Contents – Business Law

Contents

Preface

About the Author

1. The Indian Contract Act 1872: Nature and Kind of Contracts

1.1 Scope of the Act

1.2 What is a Contract?

1.3 Essential Elements of Valid Contracts—Section 10

1.4 Distinguish Between an Agreement and a Contract

1.5 Types of Contract or Classification of Contract

1.6 Distinguish Between Void and Voidable Contract

1.7 Distinguish Between Void and Illegal Agreement

1.8 Similarities Between Void and Illegal Agreements

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2. The Indian Contract Act 1872: Offer and Acceptance of an Offer

2.1 Essential Elements of an Offer (Proposal)

2.2 Legal Rules as to Offer

2.3 Distinguish Between Invitation to Offer and an Offer

2.4 Classification of Offers or Kinds of Offers

2.5 Distinguish Between General Offer and specific Offer

2.6 Lapse of Offer or When Offer Comes to an End

2.7 Legal Rules for the Acceptance

2.8 General Rules as to Communication of Acceptance

2.9 Communication of Offer and Acceptance—Sections 4 and 5

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3. The Indian Contract Act 1872: Capacity of Parties and Consideration

3.1 Capacity of Parties

3.2 Minor

3.3 Effect of Minor's Agreement

3.4 Different Position of a Minor

3.5 Minor's Liability for Necessities

3.6 Person of Unsound Mind

3.7 Person Disqualified by Law

3.8 What Is Consideration?

3.9 Type of Consideration

3.10 Essentials of Valid Consideration

3.11 Stranger to Contract and Stranger to Consideration

3.12 Exception to the Rule of Stranger to Contract

3.13 Exception to Rule ‘No Consideration No Contract’—Section 25

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4. The Indian Contract Act 1872: Free Consent

4.1 Meaning of a Consent—Section 13

4.2 Free Consent—Section 14

4.3 Coercion

4.4 Certain Threats Do Not Amount to Coercion

4.5 Undue Influence

4.6 When a Person Is Deemed to Be in Position to Dominance of Will of Others?

4.7 Distinguish Between Coercion and Undue Influences

4.8 Fraud

4.9 Essential Elements of Fraud

4.10 Exception to the Rule—Silence Is Not Fraud

4.11 Contract of Ubberimae Fidei

4.12 Effects of Fraud

4.13 Misrepresentation

4.14 Essential Elements of Misrepresentation

4.15 Distinguish Between Fraud and Mispresentation

4.16 Similarities Between Fraud and Misrepresentation

4.17 Mistake

4.18 Distinguish Between Unilateral Mistake and Bilateral Mistake

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5. The Indian Contract Act 1872: Void Agreement and Contingent Contract

5.1 When an Object or a Consideration is Unlawful?—Section 23

5.2 An Agreement Opposed to Public Policy

5.3 Agreements in Restraint of Trade—Section 27

5.4 Agreement in Restraint of Legal Proceedings—Section 28

5.5 Agreements Unlawful in Parts

5.6 Wagering Agreement—Section 30

5.7 Essentials of Wagering Agreement

5.8 Effects of Wagering Agreement

5.9 Distinguish Between a Wagering Agreement and an Insurance Contract

5.10 Distinguish Between a Wagering Agreement and a Contigent Contract

5.11 Illegal Agreement

5.12 Contigent Contract—Section 31

5.13 Essential Features of Contigent Contract

5.14 Rules Regarding Enforcement of Contingent Contract

5.15 Uncertain Agreement

5.16 Distinguish Between a Void Agreement and a Void Contract

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6. The Indian Contract Act 1872: Performance of Contract

6.1 Essentials of a Valid Tender

6.2 Effects of a Valid Tender

6.3 Types of Tenders

6.4 Contracts Which Need Not to Perform

6.5 Who Can Perform Contract?

6.6 Performance of Joint Promise—Sections 42–45

6.7 Time and Place for Performance of Promise—Sections 46–50

6.8 Who Can Demand Performance of Promise?

6.9 Kinds of Reciprocal Promise

6.10 Rules Regarding Performance of Reciprocal Promises

6.11 Time Is the Essence of a Contract

6.12 Appropriation of Payments—Sections 59–61

6.13 Assignment and Succession of a Contract

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7. The Indian Contract Act 1872: Discharge of a Contract

