Corporate and Other Laws - May Rtp 2026 RTP

Partnership Act 2008, what is the general consequence when an LLP is reduced to only one partner because the other partner leaves, and no new partner is admitted within the prescribed period? 56 MAY 2026 EXAMINATION REVISION TEST PAPERS CORPORATE AND OTHER LAWS (A) The LLP and the remaining partner may continue temporarily, but the remaining partner can become personally liable if a new partner is not admitted within the statutory period. (B) The LLP may continue its business indefinitely…

6. If the LLP continues business with only one partner beyond the statutory grace period without admitting a new partner, what is the typical nature of the remaining partner's liability for obligations incurred during that default period under the Act? (A) The remaining partner continues to enjoy full limited liability, with no change in protection. (B) The remaining partner may be held personally liable, similar to a partner in a traditional unlimited liability partnership, for obligations incurred during the non-compliant…

Assume Mr. Y has resigned from ABC Solutions LLP, and his cessation has been duly filed and recorded. A creditor supplies goods two months later, relying on old stationery still showing Mr. Y as partner. What is the most likely legal position of Mr. Y regarding this new debt? (A) Mr. Y has no liability because he validly ceased to be a partner and proper notice was given. (B) The remaining partner may be held personally liable, similar to a…

8. Can suppliers proceed against Mr. X's personal property for recovery of ₹50 lakh? (A) No, LLP liability is always unlimited (B) Mr. Y and Mr. X share liability equally because partners are always jointly liable for LLP debts (CQ) Mr. X is liable (D) Mr. Y is liable as a partner for all such contracts where his name appeared on the stationery used for the transaction Independent MCQ

9. XYZ Limited is a company with 51% of its equity shares held by the State Government of Maharashtra and 49% by private investors. The Board of XYZ Limited seeks to appoint an auditor for the upcoming financial year. As per the Companies Act, 2013, which of the following statements is correct regarding the appointment of the auditor? (A) The Board of XYZ Limited has the authority to appoint the auditor through a board resolution. (B) The Comptroller and Auditor…

10. A listed company has a net worth of % 480 crore, turnover of % 1200 crore, and net profit of 3 crore in the immediately preceding financial year. How does CSR provisions apply to this company? (A) CSR provisions applies because it satisfies the turnover threshold, even though the net worth and net profit thresholds are not met. 58 MAY 2026 EXAMINATION BIS) Uso Ha CORPORATE AND OTHER LAWS (B) CSR provisions does not apply because the company must…

11. XYZ Limited issued a prospectus to raise funds for a new manufacturing project. After successfully raising the funds, the company identified an investment opportunity in a different industry six months later, requiring a significant portion of the funds. The proposed investment involved trading in equity shares of other listed companies. The board of directors suggested varying the original objectives for which the funds were raised to allow this new investment and recommended passing a special resolution in the company's…

John Pvt Ltd. is an unlisted company incorporated in the year 2012. The company have share capital of rupees fifty crores. The company has decided to issue sweat equity shares to its directors and employees. The company decided to issue 10% sweat equity shares (which in total will add up to 30% of its paid up equity shares), with a locking period of five years, as it is a start-up company. Explain the provision for issue of sweat equity shares…