1. Complete write-off of foreign exchange is permissible?

Answer: Yes,
subject to compliance with conditions/procedures specified by the Reserve
Bank of India (RBI), usually for irrecoverable amounts of foreign
currency.

2. Legal validity to submit foreign exchange (Unused)? Answer: Every

person resident in India shall surrender to an Authorised Person the
unused foreign currency within 180 days from the date of his return to
India (if its unspent foreign exchange). For currency in the form of notes,
coins, or travellers' cheques, the limit is 180 days from the date of return.
3. Penalty for remittance of more than $275,000 for daughter abroad?
Answer: Under the Liberalized Remittance Scheme (LRS) of RBI, the limit
for current or capital account transactions (like maintenance of close
relatives abroad) is $250,000 per financial year. Remittance exceeding
this limit without specific approval from RBI/Central Government may
attract penalties under FEMA, 1999, which can be three times the sum
involved in the contravention, or up to ₹2 lakh where the amount is not
quantifiable, and if the contravention is a continuing one, further penalty
may extend up to ₹5,000 for every day after the first day during which
the contravention continues. (The figure of $275,000 implies a violation of
the $250,000 limit).

4. Relevant documents to authorised dealer for 1st shipment (No of

days)? Answer: For export of goods, the exporter is required to submit the
relevant documents to the Authorised Dealer within 21 days from the date
of expiry of the period specified for the realization of the proceeds, which is
generally 9 months from the date of export. (The relevant timeframe
requested often relates to the submission of documents for the purpose of
realization/follow-up, not the initial shipment).
5. Minority Director can appeal? (How many % required) Answer: The
Companies Act, 2013, provides that a member who has been appointed as
a director by the Tribunal under Section 242(2)(k) (in case of oppression
and mismanagement) is often referred to as a Tribunal-appointed director.
There is no specific provision for a 'Minority Director' to appeal based on a
percentage of shares. However, any member can approach the Tribunal
under Section 241 if holding:

o At least 100 members or one-tenth of the total number of

members, whichever is less; or

o Holding at least one-tenth of the issued share capital of the

company.

6. Director acting as MD and 2 other directors taking salary? Answer:

The total managerial remuneration payable by a public company to its
directors (including MD/WTD) and Manager shall not exceed 11% of the
net profits of the company. The remuneration to any one MD, WTD or
Manager shall not exceed 5% of the net profits, and if there is more than
 one such director, the remuneration shall not exceed 10% of the net profits
to all of them taken together. Remuneration to directors who are neither
MD nor WTD/Manager shall not exceed 1% if there is an
MD/WTD/Manager, or 3% in any other case, of the net profits.

7. % required for passing resolution for Liquidation Answer: For

Voluntary Liquidation under the Insolvency and Bankruptcy Code (IBC),
a Special Resolution (SR) is required, meaning 75% of the votes cast by
the members in the general meeting.

8. % for resolution plan (COC) Answer: A resolution plan must be approved

by the Committee of Creditors (COC) by a vote of not less than sixty-
six per cent (66%) of the voting share of the financial creditors, as per
the IBC.

9. Days for NCLT to appoint IRP Answer: The Adjudicating Authority (NCLT)
must ascertain the existence of default and either admit or reject the
application. If admitted, the NCLT shall appoint an Interim Resolution
Professional (IRP) on the Insolvency Commencement Date, which is
the date of admission of the application.
10.Director detained under FEMA and PMLA — whether eligible for
reappointment as director? Answer: A person is disqualified from being
appointed as a director under Section 164(1)(g) of the Companies Act,
2013, if he has been convicted by a court of any offence and sentenced to
imprisonment for not less than six months. Detention under FEMA or PMLA
(Prevention of Money Laundering Act) might lead to such a conviction and
sentence, causing disqualification. Further, Section 164(2)(b) disqualifies
a director of a company that has defaulted in filing financial statements or
annual returns for any continuous period of three financial years or failed
to repay deposits, etc.

11.Loss Company — Remuneration of directors? Answer: If a company

has no profits or inadequate profits, the managerial remuneration to
directors, including MD/WTD, is regulated by Schedule V of the
Companies Act, 2013. The limits are based on the effective capital of
the company and may require a Special Resolution and Central Government
approval if exceeding certain limits. Refer to the table in Schedule V, Part
II, Section II for specific monetary limits based on effective capital.