7.1 Discharge of a Contract

7.2 Discharge of a Contract on Performance

7.3 Discharge of a Contract by a Mutual Agreement or by an Implied Consent

7.4 Distinguish Between a Novation and an Alteration

7.5 Distinguish Between a Rescission and an Alteration

7.6 Discharge of a Contract by Impossibility of Performance

7.7 Specific Grounds of Subsequent Impossibilities

7.8 Cases Where a Contract is Not Discharged on the Ground of Supervening Impossibility

7.9 Discharge of a Contract by Lapse of Time

7.10 Discharge of a Contract by Operation of Law

7.11 Discharge of a Contract by Breach of Contract

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8. The Indian Contract Act 1872: Remedies for Breach of Contract and Quasi-contract

8.1 Rescission of a Contract—Section 39

8.2 Suit for Damages

8.3 Kinds of Damages

8.4 Suit for a Specific Performance

8.5 Suit for Injunction

8.6 Quantum Meruit

8.7 Quasi-contract—Sections 68–72

8.8 Distinguish Between a Quasi-contract and a Contract

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9. The Indian Contract Act 1872: Indemnity and Guarantee

9.1 Indemnity Contract

9.2 Essential Elements of an Indemnity Contract

9.3 Right of an Indemnity Holder—Section 125

9.4 Guarantee

9.5 Essential Elements of Contract of Guarantee

9.6 Kinds of Guarantee

9.7 Revocation of a Continuing Guarantee

9.8 Surety's Liability—Section 128

9.9 Rights of Surety

9.10 Discharge of a Surety

9.11 Difference Between a Contract of Indemnity and a Contract of Guarantee

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10. The Indian Contract Act 1872: Bailment and Pledge

10.1 What is a Bailment?

10.2 Essentials of a Valid Bailment

10.3 Types of Bailment

10.4 Duties of a Bailee

10.5 Duties of a Bailor

10.6 Bailee's Rights

10.7 Bailor's Rights

10.8 Termination of a Bailment

10.9 Lien

10.10 Difference Between a General Lien and a Particular Lien

10.11 Finder of Goods

10.12 Pledge

10.13 Rights of a Pawnee

10.14 Rights of a Pawnor

10.15 Pledge by a Non-owner

10.16 Distinguish Between a Bailment and a Pledge

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11. The Indian Contract Act 1872: Agency

11.1 Contract of Agency

11.2 Essentials for a Valid Agency

11.3 Test of an Agency

11.4 Difference Between an Agent and a Servant

11.5 Difference Between an Agent and an Independent Contractor

11.6 Different Kinds of Agents

11.7 Mode of Creating an Agency

11.8 Requisites of a Valid Ratification—Sections 198–200

11.9 Husband and Wife

11.10 Extent of an Agent's Authority

11.11 Delegation of Authority by an Agent

11.12 Sub-agent—Section 191

11.13 Substituted Agent or Co-agent—Section 194

11.14 Difference Between a Sub-agent and a Substituted Agent

11.15 Duties of an Agent

11.16 Rights of an Agent

11.17 Position of a Principal and an Agent in Relation to Third Parties

11.18 Principal Relationship Where an Agent Contracts for a Named Principal

11.19 Principal's Relation Where an Agent Contracts for an Unnamed Principal

11.20 Principal's Relation Where an Agent Contracts for an Undisclosed Principal

11.21 Personal Liabilies of an Agent

11.22 Termination of an Agency

11.23 Termination of an Agency by the Act of Parties

11.24 Termination of an Agency by the Operation of Law

11.25 Irrevocable Agency

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12. The Partnership Act 1932

