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How to prepare for CA final corporate and alied laws

AMIT KUMAR (ca student) (138 Points)

01 June 2011

ca any one suggest me how to prepare for CA FINAL corporate and alied laws

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(Guest)

How to Go through Corporate Law in CA finals

by RAVI KHANAL on 17 December 2010

Published in Students | Comments

Hello friends

Today i want to share some of my views regarding how to read and grasp one of the subjects of ca finals called Corporate and allied laws.

Well it is the 3rd subject of Group 1 of CA Finals. But the most important in group one, anybody after following the strategy mentioned below can score more than 70 Marks in this subject. This subject is divided into two parts:

· Corporate laws 70 Marks

· Allied Laws 30 marks - It contains 10 small allied chapters.

Corporate laws and allied laws unlike DT and IDT are not so updated but however if there occurs some amendments which are to be taken care of.

Being a student of CA final really fills a sort of confidence of you in yourself which has to be availed to maximum extent.

One thing is for sure this is one of the easiest subjects of CA Finals

Well my suggestions to go through this subject are:

1. First of all select a good book.

As per my view all books are alike as they contain the same thing written in different formats. However some people find one better for way of presentation or language used. The available best options are Munish Bhandari, L Jayaraman, GK Kapoor , and padhukas. The present chairman of BOS ICAI once shocked all of us in a seminar that the most selling book of law in India itself contains 20% provisions/analysis incorrect. We all had sort of feeling that it is Munish bhandari’s book and in reply of email He replied that our guess is OK. Although I followed the handbook of Munish bhandari itself. As confused by the claim that this book is not good I compared it with whole hearted effort with bare act AND study material and I could not find any defect in it so I left doing that time wasting exercise.

Some people get confused between whether to use Main book or Handbook. I preferred Handbook as:

· it is really wonderfully presented

· short and crisp still covers everything

contains all the practical questions of past ca exams ( main book contains cs cwa too which are not that imp as the all questions are repeatable again and again )

The most imp thing is it can really be revised during exam time. It lacks two things for me which is not that imp.

· It contains to the point answer to the practical questions student need to add the main provision too if he is writing the answer in exam time ( which is the easiest task )

· It does not contain SEBI regulations

For me anybody can score more than 80 and even 90 if he remembers the text and practical questions read herein.

2. Now 95% of us have a same strategy of reading that is open a book read a para and read it again and again so that it gets inside our brain. I guess we won’t be doing the same exercise after 10 years if we are going for a presentation. Well Law is really a very interesting subject so first of all we should understand the way to read it. This would be most beneficial if we have ample time to read it and have a intention of understanding first instead of learning it.

Bare Acts are the best way to read and analyze a subject of law. Anybody could ask the experienced chartered accountants they would reply you that we have read it from Bare act. The short cuts available to us were not available to them. So they really worked hard to understand it.

One should try to read the section from the book he is referring to and if there arise any confusion or the analysis of the author differs from the judicial pronouncements or the intent of legislation one should refer to Bare Act. Ramaiya is the RAMAYAN of corporate law in India. It is a set of Two books and contains everything of Companies law. Most of the CA Firms have it in their books collection. So if available we should try to read the same . However there are also available pocket size Bare acts which contain almost everything of the big Bare act Book in a small font. I bought Taxmann’s corporate laws for just Rs. 300/-which is indeed really a nice one.

3. To identify the Most important areas of a subject is really a critical task. For Corporate Laws this also needs to be done. However the habit of doing selective study is to be left as the intention should be of understand the subject first.

Directors ( including Board meetings and inter corporate loans ), winding up , Producer Companies, Amalgamation, Secretarial Practice are the few most important chapters of Corporate laws.

One should start with directors as it is the most important chapter as it covers at least 25 marks in each attempt. By God’s grace it is also one of the easiest chapter on the subject. The examiner’s favorites are practical questions from this chapter most of them are repeated. There is a need to maintain a strategy to read and retain this chapter. The appropriate would be to solve practical questions without watching the answers as it will help us to improve the analysis power.

4. Allied Laws cover 30 marks but their quantity is same as that of corporate laws. It contains 9 small acts and 1 extra chapter as follows: The security contracts (Regulation) act 1956, SEBI Act 1992, Fema Act 1999, Competition Act 2002, Banking Regulation Act 1949, Insurance Act 1938, IRDA Act 1999, SARFAESI Act 2002 and Interpretation of statues.

Most important of them are SEBI, FEMA, Competition Act and Interpretation which are to be done to the fullest in depth. Rest can be done with cautious care depending upon the student’s own perception.

During my exam I have prepared just 7 chapters of 10 and left 3 but one of the question in exam was from rest 3 chapter.

5. There may be instances of problem in remembering the Dates, Registers, Records to be kept etc. We have a gem in our Club called ANKUR GARG. He has always shown his utmost interest in solving any issue related to law if occurs as a problem to a student. Please go through his files on CACLUBINDIA. He has uploaded a ready reference which can be really useful to overcome such problems.

