Paper - 4 Corporate And Allied Laws Question No. 1 ... · 5/10/2014  · 1 Paper - 4 Corporate And...

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1 Paper - 4 Corporate And Allied Laws Question No. 1: Compulsory Answer any five from the rest iz'u 1 ¼A½ feLVj jkekuqte] nsckjh QwM izkslsflax fyfeVsM ds ,d lapkyd] foÙkh; ekeyksa esa dEiuh ds izn'kZu ls lUrq "V ugha gSaA mUgksaus feLVj vkuUn jktk] ,d lun~ ys[kkdkj ¼Chartered Accountant½ dks fuosnu fd;k fd os mudh vksj ls dEiuh dh ys[kk iqLrdksa dk fujh{k.k djsaA dEiuh vf/kfu;e] 1956 ds izko/kkuksa ds vUrxZr fu.kZ; djsa fd D;k mDr dEiuh feLVj vkuUn jktk dks ys[kk iqLrdksa ds fujh{k.k ds fy, euk dj ldrh gS\ ¼4 Marks½ ¼B½ lqizhe dSfedy fy- dh fuxZfer] vfHk;kfpdk rFkk pqdrk iwath 2 djksM+ :i;s gS tks 10 :i;s ds 20]00]000 lerk va'kksa esa foHkkftr gSA mijksDr dEiuh esa 800 lnL; gSaA neu ,oa dqizcU/ku ¼Oppression and Mismanagement½ ls jkgr ds mís'; ls] ,d ;kfpdk ¼Petition½ mfpr foHkkx ¼Appropriate Authority½ ds le{k nk;j dh xbZ tks 90 lnL;ksa }kjk gLrk{kfjr ¼Signed½ gS ftUgksaus dEiuh ds 1]00]000 lerk va'k /kkj.k dj j[ks gSaA ckn esa] 30 lnL;] ftUgksaus ;kfpdk ij gLrk{kj fd;s Fks] viuh lgefr okil ys ysrs gSaA dEiuh vf/kfu;e] 1956 ds izko/kkuksa ds vUrxZr fu.kZ; djsa fd D;k mijksDr ;kfpdk mfpr gS\ ¼5 Marks½ ¼C½ feLVj xksikylqUnje Qrguxj VSDlVkby fyfeVsM ds ,d lapkyd us dsUnz ljdkj dh Lohd`fr ¼Approval½ fy;s fcuk dEiuh ls _.k fy;kA dEiuh vf/kfu;e] 1956 esa fofgr izko/kkuksa ds vuqlkj fu.kZ; djsa D;k ;g laHko gS fd og dsUnz ljdkj dks Lohd`fr ds fy, vkosnu dj vFkok dEiuh ls fy;s x;s _.k dk iquZHkqxrku ¼Refunding½ djds vfHk;ksx izfØ;k ¼Prosecution½ ls cp ldsA ¼5 Marks½ ¼D½ Hkkjrh; izfrHkwfr ,oa fofue; cksMZ ¼SEBI½ }kjk feLVj lR;ukjk;.k] lnL; ekoyh LdU/k fofue; ds fo:) ,d xaHkhj f'kdk;r izkIr dh xbZA o.kZu dhft, fd lsch ¼SEBI½ }kjk izfrHkwfr lafonk ¼fofu;eu½ vf/kfu;e] 1956 ds izko/kkuksa ds vUrxZr tkap ds laca/k esa rFkk bl ekeys esa dne mBkus ds fy, dkSulh 'kfDr;ksa ¼Powers½ dk iz;ksx fd;k tk,xkA ¼6 Marks½ © The Institute of Chartered Accountants of India

Transcript of Paper - 4 Corporate And Allied Laws Question No. 1 ... · 5/10/2014  · 1 Paper - 4 Corporate And...

  • 1

    Paper - 4 Corporate And Allied Laws Question No. 1: Compulsory Answer any five from the rest

    iz'u 1

    ¼A½ feLVj jkekuqte] nsckjh QwM izkslsflax fyfeVsM ds ,d lapkyd] foÙkh; ekeyksa esa dEiuh ds izn'kZu ls lUrq"V ugha gSaaA mUgksaus feLVj vkuUn

    jktk] ,d lun~ ys[kkdkj ¼Chartered Accountant½ dks fuosnu fd;k fd os mudh vksj ls dEiuh dh ys[kk iqLrdksa dk fujh{k.k djsaA dEiuh vf/kfu;e] 1956 ds izko/kkuksa ds vUrxZr fu.kZ; djsa fd D;k mDr dEiuh feLVj vkuUn jktk dks ys[kk iqLrdksa ds fujh{k.k ds fy, euk dj ldrh

    gS\ ¼4 Marks½

    ¼B½ lqizhe dSfedy fy- dh fuxZfer] vfHk;kfpdk rFkk pqdrk iwath 2 djksM+ :i;s gS tks 10 :i;s ds 20]00]000 lerk va'kksa esa foHkkftr gSA mijksDr

    dEiuh esa 800 lnL; gSaA neu ,oa dqizcU/ku ¼Oppression and Mismanagement½ ls jkgr ds mís'; ls] ,d ;kfpdk ¼Petition½ mfpr foHkkx ¼Appropriate Authority½ ds le{k nk;j dh xbZ tks 90 lnL;ksa }kjk gLrk{kfjr ¼Signed½ gS ftUgksaus dEiuh ds 1]00]000 lerk va'k /kkj.k dj j[ks gSaA ckn esa] 30 lnL;] ftUgksaus ;kfpdk ij gLrk{kj fd;s Fks] viuh lgefr okil ys ysrs gSaA dEiuh vf/kfu;e] 1956 ds izko/kkuksa ds vUrxZr fu.kZ; djsa fd D;k mijksDr ;kfpdk mfpr gS\

    ¼5 Marks½

    ¼C½ feLVj xksikylqUnje Qrguxj VSDlVkby fyfeVsM ds ,d lapkyd us dsUnz ljdkj dh Lohd`fr ¼Approval½ fy;s fcuk dEiuh ls _.k fy;kA dEiuh vf/kfu;e] 1956 esa fofgr izko/kkuksa ds vuqlkj fu.kZ; djsa D;k ;g laHko gS fd og dsUnz ljdkj dks Lohd`fr ds fy, vkosnu dj vFkok

    dEiuh ls fy;s x;s _.k dk iquZHkqxrku ¼Refunding½ djds vfHk;ksx izfØ;k ¼Prosecution½ ls cp ldsA

    ¼5 Marks½

    ¼D½ Hkkjrh; izfrHkwfr ,oa fofue; cksMZ ¼SEBI½ }kjk feLVj lR;ukjk;.k] lnL; ekoyh LdU/k fofue; ds fo:) ,d xaHkhj f'kdk;r izkIr dh xbZA

    o.kZu dhft, fd lsch ¼SEBI½ }kjk izfrHkwfr lafonk ¼fofu;eu½ vf/kfu;e] 1956 ds izko/kkuksa ds vUrxZr tkap ds laca/k esa rFkk bl ekeys esa dne

    mBkus ds fy, dkSulh 'kfDr;ksa ¼Powers½ dk iz;ksx fd;k tk,xkA

    ¼6 Marks½

    © The Institute of Chartered Accountants of India

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    mÙkj %&

    ¼A½ dEiuh vf/kfu;e] 1956 dh /kkjk & 209 ;g izko/kku djrh gS fd dEiuh dh ys[kk iqLrdsa rFkk vU; fdrkcsa ,oa izi= ¼Paper½ O;kolkf;d ?kaVksa ds nkSjku fdlh Hkh lapkyd }kjk fujh{k.k gsrq [kqys jgsaxsA

    bl /kkjk ds vUrxZr ;g fujh{k.k vf/kdkj ;g lhek ugha yxkrk gS fd bldk iz;ksx dsoy lapkyd O;fDrxr :i ls gh dj ldrk gSA

    Vakharia V/s Supreme General Film Exchange Co. Ltd. esa fu.kZ; fy;k x;k fd ,d lapkyd ds ikl vf/kdkj gS fd og O;fDrxr :i ls

    ys[kksa dh tk¡p djs ;k vfHkdÙkkZ ¼Agent½ }kjk tkap djok, ijUrq ;gk¡ ml O;fDr dks Lo;a ds p;u esa dksbZ mfpr vkifÙk ugha gksuh pkfg, rFkk

    vfHkdÙkkZ }kjk izkIr lwpukvksa dk iz;ksx mlds ekfyd ¼Principal½ ds mís'; dks NksM+dj vU; mís'; ds fy, ugha fd;k tk,xkA

    bl /kkjk ds vUrxZr fujh{k.k dk vf/kdkj ,d oS/kkfud vf/kdkj gSA ,d lapkyd ftls fujh{k.k ls jksdk ;k euk fd;k tkrk gS og U;k;ky; }kjk vius vf/kdkj dks izorZuh; djok ldrk gSA bl izdkj nsckjh QwM izkslsflax fy- ds lapkyd feLVj jkekuqtu] feLVj vkuUn jktk dks dEiuh dh ys[kk iqLrdksa ds fujh{k.k gsrq fu;qDr dj ldrs gSaA vr% nsckjh QwM izkslsflax fyfeVsM feLVj vkuUn jktk dks ys[kk iqLrdksa ds fujh{k.k ds fy, euk ugha dj ldrhA

    ¼B½ dEiuh vf/kfu;e] 1956 dh /kkjk & 399 ds vuqlkj] ml n'kk esa tc dEiuh ds ikl va'k iwath gS] fuEu esa ls U;wure lnL; neu ,oa

    dqizcU/ku ¼Oppression and Mismanagement½ gsrq vkosnu djus ds fy, ;ksX; gSa%

    100 lnL;( vFkok dqy lnL;ksa dh la[;k dk 1@10 ok¡ Hkkx nksuksa esa ls tks Hkh de gks

    vFkok(

    lnL; ¼lerk va'k/kkjh rFkk vf/keku va'k/kkjh nksuksa½ tks fuxZfer va'k

    iwath ¼Issued Capital½ dk 1@10 ok¡ Hkkx ls de /kkfjr u djrs gksaA

    lqizhe dSfedy fyfeVsM dk va'k/kkj.k rjhdk ¼Shareholding Pattern½ bl izdkj gS %&

    2 djksM+ lerk va'k iwath 800 lnL;ksa }kjk /kkfjrA

    neu rFkk dqizcU/ku ¼Oppression and Mismanagement½ ;kfpdk dk leFkZu lnL;ksa }kjk fuEu izdkj fd;k x;k %

