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Friday, June 12, 2020

Gauhati University Question Papers:REGULATORY FRAMEWORK IN BUSINESS - II (May-June’ 2018)

Paper: 604
Full Marks – 80
Time – Three hours
The figures in the margin indicate full marks for the questions.
Answer either in English or in Assamese.
1.  (a) Choose the appropriate answer from the multiple choices given against the following  questions:     1x5=5
               i. Under Foreign Exchange Management Act, 1999, a person will be considered a ‘Resident’ who has been residing in Indian for more than:
a)      150 days
b)      90 days
c)       128 days
d)      182 days
             ii.In absence of any agreement, the partners are entitled to share the profits:
a)      Equally
b)      In the ratio of capital
c)       In the ratio of time spent
d)      None of these
            iii.Any person not satisfied by an order by the District Forum prefer an appeal to the State Commission within:

a)      45 days
b)      30 days
c)       90 days
d)      60 days
           iv.Designated Partner Identification Number (DPIN) can be obtained from the:
a)      Tribunal
b)      State Government
c)       Central Government
d)      None of the above
             v.What is the time limit to get the information concerning the life and liberty of a person under the Right to Information Act?
a)      48 hours
b)      24 hours
c)       5 days
d)      1 week
(b) State whether the following statements are correct or incorrect:                  1x5=5
               i.A genetically modified plant is patentable under the Patent Act, 1970.
             ii.Central Chief Information Commissioner is appointed by the Prime Minister.
            iii.A contract of partnership should always be in writing.
           iv.Under the Consumer Protection Act, 1986 ‘goods’ means goods as defined in the Sale of Goods Act, 1930.
             v.Complaints falling under the purview of the regulatory bodies like RBI, IRDA is not dealt by SEBI.

2. Answer any five of the following questions:                 2x5=10
a)      Who has a right to file a suit for infringement under the Patent Act, 1970?
b)      Can a company become a partner of a Limited Liability Partnership?
c)       Define ‘currency’ under Foreign Exchange Management Act, 1999.
d)      A, B and C carried on a business for profit but under very special conditions as to C, that C was to contribute neither labour, nor money and was not to receive any profits, but was to lend his name to the firm. Is C liable for the debts of the firm?
e)      In what respect Information Commissions are vested with powers of Civil Courts under the Right to Information Act, 2005? (Mention at least two)
f)       What is meant by ‘Digital Signature’ under the Information Technology Act, 2000?
g)      Can complaints against Government hospitals providing free treatment be enforced under the Consumer Protection Act, 1986?

3. Answer any four of the following questions:               5x4=20
a)      State the objects of Securities and Exchange Board of India Act, 1992.
b)      What is the procedure for filling appeals under the Consumer Protection Act, 1986?
c)       State the salient features of Limited Liability Partnership.
d)      What is the test of determining whether a partnership between A and B does not exist?
e)      State the class of documents and transactions which are excluded from the scope of the Information Technology Act, 2000.
f)       Write an explanatory note on ‘Patent’

4. What are the formalities of registration of a partnership firm? State the consequences of non-registration of a partnership firm.                 4+6=10
What is meant by dissolution of a firm? What are the circumstances in which a firm may be dissolved by the Court?           2+8=10

5. Who can file a complaint under the Consumer Protection Act? Discuss the Procedure for filing complaints and seeking redressal.           4+6=10
State the remedies available to the aggrieved consumer under the Consumer Protection Act. What are the penalties for non-compliance of orders passed by the redressal agencies?            5+5=10

6. What do you understand by ‘Information’ and ‘Right to Information’ under the Right to Information Act, 2005? Discuss the formalities of making a request for obtaining information under the Act.                 5+5=10
What are the obligation of public authorities under the Right to Information Act, 2005?

7. What do you understand by Capital Account Transactions under the Foreign Exchange Management Act, 1999? What prohibitions and restrictions the Reserve Bank of India may Impose on capital account transactions?        2+8=10
Discuss briefly the provisions regarding regulation and management of foreign exchange under the Foreign Exchange Management Act, 1999.             10

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