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B Com Exam  >  B Com Tests  >  Test: Application of Company Law to Different Sectors - B Com MCQ

Test: Application of Company Law to Different Sectors - B Com MCQ


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10 Questions MCQ Test - Test: Application of Company Law to Different Sectors

Test: Application of Company Law to Different Sectors for B Com 2024 is part of B Com preparation. The Test: Application of Company Law to Different Sectors questions and answers have been prepared according to the B Com exam syllabus.The Test: Application of Company Law to Different Sectors MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Application of Company Law to Different Sectors below.
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Test: Application of Company Law to Different Sectors - Question 1
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Under which section of the Companies Act 2013 are insurance companies excluded from certain provisions if they are inconsistent with the provisions of the Insurance Act, 1938 or the Insurance Regulatory and Development Authority Act, 1999?

Detailed Solution for Test: Application of Company Law to Different Sectors - Question 1
Insurance companies are excluded from certain provisions of the Companies Act 2013 under Section 67(3). This exclusion applies when the provisions of the Companies Act are inconsistent with the provisions of the Insurance Act, 1938, or the Insurance Regulatory and Development Authority Act, 1999. This means that the requirements of the Companies Act related to financial assistance for the purchase of shares do not apply to insurance companies when they provide loans in the ordinary course of their business.
Test: Application of Company Law to Different Sectors - Question 2
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Which section of the Companies Act 2013 allows banking companies to accept deposits in the ordinary course of their business without being considered as borrowing of monies?

Detailed Solution for Test: Application of Company Law to Different Sectors - Question 2
Banking companies are permitted to accept deposits in the ordinary course of their business under the proviso to Section 73(1) of the Companies Act 2013. This means that such acceptance of deposits does not fall under the definition of borrowing of monies for banking companies.
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Test: Application of Company Law to Different Sectors - Question 3
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Under which section of the Companies Act 2013 are certain companies exempted from the requirement to disclose specific matters in their financial statements based on the provisions of their respective special Acts?

Detailed Solution for Test: Application of Company Law to Different Sectors - Question 3
Section 129(1) of the Companies Act 2013 provides exemptions to certain companies from disclosing specific matters in their financial statements. These exemptions apply to companies such as insurance companies, banking companies, and companies engaged in electricity supply, based on the provisions of their respective special Acts.
Test: Application of Company Law to Different Sectors - Question 4
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Which section of the Companies Act 2013 excludes companies engaged in the generation or supply of electricity from certain provisions, if they are inconsistent with the provisions of the Electricity Act, 2003?
Detailed Solution for Test: Application of Company Law to Different Sectors - Question 4
Companies engaged in the generation or supply of electricity are excluded from certain provisions of the Companies Act 2013 under Section 67(3). This exclusion applies when the provisions of the Companies Act are inconsistent with the provisions of the Electricity Act, 2003.
Test: Application of Company Law to Different Sectors - Question 5
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In which section of the Companies Act 2013 is the power of the Board of Directors of a banking company to borrow money covered?
Detailed Solution for Test: Application of Company Law to Different Sectors - Question 5
The borrowing powers of the Board of Directors of a company, particularly in the case of a banking company, are covered under Section 179(3) of the Companies Act 2013. This section specifies the powers of the Board on behalf of the company.
Test: Application of Company Law to Different Sectors - Question 6
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Under which section of the Companies Act 2013 are certain companies allowed to give loans, guarantees, or provide security to other body corporates in the ordinary course of their business?
Detailed Solution for Test: Application of Company Law to Different Sectors - Question 6
Section 186(11) of the Companies Act 2013 permits certain companies, including banking companies, insurance companies, housing finance companies, and companies engaged in financing or providing infrastructural facilities, to give loans, guarantees, or provide security to other body corporates in the ordinary course of their business.
Test: Application of Company Law to Different Sectors - Question 7
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Which section of the Companies Act 2013 exempts a banking company's contracts for the collection of bills in the ordinary course of its business from the requirement of maintaining a register of contracts?
Detailed Solution for Test: Application of Company Law to Different Sectors - Question 7
Section 189(5)(b) of the Companies Act 2013 provides an exemption to banking companies from maintaining a register of contracts in the case of contracts or arrangements related to the collection of bills in the ordinary course of their business.
Test: Application of Company Law to Different Sectors - Question 8
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Under which section of the Companies Act 2013 is the requirement for a company to make investments through not more than two layers of investment companies mentioned?
Detailed Solution for Test: Application of Company Law to Different Sectors - Question 8
The requirement for a company to make investments through not more than two layers of investment companies is mentioned in Section 186(1) of the Companies Act 2013. This section aims to regulate the extent to which a company can invest through subsidiary companies.
Test: Application of Company Law to Different Sectors - Question 9
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In which section of the Companies Act 2013 is the provision related to the Board of Directors' exercise of certain powers on behalf of the company covered?
Detailed Solution for Test: Application of Company Law to Different Sectors - Question 9
The exercise of certain powers by the Board of Directors of a company on behalf of the company is covered under Section 179(3) of the Companies Act 2013. This section outlines the powers that the Board can exercise through resolutions passed at meetings.
Test: Application of Company Law to Different Sectors - Question 10
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Which section of the Companies Act 2013 requires companies to seek the consent of the company by a special resolution for borrowing money beyond a certain limit?
Detailed Solution for Test: Application of Company Law to Different Sectors - Question 10
Section 180(1) of the Companies Act 2013 requires companies to seek the consent of the company through a special resolution for borrowing money beyond a certain limit. This is to ensure that major financial decisions related to borrowing are made with the approval of the shareholders.
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