG I MT N S UI UMAT ODE NC OE NE "R AM SM T O C E# F F E A H T F O E U L A V T E K R A

MY N EA HP T -

E H T F O E U SL E A R V A HT SE SK UR NA OM BEY HN FT A O E P U M S O S # )

S E R A H S Y T I U Q E T A E W S N E E W T E B N O I T C N I T S I D F O S T N I O P N I A M E H T E R A G N I W O L L 3 O / &3 %

ESOS

SESHSEEY ESHN N EC EAT AMEUY I Y H A ET OSL OCEP EL ML S RTM A P P U E O O NHMVMPDC I E OWEG E R EEC I O HI T ER RTU R H PH TTP OI COTU OT H YD KOSHSGFBE CTRWRIADN ONE ER EI T C C TRM E I I R Y A F F E 3I O VF N R F F EF E T SGOAOTBO P E l I ENSM S RSD E EO C E R R N YI O I E T OTOCOESI R P T T L BBR P U C C O P UA A S E E ER CT MEI RH EA HRFI %T D D O O S T

YSTHGFED T T INSNOUE I U L I A L U A K L EV OCA QOC A R N U ETS C SYIAMTRE NNDHRAOM S T ONT AAAR A T H EPA E WEG N HO MMS HIR T O R E T E SC YV EOH T E NRT YNWI E R AO O A HYLI TO EA P S N P A T 3BM OH KH R RW YDE E GGP Y T E D I N I L R URI I U AB O S D S QS S SNI EUN T L R V %I O O O COBCI TST E A R R E A T L C L P L I I O ERE E D A F A R R T WH D VN RO I 3S D OF A AI

Basis of Sweat Equity Shares Distinction Meaning

pro

rata

does not Right Issue of shares affect

Market Value

cash inflow to the company.

Consideration

-

members

Board

Authorization

no cash flow.

Cash Flow

S E I N A P M O # E H T F O

N O I

T C T EC 3!

Meaning

Right Shares Bonus Shares Basis of Distinction

D NF EEAO UDCE SEEU S RCL I A EPI B RV NAPC E I ATU S CAS N NTS I H R I OG T I EN T IH P I R O 4 KN E COEH T I C OS I R N T R E 3

PAS EV HE ENDTR E YON SA OCI S H L E S P HML T E MI REH E %WT BT T Y A W D N O A EN P UK SR M S I EOO BF# E E NE H AR T CF O SRT E O R S E A E C HI C I SR V YP R T I DE U ES QT D %NN TUA A O EC W SO WI 3D H

-

Issue

, !

4 ) 0 ! # % 2 ! ( 3 $ . !

3 % 2 ! ( 3

3.4

BONUS SHARES vs. RIGHT SHARES

Que. 5: Distinguish between bonus shares and right shares.

(Dec. 2010) (June 2011)(4 Marks) Ans.

SWEAT EQUITY SHARES vs. ESOP

Que. 6: Distinguish between sweat equity shares and employees stock option scheme.

(December 2010) (June 2015) (4 Marks)

Ans.

, !

4 ) 0 ! # % 2 ! ( 3 $ . !

3 % 2 ! ( 3

EY CT I NU EQ R E E R F E E R V PO T AN TE E GM Y

SAS R P R E E DD DN L L O EO HDH EIE V R R I A D A HN H 3I S SE E C R N A E HR SE F YE T D RI I PA U QEP EHN TE NR E OT EB DFS NAA Y EL H DN I D O V N I DE D I D A I EP V HS I 4I D A L U M U C

RS OE F R EA VH I S T A E L C U N ME R UE CF E ER BP YE AV I -T

E V I T A L U M U C E B T O N N A #

S E M R O A H# SE EH CT NY EB R E D F E E R M PE EE L D B E AR ME E EBY DYN EAA 2MP SG E N R I A V HL SO YV N T I I E U

QML EEA T FHI O CP S A NA C OR I F T EO P DN MNO EUI T DTC EPU E R C D OX E .E R

T O N N A C R E D L N O O HT I EU R L A O HS SE ER CL NL EA R N E O F E E R T P O !V EE T H O VT G NN AI CT C RE E F DF L A O HS ER R E A T HT SA

YMY T N I U LA QL P EAM NNO !OC

D N A L A T I P A # E R A H 3

S E I N A P M O # F O

-

Rate of dividend

V I D F O E T A R D E X l A O T D E L D T I N T E N D %I FS O DY NN TU A N UFP OEM MHO AT# DE EN H HA T T F EO NL OB S T AN PL UA IE SVM DAE N I R T El U PO Q ER E $P R

E L U R O T

S E L U 2 O T S E GR NU I T D RN OE CB CE !$

Explanation

88

Preference Share Capital Points Equity Share Capital Preference in Dividend Payment

.

In case of winding-up

NP I U E CG N NI ED S R R NE E I F D WL E R O PNH E TIR T E GNA H SES M R E Y YT DA I L PU O Q HLE EA T R R I A E P HA V 3C O

FPS O R AE TCD N FL EO O H MTE YNR AEA PMH YS TAE E C GPN E HE ST R R RE E E F DT E L FR O A P HL EA O T R T IL AP HA A T 3C I

SRGE E ON U R F IA L A K HRAV SO R YTMO N T R I U OS U O T QC WH ES OG HIHI CD R Y UAWT STOR NANE ASKP E EE O RR I MY E P HL OT SL E A P R GU A NT HMI C DE SEI L YRV L O T E O I T S R U

N D QRPI O E ET R L L OFA TC A EFOC ER HE WISRE UM AT SDC S T A I NAN OANR T HEE

T H Y V NN RTE E OA T NA I H P I T T H C SW EMOT S O HY NG OCO T IIB GATRS A NYR E N B L I E B D O DA I RDI T L OES I ID CUN A CS SOV D !I CAA

Ans.

R O F D E l I C E P S T O N S I D O I R E

P3 / N3 I K% CE OH ,T L U P

MS OR CA EE VY A HF SO E D R O A I HR SE YP T N I I U QK EC O TL A Y ER WO 3S

Voting rights

-

-

Dividend Accumulation Redemption

-

Lock-in-period

D I A P E B O T S A H N O I T A R E D I S N OH CS A EC HN 4I HR SO A CN YO I L T T N I RD O A I T PDA EAR BEE D NUI L AA S CV N N O OS C I 2 T H A 0S R ) A E C DY LN I T S NRO OAN CPY EDL L HNU 4AF Consideration

-

3.5

PREFERENCE SHARE CAPITAL vs. EQUITY SHARE CAPITAL

Que. 7: Distinguish between preference share capital and equity share capital.

(December 2015) (4 Marks)

Ans. The main points of distinction between preference and equity share capital:

SWEAT EQUITY SHARES

Que. 8: Write a short note on sweat equity shares.