    ¼v½ lnL;ksa dh la[;k ftUgksaus ;kfpdk nk;j dh % 90

    ¼c½ ;kfpdk nk;j djus okys lnL;ksa }kjk /kkfjr va'k iwath :i;s 10]00]000

    ;kfpdk oS/k gksxh vxj fuEu esa ls U;wure }kjk dh xbZ gS%

    © The Institute of Chartered Accountants of India

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    100 lnL;(

    80 lnL; ¼800 lnL;ksa dk 1@10 ok¡ Hkkx½]

    lnL; /kkj.k 20]00]000 va'k iwath ¼2 djksM dk 1@10 ok¡ Hkkx½

    vr% 90 lnL;ksa }kjk nk;j ;kfpdk /kkjk & 399 esa of.kZr ;ksX;rk dks iwjk djrh gSA bl izdkj ;kfpdk mfpr gSA

    va'k/kkjh }kjk nh xbZ lgefr ¼Consent½ dh x.kuk ¼Reckoned½ dk;Zokgh ds izkjEHk esa gks tkrh gSA izfØ;kdj.k ds le; va'k/kkjh }kjk lgefr okil ys ysus ls ;kfpdk dh mi;qDrrk ij dksbZ izHkko ugha iM+rk gSA

    vr% ;kfpdk oS/k gS] bl rF; ds ckotwn ¼Despite½ fd 30 lnL; ftUgksaus ;kfpdk ij gLrk{kj fd;s Fks] ckn esa viuh lgefr okil ys pqds gSaA

    ¼C½ dEiuh vf/kfu;e] 1956 dh /kkjk & 295 ds vuqlkj ,d lkoZtfud dEiuh vius fdlh Hkh lapkyd dks izR;{k ;k vizR;{k _.k dsUnz ljdkj dh iwoZ vuqefr ds fcuk ugha ns ldrhA

    pwafd vf/kfu;e iwoZ vuqefr dh dYiuk djrk gSA vr% dsUnz ljdkj fdlh Hkh izkFkZuk ij vuqeksnu ugha dj ldrh tgka lapkyd dks igys gh _.k ns fn;k x;k gSA

    Qrguxj VSDlVkbZy fyfeVsM }kjk bl izdkj /kkjk 295 ¼1½ ds izko/kkuksa

    dk mYya?ku ¼Contravene½ fd;k x;k gS rFkk bl vijk/k ds fy, izR;sd O;fDr tks fd bl bl mYy?kau dks tkurs gq, i{kdkj ¼Knowingly a Party½ gS] feLVj xksikylqUnje] ,d lapkyd Qrguxj VSDlVkbZy fyfeVsM] ftuds }kjk _.k fy;k x;k gS] dks 'kkfey djrs gq, ;k rks vFkZn.M }kjk tks fd :i;s 50]000 dh lhek rd gks ldrk gS ;k fQj

    lkekU; dkjkokl ¼Simple Imprisonment½ }kjk tks fd 6 ekg dh vof/k rd gks ldrk gS ls nf.Mr fd;s tk;saxsA ¼/kkjk 295 ¼4½½

    rFkkfi tgk¡ ij mijksDr _.k dk iwjk Hkqxrku dj fn;k tkrk gS] dkjkokl ds :i esa n.M ugha yxk;k tk,xk vkSj tgk¡ dqN _.k pqdk;k x;k gS] vf/kdre n.M tks dkjkokl ds :i esa yxk;k tk,xk vkuqikfrd :i ls ?kVk fn;k tk,xkA

    vr% _.k dk iwjk Hkqxrku dj feLVj xksikylqUnje ds fy, laHko dkjkokl ds :i esa n.M ls cpk tk ldrk gS ijUrq ;g laHko ugha fd vfHk;ksx izfØ;k rFkk n.M tks vFkZn.M ds :i esa gS ls cpk tk ldsA

    ¼D½ LdU/k fofue; ds lnL;ksa ds fo:) vuq'kklukRed dk;Zokgh ¼Disciplinary Action Against Members of Stock Exchange½

    © The Institute of Chartered Accountants of India

  • 4

    izfrHkwfr lafonk ¼fofu;eu½ vf/kfu;e] 1956 ds vUrxZr feLVj lR;ukjk;.k] lnL; ekoyh LdU/k fofue; ds fo:) xaHkhj f'kdk;r izkIr gksus ij lsch ¼SEBI½ fuEu 'kfDr;ksa dk iz;ksx dj ldrh gS %

    ¼i½ lsch ¼SEBI½ vxj lUrq"V gS fd ;g O;kikj ds fgr ¼Interest of The Trade½ ,oa tufgr ¼Public Interest½ esa gS] tk¡p ds lEcU/k esa fyf[kr esa vkns'k nsdj] lnL; dks cqyk,xh rFkk fyf[kr lwpuk ,oa Li"Vhdj.k dh ekax djsxhA

    ¼ii½ lsch ¼SEBI½ lwpukvksa ds fy, cqykus dh ctk; tk¡p ds fy, ,d ;k ,d ls vf/kd O;fDr;ksa dks fu;qDr dj ldsxh vkSj LdU/k

    fofue; ds iz'kklfud fudk; ¼Governing Body½ dks tk¡p ds lEcU/k esa rFkk izfrosnu ¼Report½ lsch ¼SEBI½ dks tek djkus ds lEcU/k esa funsZ'k nsxhA [/kkjk 6 ¼3½ ¼b½]

    izfrdwyrk irk yxus dh fLFkfr esa lsch ekoyh LdU/k fofue; dks feLVj lR;ukjk;.k ds fo:) vuq'kklukRed dk;Zokgh djus ds fy, tSls

    vFkZn.M] lnL;rk ls fu"dklu ¼Expulsion½] fofufnZ"V le; ds fy, lnL;rk ls fuyEcu ¼Suspension½ vkSj eqnzk ds Hkqxrku dks NksM+dj bl izdkj dh vU; dksbZ 'kkfLr gsrq funsZf'kr djsxhA

    mi;qZDr ltk LdU/k fofue; ds mifu;e ¼Bye-Laws½ }kjk iznku dh tkrh gSA [/kkjk 9 ¼3½ ¼b½]

    ekoyh LdU/k fofue; lsch }kjk funsZf'kr dk;Z djus gsrq ck/;

    ¼Obligation½ gSA iz'u 2

    ¼A½ gkbZVsd bUthfu;fjax fyfeVsM tks fd vfHk;kaf=dh fuekZ.k ¼Engineering Construction½ vkSj lhesUV mRiknu ¼Cement Manufacturing½ ds O;olk; esa yxh gqbZ gS] vius vfHk;kaf=dh fuekZ.k ds eq[; O;olk; ij /;ku dsfUnzr djus ,oa blds lhesUV O;olk; dks izhfe;j lhesUV fyfeVsM

    ds i{k esa gLrkUrj.k ¼Demerge½ djus dk fu.kZ; djrh gSA dEiuh vf/kfu;e] 1956 ds izko/kkuksa ds vuqlkj os pj.k ¼Steps½ crkb, tks gkbZVsd bUthfu;fjax fyfeVsM }kjk izLrkfor vfoy; ¼Proposed Demerger½ dks izHkko esa ykus gsrq fy;s tk,axsA ¼8 Marks½

    ¼B½ lapkyd e.My dh lHkk ds laca/k esa mu dkuwuh vko';drkvksa dk o.kZu dhft, tks ,d lkoZtfud dEiuh }kjk ikyu djuh iM+rh gS\

    dEiuh vf/kfu;e] 1956 ds izko/kkuksa ds vuqlkj fu.kZ; dhft, fd D;k fuEu O;fDr;ksa dks lapkyd e.My dh lHkk dk uksfVl izsf"kr djuk vko';d gS %&

    ¼1½ oSdfYid lapkyd

    © The Institute of Chartered Accountants of India

  • 5

    ¼2½ fgr/kkjd lapkyd ¼3½ funs'kd ftlus ml lapkyd e.My dh lHkk esa mifLFkr gksus esas

    vleFkZrk O;Dr dh gksA ¼4½ ,d funs'kd tks fons'k esa pyk x;k gksA

    ¼8 Marks½ mÙkj %&

    ¼A½ dEiuh vf/kfu;e] 1956 dh /kkjk & 394 ds vuqlkj gkbZVsd bUthfu;fjax fyfeVsM vius lhesUV O;olk; dk vfoy;u ¼Demerger½ izhfe;j lhesUV ds lkFk U;k;ky; dh vuqefr izkIr djds dj ldrh gSA bl mís'; gsrq

    gkbZVsd bathfu;fjax fy- ds fy, vko';d gS fd fuEu dne ¼Steps½ mBk;s tk,a %&

    ¼1½ gkbZVsd bathfu;fjax fy- tks fd bl mís'; ds fy;s gLrkUrjd dEiuh tkuh tkrh gS dks ,d Ldhe cukuh gksxh ftlds vUrxZr lhesUV O;olk; ds laca/k esa bldh lEifÙk;ksa ,oa nkf;Roksa dk izhfe;j lhesUV fy- tks fd bl mís'; ds fy, gLrkarfjrh dEiuh tkuh tkrh gS ds i{k esa gLrkUrj.k fd;k tk,xkA ,slh Ldhe esa gLrkarj.k ds fy, izfrQy vfuok;Zr% 'kkfey fd;k tkrk gS ftls

