1. Section – I Introduction & Corporate Insolvency Resolution Process(CIRP) under Insolvency and Bankruptcy Code, 2016.
2. Section – II IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
3. Section -III Adjudicating Authority for Corporate Persons
4. Section – IV Offences and Penalties

Question No.1: MCQ for Pre Test- Corporate Restructuring, Valuation and Insolvency 

Which of the given statement is incorrect in respect of “Corporate Applicant” means?

• Corporate Debtor, or
• An individual who is in charge of managing the operations and resources of the corporate debtor, or
• A person in favour of whom security interest is created or
• A person who has the control and supervision over the financial affairs of the corporate debtor

Question No.2

Bankruptcy Law Reforms Committee (BLRC) was set up under the Chairmanship of Shri______

• J J Irani
• TK Viswanathan
• N L Mitra
• V B Eradi

Question No.3: MCQ for Pre Test- Corporate Restructuring, Valuation and Insolvency 

_________ is an offer to the shareholders of a company, who are not promoters of the company or the sellers of the shares under an agreement, to buy their shares in the company at the offered price within the stipulated period of time.

• Friendly takeover
• Hostile takeover
• Buy-back
• Takeover bid

Question No.4

An appeal by aggrieved party against the order refusing any circular under sub-section 238 of the Companies act, 2013 shall be supported with_____ in the Form No. NCLT.6

• Statement by or on behalf of the transferee company
• Circular
• Offer of scheme
• Affidavit

Question No.6

As per Section 24(3) of the IBC (Code), the resolution professional shall give notice of each meeting of the committee of creditors to operational creditors or their representatives if the amount of their aggregate dues is_____ of the debt.

• not less than ten percent
• not more than ten percent
• not less than twenty percent
• not more than twenty percent

Question No.7

Where the Chairperson of the meeting files the report of the meeting called under section 230 of the Companies Act, 2013, the Company shall present the petition to the Tribunal (NCLT) in Form No.______ for the sanction of the scheme

• CAA-4
• CAA-5
• NCLT-3
• NCLT-4

Question No.8

______________ is an investment strategy of using borrowed money, specifically, the use of various financial instruments or borrowed capital to increase the potential return of an investment.

• Rehabilitation finance
• Leverage
• Depository receipt
• Funding through Swaps

Question No.9

Under Section 94 a debtor shall not be eligible to apply for insolvency resolution process if an application regarding insolvency resolution process has been admitted in respect of the debtor during the period of _________the date of submission of the application under this Section

• Six months preceding
• Thirty six months preceding
• Three months preceding
• Twelve months preceding

Question No.10

Which one of the following is not a common reason for voluntary liquidation of companies?

• Not carrying business operations
• Commercially unviable
• Mismanagement
• Running into losses

Question No.11

The_______ is designed to assist States to equip their insolvency laws with a modern legal framework to more effectively address cross-border insolvency proceedings concerning debtors experience severe financial distress or insolvency

• United States Bankruptcy Code
• Insolvency and Bankruptcy Code, 2016 (India)
• United Nations Commission on International Trade Model Law
• Bankruptcy Act, 1966 (Australia)

Question No.12

In case of listed company, public announcement of buy-back shall be made within________

• 10 working days from the date of Board/shareholder’s resolution
• 2 working days from the date of Board/shareholder’s resolution
• 15 working days from the date of Board/shareholder’s resolution
• 30 working days from the date of Board/shareholder’s resolution

Question No.13

_______is a meaningful analysis of the collected information to arrive at some decision about the potential transaction. It is integral to business It is exercised in a simple over-the-counter transaction or a complicated merger and acquisition transaction.

• Future projection
• Due diligence
• Planning
• Budgeting

Question No.14

Debt restructuring mechanisms such as Framework for Revitalizing Distressed Assests, Corporate Debt Restructuring Scheme (CDR) and the Joint Lenders’ Forum (JLF) Framed by______ has been withdrawn vide a circular dated 12 February 2018.

• SBI
• IBBI
• RBI
• SEBI

Question No.15

The Law of Insolvency in India owes its origin to_________

• German’s Law
• Australia’s Law
• USA’s Law
• English Law

Question No.16

According to section 281(1), where the tribunal has made a winding up order or appointed a Company liquidator, such liquidator shall,_______ from the order, submit to the tribunal, a report containing the particulars, like, the nature and details of the assets of the company, amount of capital issued, subscribed and paid-up, guarantees etc.

