Chapter 11 & 12 Leave a Comment / By / Foreign company & LLP Modern Books Publishers plc., a company incorporated in United Kingdom (UK) has a wholly owned subsidiary by the name Beta Periodicals Limited whose Registered Office is situated at Mumbai and which is engaged in publishing scientific, technical and specialty magazines, periodicals and journals. Beta Periodicals Limited considers itself to be a foreign company since it is a wholly owned subsidiary of Modern Books Publishers plc. which is a foreign company. From the four options given below, you are required choose the one which appropriately indicates whether Beta Periodicals Limited can be considered as a foreign company: Beta Periodicals Limited cannot be considered as a foreign company even if it is a wholly owned subsidiary of Modern Books Publishers plc. Which is a foreign company. Beta Periodicals Limited shall be considered as a foreign company since it is a wholly owned subsidiary of Modern Books Publishers plc. which is a foreign company. Beta Periodicals Limited can be granted the status as a foreign company, if its holding company Modern Books Publishers plc. makes an application to the Regional Director having jurisdiction over New Delhi for considering its wholly owned subsidiary Beta Periodicals Limited a foreign company. Beta Periodicals Limited can be granted the status as a foreign company, if its holding company Modern Books Publishers plc. makes an application to the New Delhi Bench of National Company Law Tribunal for considering its wholly owned subsidiary Beta Periodicals Limited a foreign company. None Small LLP means an LLP which satisfies the following criteria: the contribution of which, does not exceed INR 25 lakh or such higher amount, not exceeding INR 5 crore, as may be prescribed; the turnover of which, as per the Statement of Accounts and Solvency for the immediately preceding financial year, does not exceed INR 40 lakh or such higher amount, not exceeding INR 50 crore, as may be prescribed; Both (a) and (b) Either (a) or (b) None Videshi Ltd., a foreign company established with a principal place of business at Kolkata, West Bengal. The company delivered various documents to Registrar of Companies. State the number of days and place where the said company shall deliver such documents Within 15 days to the Central Government Within 15 days to the Registrar having jurisdiction over New Delhi Within 30 days to the Registrar having jurisdiction over West Bengal Within 30 days to the Registrar, Central Registration Centre None For the purpose of LLP, Resident in India means: Person who has stayed in India for a period of not less than 182 days during the current year Person who has stayed in India for a period of not less than 180 days during the immediately preceding one year. Person who has stayed in India for a period of not less than 181 days during the immediately preceding one year Person who has stayed in India for a period of not less than 120 days during the financial year None Fam Company LLC, a company incorporated outside India, proposes to establish a place of business in India. The list of the Directors includes Mr. Arjun – Managing Director, Mr. Ranveer – Director and Ms. Lavina – Secretary of Fam Company LLC. Mr. Malik and Mr. Arbaaz, resident in India, are the persons who has been authorised by Fam Company LLC to accept on behalf of the company service of process, notices or other documents required to be served to Fam Company LLC. In relation to the company’s establishment, you are asked by the Fam Company LLC with respect to whose declaration will be required to submit to the Registrar by the Company for not being convicted or debarred from formation of companies in or outside India. Mr. Arjun, Mr. Ranveer, Ms. Lavina Mr. Malik and Mr. Arbaaz. Mr. Arjun, Ms. Lavina, Mr. Malik and Mr. Arbaaz. Mr. Malik and Mr. Arbaaz Mr. Arjun, Mr. Ranveer, Mr. Malik and Mr. Arbaaz None A foreign company incorporated outside India is involved in digital supply services through electronic mode, the server of which is located outside India. The company follows year ending December as its financial year. Every year the company is required to prepare a balance sheet and profit and loss account. You are required to state the timelines within which such documents shall be filed with the Registrar considering the provisions of Chapter XXII of the Companies Act, 2013. Within a period of 30 days of the close of the financial year of the foreign company Within a period of 3 months of the close of the financial year of the foreign company. Within a period of 60 days of the close of the financial year of the foreign company. Within a period of 6 months of the close of the financial year of the foreign company. None ABC LLP has three partners A, B and C. C dies on 22 January 2023 due to heart attack. However, B and C continue to run the LLP in the name of ABC till December 2023. In May 2023, the LLP takes a loan of INR 10 lacs from a bank. In this context, which of the following statement is true: Since C’s name still appears in LLP’s name, C’s legal representative is liable for the loan taken by the LLP Since C’s name still appears in LLP’s name, C’s estate is liable for the loan taken by the LLP Both C’s legal representative and his estate is liable for the loan taken in May 2023 Neither C’s legal representative nor his estate is liable for any act of the LLP done after his death None In which of the following cases the issue of prospectus by a company incorporated outside India will be invalid in law considering the provisions of Chapter XXII of Companies Act, 2013. The Consent to the issue of the prospectus required from any person, as an expert is attached to the copy for the registration of prospectus to be delivered to the Registrar. In case where the prospectus is signed by the duly authorized agents of the directors and the copy of power of attorney is not attached with the copy of prospectus to be delivered for Registration. A company incorporated outside India not having place of business in India A Company to be incorporated outside India. None For how long are the books of accounts required to be preserved in case of LLP? 1 year 6 years 8 years No such period is prescribed None A meeting of the creditors of Ariana LLP was convened under the orders of the NCLT to consider a scheme of compromise and arrangement. Notice of the meeting was sent in the prescribed manner to all the 70 creditors with the total outstanding due of 30,00,000. The meeting was attended by 40 creditors with outstanding due of 20,00,000. As per the provisions of LLP, 2008; approval of how many creditors is required for sanctioning the scheme of compromise and arrangement. Assume that all creditors present at the meeting participated in the voting. Approval of creditors with an outstanding due of least 22,50,000 is required Approval of 35 creditors with an outstanding due of least 22,50,000 is required Approval of creditors with an outstanding due of least 15,00,000 is required Approval of 21 creditors with an outstanding due of least 15,00,000 is required None Time's up
