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61 views3 pages

Question Bank On Cioi

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Jameer
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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COMPANY INCORPORATED OUTSIDE INDIA

1) Identify which among the following companies can be categorized as foreign


companies Case Incorporated Registered Additional Condition

2) Elegant Educations Ltd. is a UK based company, engaged in the business of


providing on- line education. It has introduced some certi icate courses having
duration of 4 to 6 months and any person can enrol in the courses. The education
is provided through on-line classes, webinars and study materials are supplied
through e-mails to the registered candidates. The company is not having any
place of business in India. It is mentioned that all the candidates who have
enrolled in the course are the Indian Citizens residing in India.
(i) Based on the above facts of procuring 100% business from India, whether
the company will be treated as foreign company or an Indian company.
(ii) What will be your answer if in the above question, more that 55% of that
foreign company’s paid-up share capital is held by Indian Companies or
Indian Citizens

3) Examine and state whether the following Companies can be considered as


‘Foreign Company’ under the Companies Act, 2013:
(i) A company which is incorporated outside India employs agents in India
but has no place of business in India.
(ii) A company incorporated outside India having shareholders who are all
Indian citizens.
(iii) A company incorporated in India but all the shares are held by foreigners.
(iv) A company which has no place of business established in India, yet, is
doing online business through telemarketing in India.

4) Tokushia Motors Ltd. was incorporated in Japan. Its share capital is held by the
following persons Citizens of India – 10% Indian Companies– 40% The company
has opened its representative of ice in Mumbai on 15 th January, 2021, in order
to receive orders from the Indian Market and make available the delivery of
Japanese luxury cars to the Indian purchasers. The company was not aware of the
Indian Company Law, hence could not ile the required documents to the
Registrar. The company could ile all the required documents only on 28th
February, 2021. Based on the above facts, answer the following questions:
(i) Whether the provisions of Chapter XXII of the Companies Act, 2013 are
applicable on Tokushia Motors Ltd?
(ii) What documents are required to be iled by Tokushia Motors Ltd to the
Registrar of Companies?
(iii) By what time all the requisite documents shall be iled?

5) Zell Power LLC (ZPL), is foreign company as per de inition provided in the
Companies Act 2013, carrying business in India also. It is strictly observing the
provisions stated for foreign companies in Companies Act 2013, while Registrar
(ROC, Delhi) is of opinion that ZPL apart from observing the provision prescribed
for foreign companies (section 380 to 386 along section 392 and 393) ZPL also
need to observe other provisions of the Companies Act, 2013 with regard to the
business carried on by it in India as if it were a company incorporated in India.
ZPL is not agreed to opinion of Registrar and continue to observe only those
provisions which are applicable to foreign companies. ZPL also furnish the
following details to ROC. ZPL capital includes; Ordinary Share (6 Million @ Face
Value ₤ 5 with ₤ 2 Paid-up) – ₤12 Million Preference Stock (1.2 Million @ ₤10
fully Paid-Up) - ₤ 12 Million Debt Fund - ₤ 21.25 Million

Out of which; Mr. Trishi who is an Indian citizen and Residing in India being part
of promoter group own 2,932,780 ordinary shares of ZPL

Mr. Nirav who is an Indian citizen but residing in UAE own 109,205 preference
stock of ZPL

Modern Engineering Limited that an Indian Company own 67,220 ordinary


shares and 142,320 preference stocks of ZPL

Raj Investment Limited which is an Indian Company holds 393,475 preference


stocks of ZPL You are required to evaluate the facts, and determine whose
opinion hold legal validity in the light of the relevant provisions of the Companies
Act, 2013

6) RFC Limited has been incorporated in Singapore and has a business place in
Mumbai. The company has issued 5,00,000 shares of USD 100 each, consisting of
4,00,000 equity shares and 1,00,000 preference shares. The issued share capital
is fully paid up except 5,000 preference shares where USD 50 per share is unpaid.
RJW, an Indian citizen is holding 26,000 preference shares which include 1100
partly paid- up shares and Ronte Limited incorporated in New-Delhi (India) is
holding 2,23,500 equity shares in RFC Limited. check whether it is a Foreign
Company.
7) MNO Ltd., a foreign Joint Venture Company having its established place of
business in India and following International Financial Reporting Standards
(IFRS) and its inancial statement being prepared in German language desires to
know the following with regard to submission of its inancial statements to the
Registrar of Companies in India. Its area of ice is located at Mumbai:

(i) Submission of inancial statements in German Language;


(ii) Format of inancial statements as per IFRS;
(iii) How authentication of its inancial statements is to be done?
(iv) Whether the documents can be submitted at the Registrar's of ice at
Mumbai?

8) CNC Limited is a foreign company having its places of business in Mumbai and
Ahmedabad in India. It has amended its Memorandum of Association on 1 st June, 2022
and closed branch of ice situated at Mumbai. Referring to the provisions of the
Companies Act, 2013 advise the company on the following matters:

(i) Compliance procedure as regards to amendment of Memorandum of


Association.
(ii) Compliance procedure as regards to closure of Mumbai of ice and
discontinuing submission of documents to the Registrar of Companies
afterwards.

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