• Role of government and development policies - class-XI
Back
0

Role of government and development policies - class-XI

Description: role of government and development policies
Number of Questions: 21
Created by:
Tags: government and taxes economics public sector enterprises organisation of commerce and management public sector, private sector and global enterprises commercial applications
Start the Quiz
Attempted 0/21 Correct 0 Score 0
‹
›

The Registrar of Companies is appointed by the Central Government.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. True

  2. False

Show answer
Correct Option: A
Explanation:
Sub-section 75 of Section 2 of the Companies Act 2013 defines "Registrar" as : "Registrar" means a Registrar, or an Additional, a Joint, a Deputy or an Assistant Registrar, having the duty of registering companies under this Act (i.e. the companies act 2013). 
With the power vested under section 396 of the companies act 2013 (earlier section 609 of the companies act 1956), the Central Govt. appoints Registrars, and Additional, Joint, Deputy and Assistant Registrars for various States and Union Territories in India. 
Apart from the primary duty of registering companies incorporated in the respective states and the Union Territories, ROC’s are also responsible for ensuring that the Companies comply with statutory requirements under the said Act.

NCLT was established in year ______________.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. 2010

  2. 2011

  3. 2012

  4. 2016

Show answer
Correct Option: D
Explanation:

The National Company Law Tribunal (NCLT) is a quasi-judical body in India that adjudicates issues relating to Indian companies.The NCLT was established under the Companies act 2013 and was constituted on 1 June 2016 by the government of India and is based on the recommendation of the justice eradi committee on law relating to insolvency and winding up of companies.


The court having jurisdiction to deal with the matters advising under the Act is the High Court.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

Supreme Court to hear matters directly without the matter having been heard previously by any lower court. Advisory Jurisdiction is when a lower court or any constitutional body seeks the advise of the Supreme Court in a matter of law.

For the administration of the Companies Act, the main body set up by the central government is the Company Law Board.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

An Act to consolidate and amend the law relating to companies. The Companies Act 2013 is an Act of the Parliament of India on Indian company law which regulates incorporation of a company, responsibilities of a company, directors, dissolution of a company.

NCLAT was constituted on _______.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. 1 June 2016

  2. 1 July 2015

  3. 1August 2016

  4. 15 March 2016

Show answer
Correct Option: A
Explanation:

The National Company Law Tribunal has been constituted w.e.f. 1st June,2016 and by virtue of Section 408 of Companies Act,2013.

The full time officer appointed by the Central Government for the administration of the company law in each state is the Registrar of companies.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

It is true that Registrar of companies is a full time officer appointed by the Central Government for the administration of the company law in each state. There are 22 registrar of companies operating from offices in all major states of India. 

Official Liquidator is appointed by the Central Government under section 448 of the Companies Act, 1956.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

For the purposes of this Act, so far as it relates to the winding up of companies by the Tribunal, the Central Government may appoint as many Official Liquidators, Joint, Deputy or Assistant Official Liquidators as it may consider necessary to discharge the functions of the Official Liquidator. The liquidators so appointed under this section shall be whole-time officers of the Central Government. The salary and other allowances of the Official Liquidator, Joint Official Liquidator, Deputy Official Liquidator and Assistant Official Liquidator shall be paid by the Central Government.

Registrar of companies is a full time officer appointed by the Central Government for the administration of the company law in each state.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

It is true that Registrar of companies is a full time officer appointed by the Central Government for the administration of the company law in each state. There are 22 registrar of companies operating from offices in all major states of India. 