    ^^fofue; vuqikr^^ ¼Exchange Ratio½ dgrs gSaA ¼2½ ,d vkosnu /kkjk 391 ¼1½ ds vUrxZr U;k;ky; dks fd;k tk,xk

    ftlesa ysunkj }kjk lnL;ksa dh lHkk vk;ksftr djus ds fy, U;k;ky; vkns'k nsxkA

    ¼3½ lHkk dh lwpuk lnL;ksa@ysunkjksa dks U;k;ky; ds funsZ'kksa ds vuqlkj vko';d :i ls Hksth tk,xhA ,slh lwpuk of.kZr vf/kfu;e dh /kkjk 393 ¼1½ ds okD;ksa ds vuqlkj le>kSrs ,oa

    ,dhdj.k ¼Compromise or Arrangement½ dh vof/k ds laca/k esa ,oa blds lkekU; ,oa fo'ks"k izHkko ds o.kZu] izcU/kdh; O;fDr ds fgrksa ij izHkko ds laca/k esa vko';d :i ls lwfpr fd;k tkuk pkfg;sA

    ¼4½ mijksDr lHkk dks pykus ,oa Ldhe dks vuqeksfnr djus gsrq vko';d izLrko ikfjr djus gkasxs tks fd U;k;ky; dh iqf"V }kjk fu;af=r gSA mijksDr vf/kfu;e dh /kkjk 391 ¼2½ ds vuqlkj ;g vko';d gS fd izLrko cgqer la[;k }kjk ikfjr fd;k x;k gks tks fd dqy lnL;ksa@ysunkjksa ds 3@4 Hkkx dk izfrfuf/kRo djrk gksA

    ¼5½ rRi'pkr~ gkbZVsd bUthfu;fjax fy- rFkk izhfe;j lhesUV fy- Ldhe ds vuqeksnu gsrq leLr lkjoku rF;ksa ds izdVhdj.k ds lkFk

    U;k;ky; dks la;qDr :i ls vkosnu djsaxhA [/kkjk 391 ¼2½ dk ijUrqd 2]

    U;k;ky; }kjk /kkjk 394A ds vUrxZr Ldhe ds vuqeksnu ds vkosnu ij vkns'k nsus ls igys dsUnz ljdkj dks lwpuk nsuh gksxh

    © The Institute of Chartered Accountants of India

  • 6

    rFkk dsUnz ljdkj ls izkIr dksbZ Hkh izLrqfrdj.k dks /;ku esa j[kk tk,xkA

    ¼6½ U;k;ky; dk vkns'k izkIr gksus ij] gkbZVsd bUthfu;fjax dEiuh }kjk dEiuh jftLVªkj dks iathdj.k gsrq vkns'k dh izekf.kr izfr U;k;ky; dk vkns'k izkIr gksus ds 30 fnuksa ds Hkhrj tek djokuh gksxhA dEiuh jftLVªkj ds ikl izekf.kr izfr tek djkuk vko';d gS vU;Fkk vuqeksnu vkns'k vizHkkoh gks tkrk gSA

    ¼7½ var esa Ldhe dks U;k;ky; ds vuqeksnu ds vUrxZr tSlk funsZf'kr fd;k gks ml izdkj izHkkoh :i nsrs gq, vkxs c

  • 7

    ;gk¡ dksbZ fof/kd ojh;rk ugha gS] ;g ,d foosdiw.kZ O;ogkj gS ftls /kkjk 286 ds vUrxZr dBksjrkiwoZd le>uk gSA

    ¼2½ ,d fgr/kkjd funs'kd ¼Interested Director½ %& ,d funs’kd dks uksfVl vfuok;Z :i ls fn;k tk,xk] pkgs mls izLrkfor dkjksckj

    ¼Business to be transacted½ ij er nsus ls eukgh gksA

    ¼John Shaw & Sons (Salford) Ltd. vs Peter Shaw & John Shaw (1935) 2 KB 1132½

    ¼3½ vxj ,d funs'kd vxyh lapkyd e.My dh lHkk esa vkus esa

    vleFkZrk O;Dr djs ¼A Director who has expressed his inability to attend a particular Board Meeting ½&vxj ,d funs'kd vxyh lapkyd e.My lHkk esa mifLFkr gksus esa vleFkZrk O;Dr djrk gS rks Hkh mls vfuok;Z :i ls uksfVl fn;k tk,xkA

    ¼Re Portuguese Consolidated Coffee Mines Steel's Case 42 Ch. D. 160½

    ¼4½ funs'kd tks fons'k pyk x;k ¼A Director who has gone abroad½%& ,d funs'kd uksfVl ikus dk vf/kdkjh gS pkgs og Hkkjr ds ckgj gks] ;fn ml lapkyd }kjk i;kZIr O;oLFkk,a dj nh xbZ gksa ftlls dEiuh mls uksfVl izsf"kr dj ldsA uksfVl izkIr djus dk vf/kdkj [kRe ugha fd;k tk ldrk gSA

    ¼H.M. Ebrahim Sait v. South Indian Industrial Ltd. (1938) 8 Com Cases 308: AIR 1938 Mad 962 and Young v. Ladies Imperial Club, (1920) ALL ER Rep 223 (CA)½-

    iz'u 3

    ¼A½ ?kkS'kq.Mk fjQkbujh fyfeVsM ds oS/kkfud vads{kdks us dEiuh vf/kfu;e] 1956 dh /kkjk 217 dh mi/kkjk ¼2A½ ds vuqlkj lapkydksa ds izfrosnu ¼Board Report½ esa of.kZr dqN deZpkfj;ksa ds fooj.k dh lR;rk dks lR;kfir ugha fd;kA mijksDr vf/kfu;e dh /kkjk 217 ¼2A½ ds vuqlkj os fooj.k cukb, tks izLrqr djus vko';d gSa ,oa fooj.kksa dks lR;kfir djus ds laca/k esa mijksDr dEiuh ds vads{kdksa dh oS/kkfud fLFkfr dk

    o.kZu dhft,A ¼8 Marks½

    ¼B½ ekWMuZ dsfedYl fyfeVsM] ,d lwphc) dEiuh ds izoZrdksa dks lerk va'kks dk vf/keku fuxZeu izLrkfor djrh gSA lsch ¼iw¡th fuxZeu ,oa izdVu vis{kk,¡½ fofu;eu] 2009 ds lEcU/k esa fuEu dk mÙkj nhft, %&

    ¼1½ izLrkfor vf/keku fuxZeu fuxZfer djus ds fy, dEiuh dks fdu 'krksZa dk ikyu djuk gksxkA

    ¼2½ fdl ewY; ij izLrkfor vf/keku fuxZeu fuxZfer fd;s tk,xsaA

    © The Institute of Chartered Accountants of India

  • 8

    ¼3½ izoZrdksa dks vf/keku vk/kkj ij tkjh fd;s va'kksa dh ck/;rk

    ¼Lock-in-period½ vof/k D;k gS\

    ¼8 Marks½ mÙkj

    ¼A½ /kkjk 217 dh mi/kkjk ¼2A½ ds vuqlkj fuEu fooj.k izLrqr djus gksaxs %& dEiuh vf/kfu;e 1956 dh /kkjk 217 dh mi/kkjk ¼2A½ ds vuqlkj cksMZ

    fjiksVZ esa izR;sd deZpkjh ds uke ds fooj.k dks lfEefyr djuk gksxk tks&

    ¼1½ vxj iwjs foÙkh; o"kZ fu;ksftr jgk ,oa ml o"kZ ds fy, mlds }kjk izkIr dqy ikfjJfed fofuZfn"V ewY; ls de u gks tks fd 60 yk[k :i;s gS( ;k

    ¼2½ vxj foÙkh; o"kZ ds dqN Hkkx ds fy, fu;ksftr jgk rks o"kZ ds fdlh Hkkx ds fy, mlds }kjk izkIr dqy ikfjJfed fofuZfn"V ewY; ds izfrekg ewY; ls de u gks tks fd 5 yk[k :Ik;s gS] vkSj

    ¼3½ vxj iwjs foÙkh; o"kZ ;k o"kZ ds dqN Hkkx ds fy, fu;ksftr jgk gks] rks ml o"kZ ds fy, mldk dqy ikfjJfed] ;k tSlh Hkh fLFkfr gks ml nj ij mldk dqy tksM] izcU/kdh; funs'kd ;k iw.kZdkfyd funs'kd ;k izcU/kd }kjk izkIr fd, x, ikfjJfed ls vf/kd gks rFkk Lo;a }kjk ;k vius thoulkFkh ,oa fuHkZj cPps }kjk dEiuh ds lerk va'k ds 2 izfr'kr ls de /kkfjr u gksaA

    fooj.k esa ;g Hkh crkuk gksxk fd&

    ¼v½ D;k dksbZ Hkh deZpkjh fdlh Hkh funs'kd ;k izcU/kd dk fj'rsnkj gS] vkSj vxj gS] rks ml funs'kd dk uke] vkSj

    ¼c½ vU; dksbZ Hkh fooj.k tks fofuZfn"V fd;k x;k gSA

    mijksDr fooj.k dks dEiuh ds vad{ksdksa }kjk lR;kfir djkuk

    /kkjk 227 ds vuqlkj] vads{kd dks mu izi=ksa ij izfrosnu nsus dh vko';drk,a gSa tks fpV~Bs rFkk ykHk gkfu [kkrs dk Hkkx gS] vFkok mlds lkFk layXu gSA vads{k.k fjiksVZ gsrq dEiuh dh ys[kk iqLrdsa] foÙkh; fooj.k rFkk mlds Hkkx dks lfEefyr fd;k x;k gS ijUrq cksMZ fjiksVZ blesa lfEefyr ugha gS tks fd /kkjk 217 ds vuqlkj fpV~Bs dk Hkkx gSA

    blds vfrfjDr /kkjk 222 tks ys[kksa ds lkFk os izi= tks muds Hkkx gSa] ls lacaf/kr gS] Hkh ;g Li"V djrh gS fd cksMZ fjiksVZ okf"kZd ys[kksa ds lkFk layXu gSA vr% lkekU;r% vads{k.k fjiksVZ cksMZ fjiksVZ esa of.kZr fofHkUu ekeyksa dh lR;rk dks izekf.kr ugha djrk gSA

    mijksDr fn, x, ekeys esa] xkS'kq.Mk fjQkbujh fy- ds oS/kkfud vads{kd us

    cksMZ fjiksVZ esa of.kZr /kkjk 217 ¼2A½ ds fof/kd izko/kkuksa ds vuqlkj

    © The Institute of Chartered Accountants of India

  • 9

    deZpkfj;ksa ds fooj.k dks lR;kfir ugha fd;kA vr% Åij fn, x, fof/kd fu;eksa dks /;ku esa j[krs gq, ;g fu"d"kZ fudkyk tk ldrk gS fd vads{kd dk er mijksDr dEiuh ds laca/k esa iw.kZr;k mfpr gSA

