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DRIVE-
SPRING 2014
PROGRAM-
MBADS/ MBAFLEX/ MBAHCSN3/ MBAN2 – SEM 3 PGDBMN/ PGDENMN/ PGDFMN/ PGDHRMN/
PGDHSMN/ PGDIB/ PGDISMN/ PGDMMN/ PGDOMN/ PGDPMN/ PGDROMN/ PGDSCMN/ PGDTQMN –
SEM 1
SUBJECT
CODE & NAME- MB0051-Legal Aspects of Business
Q1.
What are the rights of a surety? (Rights against creditors, Rights against
Principal Debtor, Right against Co-Sureties) 2, 4, 4
Answer: Rights
of Surety against the Creditor
1. Ask the creditor to sue the debtor: On the guaranteed debt having fallen
due for payment, the surety may ask the creditor to sue the debtor to collect
the due amount, but he cannot compel him to do so. But he must then indemnify
the creditor against any risk or delay arising as a consequence.
2. Require the creditor to terminate the debtor’s services: In the case of the fidelity guarantee, if the principal debtor’s dishonesty comes to light, the surety can require the creditor
2. Require the creditor to terminate the debtor’s services: In the case of the fidelity guarantee, if the principal debtor’s dishonesty comes to light, the surety can require the creditor
Q2.
Explain duties of a Bailor and a Bailee. (Duties of Bailor, Duties of Bailee)
5, 5
Answer: Duties of bailor (i) the bailor is bound to disclose to the bailee all faults in the
goods bailed of which the bailor is aware and which materially interfere with
the use of them or which expose the bailee to extraordinary risks. If he fails
to do so, he is liable to the bailee in damages.
(ii) Where goods
are bailed by way of hire, the bailor is liable to make good loss caused to the
bailee by such defects, whether he was aware of their existence or not. Notice
that there is a
Q3.
“Power of Attorney is considered as an important concept in Business Law”.
Explain (Meaning, Types, Registration) 3, 2, 5
Answer: Power of Attorney
Power of
attorney is defined by Section 2(21) of the Stamp Act as including “any
instrument not chargeable with a fee under the law relating to court fees for
the time being in force,” that empowers “a specified person to act for and in
the name of the person executing it”. It is the Powers of Attorney Act,
1882, which
deals with the subject but does not define it. In common parlance, a power of
attorney is an instrument or a deed by which a person is empowered to act for
and in the name of the person executing it. The person executing the deed is
known as the principal or donor and the one in whose favor it is executed is
the agent, or the power agent or the power of attorney agent.
Q4.
“The Banking Regulation Act, 1949, provides various methods of regulation of
the banking business”. Describe the key areas of regulation. (Methods of
regulation) 10
Answer: The Banking
Regulation Act, 1949, provides various methods of regulation of the banking
business. Some of the key areas of regulation are:
·
Power to provide
directions – Sections
21 and 35A of the Act empower the RBI to regulate the business of banks by
issuing directions controlling various aspects of banking. Section 21 provides
the power to regulate advances of banking companies, while Section 35A provides
powers of regulation over banks. These statutory directions issued by the RBI
are binding on banks. The circulars issued by the RBI, pertaining to its
statutory power are binding on banks. The RBI is expected to issue directives
with bonafide intentions and is competent to provide advice or caution to the
banking companies under Section 36.
Q5.
Explain the nature and scope of complaints under the Consumer Protection Act?
(Persons competent to make complaints, Place of complaint, Procedure for filing
a complaint, Admission of complaint, Power of the District Forum) 3, 1, 2, 2, 2
Answer: Persons
competent to file a complaint (Section 12)
Any of the following
people may file a complaint under the Act:
·
The
consumer to whom such goods are sold or delivered or agreed to be sold or
delivered or such service provided or agreed to be provided. In case of death
of a consumer, the legal heir or representative can file a complaint.
Q6.
Explain the need and types of meetings. (Need for meeting, Statutory meetings,
Annual General Meetings, Extraordinary meetings, Class meetings) 2, 2, 2, 2
Answer:
Need for
meetings
A company is an
artificial person and therefore, must act through some human intermediary. The
various provisions of law empower shareholders to do certain things. They are
specifically reserved for them to be done in company’s general meetings.
Section 291 empowers the Board of Directors to manage the affairs of the
company. In this context, meetings of shareholders and directors become
necessary. The Act has made provisions for following different types of
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