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Gurukripas Guideline Answers for May 2015 CA Inter (IPC) Law, Ethics, and Communication
Q Questions Reference M
(a) X entered into a contract with Y to supply him 1,000 Water
Bottle @ ` 5.00 per water bottle, to be delivered at a specified
time. Thereafter, X contracts with Z for the purchase of Page 1.72, Q. No. 34 [M 07]
1,000 Water Bottles @ ` 4.50 per Water Bottle, and at the
same time told Z that he did so, for the purpose of Hint:
performing his contract entered into with Y. Z failed to 1. If Z is informed of Ys Contract: X can
perform his contract in due course and Market Price of each claim an Ordinary Damages of ` 5.25 ` 4.50
5
Water Bottle on that day was ` 5.25 per Water Bottle. = ` 0.75 per Water Bottle + Special Damages
Consequently, X could not procure any Water Bottle and Y of ` 5.25 ` 5 = ` 0.25 per Water Bottle.
rescinded the contract. What would be the amount of
damages which X could claim from Z in the 2. If Z is NOT informed of Ys Contract: In
circumstances? What would be your answer if Z had not this case, X can claim only Ordinary Damages.
been informed about the Ys contract? Explain with
reference to the provision of the Indian Contract Act, 1872.
1 (b) The Doctrine of Indoor Management always protects the
Page 8.18, Para 8.4.4 and 8.4.5
Persons (Outsiders) dealing with a Company. Explain the 5
[RTP, N 95, M 99, N 01, M 03, M 07]
above statement. Also, state the exceptions to the above Rule.
(c) State with reasons whether the following statements are
Correct or Incorrect:
Page 16.3, Para 16.1.4 Hint: Incorrect.
It is a single approach aiming to treat all equals
(i) Fairness and Justice are two different approaches as a
equally and to reduce imbalance of power, and 3
source of Ethical Standards.
to ensure that human beings are treated fairly
based on some standard that is defensible.
(ii) Inclusion of Environmental Considerations as a part of Page 16.34, Q. No. 36 [M 10]
2
Corporate Strategy improves Corporate performance. Hint: Correct.
Page 17.4, Para 17A.1.4, Point 3
(d) Explain the factors that lead to Grapevine Communication. 5
[N 11]
(a) Explain the meaning of QuasiContracts. State the
Page 1.65, Para 1B.4.1
circumstances which are identified as Quasi Contracts by the 8
[N 93, N 94, M 99, M 02, M 13]
Indian Contract Act, 1872.
(b) What are the United Nations Guidelines Themes on Page 16.26, Para 16.7.12, Point 2
2 4
Consumer Protection? [RTP , N 09]
(c) Explain the types of Groups in an organization which play an
Page 17.27, Para 17C.1.3
important role in solving the difficult problems in the 4
[N 12]
organization.
(a) (i) Explain the Time Limit for Payment of Bonus to the
Page 3.14, Para 3.3.1
Employees in different circumstances under the provisions of 4
[M 12]
the Payment of Bonus Act, 1965.
(a) (ii) N is employed in ABC Limited, a Seasonal
Page 5.13, Q. No. 3 [M 10]
Establishment. The Factory was in operation from 1st March
Hint: The Factory was in operation for 4
to 30th June during the financial year 201415. Though, N
3 months. 75% of total operational days = 75% 4
was not in continuous service during this period, he had
120 days = 90 days. Since N worked for 95 days,
worked for 95 days. Under the Payment of Gratuity Act, 1972, he is eligible for Gratuity as it exceeds 90 days.
decide whether N is entitled to Gratuity.
(b) What is meant by Corporate Governance? State the
Page 16.6, Para 16.3.2, Point 1 & 2 and
Measures of Corporate Governance with reference to Indian 4
Page 16.7, Para 16.3.3 Point 3
Companies.
May 2015.1
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Gurukripas Guideline Answers for May 2015 CA Inter (IPC) Law, Ethics, and Communication
Q Questions Reference M
(c) State with reasons whether following Statements are Correct
or Incorrect.
Incorrect Page 17.22, Para 17B.3.4, Pt 4
(i) Rumours and Gossips are synonymous. Hint: Rumours relate to events, while Gossips 2
relate to People.
(ii) Lying breaks down the trust between individuals. Correct Page 17.22, Para 17B.3.4, Pt 5 2
(a) Board of Directors of PQR Ltd wants to create a Debenture
Redemption Reserve (DRR) for the redemption of debentures
issued by the Company under the provisions of Companies Page 14.5, Para 14.1.8 8
Act, 2013. Explain the provisions of the Companies (Share
Capital and Debenture) Rules, 2014 in this regard.
4 (b) Explain the meaning of Sustainable Development? State the Page 16.19, Para 16.6.1
special responsibilities of the Industries that are based on Page 16.22, Para 16.6.9, Point 7 4
natural resources. [ RTP, M 07, M 08, N 10, N 11, M 12]
(c) Write short notes on: 4
(i) The Press Communique Page 18.6, Para 18.9, Point 4
(ii) The Press Notes Page 18.6, Para 18.9, Point 4
(a) (i) What is meant by Sans Recourse Endorsement of a Bill of
Page 2.16, Para 2.3.7, Point 4 & 8
Exchange? How does it differ from Sans Frais 4
[RTP, N 01]
Endorsement?