• within thirty days
• within sixty days
• within ninety days
• within one eighty days

Question No.17

Where a scheme of compromise or arrangement is proposed, the Tribunal (NCLT) may order a meeting of_______

• Board of Directors
• Creditors or members or any class of them
• Shareholders and company
• Debtors or any class of them

Question No.18

The authorized representative shall circulate the minutes of the meeting received by the resolution professional to creditors in a class and announce the voting window_______ before the window opens for voting instructions and keep the voting window open for at least twelve hours.

• At least twenty-four hours
• At least forty-eight hours
• At least Ninety-six hours
• At least Seventy-two hours

Question No.19

______________ is not termed as capital assets as per Section 2(14) of the Income Tax Act, 191

• Property of any kind held by an assessee, connected with his business or profession
• Property of any kind held by an assessee, not connected with his business or profession
• Any securities held by a Foreign Institutional Investor which has invested in such securities in accordance with the regulations made under SEBI Act, 1992
• Stock in trade

Question No.20

Which one is not a part of an External restructuring?

• Restructuring through acquisition of controlling stake
• Restructuring through mergers
• Restructuring through conversion of debt of the corporate debtor into securities of the Corporate debtor
• Restructuring through creation of new departments to serve growing markets or downsizing departments to conserve overheads

Question No.21

An application for merger and amalgamation shall be filed with NCLT by_________

• Only Transferor Company
• Only Transferee Company
• Both Transferor and Transferee Company
• By only target company

Question No.22

The Insolvency and Bankruptcy Code, 2016 is drafted by the_______

• Raghuram Rajan committee
• Bankruptcy Law Reforms committee
• Financial Sector Legislative Reforms Commission
• J J Irani Committee

Question No.23

_________ Merger involves firm engaged in unrelated types of activities.

• Vertical
• Horizontal
• Conglomerate
• Demerger

Question No.24

The Competition Act provides for a deemed clearance if the Competition Commission of India (CCI) does not pass an order_______ from the date of notification.

• Within 180 days
• Within 200 days
• Within 210 days
• Within 365 days

Question No.25

Section 54A of the Insolvency and Bankruptcy Code, 2016, lays down the provisions of a pre-packaged insolvency resolution process MSME’ Threshold Cap in Turnover for Small Enterprise is_____

• 1 crore
• 10 crore
• 50 crore
• 250 crores

Question No.26

Which of the following shall supervise the implementation of the scheme of compromise arrangement after it is sanctioned by the Tribunal?

• Central Government
• Creditors or members or any class of them
• Official Liquidator
• NCLT

Question No.27

Valuation involves financial modeling, in case of merger/ amalgamation, calculating the______ is at the core of the valuation process

• Debt-equity ratio
• Swap Ratio
• EBIT
• Earnings per share

Question No.28

If the Current dividend is Rs. 20, share price is Rs. 150 and annual dividend growth rate is 10 Percent per annum. Calculate the rate of return as per Gordon growth model.

• 14.67 Percent
• 26.67 Percent
• 13.33 Percent
• 10 Percent

Question No.29

Faimess opinion issued by_______ on the scheme of amalgamation shall be filed along with scheme of amalgamation.

• Bankers
• Auditors
• Merchant Banker
• Directors

Question No. 30

Who may order for amalgamation of Companies under section 237 of the Companies Act, 2013, if it is satisfied that such amalgamation is in public interest?

• Registrar of Companies
• NCLT
• Central Government
• Competition Commission of India

Question No.31

_________ gives the holder the right to buy the shares at a predetermined period of time and at a predetermined price under which the price of the underlying stock is expected to rise.

• Derivative
• Call option
• Put-option
• Future contact

Question No.32

As per rule 25 of the Companies (Companies, Arrangements and Amalgamations) Rules, 2016, the notice of the meeting to file members and creditors under section 233 of the Company Act, 2013 shall be accompanied by declaration of solvency in_______

• Form No. CAA 10
• Form No. CAA 11
• Form No. CCA 9
• Form No. CAA 12

Question No.33

Return of buy-back of a listed company shall be filed with_______ within________ days of such completion.

• Registrar, Thirty
• SEBI, Thirty
• Registrar and SEBI; Thirty
• Registrar and SEBI; Fifteen

Question No.34

Section 53 Insolvency and Bankruptcy Code, 2016 deals with distribution of assets in liquidation. In case of liquidation, which one is the correct order for distributing the assets?