(December 2014) (4 Marks)

S N A E M

E E Y O L P M % @ @ S N O I S S E R P X E E H 4 E L U R S I H T F O S E S O P R U P E H T R O &

R O

T O N R O R O T C E R I D E M I T E L O H W A R E H T E H W Y N A P M O C E H T F O R O T C E R I D A

FE O H ET VF OO BY AN A P RM OO C G N SI E D L S UO AH L A C BF UO SR NO I A DI ED NN l) EE DI D S ST A RU OO T R C O EA R I I D D N A) RN OI E EY YR A OI Y L D N P I A S MB P EUM NSO AAC A I D N ) N I G N I K R O W N E E B S A H O H W Y N A P M O C E H T F O E E Y O L P

MA I ED TN N ) EE ND AS I MT RU E O PR AO a

b c

SD DS EA E NL l I CS A I AT T N A OFS COE R GSA E NR I S A H N H T O SI Y YI T NT AI D N GUO NQC E I D TG NA N AEI T W W S HSO T L EL I O WUF S TS O IE H NNT TAF A C HYI T D NE SA U E PS DM S I I V OOY RCD PAA E L R

A

NS O E I NT R OC A I EH T S 3 C ENF 3I O

EY GL NP AM HO CC XD ) EL KU" CO% OH3 S T Y S S B E DR F EA L Z A I HH N GSE OYB T CI S I EU H R QT AEN TI NA E OE D DWA ESM T GS S I NN L EIO U R I ST A S A I L SY U E NG R A AE HPR SM E H EOT R CH E HEI T HW 7T

TI SE A R EHA WTH SN3 EI S UEE SDI S AN I DMA L P U SM OE HLO SU# DR EE T H S T I T L OHN STE I TW MS O E N NL E R U ECE R N 2 V A A O SI S L ' E P E R L R M A A U H R T SOT N N ECE E S N#B OI E HSE$ E WR HD T YA N NHYA ASBL P FA Y LI T MT A I OU HP CQ EA AEB# iv

O MNT O S I UT E NA E RY AE O

DL

I P N S ON M I OE T C U R L O O

CS D S E E R

R OU E T EC S C S HI I R E T R E NPI B I TD DE O F KO ER T lA E SR I E C EMSA S P A S STL E R YN ECA L R RH R R O A S U EC S L Y S C T A I EBC L U R Q A SDE GE H NR I ADC WH NU OSAS L M L FY O O F NO R EE AH HB FW T I

iii

-

ii

D E S S A P N O I T U L O S E R L A G I N C I ET PE SE AM YL BA R DE EN Z I E R OG HE T H U T AN NI EY EN BA SP A M HO EC UE SH S I T EY HB T

F O T R A P A SS NA OD I E T C U ES S S I FE O

S BD EL S LN OI U PWO RER UR G PA G EHN HSI T YW RT O IL OU L F QO SEF I TE TA H I DET EWN DSO I FY V OOL RTN PNO U N TO O O I L MT L A A A R NEE AH N CT U Y N M A E PD2 L MNA I OAR # E G S A E N 9 A

-

i

i

b

a

, !

4 ) 0 ! # % 2 ! ( 3 $ . !

3 % 2 ! ( 3

3.6

i.e

Que. 9: The share capital of Raney Ltd. is INR 30 Crore. ‘Russel’ is appointed as Managing Director of the company, the company wants to compensate him by issue of shares for supplying technical know-how without any cost. In this context, answer the following:

I. Whether the Company is allowed to allot such shares?

II. Is approval of shareholders required for issuing such shares?

III. If found eligible to allot such shares, what will be the quantum (value) of shares that can be allotted?

IV. Can Russel sell such allotted shares in the market?

V. Will the amount that he receives on sale of his shares be considered a part of his remuneration?

(December 2019) (1 × 5 = 5 Marks) Ans. In terms of section 54 of the Companies Act, 2013: Issue of Sweat Equity Shares:

, !

4 ) 0 ! # % 2 ! ( 3 $ . !

3 % 2 ! ( 3

D N A

R E G A N A M R O R O T C E R I D Y N A O T D E U S S I S I E R A H S Y T I U Q E T A E W S E H 4

iii

L L I W T I S E 9 v

ELOHY GATC B T R I NUS P A T OSl L AI RO SCR TO E O T OFR T A PTP L N ONT S U I R U I MSP O T E Ul Z CONMI I L A CRS A APR YT I DDENP EBAA NT AA MYC SLEAE UU PD OMMOI RUGT V E O N PCI ER T SCS V P OAI A S R X HE PEE S L TC E SH EOT I I YTHNR NSTO!S T G D AR S E NS PE T R I A MVOR FH ONMEI S COABYS C LMA ATA U E N T NII -MO ESP T YB A Hl S D N T 7OCN AI R A PEEPP H ETMMY O L E SL L B CL E T AD U I!F T IT N U V

G BIES D N E I R I R R I T U D A E S S NH I HS D AT SI

D I A P S I R E D L O H E R A H S O T G N O L E B H C I H W S E V R S E E S R E A R H ES Y UT SI S U I SQ UE O NT ON BI FD O E T ER S E A V CN O NC )

TN H GI I E R H h T AF SO A F L DA EH WE EB I V N EO BY N YA AP MM E UO SC S E I

HS ST E U V NYR OBE S BI DE TA R A PS HS T T I I YY M AE O S NR OOF T S R TME C TD EA L R HO R OTH TE CP R SE A I CH TX S I EG E N CvI E T NU S ES E SV (I

LDH A T EI T I U P SW AS T CI H EEI G H R R T A L HFA SOT I ETN CRE NAR EPE T R F A E E H F R T E R SP PN A AY ER R MA SC E D R L A U HO SW YR BO DS EE T I I R MR IA L YC NH C AI PH MW OY CN YA NP AM OO T EC C E NH RET E R O FT PE O T SF C L E !R A E T HI P P T S I AE WC R

D N A E T A R D E X l A T A R O T N U O M A D E X l A S A R E H T I E D N E D I V I D F O T N E M Y A P

D E l I C E P S L A T I P A C F O T N E MY YN AA PP EM R RO OC E PH UT GF NO I S D E NL I C WT I R AA FR O EO S M A CU D EN HA T R NO I TM N EE MM YE AH PT EN R I

a b

Section 43(2) of the Companies Act, 2013

Ans.

D L O H E R A H S G N I T S I X E E H T O T D R EE R F E F F O F O F EO BR E OT T T LE A L T I A P AH CG U FO O R EH UT SY S I N NA AP SM I O C E H T F O S R E Ans.

H S A C N A H T R E H T O N O I T A R E D I S N O C S A D E U S S I E R A Y E H 4

S R A E 9

F O D O I R E P N I K C O , O . iv

R E H G I H S I R E V E H C I H W E R O R C

S 2 R O L A T I P A # P U D I A P F O

ii

G N I T E E L A R E N E ' N I D E S S A P E B O T N O I T U L O S E 2 L A I C E P 3 S E 9

Shares: Rights Issue

Bonus

-

3.7

RIGHT ISSUE

Que. 10: Bonus issue may be viewed as a ‘right issue’ except that money is paid by the company on behalf of the investing shareholders from its reserves.

Comment (December 2008) (5 Marks)

-

PREFERENCE SHARES

Que. 11: Redeemable preference shares are not preference shares. Comment.

(December 2010) (5 Marks)

Thus, it is in correct to say that redeemable preference shares are not preference shares.

D I A P Y L L U F S I T I L I T N U G N I T A L U M U C C A N O S P E E K D N E D I V I D E H 4

U C N O N E B O T D E T A T S Y L S S E R P X E S S E L N U E V I T A L U M U C E R A S E R A H S E C N E R E F

E E R V 0I T SA UL HU 4M

ASRA FEOT I O TA N l SA EY E EPNN YMEA OOBP L M C E P RH O MO T C EY E S RNE H OAE T SPYF R OO D EMLS E COPE NHlCMR lCFYEA EIORRH H A S DW I OS R D N O I SE S EOT R ETCBEH E UCT BGR NISlRE SI C A DDRFOI HR EOOFR OHYSEP B CTNRI D A O COP R E T AT C C N S I NMEB RUM EOI VC R D SE I GHO G T NC NI TE D OL U RD I T E OSOR P S OHEEP S S V ET A I A HIG F H T T CA HR SOC E NRI UT AOH EY PA W N OD MA T E PYT R N U H MA T GU OF I CI R F Ans.