12.1 Applicability of the Act

12.2 Definition of Partnership—Section 4

12.3 Essential Characteristics of Partnership

12.4 True Test of Partnership

12.5 Cases Where No Partnership Exists—Section 6

12.6 Distinguish Between a Partnership and a Hindu Undivided Family

12.7 Distinguish Between a Partnership and an Association

12.8 Distinguish Between a Partnership and a Co-ownership

12.9 Distinguish Between a Partnership and a Club

12.10 Registration of Firm—Sections 56–71

12.11 Registration of Alterations—Sections 60–63

12.12 Time for Registration

12.13 Effects of Non-registration—Section 69

12.14 Types of Partners

12.15 Position of a Minor Partner After Attaining Majority

12.16 Who Can Be a Partner in the Firm?

12.17 Rights of a Partner

12.18 Partner's Optional Duties

12.19 Partner's Compulsory Duties

12.20 Partnership Property—Section 14

12.21 Authority of Partner—Sections 19 and 22

12.22 Acts Within the Implied Authority of a Partner

12.23 Acts Outside the Implied Authority of a Partner

12.24 Restriction on an Implied Authority

12.25 Liability of a Partner

12.26 Partner's Authority in Emergency

12.27 Reconstitution of a Firm

12.28 Distinguish Between Dissolution of a Partnership and Dissolution of a Firm

12.29 Dissolution Without the Order of Court—Sections 40–43

12.30 Dissolution with the Order of Court—Section 44

12.31 Rights of Partners on Dissolution

12.32 Liabilities of Partners on Dissolution

12.33 Settlement of Accounts

12.34 Garner Versus Murray Rule

12.35 Mode of Giving a Public Notice

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13. Sales of Goods Act 1930

13.1 Applicability

13.2 Definition

13.3 Essentials of Valid Sales

13.4 Distinguish Between a Sale and an Agreement to Sell

13.5 Distinguish Between a Sale and a Hire-purchase

13.6 Distinguish Between a Sale and a Bailment

13.7 Contract for Work and Skill

13.8 Types of Goods

13.9 Price of Goods—Sections 9 and 10

13.10 Consequences of Destruction of Specific Goods—Sections 7 and 8

13.11 Conditions and Warranties

13.12 Implied Conditions

13.13 Implied Warranties

13.14 Distinguish Between a Condition and a Warranty

13.15 Doctrine of Caveat Emptor

13.16 Transfer of Ownership of Specific Goods—Sections 20–22

13.17 Transfer of Ownership in the Case of Unascertained Goods—Sections 18 and 23

13.18 Transfer of Ownership in Case of Goods Sale on Approval or on Sale or Return Basis—Section 24

13.19 Passing of Risk

13.20 Rules Regarding Delivery of Goods—Sections 32–39

13.21 Unpaid Seller

13.22 Rights of Unpaid Seller

13.23 Right of Lien

13.24 Right of Stoppage in Transit—Sections 50–52

13.25 Right of Resale

13.26 Right to Withhold Delivery of Goods

13.27 Delivery to Carrier

13.28 Buyer's Right Against the Seller or Remedies Against Seller—Sections 55–61

13.29 Sale by Non-owners or Transfer of Title by Non-owners—Sections 27–30

13.30 Auction Sale—Section 64

13.31 Delivery of Goods in Contract by Sear Route

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14. The Negotiable Instrument Act 1881

