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Test: Meeting and proceedings- 2 - B Com MCQ


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10 Questions MCQ Test - Test: Meeting and proceedings- 2

Test: Meeting and proceedings- 2 for B Com 2024 is part of B Com preparation. The Test: Meeting and proceedings- 2 questions and answers have been prepared according to the B Com exam syllabus.The Test: Meeting and proceedings- 2 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Meeting and proceedings- 2 below.
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Test: Meeting and proceedings- 2 - Question 1
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What is the minimum frequency of meetings required for a One Person Company, Small Company, and Dormant Company's Board of Directors?

Detailed Solution for Test: Meeting and proceedings- 2 - Question 1
One Person Company, Small Company, and Dormant Company need to have at least one meeting of the Board of Directors in each half of the calendar year.
Test: Meeting and proceedings- 2 - Question 2
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What is the maximum gap allowed between two consecutive meetings of the Board of Directors for companies other than those specified in the first question?

Detailed Solution for Test: Meeting and proceedings- 2 - Question 2
For companies other than One Person Company, Small Company, and Dormant Company, the maximum gap allowed between two consecutive meetings of the Board of Directors should not be more than 120 days.
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Test: Meeting and proceedings- 2 - Question 3
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Under what conditions can a Board of Directors meeting be called on shorter notice?

Detailed Solution for Test: Meeting and proceedings- 2 - Question 3
A meeting of the Board of Directors can be called on shorter notice, but if the company requires Independent Directors, at least one Independent Director's presence is needed. In case of absence, the decision taken at the meeting requires ratification by at least one Independent Director.
Test: Meeting and proceedings- 2 - Question 4
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What is the quorum required for a Board Meeting?
Detailed Solution for Test: Meeting and proceedings- 2 - Question 4
The quorum for a Board Meeting is 1/3 of the total strength of directors or 2 Directors, whichever is higher.
Test: Meeting and proceedings- 2 - Question 5
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In which situations can a director participate in a Board Meeting through video conferencing or audio visual means?
Detailed Solution for Test: Meeting and proceedings- 2 - Question 5
Directors can participate in a Board Meeting through video conferencing or audio visual means without any restrictions.
Test: Meeting and proceedings- 2 - Question 6
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What matters cannot be dealt with in a meeting held through video conferencing?
Detailed Solution for Test: Meeting and proceedings- 2 - Question 6
Matters like approval of the annual financial statements, approval of the Board's report, and similar significant matters cannot be dealt with in a meeting held through video conferencing.
Test: Meeting and proceedings- 2 - Question 7
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When should the draft minutes of a meeting be circulated among the directors?
Detailed Solution for Test: Meeting and proceedings- 2 - Question 7
The draft minutes of a meeting should be circulated among all directors within 15 days of the meeting.
Test: Meeting and proceedings- 2 - Question 8
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What is the primary responsibility of the Secretary in a meeting?
Detailed Solution for Test: Meeting and proceedings- 2 - Question 8
The primary responsibility of the Secretary is to manage the meeting process, record minutes, and ensure smooth proceedings.
Test: Meeting and proceedings- 2 - Question 9
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What is the minimum frequency at which the Audit Committee should meet in a year?
Detailed Solution for Test: Meeting and proceedings- 2 - Question 9
The Audit Committee should meet at least four times in a year.
Test: Meeting and proceedings- 2 - Question 10
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Which type of company is required to constitute a Corporate Social Responsibility Committee of the Board?
Detailed Solution for Test: Meeting and proceedings- 2 - Question 10

In India, a company is required to constitute a Corporate Social Responsibility (CSR) Committee of the Board if it meets any of the following criteria, as per the Companies Act, 2013:

  • Companies with a net worth of Rs. 500 crore or more
  • Companies with a turnover of Rs. 1,000 crore or more
  • Companies with a net profit of Rs. 5 crore or more during any financial year

Based on your options, the correct answer would be:

b) Companies with a net profit of Rs. 5 crore or more

This means that any company that has a net profit of Rs. 5 crore or more is required to have a CSR Committee.

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