N I G N I K R O W N E E B S A H O H W Y N A P M O C E H T FR O O E EI A YD ON L P ) ME D EI S TT N EU NO AR MO A RI E D PN A)

YY R N A A I P D I M S BO UC SE AH T FF O SO T Y N N I A O PP DM EO NC OG I T N N I D EL MO EH VA OF BO AR NO I A DI ED NN l) EE DI D SS A T EU EO YR OO L A P I MD N E) NN AI

HN GE UT O RN HA H T Y T N RE OR A EOP VMM I T O A S C L DE E L R O H SHT I F H O Y L HT S GC E R UEA R OI H RD S HN T Y T RII ORU O F Q L Y E E L T S G C ME N I II R D H N RDA E ES T HT T T AU I R E OO OP E HR H OT WC R F OYO D T T C ON EB E R C I YR D NE !AP

E H T O T G N I G N O L E B N O S R E P A R O R E T O M O R P A S I R OO H P WU EO ER YG OR L E P T MO EM O NR !P

T O N R O R O T C E R I D E M I T E L O R HO

WR O AT C RE E R HI T D E T HN WE D YN NE AP PE MD ON CI EN HA T G FI N O D RU OL T C C X EE R I T D U AB

persons cannot participate:

Following

As

per Section 62(1)(b) of the Companies Act, 2013: Following persons can participate:

R O N G N I H T O N T E

R GA SE R Y E DT L N O E HU EQ R E A S HB SU ES HY T N RA A EN YI D YN NE AD NV I I I ED L B D AI L A I P A VN AU E R M A I A SL T C l OY RE PH OT N NA FC )

DH EC XA lE AF OO T S T Rl E O DR L P O HE SH T T I F OO T TT H U GO I R S SD E N VE I G D I EV R I A D H SF EO CE NG A ET R N E F E E C R R PE EP VD I T E A X L l U MA UR CO NT ON NUR

EOA HME 4AY

D E X lS T Ml IO A R L P C OE T R RU E T DU L F O F HO ST T I U NO OD TN H GA I R R A AE SY R T E N F E N R OR CU EC R A E HH ST ED CN NA ET R S E A F P E R E PH ET VF I O T A D L U N E MD UI V CI !D Ans.

of the Companies Act, 2013, tion”

under Section 2(37) “employees’ stock op ‘Employee Stock Option’ (ESOP)

, !

4 ) 0 ! # % 2 ! ( 3 $ . !

3 % 2 ! ( 3

3.8

Que. 12: Preference share are cumulative unless expressly stated to be non-cumulative. Comment (June 2011)(5 Marks)

-

Que. 13: Every employee of the company is eligible to participate in Employee Stock Option Scheme (ESOS). Comment (December 2012) (5 Marks)

Hence, it is not correct to say that “Every employee of the company is eligible to participate in Employee Stock Option Scheme” (ESOS)

, !

4 ) 0 ! # % 2 ! ( 3 $ . !

3 % 2 ! ( 3

EE BH T

OT

T P EO T R C D! A A S S O E E T R I A N YA HR SA P SM YS T EO I U C# QEE ENH EST HAF T WO ET R I E HSN E O WR I A T TH C A E HS3 T ER CE DN L E D EN HR E U SF A L E A R WP T I TE P I A L# B AF MO EN EO I DT EC R U OD T E N 2 I DF EO T S R S E E VC NO OR CP E H T F O

N O I T C E 3 R E D N U L A T I P A # F / N O I T

C H UT DI EW 2D E FI O L P EM R UO DC ES CI O R P

T C !

S E I N A P M O #

LSMS TE A R R H R A U T UE MlF T YI Y C O T UYN T N I N RN T O EMET S I A WAWP R TFTO F E O G N HE I NNT FI H O D O MT EI TO HE T P T A C I R WXMFS RS I GEEA D NDE A EB O I R L I Y R A ER EEH E T EA DPT DAOPN NRTSO O E T I AF T C R R PSE A O UEJHP B R SO GA UE NH SC R I S P T SN T ER E EN CA S R ENEEO E Y F HR R S E T R E EYR T I E F NE L PR R D I I L DRHHAO EPTCEH GEGURE U NS AS OR I GS A F D SH NI O E DS EYE TRE YAC NMXNAC A EEWN C S N PT R TE E OR CO ME E NP F R OJ T A O E NE CR U R EY !P BT P

term ‘‘infrastructure projects’’

S T C E J O R P E R U T C U R T S A R F N I E H T S N A E M

) 6 E L U D E H C 3 N I D E l I C E P S

E DC NN AE T NS OI I X T E A R DI I E U QH T I L T

S DUE NBL EDI C ET DS I R IA V N I D GE OH EC T T EN A NRI ONS I E N T T R O I OFS POI E V OR O RA R PS TP H S Y R GB E I DR D L EE O VT HT I C EP E R F A MF H E SEE EB ER HP N T A SC ET VH E R GP E I S RO E GC R NS PI D TN OO 4VA

OEF SBO FOT E I TA YED AB L E MA H IT SL

E E D M R R E A O B HAR I SHF R C C SS YI R BH E A DWER ESYP T E E I YB R T MA N IH L EY YSWA NETM ACGS PNN A MEIS R OEDN E F CE O EI CI AR T TPXD E A ET N HU O O T S NC SI S E H DC T SOU A E I T R L S S C E RI O P T E T R AT HA T C N R S E UTIJ I H FY B T I U BW S

D

E EDU S E S IMS NR I OO ER I T HEI C T DE EU EH 3AR T

Ans.

Y N A E U S S I L L A H S S E R A H S Y B D E T E I L MB IA L YM NE AE PD E MR OR CI E OR NA TH A C HI T H SW E T S A E T R S A H S

E C N NE R OE I T F C E ER 3P Ans.

Issue and redemption of preference shares by company in infrastructure projects:

Exception:

The

3.9 Que. 14: Whether equity shares already issued can be converted into redeemable preference shares?

(December 2012) (4 Marks)

Ans. As per Chowgule & Co. (P.) Ltd. 1972 Tax LR 2163, St. James Court Estates Ltd. [1944] Ch. 6,

Yes, equity shares already issued can be converted into redeemable preference shares only when Que. 15: In no circumstances a company can issue redeemable preference shares with a redemption period of 20 years.

(June 2015) (5 Marks)

FURTHER ISSUE OF SHARE CAPITAL

Que. 16: Section 62 ensures pre-emptive rights of shareholder. Discuss (December 2012) (4 Marks)

Y S B R E L DA L T I O P HA EC R A E HR SA SH E S R UF CO EE S U S S I R E H TT C R !U SF E E I H N AT O PT MD OR #A G EE HR T H FT O I W S NT OH I G T I

C R Y EEN 3V A IP T RP E V M EMO WEC EE OR H (P T

, !

4 ) 0 ! # % 2 ! ( 3 $ . !

3 % 2 ! ( 3

3.10

SH RE C A RI EA H HW FS O R TEE P HN I T E N CTA EP R EM NC N C OA I R

OOMY N ETEA H S CE T I P T F N O M O I L NC O EC EES HDOE T PH ES NH IT I D D DT N EAYA lHAS T I M R C E EN D POSL SSRO O R T EEC H E ER MPR IEI A T DH EHF S HTO T M E H FODT O R RA O YFO T R N I S O"E P I XT E G EA HA T EMTN H I D A T T EV N RI R D E E R A T F F E F S I !L O I

S E L C I T R A S T I Y B D E S I R O H T U A S I T I

E H T N I D E S I R O H T U A N E E B D R A O " E H T F O

Y NN OA I T P A DM NO EC ME H MT OF CO EG R N I ET HE T E NM OL A R SE A HN E TG I

D E X l F O T C E P S E R N I L A P I C N I R P R O T S E

T R I E T Y N B I FD O E TU N S EI S MS YI E AI T PR NU I C DE ES T T L B U E AD F E R DO TS O T NS I SO A P HE TD I

ES HU T N FO O B SD E UN DA Y YT R I U OT T A U R T G A T S D FN O U TF N T EN E MD YV I AO PR EP HO T T FN O O TT I C EU PI B SR E T R N NO I C DS EA T L H U C AU F S E DS E TE O NY O SL A P HM TE I