    ¼B½ vf/keku fuxZeu dh 'krsZa % 72 ¼1½ ekWMuZ dsfedy fy- fofuZfn"V izfrHkwfr dk vf/keku fuxZeu dj ldrh gS]

    ;fn%

    ¼v½ va'k/kkfj;ksa }kjk fo'ks"k izLrko ikfjr fd;k x;k gks(

    ¼c½ izLrkfor vkoafV;ksa }kjk /kkfjr lHkh lerk va'k ;fn dksbZ gS]

    vokLrfod ¼Dematerialized½ :i esa gks( ¼l½ tkjhdrkZ ekU;rk izkIr LVkWd ,Dlpsat tgk¡ tkjhdrkZ ds lerk

    va'kkas dks lwphc) fd;k x;k gS ds lkFk fd, x, lwphdj.k vuqca/k esa rFkk fofufnZ"V lerk va'kks ds fujUrj lwphdj.k dh 'krksZa dk vuqikyu dj jgk gSA

    ¼n½ tkjhdrkZ us izLrkfor vkaofV;ksa ls LFkkbZ ys[kk la[;k izkIr dj yh gksA

    Li"Vhdj.k ¼Explanation½ %& tgk¡ dksbZ O;fDr tks izorZd ¼izorZdksa½ ;k izorZd la?k ls lacfU/kr gS laxr frfFk ¼Relevant date½ ls iwoZ ds N% eghus ds nkSjku tkjhdrkZ ds lerk va'kksa dks csprk gSA mijksDr izorZd ¼izorZdksa½ ;k izoZrd la?k fofufnZ"V izfrHkwfr dks vf/keku :i esa vkaoVu gsrq v;ksX; gksxkA

    ¼2½ tgk¡ dksbZ O;fDr tks izoZrd ¼izorZdksa½ ;k izorZd la?k ls lacfU/kr gS] us iwoZ esa tkjhdrkZ ds okajV vfHk;ksftr fd;s ijUrq okjUV esa O;ogkj ugha dj ldk gS rks mijksDr izorZd ¼izorZdksa½ ;k izorZd la?k tkjhdrkZ ds vf/keku izfrHkwfr dks vfHk;ksftr djus esa fuEufrfFk ls 1 o"kZ ds fy;s v;ksX; gks tk;sxk&

    ¼v½ ifjorZu ds fodYi dks ugha ysus dh otg ls okajV dh vof/k lekIr gksus ijA

    ¼c½ okjUV dks jn~n djus dh frfFk tSlh Hkh fLFkfr gks ¼as the case may be½

    lerk va'kksa dk ewY; %

    76 ¼1½ vxj ekWMuZ dsfedYl fyfeVsM ds lerk va'k fdlh ekU;rk izkIr LVkWd

    ,Dlpsat ij laxr frfFk ls ¼Relevant Date½ 26 lIrkg vFkok vf/kd ds fy, lwphc) gS] lerk va'k dk fuxZeu fuEu ewY; ds vf/kdre ls de ugha gks ldrk %

    © The Institute of Chartered Accountants of India

  • 10

    ¼v½ laxr frfFk ds igys ds NCchl ¼26½ lIrkgksa ds nkSjku LdU/k

    fofue; esa mn~?k`r ¼Quoted½ fd, x, mlh oxZ ds lerk va'kksa dh lkIrkfgd mPp ,oa fuEu can dher ds vkSlr ewY; ls( ;k

    ¼c½ laxr frfFk ds igys ds nks lIrkgksa ds nkSjku LdU/k fofue; esa mn~?k`r fd, x, mlh oxZ ds lerk va'kksa ds mPp ,oa fuEu can dher dss vkSlr ewY; lsA

    2- vxj lerk va'k fdlh ekU;rk izkIr LVkWd ,Dlpsat ij laxr frfFk ls 26 lIrkg ls de le; ds fy;s lwphc) gS] lerk va'k dk fuxZeu ewY; fuEu esa ls vf/kdre ls de ewY; ij ugha gks ldrk%

    ¼v½ og ewY; ftu ij lerk va'k tkjhdrkZ }kjk lkekU; turk dks tkjh fd;s x;s vFkok izR;sd va'k dk ewY; dEiuh vf/kfu;e 1956 dh /kkjk 391 ls 394 ds vUrxZr Ldhe dh O;oLFkk ds lEcU/k esa izkIr fd, x,] ftlds vUrxZr tkjhdrkZ ds lerk va'k lwphc) gks] tSlh Hkh fLFkfr gks( ;k

    ¼c½ laxr frfFk ls iwoZ dh vof/k ftlesa va’k izekf.kr LVkWd ,Dlpsat ij lwphc) gS mlh oxZ ds lerk va’kksa dh can dher ds lkIrkfgd mPp ,oa fuEu dherksa ds vkSlr ewY; ijA

    ¼l½ laxr frfFk ls igys ds nks lIrkgksa ds nkSjku ftlesa izfrHkwfr izekf.kr LVkWd ,Dlpsat ij lwphc) gS ds nkSjku mlh oxZ ds lerk va’kksa dh can dher ds lkIrkfgd mPp ,oa fuEu dherksa ds vkSlr ewY; ijA

    3- tc lerk va'kksa dk ewY; mifofue; ¼2½ dh 'krksZa ds rgr fuf'pr fd;k x;k gS rks ,sls ewY; dk tkjhdrkZ }kjk vuqeksfnr LdU/k fofue; esa lwphc) djkus dh frfFk ls 26 lIrkg dh lekfIr ij LdU/k fofue; esa mn~?k`r fd, x, mlh oxZ ds lerk va'kksa dh cUn dher ds lkIrkfgd mPp ,oa fuEu dher ij iqu% fu/kkZj.k fd;k tk,xkA ;fn iquZxf.kr ewY; vkaoVu ij pqdk;s ewY; ls vf/kd gS rks vUrj dh jkf'k vkaoVu izkIrdrkZ

    ¼Allottees½ }kjk tkjhdrkZ dks pqdk;h tk,xhA Li"Vhdj.k %& mijksDr dkuwu ds mís'; gsrq LdU/k fofue; ls rkRi;Z dksbZ Hkh vf/klwfpr LdU/k fofue; tgk¡ ij lerk va'k lwphc) gksrs gSa rFkk tgk¡ ij tkjhdrkZ ds lerkva'kksa dk laxr frfFk ls igys ds lIrkg esa lokZf/kd ek=k esa dqN foØ; fjdkWMZ fd, x, gSaA

    fofufnZ"V izfrHkwfr dh ck/;rk vof/k ¼Lock-in-Period of specified securities½ % 78 ¼1½ fofufnZ"V izfrHkwfr tks fd izorZd rFkk izorZdks ds la?k dks vf/kekfur

    vk/kkj ij vkoafVr fd, x, gSa rFkk oks lerk va’k tks fd izoZrd rFkk izorZd la?k dks vf/kekfur vk/kkj ij tkjh fd, x, okjaV ds fodYi dh Lohdk;Zrk ds vk/kkj ij vkoafVr fd, x, gSa( dh ck/;rk vof/k] fofufnZ"V

    © The Institute of Chartered Accountants of India

  • 11

    izfrHkwfr ds vkoaVu dh frfFk ls ;k okjaV ds fodYi ij Lohdk;Zrk ds vk/kkj ij vkoafVr lerk va’k] tSlh Hkh fLFkfr gks] vkoaVu dh frfFk ls rhu o"kZ jgssxhA

    ;g izko/kku fd;k x;k gS fd tkjhdrkZ dh dqy iw¡th dk 20 izfr'kr ls vf/kd vkoaVu dh frfFk ls rhu lky dh ck/;rk vof/k rd ugha j[kk tk ldrk gSA

    vkxs ;g izko/kku fd;k x;k gS fd fodYi ds Lohdkj fd;s tkus rFkk vU; fdlh vk/kkj ij 20 izfr'kr ls T;knk lerk va'kksa ds vkoaVu fd;s tkus ij ck/;rk vof/k budh vkaoVu dh frfFk ls ,d o"kZ dh gksxhA

    iz'u 4

    ¼A½ feLVj fd'kksj] AB fyfeVsM ,oa PQ fyfeVsM ds lapkyd gSaA AB fyfeVsM }kjk okf"kZd fooj.kh fu;fer :i ls Qkby dh tk jgh gSA

    ijUrq okf"kZd ys[ks ¼Annual Accounts½ o"kZ 31 ekpZ 2009] 2010 ,oa 2011 ds Qkby ugha fd;s gSaA AB fyfeVsM }kjk lkoZtfud foÙkh; laLFkku ¼PFI½ ls fy;s x;s _.k ij C;kt 1 vizSy] 2011 ls Hkqxrku ugha fd;k x;k rFkk turk ls yh xbZ tekvksa ds 1 vizSy] 2012 dks ifjiDo gksus ij Hkh Hkqxrku esa pwd dh xbZA dEiuh vf/kfu;e] 1956 ds izko/kkuksa ds vUrxZr fuEu dk mÙkj nhft,%

