CA Final Law Tips for students appearing in May'17 Exams

Thanks for all those views, likes, follows, comments for my previous articles 'The Ultimate Guide to CA-Final', 'Subject wise tips to people appearing for Group-1','CA Final SFM Tips for students appearing in May'17 Exams' and 'CA Final Auditing Tips for students appearing in May'17 Exams'. If anyone is reading my article for the first time please refer my previous 4 articles as I won't be repeating most of the things mentioned in my previous articles as current article is a continuation to my previous articles.

Presentation Tips for Theory Subjects:

• Always write the answer point-wise. Try to avoid paragraphs.
• Divide the answer in 3 parts - Facts of the case, provisions applicable as per law/standard, analysis & conclusion.
• Write definitions and introduction wherever possible for example if question is asked on advantages of cost auditing, start your answer with definition of cost auditing and then write the advantages.
• Don't write irrelevant answers as this is not a degree exam. If you have spare time in exam write it in the end.
• Try to remember sections for at least some chapters as writing them will definitely gain impression of paper valuers.
• If you don't remember the section exactly or you are in confusion don't mention the section. Mention 'as per the provisions of act'. No exceptions in remembering the title of the act and the year you should mention the same.
• Be precise and to the point rather than writing lengthy answers.

Paper-4: Corporate and Allied Laws:

One of the easiest subjects as per me in our syllabus is 'law' as it is shortly called by students. I am putting my bet on this subject to cover up the aggregate and those who love theory subjects should definitely try for exemption in law.

The following are the reasons which may lead to getting low marks in law :

• High reliance on practical subjects and not spending enough time on law
• Not writing the key words in provisions
• Deviating from the language of law
• Ignoring Allied Laws
• Lack of writing practice
• Quoting wrong sections or creating their own provisions

Whatever reference book you follow the following are mandatory:
PM+5 Suggested Answers+3 RTPs and MTPs

Those who don't have enough time can study Munish Bhandari hand book + Practice Manual which may be sufficient to get you 50 marks.

Notes to be made:

Everyone should prepare own notes on the following:

• Important Sections i.e. Section no.'s of questions asked in previous attempts
• Penalties-at least 1 question will be asked from around 54 penalties. Better to prepare a table
• Limits- for example share capital and turnover limits for companies to conduct internal audit
• Case Laws
• Percentages-for example maximum managerial remuneration to be payable to directors under section.197
• Rule title and number-for example Rule 3 of the Companies (Declaration and Payment of Dividend) Rules), 2014
• Form No.'s-for example ADT-2 for removal of Auditor before the expiry of his term

Chapter-wise weightage & analysis:

As per the trend of last 5 attempts I am dividing the whole syllabus into 3 parts. This is only the order for preparation and revision, I recommend preparing all the chapters at least from one source:

PART-A:

Amendments (Supplementary Study Material applicable for May 2017), Dividend, Accounts and audit, Directors & Managerial Remuneration, Meetings, Producer Companies, Corporate Secretarial Practice, The Banking Regulation Act, 1949, The Insurance Act, 1938. The Insurance Regulatory and Development Authority Act, 1999, SARFAESI, 2002

• You will get questions for around 60 to 75 marks from the above chapters.
• So you have to get a minimum of 40-45 marks from these chapters.
• There are many amendments in law this time so ICAI released supplementary study material. We may get 20-30 marks from that 119 pages itself.
• Try to remember sections from the above mentioned chapters.

PART-B:

Inspection and Investigation, Compromises, Arrangements and Reconstructions, Prevention of Oppression and Mismanagement, Winding Up, Companies incorporated outside India, Offences and Penalties, E-governance, National Company Law Tribunal (NCLT), Special Courts, The Securities Contracts (Regulation) Act, 1956, The Competition Act, 2002, The Prevention of Money Laundering Act, 2002, Interpretation of Statutes, Deeds and Documents.

• You will get questions for around 30 to 40 marks from the above chapters.
• So you have to get a minimum of 15-20 marks from these chapters.
• Most the above chapters are not lengthy if compared to chapters mentioned in Part-C and they won't trouble you much during preparation and reading them will give value for your time and effort in terms of marks.
• Try to eliminate repeated questions in PM for quick revision in SCRA around half of the questions are repeated in PM

PART-C:

Miscellaneous Provisions of the Companies Act, 2013, Miscellaneous Provisions of the companies Act,1956, The Securities and Exchange Board of India Act,1992, The Foreign Exchange Management Act, 1999

• You will get questions for around 12 to 24 marks from the above chapters
• So you have to get a minimum of 5 marks from these chapters

These chapters are graded in Part-C because they are lengthy and takes more time even though compulsory questions will be asked from SEBI and FEMA. So study at least practice manuals and amendments for these chapters.

All the Best