T N E M T O L L A F O E T A D E H T N O G N I D N A T S T U O Y N A F I S E

R P A HU SD I PA UP DL Y I L A U PF YE L D T R A A PM E ER HA T

R D ORE E F B T I RE R ODC S HEE SBR A OP CT O RST OA T F C HE RSJ E E B HR U T A I S HR E S E NH U OC L I A T U U SV L D FE O SOR E E E R C T I LR S I A G I PE C EER PHA S4F A O H T SR GA O NC I P S NE S A AR PHN T O YR I T BE A SHU NTL OOA S V N R E OH E I

T S PA T N Y RE R O BI E T HI DDI T E D S O N N N I OOM O 4C C

G N I S S A P Y BS NN O OI I T T I P D ON KO CC OD T E S B EI R EC YS OE L R P MP H ET I FW O EG N MI Y EL HP CM S EO HC T D RN E A DN NO UI T SU E L EO YS E OR L P L A MI EC E OP 4S

FE O H RT UN OI VD AE F N AI O T NN I SE E M R A Y L HL SA C El HI T C EE CP NS UE OB ND EL R U OO T H TS H T GC I A R F ES HI T H ET DD UN L A C NN I O LS L R A HE SP RR E E H F

F T E O O C I EYT HN O 4AN

TS S Y OA 0D DE E ER EH PT 3T S RA OE TL S T OA PS R DE ED R L E O T H S I E G R EA R H HS GG N UI OT RI S HX T E

D E E U EH S HT S CL LI T AE A H POT ST I F D CO I ENG BON R I LT L N C A E EP HL SE O EHE CGH I UT T O OE NRR HO ET F HR E 4O B E V A H O T D E M E E D E B L L A H S T I D E l I C E P S D O I R E P N I H T I W D E T P E C C AD TE O N NL I SC I E RD E F N F E O E FB )

SR E O R S A HY SA FD O

R E BM MU M UI NN EI HMD

T E E NB B I I R DYC EAS I E FMR I C P H EC E PI B SH EWY C A R I M T E O F S NF O A YGS BN Y A I ET D DP F AEO C MC R EAE B B R OM LF L U A HEN SMR IE RT S E S F D E F L E O R H E EF C HF U 4O S

RA E

DGS N L N I O O D HN I T EE I R D SN A HYO 3B C GE SG NR N I T AI S HW I X SO %EL L O SF O HE T H NT O TOT C LT A !T C E SI P J E AB I N C U AES PR S I MAE H OS U #P S S E I HUT D T H I FA G I O PR H EC

H

T U O 3 NTR

ONE I OF T I F C TO ER 3OF O RPR O E E PRT P T SNE !I L

-

-

BONUS SHARES

Que. 17: Referring to the provisions of Companies Act, 2013, state that conditions required to be fulfilled before a company can issue bonus shares to the shareholders of the company.

(June 2015) (4 Marks)

Ans. Conditions for issue of Bonus Shares:

In terms of section 63(2), no company shall capitalise its profits or reserves for the purpose of issuing fully paid-up bonus shares, unless—

, !

4 ) 0 ! # % 2 ! ( 3 $ . !

3 % 2 ! ( 3

3.11

Que. 18: The Board of directors of Aakash Limited, a listed company, at its meeting held on 1st April, 2015 announced a proposal for issue of Bonus shares to all equity shareholders of the company at 1:1 ratio. On 1st May, 2015, the directors at another meeting passed a resolution to reserve the proposal of bonus issue announced on 1st April, 2015. Discuss the validity of proposal and the reversal.

(June 2012) (4 Marks)

EL Y HT T N DE EU CQ NE S UB OU NS NT AO EN CL L NA OH SS A E HU S HS CI I S H U WN YO NB AA PG N I EMD O HC N T E FEM O H STM N O O C I S E I R V

O DE R RM 0 AA O E B S H S E T TH I F F T O O W S NA M O R ID R S E IH T C T I EW N D )

Ans.

Debentures) Rules, 2014

Rule 14 of the Companies (Shares &

D E C N U O N N A E U S S I S U N O B E H T E S R E V E R O T R O T C E R I D E H T Y B D E S S A P ND OI I L T A U V L O T SO E N R S !I

S E R A H S S U N O " F O

EO UI T SA S I R T S

U MA T Y D T N ,A HP SM A KO AC E !H ET HF T O FS O R E SD R L OO T C H EE R R I A D H FS O Y T DI RU A Q OE "L L EA HO 4T

.

E U S S I S U N O B F O L A S O P O R P H C U S D E S R E V E R E B T O N N A C D E S O P O R P E C N O S U H 4

UTILIZATION OF SECURITIES PREMIUM ACCOUNT S N

OR I O S I F V Y OL RN PO ED HE T S I HI L T IT WU EE CB NN AA DC R OM CU CI AM E NR ) P S E I T I R U C E S E H T T C !

E H T F O

N O I T C E 3 F O

Que. 19: Securities premium shall be utilised only for certain specific purposes only. Comment (December 2013) (4 Marks) Ans. Utilization of Securities Premium:

S R E B M E M O T S E R A H S S U N O B D I A P Y L L U F G N I U S S I

E L B A M E E D E R Y N A F O R NO O I T Y P N MA EP DM EO R C NE OH ET L B F AO YS AE PR U MT N UE I MB E ED R PR EO HS T E RR OA F H GS NE I C D I N V E OR RE PF E RR OP F

N O I T C E S R E D N U S E I T I R U C E S R E H T O R O S E R A H S N W O S T I F O E S A H C R U P E H T R O F

D E R R U C N I S E S N E P X E E H T

RY ON DA EP WM OO L C L A E TH N T UF OO CS S I E D R RU OT N DE I A B PE ND OR I O S S S I E MR A MH OS CF FO F O E GU NS S I TI I R N WO

e

Y N A P M O C E H T F O S E S N E P X E Y R A N I M I L E R P E H T F O E C N A L A B E H T F F O G N I T I R W

d

a b c

Que. 20: Amount lying in the securities premium account belongs to the shareholders and can be used freely for their benefit. (June 2021) (5 Marks)

Y L E E R F D E S U E B T O N N A C T N U O C C A M U I M E R P S E I T I R U C E S E H T N I G N I Y L T N U O M A E H T S U H 4

Ans. Refer Answer of Question 18 of Chapter 3 on page 3.11.

Que. 21: In view of provisions of Companies Act, 2013 relating to ‘securities premium’, state whether the amount lying in securities premium account of a company can be used: (i) For issuance of Bonus shares; and

S N

OR I O S I F V Y OL RN PO ED HE T S I HI L T IT WU EE CB NN AA DC R OM CU CI AM E NR ) P S E I T I R U C E S E H T T C !

E H T F O

N O I T C E 3 F O E L B A M E E D E R Y N A F O R NO O I T Y P N MA EP DM EO R C NE OH ET L B F AO YS AE PR U MT N UE I MB E ED R PR EO HS T E RR OA F H GS NE I C D I N V E OR RE PF E RR OP F

N O I T C E S R E D N U S E I T I R U C E S R E H T O R O S E R A H S N W O S T I F O E S A H C R U P E H T R O F

E C N A U S S I R O F M U I M E R P S E I T I R U C E S N I G N I Y L T N U O M A E H T E S

S UE R NA AH CS YS NU AN PO MB OF #O

S N

OR I O S I F V Y OL RN PO ED HE T Z I HI L T IT WU EE CB NN AA DC R OM CU CI AM E NR ) P S E I T I R U C E S E H T T C !