• • Fees of insolvency professional
  • Employee wages,
  • Workmen’s dues for preceding 24 months and security creditors.
  • Unsecured creditors

• • Fees of insolvency professional
  • Workmen’s dues for preceding 24 months and security creditors.
  • Shareholders
  • Unsecured creditors

• • Fees of insolvency professional
  • Workmen’s dues for preceding 24 months and security creditors.
  • Employee wages
  • Unsecured creditors

• • Fees of insolvency professional
  • Workmen’s dues for preceding 24 months and security creditors.
  • Shareholders
  • Governments dues

Question No.35

What type of body is Competition Commission of India (CCI)?

• Administrative body
• Judicial body
• Quasi-judicial body
• Tribunal

Question No. 36

Appointment of _________ is mandatory for monitoring the compliance of the securities laws and for redressal of investors grievances in case of IPO by issuer company.

• Merchant Banker
• Registrar to issue
• Underwriters to the issue
• Compliance Officer

Question No.37

The Financial Creditor shall file_______ with NCLT to initiate insolvency proceedings against the Corporate Debtor.

• Form 5
• Form 1
• Form 2
• Form 3

Question No.38

Choose correct options, during the period of moratorium, the debtor shall

• Dispose of or alienate any of his assets;
• Not inform his business partners that he is undergoing a fresh start process,
• Not travel outside India expect with the permission of the Adjudicating Authority
• Act as a director of any company, or directly or indirectly take part in or be concerned in the promotion, formation or management of a company,

Question No.39

Small companies are required to conduct only________ in a year whereas private limited companies not classified as small companies have to conduct four board meetings in a year.

• 1 board meeting
• 2 board meetings
• 3 board meetings
• 4 board meetings

Question No.40

The Manager to the open offer shall file a report with the Board (SEBI) within______ from the expiry of the tendering period.

• Twelve working days
• Fifteen working days
• Twenty one working days
• Twentey six working days

Question No.41

A Practicing Company Secretary can be appointed as a Technical Member of NCLT, provided he has_________ working experience as secretary in whole-time practice.

• 15 Years
• 10 Years
• 20 Years
• 8 Years

Question No.42

“Which Committee proposed significant charges to make the restructuring and liquidation process speedier, efficient and effective and accordingly amendments were made to (RDDBFI) Act, 1993 and (SARFAESI) 2002?

• Narasimham Committee||
• Tiwari Committee
• J JIrani Committee
• Bankruptcy Law Reforms committee (BLRC)

Question No. 43

______________ is not a Debt Recovery Appellate Tribunal (DRAT)

• DRAT Delhi
• DRAT Mumbai
• DRAT Jaipur
• DRAT Allahabad

Question No.44

Which of the following persons/ authorities is not entitled to receive a notice of a meeting convened by the order of NCLT in respect of a scheme of amalgamation?

• Members or a class of members
• Auditor
• Income-Tax Authorities
• Central Government

Question No.45

Capital reduction, in simple words, means________

• Cancellation of paid-up capital
• Cancellation of subscribed capital
• Cancellation of uncalled capital
• Cancellation of authorized capital

Question No.46

Which one of the following is not a current asset?

• Stock of raw material
• Cheques not yet cleared
• Preliminary expenses
• Marketable Shares shown as Stock

Question No.47

Where all financial creditors are related parties of the corporate debtor the committee of creditors shall comprise of________

• All debentureholders
• Insolvency resolution professional and authorized representative
• 18 largest operational creditors by value and one representative each of workman and of employees
• All of the above

Question No.48

A company has authorized and paid-up capital of Rs 1, 00,000. The Company further wants to issue new equity shares for cash through preferential offer. What is the immediate action that the Company shall take w.r.t capital?

• Consolidation of share capital
• Reduction of share capital
• Increase in authorized share capital
• Sub-division of share capital

Question No.49

Who among the following constitutes the committee of creditors under Insolvency and Bankruptcy Code 2016?

• Insolvency professional
• Financial or operational creditor
• Interim resolution professional
• Adjudicating Authority

Question No.50

______ is a merger in which a private company becomes a public company by acquiring it

• Reverse merger
• Conglomeration
• Divestiture
• Demerger

Download : 1-50 MCQ Questions

https://www.mca.gov.in/content/mca/global/en/home.html

1. Is Dir 3 KYC compulsory?

Note: Attention is drawn to provisions of Section 447 read with section 448 and 449 of the Companies Act, 2013 which provide for punishment for false statement / certificate and punishment for false evidence respectively.

Enter Relevant Details in the DIR- 3 KYC Form

PAN Aadhaar Card Link Status : The Income Tax Department said that it will consider the cases where the fee payment and consent for linking have been received, but linking has not been done till 30 June.