    ¼1½ D;k feLVj fd'kksj dEiuh vf/kfu;e] 1956 dh /kkjk 274 ¼1½ ¼g½ ds vUrxZr v;ksX; gSa rFkk vxj v;ksX; gSa rks D;k lapkyd AB fyfeVsM esa vius in dks tkjh j[k ldrs gSa rFkk PQ fyfeVsM dh flrEcj 2013 esa gksus okyh okf"kZd lk/kkj.k lHkk esa pØ.k }kjk fuo`fÙk gksus ij iqufuZ;qDr fd, tk ldrs gSa\

    ¼2½ feLVj fd'kksj twu] 2013 esa XY fyfeVsM ds vfrfjDr lapkyd ds :i esa fu;qfDr gsrq izLrkfor gaSA D;k og XY fyfeVsM ds vfrfjDr lapkyd in ij fu;qfDr gsrq ;ksX; gSa\

    ¼8 Marks½

    ¼B½ eksjcuh oqM~l fyfeVsM] feLVj okfgn dks 5 lkyksa ds fy, 1 ebZ] 2013 ls izcU/k lapkyd in ij fu;qDr djus dk fu'p; djrh gSA feLVj okfgn

    dEiuh vf/kfu;e] 1956 ds vuqlwph XIII ds Hkkx I o Hkkx II esa of.kZr 'krksZa dks iwjk djrk gSA

    fu;qfDr dh 'krsZa uhps iznku dh xbZ gSa&

    ¼1½ osru% 1 yk[k izfrekg(

    ¼2½ deh'ku% tSlk dEiuh ds lapkyd e.My }kjk fuf'pr fd;k x;k gks(

    © The Institute of Chartered Accountants of India

  • 12

    ¼3½ vf/kykHk %

    & fdjk;k eqDr vkokl]

    & fpfdRlk izfriwfrZ :i;s 10]000 izfrekg rd]

    & NqV~Vh ;k=k fj;k;r ¼ifjokj dks½]

    & Dyc lnL;rk 'kqYd]

    & O;fDrxr nq?kZVuk chek 10 yk[k]

    & xzsP;qVh] vkSj

    & Hkfo"; fuf/k ¼dEiuh 'krkZuqlkj½

    vki of.kZr dEiuh ds lfpo gSa] Åij of.kZr ckrksa dks izHkko esa ykdj ,d

    ladYi cuk,a ¼Resolution½] ;g ekurs gq, fd feLVj okfgn igys ls gh lkoZtfud lhfer dEiuh esa izcU/kdh; lapkyd gSaA

    ¼8 Marks½

    mÙkj

    ¼A½ dEiuh vf/kfu;e] 1956 dh /kkjk 274 ¼1½ ¼g½ ds vuqlkj og O;fDr tks fd igys ls gh ,d lkoZtfud dEiuh dk lapkyd gS] lapkyd fu;qDr gksus ls v;ksX; gks tk,xk] vxj lEcfU/kr dEiuh }kjk &

    ¼v½ 1@4@1999 ls vkSj mlds ckn yxkrkj 3 foÙkh; o"kksZa ds okf"kZd ys[ks vkSj okf"kZd fooj.kh tek ugha djokbZ gS( vFkok]

    ¼b½ Hkqxrku frfFk ij mldh tek,a rFkk C;kt ds Hkqxrku esa ;k _.ki= ds 'kks/ku esa ;k ykHkka'k pqdkus esa yxkrkj ,d ;k vf/kd lkyksa ls bl rjg dh foQyrk ;k pwd dh gksA

    ,slk O;fDr fdlh vU; lkoZtfud dEiuh esa dk;Z djus ds fy, v;ksX; gks tkrk gS ml ikap o"kZ dh vof/k ds fy,] tks ml frfFk ls izkjEHk gksrh gS tc og ml lkoZtfud dEiuh ¼ftldk og lapkyd gS½ us mi;qZDr ¼v½ ;k ¼c½ esa of.kZr pwd dh gSA

    (i) ;gk¡ feLVj fd'kksj AB fyfeVsM o PQ fyfeVsM esa lapkyd gSaA AB fyfeVsM okf"kZd fooj.kh nkf[ky djus esa fu;fer Fkh fdUrq rhu o"kZ tks lekIr gksrs gSa] 31 ekpZ 2009] 2010] 2011 ds okf"kZd [kkrs Qkby ugha djrh gSA v;ksX;rk tks

    /kkjk 274¼1½¼g½¼A½ esa of.kZr gS] ykxw ugha gksxh tc rd fd dEiuh nksuksa ekeyksa esa vFkkZr~ yxkrkj rhu o"kksZa dh okf"kZd fooj.kh vkSj okf"kZd [kkrksa esa pwd uk djsA vr% /kkjk

    274¼1½¼g½ ds izko/kku bl fLFkfr esa izHkkfor ugha gksrs gSaA

    © The Institute of Chartered Accountants of India

  • 13

    ;gk¡ AB fyfeVsM lkoZtfud foÙkh; laLFkku ls fy, _.k ij C;kt dk Hkqxrku 01@04@2011 o mlds ckn djus esa pwd djrh gS rFkk turk ls yh xbZ ifjiDo tek dk Hkqxrku 01@04@2012 ;k mlds ckn djus esa pwd djrh gSA foRrh; laLFkku ls fy,

    _.k ij C;kt ds Hkqxrku djus esa pwd /kkjk 274¼1½¼g½¼B½ esa lfEefyr ugha gSA ysfdu pwafd AB fyfeVsM ns; frfFk ij tekvksa dk iquHkZqxrku djus esa pwd djrh gS vkSj ;g pwd yxkrkj ,d

    o"kZ ls vf/kd vof/k dh gSA vr% feLVj fd'kksj /kkjk 274¼1½¼g½¼B½ ds varxZr v;ksX; gSaA

    v;ksX;rk mlh fnu ls ykxw gksxh ftl fnu ls pwd ds izHkkoh gksus ds ckn feLVj fd’kksj fdlh Hkh nwljh lkoZtfud dEiuh esa lapkyd ds :Ik esa fu;qDr ;k iqufuZ;qDr fd, tk,axsA rc rd feLVj fd’kksj gj ml lkoZtfud dEiuh ds lapkyd dk dk;kZy;

    laHkky ldsaxs tgka ds oks lapkyd gSaA /kkjk 274¼1½¼g½ o /kkjk 283 nksuksa ds vuqlkj mUgsa viuk lapkyd dk;kZy; fjDr djus dh

    dksbZ vko’;drk ugha gS] D;ksafd /kkjk 274¼1½¼g½ ds vuqlkj v;ksX;rk " fdlh nwljh lkoZtfud dEiuh" ij gh ykxw gksrh gS o /kkjk 283 mu ifjfLFkfr;ksa dk o.kZu djrh gS ftu ifjfLFkfr;ksa esa lapkyd dks viuk dk;kZy; fjDr djuk iM+rk gSA

    flrEcj 2013 esa vk;ksftr gksus okyh okf"kZd lk/kkj.k lHkk

    (AGM) esa fo'ks"k Øe esa lsokfuo`Rr gksus ij feLVj fd'kksj dks iqufuZ;qDr ugha fd;k tk ldsxkA

    (ii) /kkjk 274¼1½¼g½¼B½ esa of.kZr v;ksX;rk ds dkj.k twu 2013 ds ckn feLVj fd'kksj XY fyfeVsM esa vfrfjDr lapkyd ds in ij fu;qDr ugha gks ldrs gaSA

    (B) Draft Board Resolution "Resolved that consent of all the directors present at the meeting be and is hereby accorded to the appointment of Mr. Wahid, who is already the Managing Director of another public limited company, and fulfills the conditions as specified in Part I and II of Schedule XIII of the Companies Act, 1956, as the Managing Director of the company for a period of 5 years effective from 1st May, 2013 subject to approval by a resolution of shareholders in a general meeting and that Mr. Wahid may be paid remuneration as follows: (i) Salary of 1 Lakh per month (ii) Commision (iii) Perquisites: Free Housing, Medical reimbursement upto

    Rs.10,000, Leave Travel Concession for the family, Club

    © The Institute of Chartered Accountants of India

  • 14

    membership fee, Personal Accident Insurance of Rs. 10 Lakhs, Gratuity, Provident Fund etc.

    Resolved further that in the event of loss or inadequacy of profits, the salary payable to him shall be subjected to the limits specified in Schedule XIII. Resolved further that the Secretary of the company be and is hereby authorised to prepare and file with the Registrar of Companies necessary Return in respect of the above appointment. Sd/ Board of Directors Morbani Woods Limited (Note: Since in the given case Mr. Wahid fulfills all the conditions for appointment of Managing Director as specified in Part I an II of Schedule XIII, approval of Central Government is not required)

    iz'u 5

    (A) vidj.k (Misfeasance) dk D;k vFkZ gSA vidj.k ds fo:) dk;Zokgh (Prosceedings) dkSu vkjEHk dj ldrk gS rFkk bl vidj.k (Misfeasance) gsrq dksbZ le; lhek gS\ ;g fu.kZ; djsa fd e`r lapkyd dk fof/kd mRrjkf/kdkjh] ftlds fo:) vidj.k dk;Zokgh izkjEHk dh xbZ gS] dEiuh vf/kfu;e] 1956 ds izko/kkuksa ds varxZr dgka rd ftEesnkj Bgjk;k tk ldrk gS\

    (8Marks)

    (B) ubZ fofu;ksftr cSafdax dEiuh ds lapkyd e.My }kjk ys[ks rFkk fpV~Bk Qkby djus dh vko'drk gSA cSafdax fu;eu vf/kfu;e] 1949 ds vUrxZr ys[ks rFkk fpV~Bs fuekZ.k] gLrk{kjdj.k ,oa Qkby djus lacaf/kr izko/kkuksa dk o.kZu dhft, ,oa bl lanHkZ esa dEiuh vf/kfu;e] 1956 dh Hkwfedk Hkh crkb;sA

    (8 Marks)

    mRrj

    (A) vidj.k %& (Misfeasance) dEiuh vf/kfu;e 1956 esa 'kCn ^vidj.k* dks ifjHkkf"kr ugha fd;k x;k

    gSA bls dEiuh ds laca/k esa dk;Z ;k Hkwy le>k tk ldrk gS (Act or Omission)A ;g ,d izdkj ls Hkjksls ds mYya?ku dh izd`fr le>h tk