E H T F O

N O I T C E 3 F O

E L B A M E E D E R Y N A F O R NO O I T Y P N MA EP DM EO R C NE OH ET L B F AO YS AE PR U MT N UE I MB E ED R PR EO HS T E RR OA F H GS NE I C D I N V E OR RE PF E RR OP F

N O I T C E S R E D N U S E I T I R U C E S R E H T O R O S E R A H S N W O S T I F O E S A H C R U P E H T R O F

S E S N E P X E F F O G N I T I R W R O F D E Z I L I T U E B T O N N S AR CO T MC UE I R I MD EF R PO SG E N I I T L I L R E UV CA ER S T NN I G EI CE R NO AF L A F "O

D E R R U C N I S E S N E P X E E H T

RY ON DA EP WM OO L C L A E TH N T UF OO CS S I E D R RU OT N DE I A B PE ND OR I O S S S I E MR A MH OS CF FO F O E GU NS S I TI I R N WO

S R E B M E M O T S E R A H S S U N O B D I A P Y L L U F G N I U S S I

Y N A P M O C E H T F O S E S N E P X E Y R A N I M I L E R P E H T F O E C N A L A B E H T F F O G N I T I R W

i

Y A P

RG ON F I T ME UE I M ML EA R R PE N SE E I G T I S R T UI CT EA S Y NN I A GP NM I Y O AC L TE N H UT OY MB AD E ER HA T L C EE S UD TD O N NE ND AV I CI YD NF AO PT MN OE #M

d

a b c

-

ii

D E R R U C N I S E S N E P X E E H T

RY ON DA EP WM OO L C L A E TH N T UF OO CS S I E D R RU OT N DE I A B PE ND OR I O S S S I E MR A MH OS CF FO F O E GU NS S I TI I R N WO

S R E B M E M O T S E R A H S S U N O B D I A P Y L L U F G N I U S S I

i

Y N A P M O C E H T F O S E S N E P X E Y R A N I M I L E R P E H T F O E C N A L A B E H T F F O G N I T I R W

d

a b c

, !

4 ) 0 ! # % 2 ! ( 3 $ . !

3 % 2 ! ( 3

3.12

(ii) For payment of dividend declared by the company at its General Meeting.

(December 2015) (4 Marks) Ans. Utilization of Securities Premium:

e As discussed above, in relation to given case answer the following:

Que. 22: Radhika Textile Limited has utilised the securities premium during the financial year 2016-2017 as follows:

(i) Rs. 15 lakhs against expense of foreign travelling of directors. (ii) Rs. 5 lakhs for writing-off the balance of preliminary expenses of the company. (iii) Rs. 10 lakhs distributed as dividend for the financial year ending 31st March, 2017.

You, being the secretarial Auditor of the company, referring to the provision of Companies Act, 2013 relating to securities premium account, examine the validity of the above.

(June 2017) (8 Marks)

Ans. Utilization of Securities Premium:

e As discussed above, in relation to given case answer the following:

, !

4 ) 0 ! # % 2 ! ( 3 $ . !

3 % 2 ! ( 3

Y B D E T I M I L Y N A P M O # !

R O G N I T O V D N E D I V I D O T S A S T H G I R L A I T N E R E F F I D H T I W S E R A H S Y T I U Q E E U S S I N A C S E R A H S

Y L E M A N S N O I T I D N O C G N I W O L L O F E H T H T I W Y L P M O C O T S A H Y N A P M O C H C U 3

E S I W R E H T O S E R A H S F O E U S S I E H T S E Z I R O H T U A Y N A P M O C E H T F O N O I T A I C O S S A F O S E L C I T R A E H T A T A D E S S A P N O I T U L O S E R Y R A N I D R O N A Y B D E Z I R O H T U A S I S E R A H S F O E U S S I E H T

F O E U S S I E H T E G N A H C X E K C O T S D E Z I N G O C E R A N O D E T S I L E R A Y N A P M O C A F O

T O L L A B L A T S O P H G U O R H T S R E D L O H E R A H S E H T Y B D E V O R P P A E B L L A H S S E R A H S H C U S E H T F O S T H G I R L A I T N E R E F F I D H T I W S E R A H S F O T C E P S E R N I R E W O P G N I T O V E H T

S T H G I R L A I T N E R E F F I D H T I W S E R A H S Y T I U Q E F O T C E P S E R N I R E W O P G N I T O V G N I D U L C N I

E M I T F O T N I O P Y N A T A D E U S S I

L A U N N A D N A S T N E M E T A T S L A I C N A N l G N I L l N I D E T L U A F E D T O N S A H Y N A P M O C E H T

S E R A H S H C U S E U S S I O T D E D I C E D S I T I H C I H W N I R A E Y

D E R A L C E D A F O T N E M Y A P E H T N I T L U A F E D G N I T S I S B U S O N S A H Y N A P M O C E H T

R O S T I S O P E D D E R U T A M S T I F O T N E M Y A P E R R O S R E D L O H E R A H S S T I O T D N E D I V I D

E U D E M O C E B E V A H T A H T S E R U T N E B E D R O S E R A H S E C N E R E F E R P S T I F O N O I T P M E D E R

S E R U T N E B E D R O S T I S O P E D H C U S N O T S E R E T N I F O T N E M Y A P R O N O I T P M E D E R R O F

D N E D I V I D F O T N E M Y A P R O

E C N E R E F E R P N O D N E D I V I D E H T F O T N E M Y A P N I D E T L U A F E D T O N S A H Y N A P M O C E H T

N O I T U T I T S N I L A I C N A N l C I L B U P A M O R F N A O L M R E T Y N A F O T N E M Y A P E R R O S E R A H S

L A I C N A N l E H T G N I D E C E R P Y L E T A I D E M M I S R A E Y L A I C N A N l E E R H T R O F S N R U T E R

R E W O P G N I T O V L A T O T F O T N E C R E P R U O F Y T N E V E S D E E C X E T O N L L A H S Y N A P M O C

S E R A H S Y T I U Q E E H T E R E H W R E V E W O (

S R E D L O H E R A H S E H T F O G N I T E E M L A R E N E G

S T H G I R L A I T N E R E F F I D H T I W

I V I D F O T N E M Y A P R O F D E Z I L I T U E B T O N N A C M U I M E R P S E I T I R U C E S N I E C

ND AN L A E "D

-

iii

Y R A N I M I L E R P F F O G N I T I R W R O F D E Z I L I T U E B N A C M U I

Y MN EA R PP SM E O I T # I R E UH CT EF S NO I S E ES CN NE AP L A X "E

ii

3.13

EQUITY SHARES WITH DIFFERENTIAL VOTING RIGHTS

Que. 23: Board of directors of Progressive Limited decides to issue equity shares of a company with differential voting rights. Examining the provision of Companies Act, 2013, State the conditions to be complied with the company in this regard.

(December 2016) (8 Marks)

Ans. Conditions for Issuing Shares with Differential Rights [Rule 4 of Companies (Share Capital and Debentures) Rules, 2014]:

E M O C E B S A H T A H T K N A " D E L U D E H C S R O N O I T U T I T S N I L A I C N A N l L E V E L E T A T 3 R O

Y R O T U T A T S O T T C E P S E R H T I W S E U D R O N O E R E H T E L B A Y A P T S E R E T N I R O E L B A Y A P E R

G N I T I D E R C N I T L U A F E D R O Y T I R O H T U A Y N A O T S E E Y O L P M E S T I O T G N I T A L E R S T N E M Y A P

L A R T N E # E H T O T D N U & N O I T C E T O R 0 D N A N O I T A C U D % R O T S E V N ) N I T N U O M A E H T F I D H T I W S E R A H S Y T I U Q E E U S S I Y A M Y N A P M O C A R E V E W O (

T N E M N R E V O '

L A I C N A N l E H T F O D N E E H T M O R F S R A E Y E V l F O Y R I P X E N O P U S T H G I R L A I T N E R E F

D O O G E D A M S A W T L U A F E D H C U S H C I H W N I R A E Y

T S A L E H T G N I R U D L A N U B I R 4 R O T R U O # Y B D E Z I L A N E P N E E B T O N S A H Y N A P M O C E H T S E I T I R U C E 3 E H T

T C !