There may be cases when a student after reading book and even after referring to Bare act is confused as to its interpretation. In such cases the advises available from Seniors are really very useful.

In our club we have many members who are always willing to do that. So feel free to ask any query from any expert herein and get it solved

It is really useful to both who is asking and who is answering.

6. We also have assistance of BOS if in case we feel any Grievance in the subject. What is need to be done is the forward our query to board of studies. Really friends they reply â€¦. And really in good sense we should utilize this facility given to us by Our institute.

Well I have tried to write my first article in my life and I hope you people will like it. Please suggest something if you have for me.

Thanx a lot for reading it Ravi Khanal CA

(Finals), CWA ( Finals), BCOM

Please See : The above mentioned views about the books and the way of learning are entirely of my own and my experiences with my group of friends. Different people have different perceptions so it is not intended to represent the mindset of majority. Please suggest anything if you have for me.

3 Like

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Pathik (.) (83 Points)
Replied 01 June 2011

Get Munish bhandari main book for corporate and allied laws. It covers all provisions, its explanations and case studies.

Its best book for CA final law.

(Guest)

Self Study-Law Paper of CA Final

by CA Vijay Gaurav on 08 August 2009

Published in Students | Comments

Message II

Preparation of Law Paper for CA Final

Source for Study

Main Source	Reference
Study Material	Bare Act, and G K Kapoor for CA Final

Topics and Time management

Company Law

Topics	Days allotted
Directors - powers, managerial remuneration	5
Meetings, powers of the Board and related party transactions	3
Accounts and audit	5
Dividend	1
Inspection and Investigation	1
Prevention of Oppression and Mismanagement	2
Compromises, Arrangements and Reconstructions	3
Revival and Rehabilitation of Sick Industrial Companies	2
Corporate Winding up and Dissolution	5
Producer Companies	1
Companies incorporated outside India	1
E-governance	1
Offences and Penalties	2
Corporate Secretarial Practice – Drafting of Resolution, Minutes, Notices and Reports	3

Total Days 35

Contingencies 5

Total Days 40

(Critical to Complete the Company law)

Allied Laws

Topics	Days allotted
The Securities and Exchange Board of India Act, 1992, Rules, Regulations and Guidelines issued there under.	5
The Securities Contracts (Regulation) Act, 1956	2
The Foreign Exchange Management Act, 1999	2
The Competition Act, 2002	2
The Banking Regulation Act, 1949, The Insurance Act, 1938. The Insurance Regulatory and Development Authority Act, 1999. The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002	3
The Prevention of Money Laundering Act, 2002	2
Interpretation of Statutes, Deeds and Documents.	2

Total Days 18

Contingencies 2

Total Days 20

(Critical to Complete the Company law)

TIPS

1. The above topic wise time given is only suggestive supported with my experience you may change it but the overall time taken to prepare the Law paper should not be go beyond 60 Days (2 Months).

2. You must have to make short notes of each topic in your own hand writing do not try to take note from other friends that will not help you.

3. The daily hours needed in my opinion is 4 Hours (Divide it in two parts- 2 Hrs Morning study in which you will only understand the concept and sprit of section contents and give 2 hours in the evening/Night to make short notes.

4. Do not forget to read your self-made notes on daily basis before start of your regular study, it will take just 15 Minutes and the same time will gradually reduce and will also result in boost of your confidence.

5. I advise to start in the sequence as I have given herein above.

6. Make a Chart of Section serially and read it daily.

7. Keep you Short Notes with you, read it when you travel in the bus it will result in best use of your waste time.

8. After completing a particular topic, try to solve past year question from that topic without the help of books.

9. Keep some pages blank in your register after completion of each topic, put updates and other clarification you understand from that topic later on.

10. Once you complete the paper, just read the compete notes you have made once in a week. I am sure that I will take around 6 Hours first time but later on till exam this time will gradually reduced to 3 to 4 Hours and you all will agree that you can give easily 3 to 4 Hours day before exam.

Further study in this way will not only help to in Law Paper but in other Papers too.

You can send me your queries at vijaygauravfca @ gmail.com

Thanks & Regards

CA Vijay Gaurav

09212210780

3 Like

(Guest)

well these were some very good suggestions... in the end just want to say that plan out yourself since u better know ur weakness and strengths..

1 Like

CA ADITYA SHARMA (CA IN PRACTICE ) (16719 Points)
Replied 01 June 2011

plan according to you weakness and strength

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CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)
Replied 01 June 2011

What ultimately matters is whther u kno wat correctly is asked in d exam.......so keep d practical aspect in mind b4 starting self study.

Best of luck

Upender Anand (C.A final) (58 Points)
Replied 02 June 2011

i think for corporate and allied alws, only munish bhandari's book sufficient. its cover all practical and theroy portion, this book is avaliable in hindi medium also, and this book is in 2 parts, second part cover all syllabus as per new scheme.