Gauhati University Question Papers
REGULATORY FRAMEWORK IN BUSINESS II (May-June’ 2019)
Full Marks: 80
Time Allowed: 3 hours
Answer either in English or Assamese
The figures in the margin indicate full marks for the questions
1. (A) Choose the appropriate answer from the multiple choices given against the following questions: 1x5=5
1) In Partnership, the liability of partners is
a) Joint.
b) Several.
c) Joint and several.
d) Joint or several.
2) Which of the following consumer redressal machinery does not have appellate jurisdiction?
a) District forum.
b) National Commission.
c) State Commission.
d) All of the above.
3) Which of the following is not included under the definition of ‘information’ under the Right to Information Act, 2005?
a) Logbook.
b) File noting.
c) E-mail.
d) Data held in electronic form.
4) Verification of electronic record is possible through which?
a) Public key.
b) Private key.
c) Digital signature.
d) All of the above.
5) Under the Patent Act, 1970 patent protects
a) Discovery.
b) Invention.
c) New invention.
d) All of the above.
(B) State whether the following statements are correct or incorrect: 1x5=5
1) Under Foreign Exchange Management Act, 1999 foreign exchange means only foreign currencies.
2) A company can become a partner in a Limited Liability Partnership firm.
3) The Securities and Exchange Board of India does not have authority to regulate the functions of a mutual fund.
4) A Limited Liability Partnership is a body corporate having a legal entity separate from its partners.
5) The Consumer Protection Act is based on the doctrine of ‘Caveat emptor’.
2. Answer any five of the following questions: 2x5=10
a) ‘Software’ is not patentable in India. Comment.
b) Can a resident Indian hold foreign exchange in his personal custody under Foreign Exchange Management Act?
c) In a Limited Liability Partnership if a partner dies, the firm will get dissolved. Comment.
d) What is the cost of fee for filing an appeal under the Right to Information Act?
e) Name any two instruments or documents to which the Information Technology Act is not applicable.
f) Dhoni allows to use his name and goodwill for the benefit of the firm and also agrees to be represented as a partner. He does not invest capital, does not share profits and does not take active part in the management. Is Dhoni liable to the third parties for the repayments of the firm’s debt? Comment.
g) Tom purchased a taxi car as a self-employed operator. The car had a manufacturing defect. Tom filed a suit for removing the defect. The manufacturer denied the liability on the ground that Tom is not a consumer. Give your legal opinion.
3. Answer any four of the following questions: 5x4=20
a) State the objects of the Right to Information Act.
b) State the contents of a Partnership Deed.
c) Briefly mention the functions of Securities and Exchange Board of India.
d) What is a patentable invention? Explain.
e) Distinguish between a ‘Partnership’ and a ‘Limited Liability Partnership’.
f) State the objects of the Information Technology Act, 2000.
4. “The Indian Partnership Act has effectively ensured the registration of firms without making it compulsory.” – Comment. Also state the essential elements of partnership. 4+6=10
Or
State the rules relating to the rights, duties and obligations of partners inter. 10
5. State the rights of the consumers that are protected under the Consumer Protection Act, 1986. Also state the responsibilities of the consumers. 5+5=10
Or
Define the following under the Consumer Protection Act: 2.5x4=10
a) Consumer dispute.
b) Complaint.
c) Defect.
d) Deficiency.
6. What is “Public authority” under the Right to Information Act, 2005? What are the rights under the Act regarding information? 5+5=10
Or
Discuss the duties and responsibilities of Public authority under the Right to Information Act, 2005. 10
7. Discuss the provisions of export of goods and services under the Foreign Exchange Management Act, 1999. 10
Or
Define the following under Foreign Exchange Management Act, 1999: 2.5x4=10
a) Authorised person.
b) Currency.
c) Indian Currency.
d) Foreign Currency.
Also Read: Regulatory Framework in Business - II Question Papers
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