    © The Institute of Chartered Accountants of India

  • 15

    ldrh gS tks dEiuh ds fy, gkfu o {kfr (Losses or Injuries) dk dkj.k gksrh gSA ;|fi dEiuh dks gksus okyh gkfu /kkjk&543 esa of.kZr ugha

    dh xbZ gS] rFkkfi ,slh gkfu] dqO;ogkj dh fLFkfr esa xfHkZr (Implied) gSA vidj.k dk dsoy og dk;Z tks fd dEiuh dks gkfu dk ifj.kke nsrk gS og /kkjk&543 dh lhek esa vk,xkA

    dk;Zokgh dh 'kq:vkr&mi;qZDr fLFkfr esa izfØ;k dh 'kq:vkr ljdkjh ifjlekid ;k fdlh ysunkj ;k va'knk;h }kjk vidj.k rFkk fo'okl ds mYya?ku ds laca/k esa U;k;ky; esa vkosnu djus ij dh tk ldsxh] tks mijksDr O;fDr ds vkpj.k dh tkap djsxk] rFkk /ku rFkk laifRr ds iquHkZqxrku ,oa dEiuh dks {kfriwfrZ ykSVkus ds fy, foo'k djsxkA

    le; lhek& vkosnu vkjEHk djus dh le; lhek lekiu ds vkns'k izkIr gksus dh frfFk ls ikap o"kZ vFkok izFke lekid dh fu;qfDr ij vFkok vidj.k gksus@Hkjksls dk mYya?ku djus ij tks Hkh T;knk gksxhA

    fof/kd izfrfuf/k ds nkf;Ro dk foLrkj

    lapkyd dh e`R;q dh n'kk esa] loksZPp U;k;ky; }kjk ;g fu.khZr fd;k x;k gS fd /kkjk&543 ds vUrxZr ifjlekid] dEiuh ds nks"kh lapkyd ds fo:) tkjh izfØ;k dks mlds fof/kd mRrjkf/kdkjh ds fo:) Hkh tkjh j[k ldsxk rFkk vidj.k izfØ;kdj.k ds vUrxZr fdlh Hkh jkf'k gsrq nk;h gksus ij og jkf'k e`rd dh mu ifjlEifRr;ksa ls olwy dh tk,xh tks fof/kd mRrjkf/kdkjh ds ikl gSaA U;k;ky; }kjk vkxs ;g izfrikfnr fd;k x;k fd rFkkfi fof/kd mRrjkf/kdkjh e`r lapkyd dh ifjlEifRr;ksa

    ds ewY; ls vf/kd ds fy, nk;h ugha gksxkA [Official Liquidator, Supreme Bank Ltd. v P.A. Tendolkar (1973) 43 Comp. (Case 382)] and [Official Liquidator vs. Parthasarthy Sinha (1983) 53. Comp. Case (SC) (3c)]. vr% e`r lapkyd ds fof/kd mRrjkf/kdkjh ds fo:) vidj.k izfØ;k tkjh jgsxhA

    (B) ys[kk iqLrdsa rFkk fpV~Bksa dks cukus] gLrk{kj djus rFkk Qkby djus ds laca/k esa izko/kkuA

    ys[kk iqLrdsa ,oa fpV~Bk cukuk%&

    cSafdax fofu;eu vf/kfu;e] 1949 dh /kkjk&29 ds vuqlkj izR;sd cSafdax dEiuh tks Hkkjr esa fuxfer gqbZ gS mlds }kjk o Hkkjr esa mldh leLr 'kk[kkvksa }kjk leLr O;kikfjd O;ogkjksa ds laca/k esa ys[kkadu o"kZ ds vfUre dk;Z fnol ij fpV~Bk ,oa ykHk gkfu [kkrk rhljh vuqlwph ds

    QkeZ 'A' rFkk 'B' ds vuqlkj rS;kj fd;s tk;saxsA ys[kk iqLrds ,oa fpV~Bs ij gLrk{kj%&

    ,dhd`r fpV~Bs ,oa ykHk gkfu [kkrk] v/;{k ;k izcU/kdh; lapkyd rFkk tgka rhu ls vf/kd lapkyd gksa] ogka de ls de rhu lapkydksa }kjk

    © The Institute of Chartered Accountants of India

  • 16

    rFkk tgka rhu ls vf/kd lapkyd ugha gSa] ogka leLr lapkydksa }kjk gLrk{kfjr gksuk pkfg,A ml n'kk esa tc cSafdax dEiuh Hkkjr ds ckgj fuxfer gqbZ gS] Hkkjr esa dEiuh ds eq[; vf/kdkjh }kjk gLrk{kj fd;s tk;saxsA

    fpV~Bk rFkk ykHk gkfu [kkrs dks tek djkuk@Qkby djuk %

    cSafdax fofu;eu vf/kfu;e] 1949 dh /kkjk 31 o 32 ys[kk iqLrdsa rFkk fpV~Bs dks tek djkus ds laca/k esa izfØ;k of.kZr djrk gSA

    ys[kk iqLrdsa ,oa fpV~Bs dks vads{kd fjiksVZ ds lkFk fu/kkZfjr fof/k esa izdkf'kr fd;k tk,xk vkSj mldh 3 izfr;ka foojf.k;ksa ds :i esa ml vof/k ftldk mlesa lanHkZ fn;k gS dh lekfIr ds 3 eghuksa ds vUnj fjtoZ cSad dks izLrqr dh tk,axhA rFkkfi fjtoZ cSad fdlh Hkh ekeys dks vkxkeh 3 eghuksa dh vof/k rd c

  • 17

    (ii) Hkkjr ds ckgj fuxfer dEiuh ftlds lHkh va'k/kkjd Hkkjrh; fuoklh gSa(

    (iii) Hkkjr esa fuxfer dEiuh ftlds leLr va'k fonsf’k;ksa }kjk /kkfjr gSA

    ;g fu.kZ; djsa fd D;k dEiuh vf/kfu;e] 1956 ds izko/kkuksa ds vUrxZr mijksDr dEiuh bafM;u fMikWftVjh jlhn tkjh dj ldrh gS\

    (8 Marks) mRrj%&

    (A) (i) lnL;ksa dks _.k vkfn %& dEiuh vf/kfu;e] 1956 dh /kkjk 581ZK ds vuqlkj _.k iznku djus okyh dEiuh ds lnL;ksa dks vUrfuZ;eksa ds izko/kkuksa ds vUrxZr fuEu rjhds ls cksMZ }kjk foRrh; lgk;rk iznku dh tk ldrh gS&

    ¼v½ _.k iznku djus okyh dEiuh ds O;kikj laca/kksa ds rgr mlds fdlh lnL;ksa dks m/kkj lqfo/kk] tks 6 ekg ls vf/kd le; ds fy, u gksA

    ¼c½ fdlh lnL; dks izfrHkwfr ds cnys _.k vkSj vfxze dh lqfo/kk tks vUrfuZ;e esa of.kZr gS] mijksDr _.k dk iquHkqZxrku mi;qZDr _.k vkSj vfxze dks iznku djus dh frfFk ls rhu ekg dh vof/k ls T;knk ds fy, ijUrq lkr o"kZ dh vof/k ls vf/kd ugha gksxhA

    rFkkfi] fdlh Hkh lapkyd ,oa mlds fj'rsnkj dks _.k vkSj vfxze nsus ls iwoZ lk/kkj.k lHkk esa lnL;ksa dh lgefr vko';d gSA

    vr% mijksDr izko/kkuksa ds vUrxZr] lkÅFkuZ bf.M;k 'kqxj izksM~;wlj dEiuh fyfeVsM ds lnL; feLVj jke dks 1 o"kZ ds fy, _.k iznku dj ldrh gSA pwafd vf/kfu;e izko/kku djrk gS fd cksMZ }kjk _.k iznku fd;k tk ldrk gS ftldk iquHkqZxrku rhu ekg ls vf/kd vof/k dk gks rFkk lkr o"kZ ls vf/kd dk uk gksA

    tcfd dEiuh ds lapkyd }kjk feLVj 'ks[kj dks _.k lnL;ksa dh lkekU; lHkk esa lgefr izkIr djus ds ckn gh iznku fd;k tk ldrk gSA

    (ii) vU; dEiuh esa fofu;ksx%& dEiuh vf/kfu;e] 1956 dh /kkjk 581ZL ;g izko/kku djrh gS fd ,d mRiknd dEiuh (Producer Co.) Lo;a vkSj lgk;d dEiuh ds lkFk mRiknd dEiuh ds vykok fdlh vU; dEiuh ds va'kksa esa fofu;ksx dh n`f"V ls vuqeksnu ;k [kjhn }kjk ;k vU; fdlh

    rjhds ls viuh pqdrk va'k iwath rFkk Lora= lap; ds 30% ls vf/kd fofu;ksx ugha dj ldrhA vkxs] ;g izko/kku gS fd lkekU; lHkk esa fo'ks"k izLrko ikfjr djus ij ,oa dsUnz ljdkj dh iwoZ

    © The Institute of Chartered Accountants of India

  • 18

    vuqefr izkIr djus ij mijksDr lhek ls vf/kd fofu;ksx dj ldrh gSA

    vr% mijksDr izko/kkuksa ds vUrxZr lkÅFkuZ bf.M;k XYZ ekdsZfVax fy- esa pqdrk va'k iwath Lora= lap; ds 30% ls vf/kd jkf'k fofu;ksx ugha dj ldrh tks fd 240000 :- gS ¼800000 :- dk

    30%½ rFkkfi lhek ls vf/kd fofu;ksx djus gsrq lkekU; lHkk esa fo'ks"k izLrko ikfjr dj ,oa dsUnz ljdkj dh iwoZ vuqefr vko';d gSA