The status of challan payment for Aadhaar-PAN linking may be checked in the ‘e-pay tax’ tab of the portal after login, informed the Income Tax Department on 30 June after it noticed PAN holders facing difficulty.

IN THE COURT OF CIVILJUDGE, (Senior Division)…….
Suit no . . . . . . . . . of 20. . .

IN THE MATTER OF:
Mr. A
S/O ______________
R/O_______________ … Plaintiff
VERSUS
M/s XYZ
CIN:
Regd. Office: _______________ …Respondent/ Defendants

Through its Director and Authorised Signatory,
Shri Mr. B
S/O______________
R/O______________

Plaint filed on behalf of the plaintiff under Order VII Rule-10 and long cause title.
1. That Plaintiff Mr. A, S/o. ________, ______ years, Hindu, job, residing at  ___________

2. That Respondent/ Defendants is M/s XYZ incorporated under the Companies Act, 2013
and having its registered office of__________________________________________
through its Director and Authorised Signatory is Mr. B, S/o. ______aged _______ years,
Hindu, Job, residing at _________________________.
Written Statement of the Respondent under Order 8 Rule 1
(or Written Statement on behalf of all the Respondents)
The respondent(s) respectfully state(s) as follows : –
(1) Para no. 1 of the plaint is purely based on facts and defendant do not any
objections on the same.
(2) Para no. 2 of the plaint is purely based on facts and defendant do not any
objections on the same.
(3) Para no. 3 of the plaint is purely based on facts and defendant do not any
objections on the same.

(4) Para no. 4 of the plaint is denied and not admitted on the basis of the following
grounds as:-
1. The Plaintiff was on Leave.
2. Claims to be on medical leave.
3. No documents / fitness certificate submitted.
4. Internal Policy without adequate proofs salary cannot be credited.
5. Employee has already exhausted the limit of leave which are granted
by an Organisation in a calendar year.
6. In case of proof are submitted salary for the days when he has reported.
(5) Para no. 5 of the plaint is purely based on facts and defendant do not any
objections on the same.
(Facts constituting cause of action)
(6) Para no. 6 of the plaint is purely based on facts and defendant do not any
objections on the same.
(7) Para no. 7 of the plaint is purely based on facts and defendant do not any
objections on the same.
(8) Para no. 8 of the plaint is purely based on facts and defendant do not any
objections on the same.
(9) Para no. 9, the plaint is denied and not admitted on the basis of the following
grounds as:-
1. The plaintiff has been well informed verbally and via email that due to lockdown,
Respondent will not able to pay his salary until 30th May 2021. He was agreed to
that he has his consent over email.
2. The plaintiff has not admitted it in the plaint. And Said Plaintiff has been filed a
mischievous ground, so no claims of court fees can be entertained.
3. The Plaintiff was on Leave. Claims to be on medical leave. No documents / fitness
certificate submitted.
4. Internal Policy without adequate proofs salary cannot be credited.

5. Employee has already exhausted the limit of leave which are granted by
organisation in a calendar year. In case of proof are submitted salary for the days
when he has reported.
(10) Para No 10 of the plaint is purely based on facts and defendant do not any
objections on the same.
(11) Para No 11 of the plaint is purely based on facts and defendant do not any
objections on the same.
(Jurisdiction/Optional)
Respondent has committed to pay the salary as per terms and conditions agreed by
__/__/_. Respondent already has consent from the plaintiff. The respondent
therefore prays that the suit be dismissed with costs.
VERIFICATION
Verified at [Place] on this [Date:_____…] that the contents of paras 1 to 11 of the
plaint are true to my knowledge derived from the records of the Plaintiff maintained
in the ordinary course of its business, those of paras1 to 11 are true on information
received and believed to be true and last para is the humble prayer to this Hon’ble
Court.
Dated: __/__/___

Advocate for the Defendant Defendant

List of the document filed
 Copy of the email having consent to delay the salary.

