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DRIVE- Winter 2016
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
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,
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
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
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.
·
Any recognised consumers association namely,
any voluntary consumer association registered under the Companies Act, 1956, or
any other law for the time being in force. It is not necessary
·
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
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