The Company Law Board deals only with the legal matters of companies.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

This statements is False because of the following reasons :

(i) According to the Companies (Amendment ) Act,1988 the Company Law Board is to exercise and discharge such power and function as may be given to it by or under the Companies Act or any other law.
(ii) Almost all the powers and function of the Central Government  under the provision of the Companies Act, have been delegated to the Board.
(iii) The Company Law Board is the executive arm of the department of  company affairs.
(iv) Most of the powers, which were so long exercised by the court or the Central Government  are now transferred to the Company Law Board.
(v) These powers are mainly judicial in nature.
(vi) The board also has power of civil court (Section 4C).
(vii) It also has the power of punishment for contempt of any order passed by it.
(viii) The Company Law Board shall be guided by the principles of nature justice and shall act independently in its discretion.
(ix) Hence, the Company Law Board only deals with the legal matters of companies , but also other matters.         

The Companies Act, 1956 is of no use to companies registered under it in India.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. True

  2. False

Show answer
Correct Option: B
Explanation:

This statements is False because of the following reasons:

(i) The Companies Act,1956 which constitutes the company law in India, came into force with effect from 1st April,1956.

(ii) It contains 658 sections, XIV schedules, a number of rules and regulations and a number of forms.

(iii) This law is based largely on the report of the Company Law Committee, 1952 and it also follows closely the new changes introduced in the British Company Law by the British Companies Act, 1948.

(iv) The main objective of  the Companies Act, 1956 is to protect the interests of a large number  of shareholders and creditors of the company.

(v) It is also aimed to develop the corporate sector on a healthy line.

(vi) The economic and social policies of the government were to be fulfilled and achieved through this Act.

(vii)All companies intending to do business in India, have to be registered under the Companies Act, 1956.

(viii)They have to strictly follow the provisions laid down in the Act.

(ix)Hence, it cannot be said that the Companies Act, 1956 is of no use to companies registered  under it in India.

The Advisory Committee is set up to advise the Central Government and Company Law Board on the administration of the Companies Act.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

This statement is True because of the following reasons:

(i) Section (411-415) of the Companies Act states "For the purpose of advising the Central and the Company Law Board on such matters arising cut of the administration of this companies Act as may be referred to it by that the Government  or Board.
(ii) The Central Government  may constitute an Advisory  Committee consisting not more than five person with suitable qualifications.
(iii) The committee is mainly set up to guide and advise the Central Government and Company Law Board on matter arising out of the administration of the Companies Act.
(iv) The advisory committee has power only to give advice.
(v) It has no power to investigate the matter or to make an inquiry.
(vi) Thus, the Advisory Committee is set up to advise the Central Government and Company Law Board on the administration of the Companies Act.

The Registrar of Companies is recognised as a statutory authority under the Indian Companies Act, 1956.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

This statements is True because of the following reasons:

(i) The Registrar  of Companies is a full time government officer working at the lower level in  regard to regulation and control of joint stock companies operating   within his jurisdiction. 
(ii)  The act has given wide powers to the Registrar.
(iii) He is an important constituent of the monitoring mechanism created for effective supervision  and control on joint stock companies.
(iv) The Registrar is responsible for the administration of the Companies Act in the state in which he is appointed.
(v) He has to see that registered companies operate within the legal limits of the Act.
(vi) He is even authorised to initiate disciplinary action against a company for non- compliance of the legal provisions.
(vii) The Registrar of companies is the most important constituent of the monitoring mechanism for joint stock companies in India.
(viii) For the above reasons the Registrar of companies is recognised as a statutory authority under the Companies Act,1956.

Central Government or tribunal is not bound to follow advice of the advisory committee.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. True

  2. False

Show answer
Correct Option: B
Explanation:

The Advisory committee shall consist of not more than 5 persons with suitable qualification.The central Govt, is not bound to constitute an Advisory Committee and even if it is constituted neither the Central Govt, nor the Company Law Board or the National Company Law Tribunal is bound to accept its advice.