EXAMINATION OF THE PLAINT
1. Examination of plaints/petitions/applications etc:- On the presentation or receipt of a plaint, the Court should examine it with special reference to the following points, viz:-
(i) Whether the plaint contains the particulars specified in Order VII, Rule 1, and conforms to the other rules of pleadings in Orders VI and VII and rules made by the High Court
thereunder;
(ii) Whether there is, prima facie, any non-joinder or mis-joinder of parties, or mis-joinder of causes of action;
(iii) whether any of the parties to the suit are minors and, if so, whether they are properly represented as laid down in Chapter 1- M (d) of this volume;
(iv) whether the plaint is duly signed and verified;
(v) whether the suit is within the jurisdiction of the Court or must be returned for presentation to proper Court (Order VII, Rule 10 );
(vi) whether the plaint is liable to be rejected for any of the reasons given in Order VII, Rule 11;
(vii) whether the documents attached to the plaint (if any) are accompanied by lists in the prescribed form and are in order;
(viii) whether the plaintiff has filed a proceeding containing his address for service during the litigation as required by Rule 19 of Order VII as framed by the High Court.
(ix) In money suits, whether the plaintiff has stated the precise amount the claims;
(x) Whether the plaintiff has stated in his plaint regarding the documents on which he relies his claim and are not in his possession and a statement in whose possession or power they are;
(xi) Whether the plaintiff has filed the address of the party in the prescribed form.
2. Pleadings:- The provisions of the Code, with regard to the pleadings (which term includes the plaint and written statements of parties) should be carefully studied. The principal rules of pleadings may be briefly stated as follows:
(a) The whole case must be stated in the pleadings, that is to say all material facts must be stated (Order VI, Rule 2).
(b) Only material facts are to be stated. The evidence by which they are to be proved is not to be stated (Order VI, Rules 2, 10, 11 and 12).
(c) The facts are to be stated concisely.
(d) It is not necessary to allege the performance of any condition precedent; and averment of performance is implied in every pleading but a non-performance of condition precedent, if relied on, must be distinctly stated (Order VI, Rule 6).
(e) It is not necessary to set out the whole or any part of a document unless the precise words thereof are necessary. It is sufficient to state the effect of the document as briefly as
possible (Order VI, Rule 9).
(f) It is not necessary to allege a matter of fact which the law presumes, or as to which the burden of proof lies on the other side (Order VI, Rule 13).
(g) When misrepresentation, fraud, undue influence, etc., are pleaded, necessary particulars must always be given (Order VI, Rule 4).
(h) When a suit is prima facie time-barred, the ground on which exemption is claimed must be stated (Order VII, Rule 6).

If the plaint is prolix (lengthy) or indefinite or omits to give the necessary particulars or to specify the relief claimed precisely or is defective in any other respect, it should be returned to the party or his counsel for such amendment as may be necessary in the actual presence of the presiding officer after he has signed the endorsement. The Court has wide powers in this respect (see Order VI, Rule 16 and 17). Where amendment is directed, an order should be recorded by the Judge indicating the particulars about the necessary
amendment and fixing a date for filing the amended plaint.

3. Non-joinder and mis-joinder of parties and causes of action:-
(a) Attention is drawn to the provisions of law contained in Order I and II of the Civil Procedure Code relating to non-joinder of parties and mis-joinder of causes of action and parties and as to representative suits:-
(i) Joinder of parties:- Order I, rule 1 and 3 provide in what case several plaintiffs or defendants may be joined in one suit.
(ii) Representative Suits:-Order I, rule 8 provides that when there are numerous persons having the same interest in one suit, one or more of such persons may sue or defend on behalf of all with the per- mission of the Court.
(iii) Objections as to non-joinder or mis-joinder:- Order I, rule 9 lays down that no suit shall be defeated by reason of mis-joinder or non- joinder of parties and Order I, rule 13 and Order II, rule 7 lay down that objections as to non-joinder or mis-joinder of parties or causes of action, etc., should be made at the earliest stage of the case.
(iv) Joinder of cause of action:- Order II, rules 3-5 provide in what cases several causes of action may be joined in one suit.
When an objection duly taken with regard to mis-joinder of causes of action is allowed by the Court the plaintiff should be permitted to select the cause of action with which he will
proceed and the Court should grant him time to amend the plaint by striking out the remaining causes of action. The Court should also give the plaintiff time within which to submit amended plaints for the remaining causes of action and for making up the Court fee that may be necessary. (Order II, Rule 8, Civil Procedure Code).
(v) Separate trial:- Order I, rule 2 and Order II, rule 6 provide for power of the Court to order separate trials if the joinder of several plaintiffs or several causes of action is inconvenient.
(vi) Striking out and adding parties:- Order I, rule 10 gives power to the Court to strike out unnecessary parties and add necessary parties.
(b) Necessary parties:-Suits for inheritance, partition or declaration of right in order to effect a partition, contribution, redemption, foreclosure, administration of property, dissolution and winding up of a partnership, and the like, cannot be properly disposed
of unless all persons interested in the matter are before the Court. Therefore, in cases of this description, if it appears that any necessary parties, have not been joined, the plaintiff should be ordered to joint them.
4. Signing and verification:-The plaint must be signed by the plaintiff, or, if by reason of absence or other good cause the plaintiff is unable to sign it, by his duly authorised agent. It must also be signed by the plaintiff’s pleader (if any) and be verified by the plaintiff, or by some other person proved to the satisfaction of the Court to be acquainted with the facts of the case.
The personal attendance of the plaintiff in Court for the purpose of verification is un- necessary. The verification must, however, be signed by the person making it.
5. Jurisdiction:- The jurisdiction of a Court depends upon the nature and value of the suit. (For detailed instructions see Chapter II on “Jurisdiction of Courts” and Chapter III on “Valuation of Suits “). If a suit is not within the jurisdiction of the Court, the plaint must be
returned in the presence of the Presiding Officer for presentation to proper Court. In such cases the presiding Officer must record on the plaint his reasons for returning it along with the other particulars mentioned in sub-rule (2) of Rule 10 of Order VII.
6. Rejection of plaint:- If the plaint discloses no cause of action, or is barred by any law on the statements made therein, or if the relief claimed is under-valued or the plaint is not sufficiently stamped and the plaintiff fails to correct the valuation or pay the deficiency in the Court-fee within the time fixed by the Court the plaint should be ‘rejected’ under Order VII, Rule 11 reasons being recorded by the Presiding Officer in support of the order.
It should be noted that the correct order in such cases is to ‘reject the plaint’ and not ‘dismiss the suit’. The rejection of a plaint does not preclude the institution of a fresh suit on the same cause of action, provided of course, it is not otherwise barred (e.g. by
limitation, etc.) by that time.
7. Comparison of copies of account:- Copies of any shop book or account produced should be compared with the original by Chief Ministerial Officer of the Court and the shop book or account should then be returned after marking the entries relied upon (Order VII, Rule 17).
When a shop book or other account written in a language other than English or the language of the Court is produced with a translation or transliteration of the relevant entry, the party producing it shall not be required to present a separate affidavit as to the correctness of the translation or transliteration but shall add a certificate on the document itself, that it is a full and true translation or transliteration of the original entry, and no
examination or comparison by the ministerial officer shall be required except by a special order of the Court.

