Companies Act_Practical Problems_43

Following information is available from the audited balance sheet of Short Cut Ltd. as at 31st March, 2004 :

Paid-up share capital Rs. 500 lakh
Share premium account Rs. 100 lakh
General reserves Rs. 800 lakh
Secured loans Rs. 500 lakh
Unsecured loans Rs. 400 lakh
The company plans to buy-back its shares. Compute the maximum limit upto which the company can buy-back its shares.

Companies Act_Practical Problems_42

Balance sheet of ABC Ltd. as at 31st March, 2004 shows the following liabilities :
Paid-up capital Rs. 10 crore.
Reserves and surplus Rs. 20 crore.
Reserves for redemption of debentures Rs. 5 crore.
The company has already advanced to the following companies :
XYZ Ltd. — Rs. 6 crore.
MNO Ltd. — Rs. 2 crore.
ABC Ltd. has given corporate guarantee of Rs. 5 crore to STU Ltd.
PQR Ltd. has approached ABC Ltd. for inter-corporate loan of Rs. 8 crore.
As the Company Secretary of ABC Ltd., advise the management on the limits of making loans and inter-corporate investments.

Companies Act_Practical Problems_41

Clover Ltd. has received a notice from its shareholders holding in all 8% of the paid-up capital for the removal of one of the directors. Advise the company.

Companies Act_Practical Problems_40

Abhijeet is a shareholder of Kutumb Ltd. On receipt of notice of an annual general meeting to be held on 28th September, 2004, Abhijeet issued a proxy in favour of Baljeet on 25th September, 2004. Abhijeet again issued another proxy in favour of Charanjeet on 26th September, 2004. Both Baljeet and Charanjeet attended the meeting on 28th September, 2004. Decide who is entitled to vote on a poll.

Practical Problems_Sales of goods Act_3

Asha delivers some furniture to Bipasha on ‘sale or return’ basis. Bipasha then delivers the same furniture to Chitra, and Chitra further delivers it to Divya on similar basis. Before Divya could give her acceptance, furniture is suddenly destroyed by fire. Who is to bear the loss of furniture ? Give reasons.

Practical Problems_Partnership Act_9

Ajit, Baljit and Charanjit are partners in a firm carrying on money lending business. Daljit, a customer, deposits his jewellery with the firm for safe custody. Ajit and Baljit sell this jewellery and misappropriate the money. Charanjit, being a sleeping partner, has no knowledge about this sale. Now, Daljit files a suit against all the three partners. Can Charanjit be held liable ? Give reasons.

Practical Problems_Sales of Goods Act_2

Ajoy finds a mobile phone lying on a table in a Coffee House. He hands over the mobile phone to Bijoy, the manager of the Coffee House, so that the true owner can claim it back. However, no one claims the mobile phone. After sometime, Ajoy goes to Bijoy, the manager, and requests him to return the mobile phone to him. On Bijoy’s refusal, Ajoy files a suit against him for recovery of the mobile phone. Will Ajoy succeed ? Give reasons.