NITIKA BACHHAWAT
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Page 1
Vivek Shah is the Chief Finance Officer (CFO) and Sachin Bhatt is the Company
Secretary of Jitendra Iron Works Private Ltd (JIWPL), in Manipal, Karnataka. JIWPL
is an integrated set up of foundries and machine shops that add value by machining
more than 75% of the castings manufactured to fully finished condition. JIWPL is
one of the largest jobbing foundries producing grey iron castings required for
automobile, farm equipment sector and diesel engines industry. JIWPL serves
customers globally.
The turnover of JIWPL is about Rs. 600 Crores, including export turnover of about
Rs. 250 Crores. During the year 2019, JIWPL planned expansion to enhance its
production capacity to meet the increasing demand from its customers, by importing
fully automatic plant and equipments from Germany for the unit at Manipal. The
means of finance of the expansion project:-
a) JIWPL received an amount of Rs 25 Crores from Malini Shetty, wife of one of
the promoter directors Mahesh Shetty of JIWPL. Mahesh Shetty wanted to
know from Sachin Bhatt any compliance needed from the perspective of
acceptance of Deposits.
b) The Board and the CFO also approached the main banker of the company viz.,
Bank of Baroda. The Bank after proper credit analysis, sanctioned an amount
of Rs. 50 Crores for meeting the working capital needs of the expansion
project, which included interchangeable limits of cash credit, foreign and
inland bills for negotiation and acceptance. The security cover was floating
charge on the book debts, inventory and other current assets of the expansion
project in Manipal of JIWPL.
The CFO and the CS together coordinated with the legal department of the Bank on
procedures relating to creation of security and registration of charges. The registered
office of JIWPL is located in Manipal. Out of the company’s 180 members, 20
members, who are entered in the Register of Members reside in Mangaluru, a nearby
city, requested the company for some reasons to maintain the Register of Members in
the company’s liaison office in Mangaluru, instead of Manipal henceforth. (MT
May’ 20)
Page 2
A. JIWPL received an amount of Rs 25 Crores from Malini Shetty, wife of one of the
promoter directors Mahesh Shetty of JIWPL. Mahesh Shetty wanted to know from
Sachin Bhatt any compliance needed from the perspective of acceptance of deposits.
The CS has to ensure -:
a) That the particulars of amount received are immediately entered in the register
of deposits maintained in such manner and in such format as prescribed;
b) To issue immediately a circular to the members of the company with a
statement of deposits accepted as on date with the names of each depositor,
amount(s) received as on date, the due date(s) and the liability(ies) on the due
date(s) in respect of each depositor
c) That a declaration is to be obtained to the effect that the amount given is not
sourced from borrowed funds or accepting loans or deposits from others and
disclose the details in the Board’s Report;
d) To file the particulars of deposits received within 30 days from the date of its
receipt with the Registrar.
B. JIWPL was also sanctioned an additional amount of Rs. 50 Crores for meeting the
working capital needs of the expansion project., which included interchangeable
limits of cash credit, foreign and Inland bills for negotiation and acceptance. The
security cover was floating charge on the book debts, Inventory and other current
assets of the expansion project of JIWPL. A floating Charge, in general is created by
way of :
a) Passing a board resolution
b) Signing and acknowledging the Credit Sanction letter
c) Mortgage
d) Hypothecation or lien.
Answer: C
Answer: D
Page 3
C. The registered office of JIWPL is located in Manipal. Out of the company’s 180
Members, 20 members, who are entered in the register of members (ROM) reside in
Mangaluru, a nearby city. These members requested the company for some reasons to
maintain the Register of members (ROM) in the company’s liaison office in
Mangaluru, instead of Manipal henceforth.
a) The ROM shall be maintained only at the registered office in Manipal and
maintaining in a place other than the registered office is not permitted under the
Companies Act 2013 and the relevant Rules there under.
b) By passing a Special Resolution in a General Meeting, the ROM can be
maintained in Mangaluru.
c) The Board of Directors by passing a Board Resolution in one of its meetings,
may direct the Company Secretary to maintain the ROM in Mangaluru.
d) If more than 1/3rd of the members, whose names are entered in the ROM
request for the change, then only the ROM can be maintained at Mangaluru
after passing a Special Resolution in a General Meeting.