8. Address of the parties:- The proceeding containing address for service is intended to facilitate the service of processes throughout the litigation (including appeals, etc.) and it is, therefore, important to see that it is duly filed at the outset according to this rule. Failure to comply with the rule is liable to be punished with dismissal of the suit but such an order may properly be passed in extreme cases when the failure is intentional and contumacious.

9. Land Suits:- If the plaint relates to agricultural land and the plaintiff is illiterate, it should be scrutinised with special care, according to the following directions:-
(i) The Presiding Officer shall ascertain by careful examination of the plaintiff or his agent, whether the prayer in the plaint corresponds in all particulars with the exact relief which the plaintiff orally describes himself as seeking. If the oral statements of the plaintiff or his agent are at variance with the written description of his claim, the plaint shall, in his or his
agent’s presence, be returned for amendment, and no amended plaint should be accepted until the Court is satisfied that it correctly expresses the claim which the plaintiff desires
to establish.
(ii) Every such plaint shall be accompanied by a statement, in the prescribed form setting forth the particulars relating thereto recorded in the Settlement record and in the last Jamabandi. This statement shall be verified by a signature of the Patwari of the Circle in which the land concerned is situate. Where by reason of partition, river action or other cause, the entries in the Settlement record and in the last Jamabandi do not accord, a brief explanation of the reason should be given in the column of remarks. Where the suit is for a specific plot with definite boundaries, it shall also be accompanied by a map, drawn to scale, showing clearly the specific plot claimed, or in relation to which the decree is to be made and so much of the fields adjoining it, also drawn to scale, as may be sufficient to facilitate identification. The specific plot and adjoining fields shall be numbered in accordance with the statement and the map shall be certified as correct by the Patwari or other person who prepared it. Where, however, the suit is for the whole of one or
more khasra numbers as shown in the Settlement map, or a share in such numbers, and not for a specific portion thereof no map will be required unless it is necessary for other reasons to show the boundaries of such khasra numbers.
10. Suits for recovery of money, mesne profits and accounts:- If the plaintiff seeks the recovery of money, the plaint should state the precise amount, as far as the case admits. In a suit for mesne profits or unsettled accounts it is sufficient to state the amount
approximately.
11. Suits by or against firms:-Suits by or against firms should be in the form prescribed in Order XXX. An explanation has been added by the High Court to Rule I of Order XXX, making it applicable to joint Hindu trading partnerships. (Notification No. 2212-G., dated 12th May, 1909).
12. Copies or concise statements of plaints:- When the plaint is admitted (after such amendment as may be found necessary), the plaintiff should be required to give as many copies of the plaint on plain paper as there are defendants, for being supplied to them. If
the plaint is long, or the number of defendants is large, the Court may permit concise statements of the plaint to be supplied instead. Such copies or concise statements must be examined by the chief ministerial officer and signed, if found correct (Order VII, Rule 9).
13. Parcha Yaddasht.:- When a plaint or petition is admitted and a date fixed for summoning of the other party or for any other purpose a memorandum (parcha yaddasht) on strong paper in the form given below duly filled in shall be given to the plaintiff or the petitioner or his agent if he is illiterate and not represented by counsel.

