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Preeti Mishra
26 Jul 2023 5:42 AM
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Prince Ltd. desires to appoint an additional director on its Board of directors. The Articles of the company confer upon the Board to exercise the power to appoint such a director. As such M is appointed as an additional director on 12th December, 2017. The Annual General Meeting ought to have been held on 17th August, 2018 but adjourned to 5th October, 2018. Decide the date upto which M can continue as director in Prince Ltd.?
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The Board of Directors of ABV Limited is desirous to delegate some of its powers to its committee of directors as they find it difficult to manage everything on their own. The Board of Directors are confused between the various powers of the Board as which power can be delegated or not. Advice the Board amongst the following powers which they can delegate to its committee of directors:
Attempt NowIn compliance to the Companies Act, 2013, at least one woman director shall be on Board of such class or classes of companies as may be prescribed. Ms. Riya is keen to hold the office of woman director in a company. She has selected some companies in which there is a vacancy for the woman director. Advice Ms. Riya in selecting the companies which are mandatorily required to appoint a woman director:
Attempt NowMr. Q, a Director of PQR Limited proceeding on a foreign tour for six months, appointed Mr. Y as an alternate director to act for him during his absence. The articles of the company provide forappointment of alternate directors. Mr. Q claims that he has a right to appoint alternate director. Examine the validity of Mr. Q claim.
Attempt NowIf an investor were to sell 100 shares of Microsoft stock to another investor in the securities market, this would be referred to as what type of transaction?
Attempt NowIf an investor were to sell 100 shares of Microsoft stock to another investor in the securities market, this would be referred to as what type of transaction?
Attempt NowMr. Vijay Kapoor, Chartered Accountant, has been appointed the statutory auditor by M/s. XYZ Private Limited for the audit of their financial statements for the year 2015-16. The company has mentioned in the audit terms that they will not be able to provide internal audit reports to Mr. Vijay during the course of audit. Advise, whether Mr. Vijay should accept the proposed audit engagement and on what grounds he can accept/ refuse the proposal? i) As per SA 210 the auditor can refuse to accept the audit engagement as the management is not giving access to internal audit reports which are necessary in determining the internal controls in the company. ii) There is no limitation on the scope of the auditor’s work, so the auditor should accept the appointment. iii) The auditor can accept the audit engagement if the management gives representation on its responsibility. Which of the following option is correct:
Attempt NowThe scope of the audit of Depositories including reference to the pronouncements of the ICAI, which the auditor adheres to, generally is communicated to the client in the i) auditor’s report ii) engagement letter iii) representation letter
Attempt NowA chemical plant has four tanks (A, B, C and D), each containing 1000 litres of a chemical. The chemical is being pumped from one tank to anther as follows.From A to B @ 20 litres/minute
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From C to A @ 90 litres/minute
From A to D @ 10 litres/minute
From C to D @ 50 litres/minute
From B to C @ 100 litres/minute
From D to B @ 110 litres/minute
Which tank gets emptied first, and how long does it take (in minutes) to get empty after pumping starts?The Board of directors of Very Well Ltd., wants to contribute Rs. 60,000 to a charitable organization during the financial year 2017-2018. During the financial year 2015-2016, the company suffered losses. The directors are contemplating to contribute the said amount in spite of the losses. In this connection, state whether the directors can do so?
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