A I D N ) F O D R A O " E G N A H C X % D N A S E I T I R U C E 3 E H T

T N E M E G A N A E G N A H C X % N G I E R O & E H T

T C !

N O I T A L U G E 2

S T C A R T N O # G N I E B S E I N A P M O C H C U S H C I H W R E D N U T C !

L A I C E P S R E H T O Y N A R O

T C !

S R O T A L U G E R L A R O T C E S Y B D E T A L U G E R

SHG R N CI OI T H W C O EWL R L NO I $IF RE FA O EH DYT RLD A A E I T OC E "NL EAP HNM 4lO EC HS T A RW OS F T TH R G OI PR EA L 2I T SN

E D R RE A F OI F "D EH HI T T NW I S E ER S A OH L C S S I Y D T I

U Y QL EE FM O A EN US SI L LSA I L A T EE HH D ST

S T H G I R L A I T N E R E F F I D H T I W D E T T O L L A S E R A H S F O R E B M U N L A T O T E H T

S D N E D I V I D D N A S T H G I R G N I T O V O T G N I T A L E R S T H G I R L A I T N E R E F F I D E H T F O S L I A T E D E H T TTLE A S N H T OI T I POP F LPAO A YCT T N H E O ARI T G A R ETH HAS G T N D Y I T OE T I T O U U SQ V SS T E L I H A GT SET I O R HHT GTE LI A RHH I C T T I L N H A O EI W T T R N E Y S F ET R F R R H IE A D G F C I F R HI L T D L G I W NA H H I L SA T T SI O TI T E WV H R A LFGP HAOIA ST RC I E P E GGR EA N AT I HC A T T H O N FEE VS R O C Y L A T A EHRI I U GSET A PNQ Y T E E D T N R I N E E EU A T F CQ F A R I EED G E M E P I E R HG UT T ES FIG HS T IOWA

D E U S S I N E E B E V A H S E R A H S H C U S H C I H W T A E C I R P E H T

O T L E N N O S R E P L A I R E G A N A M Y E K R O S R O T C E R I D

D SE R U E S T S O I ME OR RA PS E FR O A SH R S A L H U C CU I T S R A M PO EH HW T

F O E U S S I E H T O T T N E U Q E S N O C YS

NT AH PG I MR OG CN I ET HO T V NL I A I T YN NE AR FE I F F LI O RD T H N T OI CW S NE I R EA GH NS AY HT CI U EQ HE T

FN O A ST S S A L G C N I HT CN AU EO C FC O A EE UL SB S A I C EL I HP T P OA T E TH N AT UH SI T R UW PE EC R N A A HD 3R O RC E C 0A SN G I ND I N E T RA A L %U C DL EA T C U L S

I S $ED R R A EH A HS D T

S T H G I R G N I T O V H T I W G N O L A N R E T T A P G N I D L O H E R A H S E U S S I T S O P D N A E R P E H T

T C !

A I D N ) F O K N A " E V R E S E 2 E H T R E D N U E C N E F F O Y N A F O S R A E Y E E R H T

, !

4 ) 0 ! # % 2 ! ( 3 $ . !

3 % 2 ! ( 3

3.14

-

Que. 24: As a practising Company Secretary, advise your client company regarding the matter relating to issue of shares with differential rights, to be included in the Board of Directors Report.

(June 2017) (4 Marks) Ans. As per Rule 4(4) of the Companies Act, 2013, inter alia

-

CLOSURE OF REGISTER OF MEMBERS OR DEBENTURE HOLDER OR OTHER SECURITY HOLDERS

Que. 25: A2Z Management Services Limited is a listed company quoted at Bombay Stock Exchange Limited. The company closed its register of debenture holders in June and August 2016 for 12 and 21 days respectively. The

, !

4 ) 0 ! # % 2 ! ( 3 $ . !

3 % 2 ! ( 3

NR EO D BO R EI A DR E EY FP O F RYHO E NCG T AAN S E I I RNV G O EF I I R SG SY ER O AT HE T D T RD C L E OO E VJ SHl B R YYU E T TS BR I R MU O ECF EE MS T A FRG O EE HR RT E G OG T S FA I G O ERE R H E T ET N HSI I T G EG ER S N I OED L HE C E YTC ARX O MS E T YRO NEN D AL PO S D MHO OER I CRE UP !T

S E I

N R AE PN MN OA CM ED HE T B RR I OC S E R P E H T N I D E T S I L S E I T I R U C E S R I E H T T E G O T D N E T N I H C I H W SRE R R E T E H S DI T L GO O F HEO R E R E R E H UT T S T I GG N ENE BIR S EO E DL H RCT OYR NO SA R S E R BPE D MML EOO C M H A E FTR O A U HT RT E N T SE S E I B G DE I EV D R F FOO R O P R ES E R T URS SEI ODG L E L O R #

OHE H T Y S T T NR I R RE OU OD I T CSL A ERO L E S E H R RBY NEMI T I H R E T U M O C RFE OO S

FO NO T A S D MR D N HAE COT U"N SEI R GO NN I AY DH N NC A AX E%P CDM I O T C N O NAD ST E SE UI S TL I OI I RA V EUS C R PEI Y S3N Y AYA DBP NDM EEOD l C VI E C EE HS T S I TPCL U S S S SE A E EB FT I I L I TY R A U A)C E "E VM%S I 3 S G S

T A LAI I L RDT A E HENG SN)

EEYHNDEY HDNS EHN O I I T T T I AL T A A G NWPN Y A P UB L I M% T U M RAO I CS DO E G R C N SE# PN I I A l E AI C YT I E PVHNEN T H SAF IDAOT WHO EIPNF EDE GWMEO NN B CAGO Y RAl UN A N TFGICYA V L A O E C NA U I M H A D F CR H I T L T E AS S F D R H E NI A O E N T S RDT I I E A E E S L S E T C I G VH T B I G lS C E AT I ENR F BW O E NFR%T E O S I DWE NI E E HID H R ET CETET E HN NGEC OAR ATTO N H S U E TGHOTIND G S O NWTNE N A I A S R EA EL EA GE L CT TRCENHIN A I L T A A L L TTTOE A P E TU N L M R N CEAU E E EA H D N CH HR T R NI NN MR E WTV AC EE I S VN REHO S I D C E I TL OE ' L R A P I B A T L E T L A A P PL UA A VI UPEP R DC S U T T HDN AN WT CI S I R YR EN NE I SN BP C IA# I

:Y A !B M EO S " A CT EA HD T E FT O O SU T Q C AY F N NA EP VM I G O DC ND AE T SS NL I OA I S I S V I OD RE PT DI EM NID O,E I SI T T E N CM EI I MV, ERE VEG O3N BTA ANH EEC HMX E T % G RA K E C PNO SAT !-3

10 of the Companies (Management and Administration) Rules, 2014

Rule

Section

91 of the Companies Act, 2013 contains guidelines for closing the register of members:

-

3.15 chief financial officer (CFO) of the company has informed the secretary of the company to consider closing the register in December for another 15 days for some strategic reasons. Referring to the provisions of Companies Act, 2013, examine the validity of action of the company.

(June 2017) (4 Marks) Ans.

but not exceeding thirty days at any one time previous notice of at least 7 days or such lesser period as may be specified by Securities and Exchange Board for listed companies

RD OU L F O DH ES S OG L N C I S EO BL NC AF CO RD E O DR I L O E HP ET E R A UG T N E ER BG EG DA T FA O H RT E O T S S I S G Y EA R D / & #R EO CF I T V O DN AD

LN S A Y NAA OSD I Y S A S E D F D E O R E PRC RE X E HE PR T T SU O !F N

The company closed its register of debenture holders in June and August 2016 for 12 and 21 days respectively aggregate of 33 days (12+21).