Company Law Board is constituted as quasi-judicial body.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

This statement is True , due to the following reasons:

(i) The company Law Board was established by the Companies (Amendment) Act,1963 with the aim of better and convenient administration of the companies.
(ii) The Company Law Board was constituted by the Central Government .
(iii)The Company Law Board is an independent quasi - judicial body.
(iv) It is constituted to exercise some of the judicial and quasi - judicial functions which were previously exercise by the court or the Central Government.
(v) It was constituted on 1st February,1964.
(vi) But with effect from 31st May,1991 Company Law Board was constituted by the Central Government as an independent quasi - judicial body.
(vii) The company Law Board shall consist maximum nine members.
(viii) One of the member shall be appointed by the Central Government as the Chairman.
(ix) The Company Law Board has the power to discover and inspect the documents to be used as evidence.
(x) To examine witness on oath.
(xi) Granting adjournment,etc.

Ministry responsible for administration of Companies Act, 1956 ______________.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. State Government

  2. Central Government

  3. Local Government

  4. None of these

Show answer
Correct Option: B
Explanation:

The Ministry of Corporate Affairs (MCA) is an Indian government ministry.ThisMinistry is primarily concerned with administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability Partnership Act, 2008 & other allied Acts and rules & regulations frame.

National Tribunal shall not have power to review its own decisions.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. True

  2. False

Show answer
Correct Option: B
Explanation:

National Company Law Tribunal has powers to review its own decisions(within 2 years from the date of order).

 To ensure fair play and avoidance of judicial error, the procedural laws provide for appeals, revisions and reviews, and allow parties to file innumerable applications and raise vexatious objections as a result verdict get delayed. 
Appeals against the order of the NCLT will go to NCLAT, exclusively dedicated for this purpose. 

High Court shall have jurisdiction irrespective of place of registered office of the company.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. True

  2. False

Show answer
Correct Option: A

Ministry of Finance is primarily responsible for administration of Companies Act.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. True

  2. False

Show answer
Correct Option: B

Official liquidators have an important role to play in the winding up of a company.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

This statements is True because of the following reasons:

(i) The liquidator is a person who helps the court to complete the liquidation proceedings i.e. in releasing the assets of the company and distributing them among the creditors and  contributors most fairly.
(ii) It may be noted that only 'Official Liquidator' can function  as  liquidator in compulsory  winding up of a company under the order of the court and the court has no power to appoint private persons as liquidators.
(iii)The liquidator has to complete the liquidation proceeding in a just  and fair manner.
(iv) He has to see that justice is done to the creditors and other connected with the company which is closed down.
(v) The role played by liquidators is responsible and delicate and it need a fairs approach  openness and sound judgement.
(vi) Thus, official liquidations have an important role to play in the winding up of a company. 

Minister responsible for assisting his senior minister in administration of Companies Act_________________.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. prime Minister

  2. Chief Minister

  3. President

  4. Ministry of Corporate Affairs

Show answer
Correct Option: D
Explanation:

The Ministry of Corporate Affairs is an Indian government ministry. This Ministry is primarily concerned with the administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability A corporate affairs manager is responsible for creating and communicating a favorable public image for his employer or client. He often does this through media campaigns designed to reach investors, consumers, employees, industry analysts, customers, government agencies and other stakeholders.

The role of public sector was redefined. In July _________ Government identified nin central public sector enterprises as 'Navaratnas'.

commercial applications public sector enterprises role of government and development policies government companies government and taxes

  1. $2007$

  2. $1997$

  3. $1967$

  4. $1957$

Show answer
Correct Option: B
Explanation:

Navaratna companies can invest up to Rs 1,000 crore without explicit government approval. "Miniratnas" can afford less extensive financial autonomy.

- Hide questions
ADVERTISEMENT

Find more quizzes from top tags

general knowledge
3615 Quizzes
119858 Questions
 technology
307 Quizzes
36705 Questions
 sports
963 Quizzes
19148 Questions
 history
1187 Quizzes
13475 Questions
 physics
598 Quizzes
13441 Questions
 biology
1160 Quizzes
12174 Questions
 science & technology
551 Quizzes
11015 Questions
 chemistry
490 Quizzes
9892 Questions
 maths
518 Quizzes
9324 Questions
 softskills
0 Quizzes
7131 Questions