Answer: B
Page 4
Mr. Malik is working as CEO at one of leading Fin-Tech Company and also running
a blog (where he writes professional stories and also answer queries from his readers).
He is trendsetter and famous in his office for his dressing sense apart from professional
excellence. He gave a piece of fabric to Skylark Tailors, for stitching the latest style
suit from it on 20.01.2020. Tailoring charges for stitching the suit is settled at INRs
8000 and it was also agreed that stitched suit will be delivered on the 7th day from
20.01.2020. Mr. Malik is a regular client of Skylark Tailor, and amount of INRs 5000
is pending against his name. Mr. Raman who is one of the readers of Mr. Malik’s blog,
asked for consultancy on a payment basis, to which Mr. Malik agreed. Consultancy
charges of INR 15000 agreed between the two. Mr. Malik rendered the consultancy
and raised an invoice allowing credit of 15 days. In response to which Mr. Raman
made a promissory note in favour of Mr. Malik and kept in the drawer of his desk,
pending for post. On the specified day, Mr. Malik visits the shop of Skylark tailor;
who stitched the suit as per specification. Mr. Malik tenders INRs 8000 for stitching
the suit as agreed and request for a trial and delivery, but the Skylark tailor refuses to
deliver the suit till the pending dues (old debts) of INRs 5000 is not cleared.
Mr. Malik judge a quiz show on the role of block-chain and Industry 4.0 in financial
services, where he in personal capacity gave the prize to the winner, Mr. Kumar
Sanjay of INRs 10000 apart from prizes by sponsors and organizers. Mr. Malik has
drawn a cheque in favour of Kumar Sanjay, a minor who endorsed the same in favour
of Mr. Singh. Mr. Singh, in turn, endorsed it in favour of Mr. Khanna. The Cheque
was dishonoured by the bank. Mr. Malik meets Mr. Nayan at the show who is a
common friend to both Mr. Malik, and Mr. Raman. From Mr. Nayan, Mr. Malik came
to know that Mr. Raman is no more.
After returning back to his home from the finale of the quiz, Mr. Malik found postal
mail form legal heirs of Mr. Raman which contains a promissory note which was
remain in the desk of Mr. Raman pending of post and found by his legal heirs, after his
death. Satinder Malik who is the elder son of Mr. Malik, and studying law at National
Law Uniersity (NLU) visited home during vacations. During some conversation at the
lunch table, Mr. Malik asked Satinder about his legal position in all the above cases
based upon circumstances. (MT May’ 20)
Page 5
A. With reference to dishonoured cheque, which of the following statements are
correct?
I. Mr. Khanna can sue, all Mr. Singh, Kumar Sanjay and Mr. Malik
II. Mr. Khanna can sue Mr. Singh and Mr. Malik only
III. Mr. Singh can sue Kumar Sanjay
IV. Mr. Singh can sue Mr. Malik if Mr. Khanna recovered the money from him.
a) I and II only
b) II and III only
c) II and IV only
d) I and IV only
B. In respect of the promissory note drawn by Mr. Raman, can Mr. Malik sue upon
such a promissory note?
a) Yes, because of Mr. Raman owes to Mr. Malik
b) Yes, because Mr. Malik has possession of the promissory note
c) No, because promissory note was not properly delivered
d) No, because of Mr. Raman Died
C. Is the skylark tailor entitled to refuse delivery of suit to Mr. Malik?
a) Yes, because old dues from Mr. Malik is still pending.
b) Yes, because skylark tailor has right lien as bailee.
c) No, because the amount of old dues is INRs 5000, which is less then INRs
8000.
d) No, because amount of tailoring charges are duly paid as agreed against the
goods bailed.
Answer: C
Answer: C
Answer: D
Page 6