14.1 Introduction to Negotiable Instruments

14.2 Essentials or Characteristics of a Negotiable Instrument

14.3 Presumptions as to Negotiable Instruments

14.4 Promissory Note—Section 4

14.5 Essentials Characteristics of a Promissory Note

14.6 Bill of Exchange—Section 5

14.7 Difference Between Promissory Note and Bill of Exchange

14.8 Cheque—Section 7

14.9 Difference Between Bill of Exchange and Cheque

14.10 Difference Between Electronic Cheque and Trancated Cheque

14.11 Capacity of a Person to be a Party to a Negotiable Instrument

14.12 Classification of Negotiable Instruments

14.13 Distinguish Between Inland and Foreign Bills

14.14 Incomplete Instrument or Inchoate Instrument—Section 20

14.15 Distinguish Between Ambiguous Instrument and Inchoate Instrument

14.16 Maturity of a Negotiable Instrument—Sections 22–25

14.17 A Negotiable Instrument Made Without Consideration

14.18 Negotiation—Section 14

14.19 Endorsement—Sections 15 and 16

14.20 Kinds of Endorsements—Sections 16, 50, 52 and 56

14.21 Negotiation Back

14.22 Distinction Between Negotiation and Assignment

14.23 Crossing of Cheque

14.24 Bouncing or Dishonour of Cheques—Sections 31 and

14.25 Holder—Section 8

14.26 Privileges of a Holder in Due Course

14.27 Difference Between Holder and Holder in Due Course

14.28 Payment in Due Course—Section 10

14.29 Protection to Paying Banker—Section 85

14.30 Liability/Duty of the Paying Banker and Collecting Banker—Section 129

14.31 When Banker Must Refuse to Honour a Customer's Cheque

14.32 Banker May Refuse to Honour a Customer's Cheque

14.33 Effect of Non-presentment of Cheque Within Reasonable Time

14.34 Material Alteration—Sections 87–89

14.35 Acceptance of Bill

14.36 Dishonour by Non-acceptance

14.37 Acceptance for Honour

14.38 Payment for Honour

14.39 Dishonour by Non-payment

14.40 Notice of Dishonour

14.41 Noting and Protesting—Sections 99–104a

14.42 Drawee in Case of Need

14.43 Discharge of a Negotiable Instrument

14.44 Discharge of a Party

14.45 Hundi

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15. Consumer Protection Act 1986

15.1 Object of the Act

15.2 Extent and Coverage of the Act

15.3 Rights of Consumer

15.4 Definition

15.5 Who Can File a Complaint

15.6 Redressal Machinery Under the Act

15.7 How to File a Complaint

15.8 Relief Available to the Consumers

15.9 Procedure for Filing the Appeal

15.10 Speedy Disposal

15.11 Powers of the Dispute Redressal Agencies

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16. Foreign Exchange Management Act 1999

16.1 Application of Act—Section 1

16.2 Fera vs. Fema

16.3 Definition

16.4 Authorized Persons

16.5 Current Account Transaction

16.6 Export of Goods and Services

16.7 Capital Account Transactions—Section 2(e)

16.8 Acquisition and Transfer of Immovable Property in india

16.9 Acquisition and Transfer of Immovable Property Outside India

16.10 Establishment in India of Branch or Office or Other Place of Business

16.11 Acceptance of the Deposit

16.12 Export and Import of Currency

16.13 Possession and Retention of Foreign Currency

16.14 Realization, Repartiation and Surrender of Foreign Exchange

16.15 Enforcement Directorate

16.16 Departmental Adjudication—Section 16

16.17 Compounding of Offence

16.18 Liberalized Remittance Scheme for Resident Individuals

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17. Information Technology Act 2000

17.1 Introduction

17.2 Objective of the Act

17.3 Scope of the Act

17.4 Definitions

17.5 Digital Signature

17.6 Electronic Governance

17.7 Digital Signature Certification

17.8 Cyber Regulations Appellate Tribunal

17.9 Penalties and Adjudication

17.10 Offences

17.11 Liability of Body Corporate

17.12 Duties of Controllers of Certifying Authority

17.13 Duties of the Certifying Authorities

17.14 Duties of the Subscriber

17.15 Power of the Central Government to Make Rules—Section 87

17.16 Issue Not Covered in Information Technology Act

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18. Companies Act 1956: Types of Company and Its Characters