    (B) fons'kh dEiuh %& dEiuh vf/kfu;e] 1956 dh /kkjk 591 fons'kh dEiuh dks ifjHkkf"kr djrh gS fd og dEiuh tks Hkkjr ds ckgj fuxfer gqbZ gS rFkk ftldk ,d O;kikj LFkku Hkkjr esa fLFkr gS] fons'kh dEiuh gSA

    mijksDrkuqlkj fons’kh dEiuh dh ;ksX;rk esa fuEu nksuksa rRoksa (Features) dk gksuk t:jh gS%&

    ¼1½ og dEiuh tks Hkkjr ds ckgj fuxfer gqbZ gS] vkSj

    ¼2½ ml dEiuh dk ,d O;kikj LFkku Hkkjr esa fLFkr gSA

    blds lkFk gh] ;fn fdlh fons'kh dEiuh dh U;wure 50% iznRr va'k iwath ¼Hkys gh lerk ;k vf/keku ;k vkaf'kd lerk o vkaf'kd vf/keku½ Hkkjrh; ukxfjdksa ;k Hkkjr esa fuxfer fudk;ksa }kjk ,dy ;k dqy :i ls /kkfjr gksa rks dEiuh vius dkjksckj ds fy, Hkkjrh; dEiuh ekuh tk,xhA og vf/kfu;e ds mu izko/kkuksa dk vuqikyu ml izdkj ls djsxh tSls fd dEiuh Hkkjr esa fuxfer FkhA

    vr% mijksDr izko/kkuksa ds vuqlkj%

    (i) Hkkjr esa dkjksckj LFky dk vFkZ /kkjk 602 esa of.kZr gS ftlesa dkjksckj LFky esa va'k varj.k ;k va'k iathdj.k dk;kZy; Hkh 'kkfey gSA

    vr% og dEiuh tks Hkkjr ds ckgj fuxfer gqbZ gS rFkk ftldk va’k iathdj.k dk;kZy; Hkkjr esa fLFkr gS] fons’kh dEiuh dgyk,xhA

    (ii) ,d dEiuh tks Hkkjr ds ckgj fuxfer gqbZ gS rFkk ftlds leLr va'k/kkjd Hkkjrh; ukxfjd gSaA

    ekU;rk 1 %& ftldk ,d dkjksckj LFky Hkkjr esa gS &

    dEiuh vf/kfu;e] 1956 dh /kkjk 591 ds vFkksZa esa og dEiuh tks Hkkjr ds ckgj fuxfer gqbZ gS rc rd fons'kh dEiuh ugha ekuh tk,xh tc rd mldk ,d O;kikj LFky Hkkjr esa fLFkr u gksA

    © The Institute of Chartered Accountants of India

  • 19

    vxj dEiuh dk O;kikj LFky Hkkjr esa fLFkr gS rks dEiuh vf/kfu;e dh /kkjk 591 ds rgr fons'kh dEiuh ekuh tk,xhA

    mijksDr nh xbZ leL;k esa leLr va'k Hkkjrh; ukxfjd }kjk /kkfjr gSaA dEiuh dh fLFkfr fons'kh da- dh rjg gh gS] ijUrq bl dEiuh dks dEiuh vf/kfu;e esa of.kZr dqN 'krsaZ iwjh djuh gksaxh tks mlds }kjk Hkkjr esa O;kikj djus ls lacaf/kr gSa] rks gh og dEiuh Hkkjr esa fuxfer le>h tk,xhA vr% mi;qZDr fLFkfr esa dEiuh fons'kh dEiuh gSA

    ekU;rk 2 %& ftldk Hkkjr esa dkjksckj LFky ugha gSA

    nh xbZ fLFkfr esa dEiuh Hkkjr ds ckgj fuxfer gqbZ gS rFkk mldk O;kikj LFkku Hkkjr esa ugha gS] ,slh dEiuh fons'kh dEiuh ugha gksxhA dEiuh dk fuxehdj.k Hkkjrh; fuoklh }kjk fd;k x;k gS

    ;g rF; bl gsrq vlkjoku (Immaterial) gSA fons'kh dEiuh gsrq Hkkjr esa ,d O;kikj LFkku gksuk pkfg,A

    (iii) ,d dEiuh] dEiuh vf/kfu;e] 1956 dh /kkjk 3¼1½¼i½ ds vuqlkj Hkkjr esa fuxfer dEiuh gksxh] ,slh dEiuh fons'kh dEiuh ugha gksxh pkgs dEiuh ds leLr va'k fons'kh O;fDr;ksa }kjk /kkfjr fd;s x;s gSaA

    Hkkjrh; fMikWftVjh jlhn tkjh djuk &

    /kkjk 605A dEiuh ¼bafM;u fMikWftVjh jlhn tkjh½ fu;e 2004 cukus gsrq dsUnz ljdkj dks l'kDr cukrh gS vkSj tks Hkkjr ds ckgj fuxfer dEifu;ksa ij ykxw gksrk gS] pkgs dEiuh us Hkkjr esa O;kikj LFky LFkkfir fd;k gks ;k ugha ,oa djuk pkgs ;k ughaA

    bl /kkjk ds vuqlkj bafM;u fMikftVjh (IDRs) jlhn tkjh djds Hkkjr ls dks"k izkIr fd;k tk ldrk gSA

    bl izdkj&

    (i) Hkkjr ds ckgj fuxfer dEiuh ftldk va'k iathdj.k dk;kZy; ubZ fnYyh esa gS bafM;u fMikWftVjh jlhn tkjh dj ldrh gSA

    (ii) Hkkjr ds ckgj fuxfer dEiuh ftlds lHkh va'k/kkjd Hkkjrh; ukxfjd gaS IDR tkjh dj ldrh gSA

    (iii) Hkkjr esa fuxfer dEiuh ftlds lHkh va'k fons'kh O;fDr;ksa }kjk /kkfjr gSa IDR tkjh ugha dj ldrh gSA

    uksV%& iz'u 6¼B½ ds Hkkx ¼ii½ esa dEiuh ds Hkkjr esa O;kikj LFky ds ckjs esa dqN ugha dgk x;k gS] iz'u dk mRrj nsrs le; nks ekU;rk,a yh tk,axhA ekU;rk 1 dk mRrj bl izdkj fn;k tk,xk fd dEiuh dk ,d O;kikj LFky Hkkjr esa fLFkr gSA

    ekU;rk 2 dEiuh dk O;kikj LFky Hkkjr esa fLFkr ugha gSA

    © The Institute of Chartered Accountants of India

  • 20

    iz'u 7

    dksbZ pkj iz'u dhft,A

    (A) feLVj fd'kksj foRrh; o"kZ 2009&2010 esa 182 fnuksa ls de fnuksa ds fy, Hkkjr esa fuoklh FksA og O;kikj gsrq 1 vizSy] 2010 dks Hkkjr esa vk,A mUgksaus viuk O;kikj 30 vizSy 2011 dks can fd;k rFkk 30 twu] 2011 dks Hkkjr ds ckgj jkstxkj gsrq Hkkjr NksM+ dj pys x;sA fons'kh fofue;

    izcU/kd vf/k- 1999 (Foreign Exchange Management Act, 1999) ds vUrxZr foRrh; o"kZ 2010&11 ,oa 2011&12 gsrq feLVj fd'kksj dh fuoklh fLFkfr crkb,A

    (4 Marks) (B) ckWEcs VsDlVkbZy fy- rFkk xqtjkr VsDlVkbZy fy- tks Hkkjr esa vius

    mRikn dk O;kikj djrh gS ,dhdj.k gsrq izLrkfor gSA mijksDr ,dhdj.k ls ,d laLFkk fufeZr gksxh ftldh lEifRr dk ewY; 300 djksM+ :- rFkk okf"kZd vkorZ 1000 djksM+ gksxkA fu.kZ; djsa fd mijksDr ,dhdj.k] izfrLi/kkZ vf/kfu;e 2002 ds izko/kkuksa dks izHkkfor djrk gS\

    (4 Marks) (C) ^^dkys /ku dks oS/k cukus^^ (Money Laundering) dk vFkZ flQZ /ku dks

    olwyuk ugha gSA

    mi;qZDr dFku ij fVIi.kh dhft, ftlls dkys /ku dks oS/k

    fuokjd vf/kfu;e 2002 (Money Laundering Act, 2002) dh egRrk ,oa y{; le>s tk,aA

    (4 Marks) (D) foRrh; ifjlEifRr;kssa dk izfrHkwfrdj.k ,oa iqu%lajpuk rFkk izfrHkwfr dk

    izorZu vf/kfu;e] 2002 (The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002) ds vUrxZr izfrHkwfrdj.k dks foLrkj ls le>kb,A (4 Marks)

    (E) dEiuh vf/kfu;e 1956 dh /kkjk 294¼2½ ;g izko/kku djrh gS ^^;fn dEiuh dk funs'kd e.My fdlh ,dk; foØ; vfHkdrkZ (Sole Selling Agent) dh fu;qfDr djrk gS] rks ,slh fu;qfDr bl 'krZ ds v/khu gksxh fd ;fn bls va'k/kkjdksa }kjk fu;qfDr dh frfFk ds mijkar gqbZ izFke lk/kkj.k lHkk esa Lohd`r ugha fd;k tkrk gS rks ;g fu;qfDr oS/k ugha gksxhA

    mijksDr izko/kku ds vUrxZr fu.kZ; djsa fd ;g izfØ;k vfuok;Z gS vFkok funsZf'kr gS\ vfuok;Z izko/kku rFkk funsZf'kr izko/kku esa vUrj Li"V dhft,A

    (4 Marks)

    © The Institute of Chartered Accountants of India

  • 21

    mRrj

    (A) fons'kh eqnzk izcU/ku vf/kfu;e] 1999 dh /kkjk 2¼v½ ds vuqlkj ,d O;fDr dks Hkkjr esa fuoklh O;fDr ds :i esa ;ksX; ekuk tk,xk ;fn og fiNys foRrh; o"kZ esa Hkkjr esa 182 fnu ls T;knk jgk gksA

    mijksDr fLFkfr esa] foRrh; o"kZ 2009&10 esa feLVj fd'kksj Hkkjr esa 182 fnu ls de fuoklh jgk gS vr% foRrh; o"kZ 2010&11 esa mls Hkkjr esa fuoklh ugha ekuk tk,xkA foRrh; o"kZ 2010&11 ds nkSjku feLVj fd'kksj Hkkjr esa 182 fnu ls vf/kd fuoklh jgk gS lkekU;r;k og foRrh; o"kZ 2011&12 esa Hkkjr dk fuoklh jgrk gS] ijUrq muds }kjk jkstxkj