Form of Parcha Yaddasht.
IN THE COURT OF THE________________________AT Court____________
HOURS FROM _______________AM____________TO _________________
PM (Suit ____________) Civil Appeal________) No. ______________of 19

(Miscellaneous Application)

Instructions

1. In the case of parties who are illiterate and un- accompanied by counsel a parcha is to be given without demand (1) to the person who presents the plaint, appeal or petition and (2) when a case is not disposed of at the first hearing, to the defendant, or, if there be
serveral, to such defendants or respondents as the Court may direct.

2. Every entry in any column after the first entry is to be signed by the officer making it.

14. Parcha Yaddasht:-A similar parcha shall be given to the opposite party when he appears if he is illiterate and not represented by counsel.
15. Filling in of the Parcha:- Parcha shall he filled in and signed by the Reader of the Court and given to the parties concerned in the presence of the Presiding Officer as soon as the date of hearing is fixed.
In Small Cause Courts and in the Courts of the District Judges this parcha may be filled in by any other official if the Presiding Officer so directs.
16. Filling in of the Parcha:- The above parcha shall be used throughout the proceedings and properly filled in whenever the case is adjourned. If the parcha is lost a duplicate should be given.

District court

Due Date

Introduction: Guidance Note on AOC-4

Financial Statements are formal record of the financial operations and financial position of the Company. Financial statements are the heart and soul of Company’s annual report. While financial statements do not provide answers, they provide information of great significance to the stakeholders. It gives a broad financial picture of the affairs of the company during the financial year.

Mandatory disclosure through financial statement including Auditor’s Report and Board’s Report is a method of providing information to the shareholders and the public about the financial position and activities of the company so as to enable its members to exercise a more intelligent and purposeful control thereon.

It is mandatory for the Board of Directors of every company to present financial statement (annual report) to the shareholders along with its report i.e. Board’s Report. Financial statement prepared, presented and filed annually is the most important means of communication by the Board of Directors of a company with its shareholders.

As per section 137(1) of the Companies Act, 2013, every Company is required to file with the Registrar a copy of its financial statements, including consolidated financial statement, if any, along with all the documents which are required to be or attached to such
financial statements under this Act, duly adopted at the annual general meeting of the company within thirty days of such AGM. Section 403 prescribes the manner, fees or additional fees in this respect.

This Guidance Note intends to explain various features relating Guidance Note on AOC-4
to financial statements under the Companies Act, 2013. It is intended to guide the professionals in filling, filing and certifying the Form AOC-4. Financial Statements of a company includes Balance Sheet, Profit and Loss Account, Cash Flow statement (if applicable), statement of change in equity (if applicable) and any explanatory notes annexed to the financial statements.

Definitions

(i) “Accounting Standards” means the standards of accounting or any addendum thereto for companies or class of companies referred to in section 133. [Section 2(2)].

(ii) “Associate Company”, in relation to another company, means a company in which that other company has a significant influence, but which is not a subsidiary company of the
company having such influence and includes a joint venture company. [Section 2 (6)].
Explanation.—For the purposes of this clause, “significant influence” means control of at least twenty percent of total share capital, or of business decisions under an agreement.

(iii) “auditing standards” means the standards of auditing or any addendum thereto for companies or class of companies referred to in sub-section (10) of section 143. [Section 2(7)]

(iv) “authorised capital” or “nominal capital” means such capital as is authorised by the memorandum of a company to be the maximum amount of share capital of the company.
[Section 2 (8)]

(v) “book and paper” and “book or paper” include books of account, deeds, vouchers, writings, documents, minutes and registers maintained on paper or in electronic form. [Section 2 (12)]

(vi) “books of account” includes records maintained in respect of—

(i) all sums of money received and expended by a company and matters in relation to which the receipts and expenditure take place;

(ii) all sales and purchases of goods and services by the company;

(iii) the assets and liabilities of the company; and

(iv) the items of cost as may be prescribed under section 148 in the case of a company which belongs to any class of companies specified under that section. [Section 2 (13)]

(vii) “chartered accountant” means a chartered accountant as defined in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 who holds a valid certificate
of practice under sub-section (1) of section 6 of that Act. [Section 2 (17)]

(viii) “Chief Financial Officer” means a person appointed as the Chief Financial Officer of a company Section 2 (19).