RE S AE I CD I N L NA P PUP AEM SUO I S# NI S OT I E T HH A GT I I C NRF UFO NO

EE

R S FA

O CN R O N I E T I T C T T EE C E L ,B 3!

E ER L B AA CS I E L R P PA AH SS I

TES R N N EEO S MHR TWE O SP L L E A O S FAT O CD E R T L E L T T A O T L E L NA ,I Letter of Renunciation

-

Basis of Distinc- Letter of Allotment tion Applicability

SS E NR

N I A AO T HR S N SE OE CH P R NTE E OC I H T T N A UO I C Y NON N UE A NR F EOO R TR FNU O OO I RP T V E A T OF T E NN ,AI

Transfer of Shares

DN EU R R N E E F R S NF AO RR T E T T EE BL F TO O NP NL AE CH E

SHN E T O R HI T AT A HI I 3WC F HI T

I T S T WNS E I D X M ET E R T O R L O E L N F A S NFO AOD R R E T E T T A ET C BE l NLI F T AO R CPE C L SE E E HR R A A EH HH 3T S -

Option

N O C T O N O D T N E

MN TO O I L T L P A O FY O N RA E T N T I E A ,T

EE BS UOR SHN E EWE BNB I NSS ANA COH S R SE T E H PG R AEI R HH ST E YH TB

H TD G E IDRC E R U N BO I TR U VO UC AN "S F

T T O O O H T T G ND TI R H EG SR I EIE

NDRHY STN ONI I E EA T B R T A I P I R I R CUTC M NSC SO U AB NEFU# EBNSE R H O) T O FT TF Y O D O R N EA E S RR F P I E E S U R T NA MA T QO E H EC RS ,R T R OO T DF EY R N I A U E QPT EMA R C O SC l I I T T OR N E ETC D ME E TR R O EA L L D H A NS FE F O R O RR E U E T SU T S E ES ,BI

Surrender

, !

4 ) 0 ! # % 2 ! ( 3 $ . !

3 % 2 ! ( 3

3.16

LETTER OF ALLOTMENT vs. LETTER OF RENUNCIATION

Que. 26: Distinguish between: Letter of Allotment & Letter of Renunciation.

(December 2012) (4 Marks) Ans.

-

-

-

BROKERAGE vs. UNDERWRITING COMMISSION

Que. 27: Distinguish between: Brokerage and Underwriting Commission.

(December 2012) (4 Marks)

A N E E W T E B S N O I D T C E T AU S NC E AX R T E SS E I GL A NE AD R R E A H OT HN WE H M RW lN RO OI S S NI OM SM R E O PC AA SR I O RF E R KE OL L RE BS !A LD A N R A E NR EE GY U NB )

Ans. Brokerage:

T EN DU RO OM SA E D R A N HA SS E YR UU BT N OE T

BE GE ND G I A L L RR I E WOK S O ER E R R A AB OHS HSA WFN O EW SL R O AN E YSK E UH S BT I S DEE EC NT lN I V OAR T R E A S YU L R N GE I OT H SOT N E R KSO AE F T OS R D E R D E D K NN O UA R RE SB E KRO OUT T RN D BE I A !BP

-

O NT ED BI EA DP RT ON U SO E R M A HA SE YH UT BD ON T A G S NE N I R L O L UI I T S WN S I EM EB R A EM ODO HRC WOG SN SE R I RI T E YAR UHW S BF R E DO D NEN L lA U OS T S EA EH KT N AS W T EO R EN E DTK N NA S UR I SAS R UR E E GT T I I DR R WNW RAR E SE E DR D NU N 5T U

Underwriting Commission:

-

, !

4 ) 0 ! # % 2 ! ( 3 $ . !

3 % 2 ! ( 3

3.17

FORFEITURE OF SHARES Que. 28: What are the important rules relating to forfeiture of shares.

(December 2010) (4 Marks) Or Write a short note on conditions for valid for forfeiture of shares.

(June 2014) (4 Marks) YY NE AN PO MM OL L CA AC FS O I SH R Y OA T C P ET R O I D N ES HE T O HD CE I H H W F YI

BRT I SER D S L E O O CH F OE S RR D PA N EHA HSM T SAE I FD O Y N RA E WP OM PO EC HE T H LT E CN NE AH CW

Ans.

Forfeiture

For

of shares

S E R A H S F S O E R E A R U H T S I E E F H R O T F G E I N H T T I E E F S R I R O O F H N T O U I T A U T L S O U S M R E A S S A P Y A M S R O T C E R I D E E H H 4 4

a valid forfeiture following conditions is necessary: Articles of Association

The

benefit of the Company.

Forfeiture of fully paid shares:

E EK R I A R T HS SD EN HA T S FE I SR Y A AH DS S I H RTS

I E E R T F F E R A D OL F O LH L I E WR A YH NS AF PO MR OT E CS I EG HE T YR AE PH TT O M NO SF R E OE DM RA E DN L S O I HH

company will give 14 days’ notice;

-

E B T S U M E R U T I E F R O F F O R E W O P E H 4

exercised bona fide and for the

ES R E UR T A I H E F S R P OU F D NI OA &P Y EL L L B U AF 4F FO O E R EU S T UE I AF L R C O EF HR 4O F N OV I S I V O R P C l L I A C E # P S 2 EN,

KI

AR ) ME V = TE

O

NW OO D(; Shyam Chand

Calcutta Stock exchange Association

Que. 29: A company has forfeited shares of a defaulting shareholder for non-payment of call money. However, the defaulting shareholder approaches the Board after forfeiture of shares to cancel the said forfeiture. What should the Board do? Give your advice.

(June 2010) (4 Marks) Ans.

the given case, A company has forfeited shares of a defaulting shareholder for non-payment of call money. However, the defaulting shareholder approaches the Board after forfeiture of shares to cancel the said forfeiture.

A Board is empowered to cancel forfeiture: -

GID NF ER I T RA L OO U AF" F E E H! DT O LS E EC L HN !

T

AE ECR S U OT A CTI E E F

NRR T U ) S OE T F I R E HE F T CN R OUI F SH RE LT E I T C F NW A T AN DC RO U A OTO "DM EA ER E HE U T W D SO E M HPI CMA A L OEC RSO PIT PDD ARE A RO R E E DBW L EO O HHP ETM R E A E R HU S ST I

In

Que. 30: A public limited company incorporated under the Companies Act, 2013 may amend its articles of association so as to confer upon it power to forfeit the shares of those members who have defaulted in the payment of calls made by the company. Comment (December 2015) (5 Marks)

Ans.

S E R A H S F O

E S R E R U A T I H E S F R E O H F T E G H N T I T E I S E I F R R O O H F T N U O A I T T U S L U O M S E R A S S A P Y A M S R O T C E R I D E E H H 4 4

RE E M DA L O N HS EI R H A HE SK I ER HS T T FD I N SA Y AS DE R A H RS E S T I F H A T I E F R OS

F R LE L I D WL O YH NE R AA PH MS OF CO R EE HT T S I YG AE PR TE O H NT SM E O OR DF E B T S U M E R U T I E F R O F F O R E W O P E H 4

TR2 O

NE, V

OE)

DW EO= R

U(

T S I

E E

F R ; R A OH F S NP OU &D EI L A B AP Y 4L L FU O F EF S UO AR E L C U EI T HE F 4R O F R O F N O I S I

V V O R P C l I C E P S E K L

A A N# MI of shares

a valid forfeiture following conditions is necessary: Articles of Association company will give 14 days’ notice;

Forfeiture

For

The

of the Company.

