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B Com Exam  >  B Com Tests  >  Test: Offences & Penalties - B Com MCQ

Test: Offences & Penalties - B Com MCQ


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10 Questions MCQ Test - Test: Offences & Penalties

Test: Offences & Penalties for B Com 2024 is part of B Com preparation. The Test: Offences & Penalties questions and answers have been prepared according to the B Com exam syllabus.The Test: Offences & Penalties MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Offences & Penalties below.
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Test: Offences & Penalties - Question 1
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What is the definition of "officer who is in default" under Section 2(60) of the Companies Act 2013?

Detailed Solution for Test: Offences & Penalties - Question 1
As per Section 2(60) of the Companies Act 2013, an "officer who is in default" includes key managerial personnel and directors specified by the Board, as well as any person charged with responsibilities related to accounts, records, etc., under the authority of the Board or key managerial personnel. This definition extends to a wider group of individuals beyond just whole-time directors.
Test: Offences & Penalties - Question 2
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According to Section 441 of the Companies Act 2013, who has the authority to compound certain offences with a maximum fine not exceeding five lakh rupees?

Detailed Solution for Test: Offences & Penalties - Question 2
As per Section 441, offences punishable with a fine not exceeding five lakh rupees can be compounded by the Regional Director. This allows for the imposition of penalties without the need for a lengthy legal process in cases where the gravity of the offence is not very high.
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Test: Offences & Penalties - Question 3
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Which section of the Companies Act 2013 establishes the provision for Special Courts to handle offences under the Act?

Detailed Solution for Test: Offences & Penalties - Question 3
Section 435-438 of the Companies Act 2013 deals with the establishment of Special Courts. These Special Courts are established to provide speedy trials for offences under the Act and have the authority to exercise powers similar to Magistrates for handling cases related to such offences.
Test: Offences & Penalties - Question 4
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What is the punishment for the offence of "fraud" under the Companies Act 2013?
Detailed Solution for Test: Offences & Penalties - Question 4
Section 447 of the Companies Act 2013 defines "fraud" and stipulates that the punishment for fraud includes imprisonment for a term not less than six months but which may extend to ten years, along with a fine. The term and fine depend on the nature and extent of the fraudulent activity.
Test: Offences & Penalties - Question 5
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Under which section of the Companies Act 2013 is the punishment for making a false statement in a return, report, certificate, or financial statement defined?
Detailed Solution for Test: Offences & Penalties - Question 5
Section 448 of the Companies Act 2013 deals with the punishment for making a false statement in any return, report, certificate, financial statement, or other document required by the Act or its rules. This includes knowingly making false statements or omitting material facts.
Test: Offences & Penalties - Question 6
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In case of repeated default committed for the second or subsequent occasions within a period of three years, what is the punishment under the Companies Act 2013?
Detailed Solution for Test: Offences & Penalties - Question 6
Section 451 of the Companies Act 2013 states that for repeated defaults committed for the second or subsequent occasions within a period of three years, the company and every officer in default shall be punishable with a fine twice the amount of the previous penalty, in addition to any imprisonment.
Test: Offences & Penalties - Question 7
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What is the punishment for an officer or employee of a company who wrongfully obtains possession of property or withholds property in violation of the law?
Detailed Solution for Test: Offences & Penalties - Question 7
Section 452 of the Companies Act 2013 states that if an officer or employee wrongfully obtains possession of any property or wrongfully withholds property, they shall be punishable with a fine of not less than rupees one lakh but which may extend to rupees five lakh. The court may also order the restoration of the property.
Test: Offences & Penalties - Question 8
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Which section of the Companies Act 2013 deals with the punishment for carrying on trade or business under a name containing the words "limited" or "private limited" without proper incorporation?
Detailed Solution for Test: Offences & Penalties - Question 8
Section 453 of the Companies Act 2013 deals with the punishment for carrying on trade or business under a name containing the words "limited" or "private limited" without proper incorporation. Such an act is punishable with a fine of not less than rupees five hundred but which may extend to rupees two thousand for each day the name is used in violation of the law.
Test: Offences & Penalties - Question 9
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Who has the authority to adjudicate penalties under the Companies Act 2013?
Detailed Solution for Test: Offences & Penalties - Question 9
Section 454 of the Companies Act 2013 establishes the Central Government's authority to appoint adjudicating officers, usually officers of the rank of Registrar, to adjudicate penalties under the provisions of the Act. These officers have the power to impose penalties on companies and officers who are in default.
Test: Offences & Penalties - Question 10
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Which factor does the adjudicating officer consider while determining the quantum of penalty for a default under the Companies Act 2013?
Detailed Solution for Test: Offences & Penalties - Question 10
The adjudicating officer, while determining the quantum of penalty for a default under the Companies Act 2013, considers factors such as the gravity of the offence and the amount of disproportionate gain or unfair advantage obtained due to the default. This helps ensure that the penalty
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