Gauhati University Question Papers
REGULATORY FRAMEWORK IN BUSINESS II (May-June’ 2016)
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 most appropriate answer from the multiple choices given against the following questions: 1x5=5
1) Prior to the enactment of the Indian Partnership Act, 1932, the provisions relating to partnership were contained in
a) The Negotiable Instrument Act, 1881.
b) The Indian Contract Act, 1872.
c) The Sale of Goods Act, 1930.
d) The Cooperative Societies Act, 1912.
2) Consumer dispute redressal agencies do not admit a complaint unless it is field within _____ from the date on which the cause of action has arisen.
a) 1 year.
b) 2 years.
c) 3 years.
d) 5 years.
3) Which of the following is not excluded from the purview of the Right to Information Act, 2005?
a) Directorate of Revenue Intelligence.
b) Central Economic Intelligence Bureau.
c) Directorate of Enforcement.
d) Directorate of Higher Education.
4) Foreign Direct Investment is prohibited in which of the following activities?
a) Defence.
b) Banking.
c) Satellites.
d) Atomic energy.
5) The Limited Liability Partnership Act, 2008 came into force with effect from
a) 1st January, 2008.
b) 31st March, 2009.
c) 1st February, 2009.
d) 1st April, 2010.
(b) State whether the following statements are correct or incorrect: 1x5=5
1) Co-ownership is the result of a contract only.
2) Gas cylinder with excessive gas is defective goods.
3) ‘Assam Rifle is covered under the Right to Information Act, 2005.
4) Under Section 16 of Foreign Exchange Management Act, 1999, the Adjudicating Authorities are appointed by the Central Government.
5) The Central Government does not have any power whatsoever to investigate the affairs of limited liability partnership.
2. Answer the following questions (any five): 2x5=10
a) Arnab, a publisher, agrees to publish at his own expenses, a book written by Pranab and to pay Pranab half of the net profit. Is there a partnership between Arnab and Pranab?
b) Kamal and Kishore are partners in a cloth business. Kamal orders Kabir in firm’s name and on the firm’s letterhead to supply two bags of sugar at his residence. Is the firm liable to pay the debt to Kabir?
c) Tarun goes to a doctor to get himself treated for a fracture. The doctor, being his friend, charged him nothing for the treatment. Is Tarun a consumer under the Consumer Protection Act, 1986?
d) Mention the penalties that can be imposed on a Public Information Officer for failing to provide information.
e) Define ‘foreign exchange’ as per the Foreign Exchange Management Act, 1999.
f) State the objectives of the Information Technology Act, 2000.
g) State the gist of the offence of ‘hacking’ under the Information Technology Act, 2000
3. Answer the following questions (any four):
a) Distinguish between dissolution of firm and dissolution of partnership.
b) Mention the remedies available to a consumer against complaint under the Consumer Protection Act, 1986.
c) State the silent features of the Right to Information Act, 2005.
d) Write a note on ‘Current Account Transaction’ under the Foreign Exchange Management Act, 1999.
e) State the various functions of Securities and Exchange Board of India.
f) Distinguish between ‘Partnership’ formed under the Indian Partnership Act, 1932 and ‘Limited Liability Partnership’ formed under the Limited Liability Partnership Act, 2008
4. Define ‘partnership’ as per the Indian Partnership Act, 1932 and state the procedure for its registration. Explain briefly the consequences of non-registration of a Partnership Firm. 2+4+4=10
Or
What test would you apply to determine the existence of partnership? Mention the acts which generally fall within the scope of implied authority of partners. 5+5=10
5. Explain the jurisdiction of the National Commission under the Consumer Protection Act, 1986. Discuss the procedure to be adopted by the National Commission on admission of a complaint. 4+6=10
Or
Define the following terms as used in the Consumer Protection Act, 1986: 2x5=10
a) Manufacturer.
b) Service.
c) Complainant.
d) Defect.
e) Restrictive Trade Practice.
6. Define ‘Public Authority’ as per Right to Information Act, 2005. State the obligation of Public Authorities under the Act. 2+8=10
Or
Describe the constitution and powers of the Central Information Commission under the Right to Information Act, 2005. 5+5=10
7. Explain the duties of authorized person under the Foreign Exchange Management Act, 1999. State the powers of the Reserve Bank of India in respect of issue of directions to authorized persons and inspection of the business of authorized persons. 5+5=10
Or
What is patent? State the persons entitled to make application for patent under the Patent Act, 1999. Mention the procedure for grant of patent. 2+3+5=10
Also Read: Regulatory Framework in Business - II Question Papers
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