there is no need of returning the amount of RS.20000.  i guess!!!

The bank has advanced only Rs. 40,000 right? How can it make a undue profit of Rs. 20000(60,000-40,000) on that transaction?

u r right but ..how about interest on loan there is no charge of interest on loan? or 40000 includes interest?  iam not saying that 20000is full interest..it is just a doubt..even me one of the student.

@ sasanka bank will have to return 20000rs ........ coz d security was for only rs. 40000 and therefore 20000rs should be refunded

and according to me to be on the safe side .....provision regarding defective title of pledgor and the rights thereon of the pledgee should also be mentioned

@ dave for 1c) he wil get refund.......provided dat minor dint fake his age...but since it was given it was a mistake so it wil hav to be refunded

crossreference to contract act.....nethin recd. under void agreement should be refunded

Thanks Ravi..so nice of u...

Thanks so much Ravi! Is there another possibility of alloting the shares to a guardian in favour of the minor?

And one more question to all of my friends here:

Can underwriting commission be paid in the form of Flats?

no guardian can be entered into register of members only when minor has accquired the share by way of transfer or transmission....allotment is void

and for payment of comm. by way of flats is possible only if terms of contract provide for the same and the same has been entered into prospectus and articles.......board resolution wont be valid if it hasnt been entered in prospectus

1(a) railway not liable to bank...bank can take action only against X....becoz pledgee ie railway is not the owner of goods...

thanks............

can anyone post the solution for pcc law examination 

yes dave 

underwriting commission can be given in the form of flats 

coz there is nothing specified about mode of payment regarding underwriting commission in company law

i think 20000 should be returned to owner

Can anyone plzz upload ipcc law november solution d link is nt workin......