Legal Aspects Of Business - Study Mode

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[#511] The process of voluntary winding up of solvent company is now shifted from the Companies Act, 2013 to Insolvency and Bankruptcy Code, 2016 with effect from 1 st April, 2017. Which of the following differences apply? 1. Shifting of Powers from Official Liquidator to Insolvency Professional. 2. Jurisdictional Authority has been shifted from High Court to National Company Law Tribunal. 3. Governing sections, rules and regulations for Voluntary Winding has now shifted to Section 59 of the Insolvency and Bankruptcy Code, 2016. 4. Timeline for carrying out the Voluntary Winding up process under the IBC is normally of 12 months.

(A) 1 and 2

(B) 1, 2 and 4

(C) 1, 2, 3 and 4

(D) 2, 3 and 4

Correct Answer

(C) 1, 2, 3 and 4

[#512] Match the following in respect of IT Act, 2000. List-I (Offeree) List-II (Penalty/Punishment) a. Punishment for identity theft 1. Rs. 5,000 per day b. Residuary penalty 2. Imprisonment of 3 years and fine of Rs. 1 lakh c. Penalty for failure to furnish information 3. Imprisonment for life d. Punishment for cyber terrorism 4. Rs. 25,000

(A) a-2, b-4, c-1, d-3

(B) a-1, b-2, c-3, d-4

(C) a-4, b-2, c-3, d-1

(D) a-3, b-4, c-2, d-1

Correct Answer

(A) a-2, b-4, c-1, d-3

[#513] What is the most crucial component of the Competition Act, 2002?

(A) Abuse of dominance

(B) Anti-competition agreement

(C) Combination regulations

(D) Competition advocacy

Correct Answer

(D) Competition advocacy

[#514] As per the act, who can file a petition to the Tribunal for winding-up?

(A) The Registrar

(B) Company

(C) Contributory

(D) All of these

Correct Answer

(D) All of these

[#515] Who will notify the rate of tax to be levied under CGST?

(A) GST council suo moto

(B) Central Government suo moto

(C) State Government suo moto

(D) Central Government as per the recommendations of the GST council

Correct Answer

(D) Central Government as per the recommendations of the GST council