(ix) “company secretary” or “secretary” means a company secretary as defined in clause (c) of sub-section (1) of section 2 of the Company Secretaries Act, 1980 who is appointed by a company to perform the functions of a company secretary under this Act.

(x) “electronic form” with reference to information means any information generated, sent, received or stored in media, magnetic, optical, computer memory, micro film, computer
generated micro fiche or similar device.

(xi) “electronic record” means data, record or data generated, image or sound stored, received or sent in an electronic form or micro film or computer generated micro fiche.

(xii) “financial statement” in relation to a company, includes—
(i) a balance sheet as at the end of the financial year;
(ii) a profit and loss account, or in the case of a company carrying on any activity not for profit, an income and expenditure account for the financial year;
(iii) cash flow statement for the financial year;
(iv) a statement of changes in equity, if applicable; and
(v) any explanatory note annexed to, or forming part of, any document referred to in sub-clause (i) to sub-clause (iv):
Provided that the financial statement, with respect to One Person Company, small company and dormant company, may not include the cash flow statement. [Section 2 (40)]

(xiii) “financial year”, in relation to any company or body corporate, means the period ending on the 31st day of March every year, and where it has been incorporated on or after the 1st day of January of a year, the period ending on the 31st day of March of the following year, in respect whereof financial statement of the company or body corporate is made up:
Provided that on an application made by a company or body corporate, which is a holding company or a subsidiary of a company incorporated outside India and is required to follow
a different financial year for consolidation of its accounts outside India, the Tribunal may, if it is satisfied, allow any period as its financial year, whether or not that period is a year: Provided further that a company or body corporate, existing on the commencement of this Act, shall, within a period of two years from such commencement, align its financial year as per the provisions of this clause. [Section 2 (41)]

(xiv) “issued capital” means such capital as the company issues from time to time for subscription Section 2 (50).

(xv) “net worth” means the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium account, after deducting the aggregate
value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, as per the audited balance sheet, but does not include reserves created out of
revaluation of assets, write-back of depreciation and amalgamation Section 2 (57).

(xvi) “officer who is in default” [Section 2 (60)], for the purpose of any provision in this Act which enacts that an officer of the company who is in default shall be liable to any penalty
or punishment by way of imprisonment, fine or otherwise, means any of the following officers of a company, namely:—

(i) whole-time director;

(ii) key managerial personnel;

(iii) where there is no key managerial personnel, such director or directors as specified by the Board in this behalf and who has or have given his or their consent in writing to
the Board to such specification, or all the directors, if no director is so specified;

(iv) any person who, under the immediate authority of the Board or any key managerial personnel, is charged with any responsibility including maintenance, filing or distribution of accounts or records, authorises, actively participates in, knowingly permits, or knowingly fails to take active steps to prevent, any default;

(v) any person in accordance with whose advice, directions or instructions the Board of Directors of the company is accustomed to act, other than a person who gives advice
to the Board in a professional capacity;

(vi) every director, in respect of a contravention of any of the provisions of this Act, who is aware of such contravention by virtue of the receipt by him of any proceedings of the
Board or participation in such proceedings without objecting to the same, or where such contravention had taken place with his consent or connivance;

(vii) in respect of the issue or transfer of any shares of a company, the share transfer agents, registrars and merchant bankers to the issue or transfer;

(xvii) “paid-up share capital” or “share capital paid-up” means such aggregate amount of money credited as paid-up as is equivalent to the amount received as paidup in respect of
shares issued and also includes any amount credited as paidup in respect of shares of the company, but does not include any other amount received in respect of such shares, by
whatever name called [Section 2 (64)].

(xviii) “subscribed capital” means such part of the capital which is for the time being subscribed by the members of a company Section 2 (86).

(xix) “turnover” means the aggregate value of the realization of amount made from the sale, supply or distribution of goods or on account of services rendered, or both, by the company during a financial year Section 2 (91).

The employers have several responsibilities towards employees , one of which is to deduct TDS on behalf of them. An employer has to file TDS return for the tax deducted under section 192 on the salaries of employees. The TDS return is filed in the Form 24Q . Form 24Q is required to be filed quarterly.