Page 2.46, Q. No. 25 [M 00, N 05]
(ii) P, a Major and Q, a Minor executed a Promissory Note in Hint: The Promissory Note executed by P and Q
is valid, even though a Minor (Q) is a party to it,
favour of R. Examine with reference to the provisions of the
Q, being a Minor, is not liable, but his immunity 4
Negotiable Instruments Act, 1881, the validity of the
5 from liability does not absolve the other joint
Promissory Note and, whether it is binding on P and Q.
Promisor (P) from liability. [Sulochana vs
Pandiyan Bank Limited]
(b) Explain the concept of Electronic Voting System as
Page 13.18, Para 13.4.6 4
provided by the Companies Act, 2013.
(c) Explain the Threats faced by an Accounting and Finance
Page 16.28, Para 16.8.5
Professional adhering to Ethical Principles at the time of 4
[RTP, M 08]
performing his Professional duties.
(a) Explain the conditions and the manner in which a
Company may issue Depository Receipts in a Foreign
Page 9.17, Para 9.5.2 8
Country under the Companies (Issue of Global Depository
Receipts) Rules, 2014.
(b) State if the following Statements are Correct or Incorrect:
(i) Agency coupled with Interest is Irrevocable. Correct Page 1.98, Q.No.13 [N 09] 1
6 (ii) Depositing of Ornaments in a Bank Locker is a Bailment. Incorrect Page 1.98, Q.No.6
4
(iii) Deferred Shares are also called as Founders Shares. Correct =
(iv) Debentures with Voting Rights can be issued only if Incorrect Page 14.23, Q.No.1 4
permitted by the Articles of Association. [M 10, M 12]
(c) What is meant by Emotional Intelligence? Explain the Self Page 17.20, Para 17B.2.6
Awareness and SelfManagement Personal Competencies & Para 17B.2.7, Point 1(a) & 1(d) 4
associated with Emotional Intelligence. [RTP, M 07]
Answer any Four of the following: Page 4.9, Para 4.2.5, Point 3(b) & 3(e).
(a) An Inspector appointed under the Employees Provident [RTP, M 97, N 03]
Funds and Miscellaneous Provisions Act, 1952 makes an Hint: Search shall be made at any Reasonable 4
inspection at 8 a.m. (an hour before Factory timings) and Time. What constitutes Reasonable Time will be
7 based on circumstances. Generally, Reasonable
seeks to take copies of the Income Tax Returns. How far
under the Act is his action reasonable? Time shall be within Business hours.
(b) Define the term Small Company as contained in the
Page 6.16, Point 4 in Para 6.5.7 4
Companies Act, 2013.
May 2015.2
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Gurukripas Guideline Answers for May 2015 CA Inter (IPC) Law, Ethics, and Communication
Q Questions Reference M
Page 13.12, Para 13.3.6, Point 3 & 6
(c) The Annual General Meeting of KMP Limited was held on 30th Hint: 15 Members should be personally present
April 2015. The Articles of Association of the Company is to constitute valid Quorum in the given case.
silent regarding the Quorum of the General Meeting. Only 10 Since only 10 Members are present, Quorum is
not available. In case of AGM, Meeting shall be
Members were personally present in the above Meeting, out
adjourned to same day in next week, at the 4
of the total 2,750 Members of the Company. The Chairman
same Time and Place, or such other day, time &
adjourned the Meeting for want of quorum. Referring to the Place as determined by BOD. The decision of the
provisions of the Companies Act, 2013, examine the validity Chairman for adjournment is valid. But,
of Chairmans decision. Chairman cannot independently decide the date
and place of adjourned Meeting.
(d) Explain the various Socio Psychological factors responsible
Page 16.15, Para 16.5.4, Point 2 4
for developing Negative Attitude by an Individual at Workplace.
(e) State the reasons for Resistance to Change in an
Page 17.38, Para 17D.1.4 4
Organization.
Question 1: Chapter 4: The Employees Provident Fund and Misc. Provisions Act, 1952 RTP
A 60 years old District Judge was appointed by the Central Government as Presiding Officer of the Employees' Provident Funds
Appellate Tribunal for a period of 2 years. After one year, he resigns from his office and ceases to work with immediate effect without
handing over the charge to his successor, who was not appointed by the Government till that date. Examine the validity of his action
to cease work under the provisions of the Employees Provident Funds and Miscellaneous Provisions Act, 1952.
May 2015.3
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Gurukripas Guideline Answers for May 2015 CA Inter (IPC) Law, Ethics, and Communication
Solution:
1. Principle [Sec. 7F]:
(a) The Presiding Officer of a Employees Provident Funds Appellate Tribunal may by notice in writing under his hand
addressed to the Central Government, resign his office.
(b) The Presiding Officer shall, unless he is permitted by the Central Govt. to relinquish his office sooner, continue to
hold office until the expiry of three months from the date of receipt of such notice or until a person duly appointed
as his Successor enters upon his office or until the expiry of his term of office, whichever is the earliest.
2. Analysis and Conclusion: The action to cease work is not valid in this case.
May 2015.4
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