18.1 Definition of a Company

18.2 Characteristics of a Company

18.3 Body Corporate

18.4 Lifting of the Corporate Veil

18.5 Illegal Association

18.6 Effects of an Illegal Association

18.7 Advantages of Incorporation

18.8 Definition of a Public Company

18.9 Definition of a Private Company

18.10 Distinction Between Private and Public Company

18.11 Limited Liability Companies

18.12 Unlimited Liability Company

18.13 Conversion of a Private Company into a Public Company

18.14 Government Companies

18.15 Foreign Company—Section 591

18.16 Holding and Subsidiary Companies

18.17 Promotor

18.18 Legal Position of Promoters

18.19 Duties of Promoter

18.20 Preliminary Contracts or Pre-incorporation Contract

18.21 Effects of Pre-incorporation Contracts

18.22 Steps to Obtain Certificate of Incorporation

18.23 Certificate of Commencement of Business

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19. Companies Act 1956: Memorandum, Article of Association and Prospectus

19.1 Define the Memorandum of Association

19.2 Purpose of Memorandum of Association

19.3 Provisions Relating to Printing and Signature of Memorandum

19.4 Form of Memorandum of Association—Section 14

19.5 Contents of the Memorandum—Section 13

19.6 Legal Requirements as to the Name Clause

19.7 Legal Requirements as to the Registered Office Clause

19.8 Display of Registered Office Address

19.9 Legal Requirements as to the Objects Clause

19.10 Legal Requirements as to the Liability Clause

19.11 Capital Clause

19.12 Association or Subscription Clause

19.13 Provisions for Change in the Name Clause of Memorandum of the Company or Alteration of Name Clause

19.14 Procedure to Change Registered Office from One Place to Another Within the Same City

19.15 Procedure to Change Registered Office from One City to Another Within Jurisdiction of the Same ROC Within the Same State

19.16 Procedure to Change the Registered Office from the Jurisdiction of One ROC to the Jurisdiction of Another ROC Within the Same State (Section 17a)

19.17 Procedure to Change the Registered Office from One State to Another

19.18 Procedure for Changing the Objects Clause of the Memorandum

19.19 Alteration of Liability Clause

19.20 Doctrine of Ultra Vires

19.21 Effects of Ultra Vires Transaction

19.22 Articles of Association

19.23 Distinguish Between Memorandum and Articles of Association

19.24 Provision Relating to Printing and Signature of Article

19.25 Contents of the Articles of Association

19.26 Procedure for the Alteration of the Articles of Association

19.27 Limitations on Alteration of Articles

19.28 Binding Effects of Memorandum and Articles of Association

19.29 Doctrine of Constructive Notice

19.30 Doctrine of Indoor Management

19.31 Exceptions to the Doctrine of Indoor Management

19.32 Prospectus

19.33 Circumstances When the Prospectus Is Not Required to Be Issued

19.34 Abridged Prospectus

19.35 Statutory Requirements in Relation to a Prospectus

19.36 Red Herring Prospectus

19.37 Contents of a Prospectus—Section 56/Schedule II

19.38 Refusal to Register Prospectus by ROC

19.39 Statement in Lieu of Prospectus

19.40 Shelf Prospectus and Information Memorandum

19.41 Mis-statement in Prospectus

19.42 Liability for Mis-statement in Prospectus

19.43 Defenses Available to Directors in case of Misleading Prospectus

19.44 Defenses Available—to Experts in case of Misleading Prospectus

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20. Companies Act 1956: Share Capital

