Subject : Business Administration

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AEREN FOUNDATION’S                                                                        Maharashtra Govt. Reg. No.: F-11724

 

Name : Mary Jennifer.A                                                                                                                  Marks : 80

Course : Specialisation

Subject : Business Administration

Answer the following question.

Question. 1. Define Bailment and explain (10 marks)

Answer: Bailment is a kind of activity in which the property of one person temporarily goes into the possession of another. The ownership of the property remains with the giver, while only the possession goes to another. Several situations in day to day life such as giving a vehicle for repair, or parking a scooter in a parking lot, giving a cloth to a tailor for stitching, are examples of bailment. Section 148 of Indian Contract Act 1872, defines

Question. 2. What is FERA? (10 marks)

Answer: The Foreign Exchange Regulation Act (FERA) was legislation passed in India in 1973 that imposed strict regulations on certain kinds of payments, the dealings in foreign exchange (forex)and securities and the transactions which had an indirect impact on the foreign exchange and the import and export of currency. The bill was formulated with the aim of regulating payments and foreign exchange.

FERA was passed by the Indian Parliament in 1973 by the government of Indira Gandhi and came into force with effect from January 1, 1974.

FERA was introduced at a time when foreign exchange (

Question. 4. Explain gifting of Corporate veil (10 marks)

Answer: From the juristic point of view, a company is a legal person distinct from its members [Salomon v. Salomon and Co. Ltd. (1897) A.C 22]. This principle may be referred to as the ‘Veil of incorporation’. The courts in general consider themselves bound by this principle. The effect of this Principle is that there is a fictional veil between the company and its members. That is, the company has a corporate personality which is distinct from its

Question. 5. Who is a small depositor (10 marks)

Answer: Small depositor is a depositor who has deposited a sum not exceeding Rs. 20000 in a company in a financial year. The following are the provisions to protect the interest of small depositors:

1) If a company is accepting any deposit from small depositors then it shall inform Company Law Board of any default made by it in repayment of

Question. 6. Discuss purpose of guarantee (10 marks)

Answer: Guarantee is a legal term more comprehensive and of higher import than either warranty or "security". It most commonly designates a private transaction by means of which one person, to obtain some trust, confidence or credit for another, engages to be answerable for him. It may also designate a treaty through which claims, rights or possessions are secured.

Question. 7. What are Promisory notes (10 marks)

Answer: A promissory note is a legal instrument (more particularly, a financial instrument), in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms. If the promissory note is unconditional and readily saleable, it is called a negotiable instrument.

Referred to as a note payable in accounting (as distinguished from accounts payable), or commonly as just a "note", it is internationally defined by the Convention providing a uniform law for bills of exchange and promissory notes, although regional variations exist. A banknote is frequently referred to as a promissory note: a promissory note made by a

Question. 8. Discuss Ultra Vives Borrowing (10 marks)

Answer: Every trading company has an implied power to borrow, as borrowing is implied in the object for which it is incorporated. A trading company can exercise this power even if it is not included in the Memorandum. However non-trading company has no implied power to borrow and such power can be taken by it implied power to borrow and such power can be taken by it by including a clause to that effect in the Memorandum.

The ability to borrow more funds. A person or

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