12.Section 276(1) 335 — Doctrine used? Answer: This query refers to the
Companies Act, 2013. Section 276 deals with powers of the Tribunal to
appoint a Company Liquidator, and Section 335 deals with power of
Tribunal to assess damages against delinquent directors, etc. These
provisions are rooted in the general principle of corporate accountability,
often involving the Doctrine of Lifting the Corporate Veil in cases of
fraud or misfeasance by directors during winding up.

13.Section 334 — Choose correct representation of statutory position?

Answer: Section 334 of the Companies Act, 2013 deals with the power to
 restrain fraudulent persons from managing companies. The correct
statutory position is that the Tribunal may, if it is satisfied that a person is
or has been guilty of any offence mentioned in the section, make an order
that he shall not, without the leave of the Tribunal, be a director or in any
way, whether directly or indirectly, be concerned or take part in the
management of a company for such period, not exceeding five years.

14.Company property under section 290? Answer: Section 290 of the

Companies Act, 2013, outlines the Powers and duties of Company
Liquidator. Sub-section (1) empowers the Liquidator to sell the
immovable and movable property and actionable claims of the
company. The Liquidator also has the power to raise any money required
on the security of the assets of the company.

15.Maximum compensation to retiring director & EOC Answer: Under

Section 202 of the Companies Act, 2013, the maximum compensation
payable to a director for loss of office or premature termination of
agreement shall not exceed his remuneration for three years. 'EOC'
likely stands for Executive Officer Compensation, which would be part
of the overall managerial remuneration limits, subject to Board/Shareholder
approval.

16.Pre-clearance requirements under SEBI (Insider Trading) Answer:

The SEBI (Prohibition of Insider Trading) Regulations, 2015, require pre-
clearance for dealing in any securities of the company by designated
persons when the value of the proposed transaction, whether in one
transaction or a series of transactions over any calendar quarter,
aggregates to a traded value in excess of ₹10 lakh or such other value
as may be specified.
17.Schedule 1 FEMA — maximum investment by Indian co. in telecom
sector & financial services? Answer: Schedule 1 of the Foreign Exchange
Management (Transfer or Issue of Any Foreign Security) Regulations, 2004,
details investment limits. In the context of Overseas Direct Investment
(ODI) by an Indian company, there is no specific maximum percentage
of investment in the telecom or financial services sector within the
subsidiary/JV abroad that is directly prescribed by Schedule I, other than
the general overall limit of 400% of the net worth of the Indian party for
total financial commitment (which includes investment and guarantee).
However, the specific sector might require prior approval under Schedule
III if it is in the financial services sector, and the Indian entity is a regulated
entity.

18.Board resolution approving investment (No of directors present &

voting) Answer: As per Section 179(3) of the Companies Act, 2013, the
power to make investments shall be exercised by the Board of Directors
by means of resolutions passed at meetings of the Board. A Board meeting
requires a quorum, which is one-third of the total strength of the Board
 or two directors, whichever is higher. The resolution is passed by a simple
majority of the directors present and voting, provided the quorum is met.
19.Shareholders meetings for merger (% in holding & value) Answer:
For a compromise or arrangement (including merger) under Section 230
of the Companies Act, 2013, the resolution must be approved by a majority
of persons representing three-fourths in value of the creditors or class
of creditors or members or class of members, as the case may be, present
and voting at the meeting.

20.Section 164 — Disqualification of directors Answer: Section 164 of

the Companies Act, 2013, lists the disqualifications for appointment as a
director. Key disqualifications include:

o Unsound mind.

o Undischarged insolvent.

o Applied to be adjudicated as an insolvent.

o Conviction by a court for an offence for a period of not less than six
months.

o Failure to file financial statements or annual returns for any

continuous period of three financial years (Section 164(2)).

21.Minority shareholding to remove director (holding & value) Answer:

Minority shareholders can approach the National Company Law Tribunal
(NCLT) for relief in cases of oppression and mismanagement under Section
241 of the Companies Act, 2013. They must hold at least one-tenth of the
issued share capital or be at least 100 members or one-tenth of the total
number of members, whichever is less. The NCLT has the power to remove
a director under Section 242(2)(h). There is no direct provision in the
Companies Act that allows a specific minority holding to remove a director
unilaterally outside the NCLT framework or without the requisite Special
Resolution (SR) under Section 169.

22.Reappointment criteria for director if removed due to

noncompliance of financial statements? Answer: A director disqualified
under Section 164(2) for non-compliance (failure to file financial
statements or annual returns for three continuous years, etc.) is not eligible
for reappointment in that company or appointment in any other company
for a period of five years from the date on which the said company failed
to comply.