    (Employment) gsrq 30 twu] 2011 dks Hkkjr NksM+ fn;k x;kA pwafd og 30 twu] 2011 ls Hkkjr esa fuoklh ugha jgk gS vr% fd'kksj foRrh; o"kZ 2011&12 esa Hkh Hkkjr esa fuoklh ugha dgk tk ldsxkA

    (B) /kkjk 5 m|eksa rFkk O;fDr;ksa ds la;kstu ls O;ogkj (Deal) djrh gSA m|eksa ds ,dhdj.k dks la;kstu (Combination) le>k tk,xk ;fn ,dhdj.k ds QyLo:i Hkkjr esa dqy lEifRr 1000 djksM+ :- ls vf/kd vFkok vkorZ 3000 djksM+ :- ls vf/kd gks tkrk gSA

    vr% orZeku fLFkfr esa ckWEcs VsDlVkbZy fy- xqtjkr VSDlVkbZy fy- dk izLrkfor ,dhdj.k izfr;ksfxrk vf/kfu;e] 2002 ds izko/kkuksa dks izHkkfor

    ugha dj jgk gS D;ksafd lEifRr ewY; 300 djksM+ :- ,oa vkorZ (Turn Over) 1000 djksM+ :- gS tks izko/kkuksa dh lhek ds Hkhrj gSA

    (C) ^^dkys /ku dks oS/k cukus^^ dk vFkZ flQZ /ku dks olwyuk ugha gS% dkys /ku dks oS/k cukus ls rkRi;Z foÙkh; fØ;kvksa ds }kjk voS/k :Ik ls izkIr jksdM+ dks c

  • 22

    iznkrk ,oa ØsfMV dkMZ vkWijsVj Hkh dkys /ku dks oS/k fuokj.k vf/k- dh lhek ds vUrxZr yk, x, gSaA QyLo:i ;s e/;LFk vkSj blh izdkj

    dlhuks Hkh izorZu izkf/kdj.k dh 'kklu fjiksfVZax (Reporting regime) ds vUrxZr yk, x, gSaA ;g FII ds }kjk izfrKk i=ksa (opu i=ksa) ds nq:i;ksx dh Hkh tkap (Check) djrk gS ftUgsa vc muds L=ksr dh iwjh tkudkjh crkuh vko';d gksxhA u;k vf/kfu;e ^^vijk/k dh vk;** ds

    nq:i;ksx dh Hkh tkap djsxk tks fd izfrcU/k yxk fn, eknd (Narcotic) inkFkZ ds foØ; ;k voS/k xfrfof/k ¼jksdFkke½ vf/k- ds mYya?ku ds }kjk gks ldrh gSA dkys /ku dks oS/k dh jksdFkke ¼la'kks/ku½ 2009 ds ikfjr

    gksus ls Hkkjr dh izfof"V foÙkh; dk;Zokgh dk;Z cy (Financial Action Task Force - FATP) esa gks xbZ gS tks fd ,d vUrjkZ"Vªh; fudk; gS] ftls dkys /ku dks oS/k cukus ,oa vkradh foÙk iks"k.k ds fojks/k esa vkns'k nsuk gksrk gSA

    (D) foÙkh; lEifÙk;ksa dk izfrHkwfrdj.k ,oa iqufuZekZ.k rFkk lqj{kk fgr izorZu vf/k- 2002] twu 2002 esa vfLrRo esa vk;kA vf/k- dh izLrkouk dgrh gS fd ;g vf/k- foÙkh; lEifÙk;ksa ds izfrHkwfrdj.k o iqufuZekZ.k ,oa izfrHkwfr ¼lqj{kk½ fgrksa ds izorZu ,oa os eqÌs tks mlds lkFk ;k lgk;d :Ik ls tqM+s gksa ds fu;eu ds fy, vfHkfufgr fd;k x;k gSA

    Hkkjr esa izfrHkwfrdj.k dh fof/kd O;oLFkk dh mRifRr izfrHkwfrdj.k@ifjlEifRr iqufuZekZ.k dEiuh dks LFkkfir djus ds fy, gqbZ gS tks fd ,sls cSadksa ,oa yksd foRrh; laLFkkvksa ls xSj izn’kZu ifjlEifRr;ksa dk dCtk ys ldsaA

    (The legal framework for securitisation in India emerged to promote the setting up of asset reconstruction/ securitisatio companies, which are supposed to take over the Non Performing Assets (NPA) accumulated with the banks and public financial institutions.) ;g vf/k- _.knkrkvksa o izfrHkwfrdj.k@ifjlEifr iqufuZekZ.k dEiuh dks fcuk vnkyr dk lgkjk fy;s] mUgsa _.knkrkvksa dh ifjlEifÙk;ksa ij dCtk djus dh fo'ks"k 'kfDr;ka iznku djrk gSA

    uksV%& izfrHkwfrdj.k ds fl)karksa dk o.kZu fuEu nks n`f"Vdks.k ls Hkh fd;k tk ldrk gS%&

    n`f"Vdks.k 1%&

    izfrHkwfrdj.k %& izfrHkwfrdj.k vFkkZr~ ,d izorZd ls fdlh Hkh izfrHkwfrdj.k dEiuh ;k iqufuZekZ.k dEiuh }kjk foÙkh; ifjlaifÙk dk vf/kxzg.k ls gS pkgs ;ksX; laLFkkxr [kjhnkj ls /ku tqVkus ds fy, izfrHkwfrdj.k dEiuh ;k iqufuZekZ.k dEiuh }kjk bl rjg dh foÙkh; ifjlaifÙk esa vfoHkkftr C;kt dk izfrfuf/kRo lqj{kk jlhn tkjh dj fd;k

    tk,A (Sec. 2(z))

    © The Institute of Chartered Accountants of India

  • 23

    cSad@foÙkh; laLFkk,a] (tks izorZd tkuh tkrh gSa½ okLrfod _.knkrkvksa dks ifjlaifRr }kjk lqjf{kr _.k nsrh gSaA ,sls _.k ;k izkI;] foÙkh;

    ifjlaifÙk;ksa ds :i esa tkus tkrs gSa ¼/kkjk 2¼i½½A ;s foÙkh; ifjlaifÙk;ka izfrHkwfrdj.k dEiuh ;k iqufuZekZ.k dEiuh }kjk izkIr dh tkrh gSaA (;s SPV ds :i esa tkuh tkrh gSaA) (known as SPV - Special Purpose Vehicle) SPV lqjf{kr jlhn tkjh djrh gS] tks fuos'kdksa ¼;kfu ;ksX; lkaLFkkfud [kjhnnkj QIB½ dks forfjr dh tkrh gSA SPV [kjhnh lEifr ds fy,] izfrHkwfr;ksa ds foØ; ls izkfIr esa ls cSad o foÙkh; laLFkku dks Hkqxrku djrh gSA

    la{ksi esa] izfrHkwfrdj.k iSls ds fy, izkfIr;ksa dh fcØh ds ek/;e ls /ku tqVkus ds fy, cSadksa@foÙkh; laLFkkvksa }kjk viukbZ xbZ fof/k gSA ;s vuvtZd izkfIr;ka gSa D;ksafd ;s izkfIr;ka xSj izn'kZu ifjlaifÙk;ka gSaA

    n`f"Vdks.k 2 %&

    izfrHkwfrdj.k

    (E) dEiuh vf/kfu;e 1956 dh /kkjk 294 ¼2½ ,dy foØ; vfHkdrkZ dh fu;qfDr ds laca/k esa ;g izko/kku djrh gS fd ,dy foØ; vfHkdrkZ dh fu;qfDr dEiuh dh lkekU; lHkk esa dh tk,xh rFkk mi;qDr mi/kkjk

    m/kkjdrkZ

    (Borrower)

    fuos'kd

    (QIB)

    izorZd ;k ¼cSad@foÙkh; laLFkku½

    SPV Sec. Co/Rec. Co

    foÙkh; lgk;rk

    lqjf{kr laifRr

    jksdM+

    jksdM+

    lqjf{kr laifÙk ds gLrkarj.k

    lqj{kk jlhn

    © The Institute of Chartered Accountants of India

  • 24

    ,dy fodz; vfHkdrkZ dh fu;qfDr gsrq vfuok;Z :i ls ykxw dh tk,xhA mi;qZDr mi/kkjk ds ikyu u djus ij fu;qfDr izkjEHk ls O;FkZ gksxhA

    (Arante Manufacturing Corp. vs. Bright Bills Private Ltd. 1967 Com. Case 759 and Shelegram Jhaigharia vs. National Co. Ltd. 1965 Comp. Cas. 706) ;fn dEiuh lk/kkj.k lHkk esa fu;qfDr dks eukgh djrh gS rks ;g lk/kkj.k lHkk dh frfFk ls O;FkZ gksxhA

    vko';d ,oa funsZf'kr izko/kku esa vUrj %&

    izko/kku tks fd vko';d gS vkSj ,d tks fd funsZf'kr gS esa vUrj gS fd tc ;g ^vko';d* gS rks ;g dBksjrk ls ikyu fd;k tkuk pkfg,A tc ;g funsZf'kr gS rks ;g i;kZIr gksxk fd ;g lkjoku :i ls ikyu fd;k tk,A vko';d izko/kkuksa* dh vikyuk dk ifj.kke voS/krk gksxh] ysfdu funsZf'kr izko/kkuksa dh vikyuk voS/krk dk vuqØe ca/ku ugha djsxh] pkgs ifj.kke dqN Hkh gksosA

    © The Institute of Chartered Accountants of India