Forfeiture of fully paid shares:

Calcutta Stock exchange Association Shyam Chand

Regulation 18 of Table F of Schedule I

Regulation 13 to

Ans.

exercised bona fide and for the benefit

S R E B M E M O T N E V I G E B T S U M E C I T O N S Y A D

T S A E L T A L L A C H C A E R O &

TE A H T DE ES L L I A A CR ED BN A NS AE CL C ST I E R R A A HN SW FO O R I EE NUH ELT A EV E WL V TA A E NH BI Y DMA EOM R N I U Y EN QH ET A R FP SO M I H O H T T C R N R OUE OV MF E EW FNO O O LN( A VA R HE M E T T I

E T N T R I I E M NON I !MOL

R E T F A L L A C A E N O P T S O P R O E K O V E R O T R E W O P E H T S A H S R O T C E R I D F O

DE RD A OA BM ES HI T 4I

S L L A C F O T N E M Y A P R O F E L B A I L Y L L A R E V E S D N A Y L T N I O J E R A S R E D L O H E R A H S T N I O *

E XRH EET W T E O O L V NH I A TCW S U E S R O RT E T O E N EE I R U YS F AS E PI R FA OO T S R ESO M L B T RC AE E I TR L SRI O D I ES E E HL HT

R YC4A T P EI NRE OANN I EM I MH R LTRO L E N A T Y CIE L L DDO YE Al YH PI A W C MT OE T S P E SSDR L R I EA E A T T O F A N RRBI E F EEO BH HT MTTN GSE EN A MI M D EY AET A EAP FC R )

ST E R A OR T C E EH R I T D G EN HI T D E EE CC NX AE VT DO AN NT I S YE ER E NT ON MI Y LN L A CA ED HT E T P YE AC PC OA T

N S SO E E I L R T C I E I S T R E R C DS A IE RD E H BI RT ME N I EHD T MT E l YAI NYC AA E P FMS )

vi

-

iv v

YY NE AN PO MM OL L CA AC FS O I SH R Y OA T C P ET R O I D N ES HE T O HD CE I H H W F YI

BRT I SER D S L E O O CH F OE S RR D PA N EHA HSM T SAE I FD O Y N RA E WP OM PO EC HE T H LT E CN NE AH CW

N I

R E N N T A C M !

S E E I H N T A R P O M N F I O ET DU # I OE V OTH RET PSO NT SR E D E I E T N T D AA N PPE MEP OHP CTA W FO O L L NO OF I T Y A E I H C O4 SE

S A D FA O M SE E B L C D I T L R U !O H YS L L S L A L UA SC 5H C I H W

iii

two successive calls and not

i ii

, !

4 ) 0 ! # % 2 ! ( 3 $ . !

3 % 2 ! ( 3

3.18

Thus, a public limited company incorporated under the Companies Act, 2013 may amend its articles of association so as to confer upon it power to forfeit the shares of those members who have defaulted in the payment of calls made by the company.

CALLS ON SHARES

Que. 31: Explain the manner in which calls on shares should be made by the company.

(December 2012) (4 Marks)

, !

4 ) 0 ! # % 2 ! ( 3 $ . !

3 % 2 ! ( 3

N I

R E N N T A C M !

S E E I H N T A R P O M N F I O ET # DU I OE V OTH RET PSO T SND R E E I E T N T D AA N PPE MEP OHP CTA W FO O L L NO OF I T Y A E I H C O4 SE

S A D FA O M SE E B L C D I T L R U !O H YS L L S L A L UA SC 5H C I H W Regulation 18 of Table-F of Schedule-I

D E R E F F O Y N A P M O C A FS O S E SL E N I T U I R UE CD EA S M YE NB AL FA L O H TS N EN O MI TT O P L I L R A C S OB NU S R O F C I L B U P E H T O T

R EE VH AT HO DR EO T A E T U S Q OE SH TC N UY OB MY AN A EP HM T RO OC F E NH OT I T Y A CB I L D P E PV AE I NC E OR ED L B AN YA AO PT T N DE SI MA M UPU SNR EE T S HE N 4BI

ii

T N U O M A M U M I N I M E H T S A S U T C E P S O R P E HD T N NA I D DE EB T I R A T C S S B TU N US ON E ME AB ES HA 4H

i

(December 2014) (4 Marks)

As an expert on company law advice Ranjit.

Regulation 13 to

Ans.

S R E B M E M

TE A H T DE ES L L I A A CR ED BN A NS AE CC L ST I E R R A A HN SW FO O R I EE NUH ELT A EV E WL V TA A E NH BI Y DMA EOM R N I U Y EN QH ET A R FP SO M I H O H T T C R N R OUE OV MF E EW FNO O O LN( A VA R HE M E T T I

E T N T R I I E M NON I !MOL

N O C S N O I S I V O R P E H T E V R E S B O O T S A H T I N E H T E L C I T R A N W O S T I S A

E HL C I D T T R ,!

ES NT OI N DI LD L E E 7I N A FT )

per Section 39

As

O T N E V I G E B T S U M E C I T O N S Y A D

T S A E L T A L L A C H C A E R O &

O RW E HT 2T N .RE U )& E F W O ST LE E L RB A CAL H A TS S V R F R lOE T N NEI U EL S HA A T V L &A

EN L I B AMR 4OE

FNBH O EMT HE N ST O NF VM OO O I S E I H.N V T H O O T R

N P A DSNH EDOT T L E L S P EA S OC CL E DX AEDE STNB I O A L L HSCI E W AS D E S T EL DK ,A L A EMAC N ME OETV DBO I S TNS LO L NE E C AC 7NC N AT U FC ) IS

Ans.

two successive calls and not

i ii

S I Y E N O M L L A C L L I T T H G I R G N I T O V Y N A E V A H T O N L L I W R E B M E M G NM I I T H L U Y AB F E D DI A !P

vii

3.19

Que. 32: Well-done Limited wants to make a first call of INR 30 on equity share of nominal value of INR 100 each on 16th October, 2011. Can it do so? Further, if the company proposes to make second call on 7th November, 2011, will it be permitted to do so?

(December 2011) (4 Marks)

-

ALLOTMENT OF SHARES

Que. 33: On receipt of 85% of the minimum subscription stated in the prospectus, Little Stars Limited allotted 200 shares to Ranjit and the money was deposited in a scheduled bank. Later on, it was revealed that 40% of the amount withdrawn was for acquisition of fixed assets for the company. Ranjit, knowing these facts, refused to accept the allotment contending that the allotment was a irregular under the provisions of the Companies Act, 2013.

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BENEFICIAL OWNERS vs. REGISTERED OWNERS

Que. 34: Distinguish between: Beneficial owners under Depository Mode and Registered owners under depository mode.

(December 2012) (4 Marks) Ans. Registered Owner & Beneficiary Owner:

SIGNIFICANT BENEFICIAL OWNER

Que. 35: Who is a ‘Significant Beneficial owner’ under the Companies Act, 2013? Is Significant Beneficial Owner required to file BEN 1 to the reporting company?

(December 2019) (3 Marks)

Company Law | CRACKER AUTHOR PUBLISHER DATE OF PUBLICATION EDITION ISBN NO NO. OF PAGES BINDING TYPE

: : : : : : :

N.S. Zad, Divya Bajpai TAXMANN July 2022 5th Edition 9789356222687 406 PAPERBACK

Rs. : 460 | USD : 37

Description This book is prepared exclusively for the Executive Level of Company Secretary Examination requirement. It covers the questions & detailed (point-wise) answers strictly as per the syllabus of ICSI. The Present Publication is the 5th Edition & updated till 31st May 2022 for CS-Executive | New Syllabus | Dec. 2022/June 2023 Exams. This book is authored

by CS N.S. Zad & CS Divya Bajpai, with the following noteworthy features: · Strictly as per the New Syllabus of ICSI · Coverage of this book includes Fully-Solved Questions of the Past Exams (including June 2022 Exam 

Solved Paper: December 2020 | New Syllabus

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Solved Paper: June 2021 | New Syllabus

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Solved Paper: December 2021 | New Syllabus

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