23.Removal of director (SR or OR) (normal & tribunal appointed

director) Answer:

o Normal Director: Removal under Section 169 of the Companies

Act, 2013, requires an Ordinary Resolution (OR).
 o Tribunal Appointed Director: Cannot be removed by the company
through an OR, but can only be removed by the Tribunal itself
(NCLT) as per Section 242(2)(k).
24.SFIO — competent authority to arrest director? Answer: Yes, an officer
of the Serious Fraud Investigation Office (SFIO) not below the rank of
Assistant Director is the competent authority to arrest a director under
Section 212(8) of the Companies Act, 2013, if he has reason to believe
that the person has been guilty of any offence punishable under the sections
referred to in sub-section (6).
25.SFIO — duty to tell director the reason of arrest Answer: Yes. The
officer of the SFIO making the arrest shall inform the person arrested of the
grounds for such arrest. This is a constitutional right (Article 22(1))
and is specifically mentioned in Section 212(8) of the Companies Act,
2013.

26.No. of hours to represent before court Answer: The person arrested by

an SFIO officer shall be forwarded to a Judicial Magistrate or a Metropolitan
Magistrate within twenty-four hours of such arrest, excluding the time
necessary for the journey from the place of arrest to the Magistrate's court,
as per Section 212(8) of the Companies Act, 2013, aligning with Article
22(2) of the Constitution of India.

27.CFO & Compliance Officer — 1 director can hold? Answer: The Chief
Financial Officer (CFO) is a Key Managerial Personnel (KMP) under
Section 203 of the Companies Act, 2013. A CFO can hold the position of a
Whole-time Director in the same company with the approval of the Board
(subject to certain conditions). The Compliance Officer is a position
mandated primarily under the SEBI (LODR) Regulations, 2015. The
same individual, if they are a KMP (like the CFO), can often be designated
as the Compliance Officer, subject to the requirements of the LODR, 2015.

28.Promoter’s capital locked for minimum period (18 Month & 6

Month) Answer: Under SEBI (ICDR) Regulations, 2018, the minimum
lock-in period for the entire shareholding of the promoters is 6 months
from the date of allotment in the public issue. The lock-in for the promoter's
contribution to the extent of 20% of the post-issue paid-up capital is 18
months in case of IPOs where the company does not have an audited track
record of at least 3 years. The minimum lock-in for the remaining equity
shares held by the promoter is 6 months.

29.Lower band and upper band of price of IPO Answer: The upper limit
of the price band for an Initial Public Offer (IPO) cannot be more than 120%
of the floor price (lower band). For example, if the floor price is ₹100, the
cap price cannot exceed ₹120.

30.Minimum no. of independent directors (SEBI) Answer: As per SEBI

(LODR) Regulations, 2015, for a listed entity:
 o If the Chairman is a non-executive director, at least one-third of
the Board must be independent directors.
o If the Chairman is an executive director or a promoter (or related to
them), at least half of the Board must be independent directors.

o The top 1000 listed entities (based on market capitalization) must

have at least one woman independent director.

31.Prior intimation for buyback of share to SEBI (No of Days) Answer:

A listed company intending to buy back its shares is required to make a
public announcement immediately after the Board meeting approving the
buyback and, as part of the process, make an intimation to the stock
exchange and SEBI. Generally, the initial intimation to the stock exchange
about the Board meeting to consider the buyback is given at least 2
working days in advance as per LODR. However, the specific rules under
SEBI (Buyback of Securities) Regulations, 2018, govern the public
announcement and filing of the draft letter of offer to SEBI.

32.Changes in annual report — report to SEBI (No of days / hours)

Answer: Any material changes or non-conformity in the annual report from
the draft filed/expected are generally required to be reported to the stock
exchange (and thus to SEBI) as per SEBI (LODR) Regulations, 2015,
under the general continuous disclosure obligations which often require
reporting within 24 hours of the event/change, or in the case of certain
corporate actions, 15 minutes before the start of the next trading hour.
33.Composition of audit committee (SEBI) Answer: As per SEBI (LODR)
Regulations, 2015:
o Minimum three directors.

o Two-thirds of the members shall be Independent Directors.

o All members shall be financially literate, and at least one member

must have accounting or related financial management expertise.

o The Chairperson of the Audit Committee shall be an Independent

Director and shall be present at the Annual General Meeting (AGM)
to answer shareholder queries.

34.Top 2000 (SEBI) — Quorum Answer: As per SEBI (LODR) Regulations,

2015, for the Board of Directors of the top 2000 listed entities (by
market capitalization) (which are required to comply with certain enhanced
corporate governance norms), the quorum shall be one-third of the total
strength of the Board or three directors, whichever is higher, with at
least one independent director being a part of the quorum. (The
enhanced quorum requirement relates to board meetings).

