of members Board of directors of the company takes a decision to convert the company into a private company.
Being a legal advisor, the Board of directors seeks your advice about the steps to be taken for conversion of the company into a private company including reduction in the number of members, if necessary, as per the Companies Act, 2013.
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Explain the legal position of promoters’ liability and the liability of the proposed company after its incorporation, in this regard.[hint : pre incorporation contracts] Q 5 Kamal, the promoter of Desire Ltd., has incurred 1 lakh for formation of the company.
The company refuses to pay all the expenses so incurred by Kamal since the company does not have any provision in the Articles of Association for such payment.The paid-up share capital of the company is held as under : Explaining the provisions of the Companies Act, 2013, state whether the said company be called a ‘Government company’ and also state whether the employees of a Government company can claim their salaries from the Government of India [hint : govt co, can’t claim from GOI] Q 1 Mr shyam is a small shareholder of ABC LIMITED and after that he was appointed as the small shareholder director ABC LIMITED and as on went to company to inspect the books of accounts but accounts manager object that he can’t inspect because it is prejudicial to the interest of company if Mr shaym would be allowed to inspect.Explain as per provisions of companies act 2013 whether Mr shyam has a power to inspect ?Advise Kamal regarding the remedy available to him for his claim Q 6 ABC Ltd.is a company incorporated under the Companies Act, 2013.Was incorporated and the certificate of incorporation was issued by the Registrar of Companies, New Delhi.The memorandum of association was duly signed, except that X, Y and Z signed it on behalf of five minors.Later on, internal auditors qualified their report on the ground that the company has violated the provisions of the Companies Act, 2013.Directors explained that this is required to complete the order.Explain as per provisions of companies act 2013 [hint: banking company can give a loan to director, sec 185] Q7 on examination of books of accounts of DLF LTD Statutory auditor specify in the audit report that there is likely an amount of Rs 1 crore but BOD has not provided any explanations in the board report about the such fraud, BOD contented that it is not actual figure it is an expected figure.Explain as per provisions of companies act 2013 [hint: mandatory to explain] Q8 Mr krishnamurty, statutory auditor of the coca cola (india) pvt ltd, has attend the EGM of the company, for which company didn’t made any notice to the auditor, company has made objection that mandatory to issue notice only in case of annual general meeting.