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Gauhati University Question Papers:REGULATORY FRAMEWORK IN BUSINESS - II (May-June’ 2017)


2017
REGULATORY FRAMEWORK OF BUSINESS-II
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.Who among the following may not become a consumer?
a)      Terminal user
b)      Beneficiary
c)       Buyer
d)      User for earning livelihood
             ii.Which of the following rate of interest a partner is entitled to claim in case of his/her providing advance to the firm?
a)      4%
b)      6%
c)       10%
d)      12%
            iii.The Central Chief Information Commissioner can only be removed by the:

a)      President of India
b)      Prime Minister of India
c)       Speaker of the Lok Sabha
d)      Chief Justice of India.
           iv.Which of the following has only limited power to buy and sell foreign exchange?
a)      Tour operator’s firm
b)      Money changer
c)       Full-fledged money changer
d)      Innkeepers
             v.One of the designated partners of a Limited Liability Partnership firm shall be a
a)      Citizen of India
b)      Non-resident Indian
c)       Resident in India
d)      Resident outside India.
(b) State whether the following statements are correct or incorrect.            1x5=5
               i.An unauthorized user of goods is not a consumer.
             ii.A partnership firm can become a partner of another partnership firm under the Indian Partnership Act, 1932.
            iii.The opinion of the leader of the opposition is also needed to recommend the name of a person as State Chief Information Commissioner to the Governor for appointment.
           iv.The SEBI does not have authority to regulate the functions of a mutual fund.
             v.Patent Act is applicable only upon product patent and not upon process patent.

2. Answer any five of the following questions:           2x5=10
a)      A and B are partners in a business which consists of, inter se, supplying meat to the government. Subsequently it is found that A is engaged secretly with C in the supplying of meat to the same government. Can B claim profits earned by A in the secret business?
b)      A person buys a car and uses it for commercial purpose as taxi. He also engages a driver to drive the car. Does the owner of the car come under the definition of a “consumer” under the Consumer Protection Act?
c)       A private NGO engaged for birds care receives 75% of its annual funds as grant from the government. Does this NGO come within the meaning of ‘public authority’ under the R. T. I Act, 2005?
d)      State whether an Indian resident can hold foreign exchange in his personal custody under the FEMA.
e)      Can a company become a partner of a partnership firm constituted under the Limited Liability Partnership Act, 2008?
f)       Mention at least three service areas of transaction which are covered within the meaning of ‘current account transaction’ under FEMA.
g)      Discuss the meaning of ‘inside trading’ under the SEBI Act, 1992.

3. Answer any four of the following questions:   5x4=20
a)      Discuss the time limit within which a consumer shall have to file an application for redressal of a dispute and also the time limit within which the redressal machinery should dispose off the complaint.
b)      Explain the minimum number and the nature of designated partners required for formation of a partnership under the Limited Liability Partnership Act, 2008.
c)       State the international commitment under which the Government of India was obliged to pass the Patent Act, 1970.
d)      Mention the provision of recognition of electronic records, signature and documents as valid documents in e-governance under the Information Technology Act, 2000.
e)      Discuss the main features of the SEBI Act, 1992 viz-a-viz; its constitution, membership and primary object.
f)       State the advantages and disadvantages of registration of partnership firm under the Indian Partnership Act, 1932.

4. Discuss the essential features of a partnership agreement under the Indian Partnership Act, 1932. Also distinguish between dissolution of a partnership and dissolution of a firm.             5+5=10
Or
State the rights and duties of a partner under the Indian Partnership Act, 1932.

5. State the objects of Consumer Protection Act, 1986. Also state at least five different types of unfair trade practices mentioned in the Act.            5+5=10
Or
Discuss the pecuniary and the territorial jurisdiction of the consumer dispute redressal machineries in settlement of a dispute. Also discuss the powers of appeal of the dispute settlement machineries.

6. State the procedure for making an application for obtaining information under the R.T.I Act, 2005. Also state the maximum period within which the public authority is bound to provide information to an applicant.            5+5=10
                                                                                                                  Or
State at least five occasions on which providing information by any public authority is exempted under the R.T.I Act. Also state the pecuniary and the disciplinary provisions against any public authority for not providing Information to an applicant.             5+5=10

7. Define the term “resident in India” and ‘persons resident outside India’, under the FEMA, 1999.              10
Or
Define the term “Foreign Exchange” and “Current Account transaction” under the FEMA, 1999.         5+5=10
***

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