20.1 Share Capital

20.2 Nature of Shares

20.3 Equity Shares

20.4 Preference Shares

20.5 Kinds of Preference Shares

20.6 Redemption of Redeemable Preference Shares

20.7 Equity Shares with Differential Rights or Non-voting Shares

20.8 Voting Rights to Shareholders—Section 87

20.9 Allotment of Shares

20.10 General Provisions to the Allotment of Shares

20.11 Legal Rules as to Allotment—Sections 69–75

20.12 Minimum Subscription

20.13 Irregular Allotment

20.14 Return of Allotment

20.15 Underwriting Agreement

20.16 Brokerage

20.17 Alteration of Share Capital Clause—Section 94

20.18 Reduction of Share Capital

20.19 Procedure to the Reduction of Share Capital

20.20 Diminution of Share Capital

20.21 Issue of Shares at Premium

20.22 Utilization of Securities Premium Amount

20.23 Conditions for the Issue of Shares at Discount

20.24 Stock or Stock Certificate

20.25 Distinguish Between ‘Share’ and ‘Stock’

20.26 Forfeiture of Shares

20.27 Legal Requirements for the Forfeiture of Shares

20.28 Effect of Forfeiture of Shares

20.29 Surrender of Shares

20.30 Lien on Shares

20.31 Bonus Shares

20.32 Pre-emptive Right or Right Shares—Section 81

20.33 Call on Shares

20.34 Requisite of Valid Calls

20.35 Calls in Arrear

20.36 Calls in Advance

20.37 Buy-back of Shares

20.38 Member

20.39 Who Can Become a Member of Company—Section 42

20.40 Minor as Member of Company

20.41 Termination of Membership

20.42 Rights of a Member of the Company

20.43 Rights of Members as a Group

20.44 Transfer of Shares

20.45 Procedure of Transfer—Section 108

20.46 Nomination

20.47 Transmission of Shares

20.48 Share Certificates

20.49 Distinction Between Share and Share Certificate

20.50 Duplicate Share Certificate

20.51 Debenture

20.52 Types of Debentures

20.53 Rights of Debenture Holder

20.54 Debenture Trustee

20.55 Functions of Debenture Trustees—Section 117B

20.56 Provisions for Creation of DRR

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21. Companies Act 1956: Meeting

21.1 Kinds of Company Meetings

21.2 Requisites of a Valid Meeting

21.3 Different Manner of Serving Notice to Members

21.4 Provisions Regarding Notice of a General Meeting

21.5 Statutory General Meeting (SGM)—Section 165

21.6 Statutory Report

21.7 Contents of Statutory Report

21.8 Annual General Meeting (AGM)—Section 166

21.9 Notice of the AGM

21.10 Default in Holding an AGM

21.11 Usual Business at an AGM

21.12 Extra Ordinary General Meeting—EGM

21.13 EGM on Requisition

21.14 EGM by CLB/Tribunal

21.15 Proxy

21.16 Revocation of Proxy After Appointment

21.17 Alternate Proxy

21.18 Quorum for General Meeting

21.19 Chairman of a General Meeting

21.20 Powers of the Chairman of a General Meeting

21.21 Poll

21.22 Postal Ballot

21.23 Procedure for Passing Resolution by Postal Ballot

21.24 Business Passing Resolution Through Postal Ballot

21.25 Adjournment of a Meeting

21.26 Meeting of Debenture Holders

21.27 Meeting of Creditors

21.28 One-man Meeting

21.29 Motion

21.30 Kinds of Resolutions

21.31 Resolution Requiring a Special Notice

21.32 Circulation of Member's Resolution

21.33 Minutes of Proceedings of the General Meeting

21.34 Meaning of Board of Directors

21.35 Classify the Type of Powers that Can Be Exercised by the Board

21.36 Powers of the Board of Directors Which Can Be Exercised at Their Meeting

21.37 Powers that Can Only be Exercised by the Board of the Directors of a Public Company with the Consent of the Company in a General Meeting

21.38 Frequency of Board Meetings—Section 285

21.39 Board Meeting on a Public Holiday—Section 288

21.40 Place and Time of Board Meeting

21.41 Notice of Board Meeting—Section 286

21.42 Content of Board Meeting Notice

21.43 Quorum for a Board Meeting—Section 287

21.44 Chairman of a Board Meeting

21.45 Voting at a Board Meeting

21.46 Minutes of Board Meeting

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22. Companies Act 1956: Management of the Company