35.Promoter to submit a resolution plan if payment made before how

many days? Answer: This relates to the IBC, specifically Section 29A,
 which disqualifies certain persons, including promoters, from submitting a
resolution plan. A promoter is disqualified if they have an account which
has been classified as Non-Performing Asset (NPA) for at least one year
before the insolvency commencement date and has not paid the overdue
amounts in full before submission of the resolution plan. There is no
specific 'days' count for the payment itself, but the payment must be made
before the submission of the plan.

36.Essential goods and services temporarily suspended — valid or not

by RRP? Answer: Under the IBC (Insolvency and Bankruptcy Code), during
the Corporate Insolvency Resolution Process (CIRP), the Resolution
Professional (RP) must ensure that the supply of essential goods or
services to the Corporate Debtor (CD) is not suspended or terminated
(Section 14). The term 'RRP' might be a typo for RP or a reference to a
specific regulation. Generally, a temporary suspension of essential
services (like electricity, water, or communication services) by the
RP would be invalid, as the RP's duty is to maintain the CD as a going
concern.

37.Two resolution plans by two parties — can attend meeting? Can

vote? Answer: A resolution applicant, even if they have submitted a
resolution plan, is not a member of the Committee of Creditors (COC).
Therefore, they cannot vote in the COC meeting. They may be invited to
attend the COC meeting where their plan is being considered, but they have
no right to vote.

38.ROC — removal of company (Process and grounds for removal)

Answer: The Registrar of Companies (ROC) can remove the name of a
company under Section 248 of the Companies Act, 2013 (Striking off).
o Grounds: The company has failed to commence business within
one year of its incorporation, or the company is not carrying on
any business or operation for a period of two immediately
preceding financial years and has not made any application within
such period for obtaining the status of a dormant company.

o Process: The ROC sends notice to the company and all directors,
giving them an opportunity to respond. The company can also
voluntarily apply for striking off. After the process, the ROC publishes
a notice in the Official Gazette and the company stands dissolved.

39.Director liability after removal of company name Answer: As per

Section 248(7) of the Companies Act, 2013, the liability, if any, of every
director, manager, or other officer who was exercising any power of
management in the company dissolved, shall continue and may be
enforced as if the company had not been dissolved.

40.Workman — File to tribunal (No of Years) Answer: This likely refers to

the period for a workman (or a class of them) to apply to the Tribunal (NCLT)
for initiating the Corporate Insolvency Resolution Process (CIRP) as an
 operational creditor under Section 9 of the IBC. The limitation period is
three years from the date on which the right to apply accrues, as per the
Limitation Act, 1963, as applied to the IBC.

41.Form-4 — time period for submission Answer: Form MR-4 is related to

the filing of return of appointment of Key Managerial Personnel
(KMP) or change therein. It must be filed with the ROC within sixty
days from the date of the appointment or the change. Form No. 4 under
Companies (Registration of Charges) Rules, 2014 is used for particulars of
modification of charge and must be filed within 300 days of such
modification. (Assuming MR-4 for KMP/Director is the context).

42.Form for articles & foreign security Answer: This seems to combine two
different areas of law.

o Articles of Association (AOA): Form INC-33 is generally used for

the e-form of the Articles of Association (AOA) when applying for
incorporation.

o Foreign Security: Form ODI (Overseas Direct Investment) is the

principal form used for reporting investments in foreign securities (by
way of ODI/OPI).

43.Central Government to renew certificate & after lapsed condonation

period (FEMA) Answer: The power to issue/renew certificates of
registration for money changers or for any other purpose under FEMA is
primarily with the Reserve Bank of India (RBI), not the Central
Government. The RBI can impose a penalty for non-renewal or late filing,
and any application for renewal after expiry is subject to the discretion of
the RBI.

44.Merger of Company (Foreign Company) Answer: Merger/Amalgamation

of a company with a Foreign Company is governed by Section 234 of the
Companies Act, 2013, and the Foreign Exchange Management (Cross
Border Merger) Regulations, 2018. This requires approval from the
National Company Law Tribunal (NCLT) and compliance with RBI and
other regulatory authorities.

45.Approval for compromise of agreement of merger Answer: The final

approval for a compromise or arrangement, including a merger, must be
sanctioned by the National Company Law Tribunal (NCLT) under
Section 230 of the Companies Act, 2013, after approving the required
resolutions by the creditors/members.