1. A company can commence its business (a) without obtaining certificate of commencement of
business if it is a private company (b) without obtaining certificate of commencement of business if it is
a company without any share capital (c) after obtaining certificate of commencement of business u/s
125 if it is a public company, which of these is correct:
a. A to c all
b. A and b only
c. B and c only
d. A and c only
Ans: b

2. Which of the following statements are not true:
a. A partnership firm can be registered u/s 58 of Indian Partnership Act
b. Accompany is a legal person created through incorporation
c. Certificate of commencement of business is conclusive evidence of existence of a company
d. Where 2 or more person agree to share profits from business, it is called a partnership.
Ans: c

3. The lease for a purpose other than for agricultural and manufacturing purposes is deemed to be
a lease from and it can be terminated by giving notice:
a. Year to year, 2 months
b. Year to year, 3 months
c. Month to month, 30 days
d. Month to month, 15 days
Ans: d

4. Where a company creates charge on its assets and fails to get the charge particulars field and
registered (a) any person interested in the charge can file and get it registered (b) if charge is not field
and registered, the creditor becomes unsecured creditor in the event of liquidation of the company (c) if
the charge remains unregistered, the loan become due immediately (d) it is responsibility of the
company to file the charge within given time period:
a. A to d all are correct
b. A, c and d are correct
c. A, b and c are correct
d. B, c and d are correct
Ans: a

5. SARFAESI Act 2002, is applicable (a) in the entire India including J&K (b) it provides for sqale of
security without court intervention subject to fulfillment
a. A to d all correct
b. A, b and c only correct
c. A, c and d only correct
d. A, b and d only correct
Ans: b

6. As per SARFAESI Act, hypothecation means (a) a charge on movable assets (b) in favour of
secured creditor (c) without delivery of possession (d) giving rght to the creditor to sell the assets. Which
among these are the essential parts of the definition:
a. A to d all
b. A, b and d only
c. A, b and d only
d. B, c and d only
Ans: b

7. In Mardia Chemicals vs Union of India and others, the Supreme Court had decided that:
a. SARFAESI Act is fully invalid
b. Condition of deposit of 75% amount by borrower before approaching DRT against possession
notice by banks, is invalid
c. Condition of deposit of 75% amount by borrower before approaching DRAT, against decision of
DRT, is invalid
d. Condition of 60 days notice before possession is correct
Ans: b

8. Which of the following facts is not correct so far as a Securitisation company is concerned:
a. It is a company registered under Companies Act.
b. It has to obtain registration with SEBI for undertaking securitusation
c. It can set up separate trust for different schemes of securitization
d. Its minimum paid up capital is Rs.100 cr and net worth at least 15% of the acquired assets
Ans: b

9. The Prevention of Money laundering Act 2002 was enacted with the following objective:
a. To prevent money laundering
b. To provide for confiscation of property derived from money laundering
c. To prevent use of banking system for money laundering
d. All the above
Ans: d

10. Before enforcement of security interest i.e. sale of security, the creditor, to show his intention
to take possession, is required to obtain possession of the security by giving:
a. A reasonable period notice
b. A notice of 15 days
c. A notice of 30 days
d. A notice of 60 days
Ans: d

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