there is no need of returning the amount of RS.20000. i guess!!!
IPCC/PCC Law paper Nov 2010
Page no : 2
daVe..
(Student)
(1431 Points)
Replied 14 November 2010
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?
Ravi Thakker
(None)
(33 Points)
Replied 14 November 2010
@ 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
Ravi Thakker
(None)
(33 Points)
Replied 14 November 2010
@ 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
daVe..
(Student)
(1431 Points)
Replied 14 November 2010
Thanks so much Ravi! Is there another possibility of alloting the shares to a guardian in favour of the minor?
daVe..
(Student)
(1431 Points)
Replied 14 November 2010
And one more question to all of my friends here:
Can underwriting commission be paid in the form of Flats?
Ravi Thakker
(None)
(33 Points)
Replied 14 November 2010
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
Radhika Suresh
(CA-Final Student )
(66 Points)
Replied 15 November 2010
1(a) railway not liable to bank...bank can take action only against X....becoz pledgee ie railway is not the owner of goods...
pawan goyal
(student)
(47 Points)
Replied 25 November 2010
can anyone post the solution for pcc law examination
pawan goyal
(student)
(47 Points)
Replied 25 November 2010
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
kunal
(none)
(21 Points)
Replied 26 November 2010
Can anyone plzz upload ipcc law november solution d link is nt workin......
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