22.1 Definition of a Director

22.2 Who Can Be Appointed as Director?

22.3 Disqualification of the Director—Section 274

22.4 Legal Position of a Director

22.5 Appointment of Directors

22.6 Appointment of the First Directors

22.7 Appointment of Directors at a General Meeting

22.8 Appointment of Director Other Than a Retiring Director—Section 257

22.9 Consent of the Director with ROC and Company—Section 264

22.10 Director Identification Number—Section 266

22.11 Appointment of Director by Board of Directors (BOD)

22.12 Appointment of Additional Director—Section 260

22.13 Filling Up Casual Vacancy—Section 262

22.14 Alternate Director—Section 313

22.15 Appointment of Director by Central Government—Section 408

22.16 Appointment of Directors by the Third Party—Nominee Director

22.17 Assignment of Office by Director—Section 312

22.18 Minimum and Maximum Number of Directors

22.19 Small Shareholders Directors (SSD)—Section 252

22.20 Maximum Number of Directors

22.21 Number of Directorship—Section 275

22.22 Vacation of the Office of a Director—Section 283

22.23 Removal of a Director

22.24 Removal of Director by a Shareholder—Section 284

22.25 Compensation for the Loss of Office—Section 318

22.26 Removal by Central Government—Section 388B

22.27 Removal of the Director by CLB/NCLT—Section 402

22.28 Resignation by the Director

22.29 Validity of the Acts of the Director Where His Appointment Is Invalid—Section 290

22.30 Power of the Board of Directors

22.31 Manner of Exercise of BOD Power

22.32 Restriction on the Powers of Directors—Section 293

22.33 Political Contributions by the Directors—Section 293A

22.34 Interested Director

22.35 Disclosure of the Director's Interest—Sections 299 and 300

22.36 Loans to Directors—Section 295

22.37 Managing Director—Section 2(26)

22.38 Disqualification of a Managing Director—Section 267

22.39 Manager—Section 2(24)

22.40 Disqualification of a Manager—Section 385

22.41 Distinction Between a Managing Director and a Manager

22.42 Managerial Remuneration

22.43 Salient Features of Sch-XIII

22.44 Office or Place of Profit—Section 314

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23. Payment of Bonus Act 1965

23.1 Introduction

23.2 Application of the Act

23.3 Act Not to Apply to Certain Classes of Employees—Section 32

23.4 Definition

23.5 Who Is Entitled to Bonus?

23.6 Disqualification for Bonus—Section 9

23.7 Computation of the Number of Working Days

23.8 Who Is Liable to Pay Bonus?

23.9 Payment of Minimum Bonus—Section 10

23.10 Payment of Maximum Bonus—Section 11

23.11 Calculation of Bonus with Respect to Certain Employees—Section 12

23.12 Adjustment of Customary or Interim Bonus—Section 17

23.13 Set On and Set Off of Allocable Surplus—Section 15

23.14 Liability of the New Firm to Pay Bonus—Section 16

23.15 Presumptions About the Accuracy of Balance Sheet and Profit and Loss Account of the Company—Section 23

23.16 Procedure as Regards the Recovery of Bonus—Section 21

23.17 Time Limit for the Payment of Bonus—Section 22

23.18 Powers of Inspectors—Section 27

23.19 Application of the Act to Establishment in Public Sector—Section 20

23.20 Bonus Linked with Production or Productivity—Section 31A

23.21 Power of Exemption—Section 36

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24. The Payment of Gratuity Act 1972

24.1 What is Gratuity?

24.2 Scope of Payment of Gratuity Act 1972

24.3 Definition

24.4 Circumstances in Which the Gratuity Becomes Payable

24.5 To Whom Is the Gratuity Payable?

24.6 Calculation of the Amount of Gratuity Payable

24.7 Forfeiture of Gratuity—Section 4(B)

24.8 Rules for the Nomination of Gratuity

24.9 Rules as to Determination of the Amount of Gratuity

24.10 Payment of Gratuity in Case of a Dispute—Section 7(4)

24.11 Rules for the Recovery of Gratuity—Section 8

24.12 Compulsory Insurance of the Employee

24.13 Rules Regarding Appointment of an Inspector Under the Act

24.14 Powers of Inspectors

24.15 Provisions Relating to Penalties—Sections 9–12

24.16 Appeal for Payment of Gratuity

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