Business Law 19 Nov

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

BUSINESS LAW AFTERSCHO☺OL – DEVELOPING CHANGE MAKERS

CENTRE FOR SOCIAL ENTREPRENEURSHIP PGPSE PROGRAMME –

World’ Most Comprehensive programme in social entrepreneurship & spiritual entrepreneurship

OPEN FOR ALL FREE FOR ALL


BUSINESS LAWDr. T.K. Jain.

AFTERSCHO☺OLCentre for social entrepreneurship

Bikaner M: [email protected]

www.afterschool.tk, www.afterschoool.tk

http://www.afterschool.tk/

http://www.afterschoool.tk/


WRITE A NOTE ON STATUTORY REPORT?

• Statutory report is prepared by a company when it calls up the first meeting – which is called statutory meeting of the company.

• Statutory meeting is mandatory meeting. • As per section Sub-section (2) of Section 165 of the Act

prescribes:• ‘The Board of directors shall, at least twenty-one days before the

day On which the meeting is held, forward a report (in the Act referred to as “the statutory repôii to every member of the company

• Statutory meeting is held between 1 to 6th month from the commencement of business.

• Members may allow directors to send statutory report late. • Contents include : shares allotted, cash received, Preliminary

expenses of the company—an account or estimate thereof; details of the directors, details of allotment of shares and details of unpaid calls, commission or brokerage paid.


What are the various types of meetings

• Statutory meeting as per Section 165 of the Act.• Meetings as per Section 166 of the Act.• AGM / EGM (AGM = ANNUAL GENERAL MEETING, EGM =

EXTRAORDINARY GENERAL MEETING) • EGM = called by directors to transact business of special

importance In between the two annual general meetings and justifies ing and holding. a meeting of the shareholders Regulation of Schedule Ito the Companies Act; and

• EGM called by directors on the requisitions of the shareholders as per oftheAct.

• Board meetings• Meetings of the creditors • Meetings of the debenture holders• Meeting of the creditors for winding up.


WHAT ARE THE MATTERS FOR WHICH CONSENT OF SHAREHOLDERS IS

NECESSARY? • IMPORTANT MATTERS THAT REQUIRE SHAREHOLDERS’ CONSENT

INCLUDE; • commencement of any new business (as stated in the memorandum )• sale,, lease or disposal of the whole, or substantially the whole of the• undertaking of the company; remission of, or granting time for, the

repayment of any debt due by a director; investment of any compensation received by the company for the compulsory acquisition of its undertaking (such consent is not required if the investment is made in trust securities); borrowing of moneys in excess of the aggregate paid-up capital and its free reserves; contribution in any year to outside charitable and other funds of amounts exceeding Rs. 25,000 or 5 per cent of the average net profits during the past three financial years, whichever is greater; appointment of sole selling agents by the Board;

• issue of bonus shares; reorganisation of the capital;• amendment of the memorandum and articles;• voluntary winding up of the company.


WHAT ARE THE ESSENTIALS OF A BILL OF EXCHANGE?

• It must be in writing• Suppose you sell goods to Goti for Rs.

100000 (on credit). Goti must accept the bill then only the bill will be valid bill. The bill will be valid only if it is prepared by you ( seller) and accepted by Goti (purchaser). It should be duely signed by both of them.


What are the duties of a partner ? • Every partner is bound to carry on the business, of the firm to the greatest eammori

advantage. (Section 9) be just and faithful to other partners. (Section 9)• A partner is bound to keep and render true, proper and correct accounts àf• the partnership. (Section, 9) .• Utmost good faith between the partners ‘is the rule and one partner must not take

advantage of the other. As an agent of other partners,. every partner is bound to communicate full information to them. (Section 9) , , :,,

• account for any benefits derived from the partnership business without the consent of the other partners, i.e., a partner must not make “secret profits” [ 16(a)]

• A partner must not compete with the firm, without the consent of the oth* partners. Any profits made by such unauthorised competition can be claimed by the firm. [ 16(b)]

• Every partner is bound to attend diligently to the business of the firm anct Ir the absence of any agreement to the contrary, he is not entitled to receive any remuneration. [ 12(b) and 13(a)]

• in the absence of an agreement to the contrary, every partner is bound to share losses equally with the others. [ 13(b)]

• Every partner must hold and use the. partnership property exciusively for the firm. (Section 15)

• Every partner is bound to indemnify the firm for any loss caused by fraud In the conduct of the business. (Section 10)

• A partner who is guilty of wilful neglect In the conduct of the business and the firm suffers loss in consequence, is bound to make compensation to the fIrm and other partners. [ 13(f)]


What are the rights of the partners? • Every partner has a right to take part in the conduct ‘and managemei business.

[ 12(a) Every partner whether active or dormant, has a right of free apce records, books and accounts of the business and also to examine a them. [ 12(d)]

• Every partner is entitled to share in the profits equally, unless proportions are stipulated. [ 13(b)]

• A partner who has contributed more than’ the share of the capital purpose of the business is entitled to an interest at a rate agreed u where no rate is stipulated for, at six per cent per annum. But a cannot claim interest on capital, unless there is an agreement [ 13(d)]

• A partner is entitled to be indemnified by the firm for all expenses mc him in the course of the business, for all payments made by him in re partnership debts or liabilities and ‘disbursements made in an emergency protecting the firm from loss [ 13(e)]

• Every partner is, as a rule, a joint owner of the partnership prope have it applied exclusively for the purposes’ of the partnership. (Sectk

• A partner ‘has power to act in an emergency for protecting the firm (Section 21)• Every partner is entitled to prevent the introduction of a new partne firm without

his consent., (Section 31) ‘ ‘


What are the rights & limitations of an unregistered firm ?

• Partners of unregistered firm cannot sue each other or on the firm for enorcing their rights.

• The firm also cannot sue on other firms / other bodies. • Following suits are allowed in the case of unregistered firm also: • (a) A suit for the dissolution of a firm.• (b) A suit for rendering of acôounts of a dissolved firm.• (C) A suit for realisation of the property of a dissolved firm.• (d) A suit or claim of set-off, the value of which does not exceed one

hundred rupees,• (e) A proceeding in execution or other proceeding incidental to or arising

from a suit or claim for not exceeding one hundredrupees in value.• (f) A suit by a firm which has no place of business in the territories to which

the Indian Partnership Act extends.• (g) A suit for the realisation of the property of an insolvent partner.• (h) A suit by a firm whose places of business are situated in areas which are

exempted from the application of Chapter VII of the Indian Partnership Act, 1932.


ABOUT AFTERSCHO☺OL

Afterschoool conducts three year integrated PGPSE (after class 12th along with IAS / CA / CS) and 18 month PGPSE (Post Graduate Programme in Social Entrepreneurship) along with preparation for CS / CFP / CFA /CMA / FRM. This course is also available online also. It also conducts workshops on social entrepreneurship in schools and colleges all over India – start social entrepreneurship club in your institution today with the help from afterschoool and help us in developing society.


Why such a programme?

• To promote people to take up entrepreneurship and help develop the society

• To enable people to take up franchising and other such options to start a business / social development project

• To enable people to take up social development as their mission

• To enable people to promote spirituality and positive thinking in the world


Who are our supporters?

• Afterschoolians, our past beneficiaries, entrepreneurs and social entrepreneurs are supporting us.

• You can also support us – not necessarily by money – but by being promotor of our concept and our ideas.


About AFTERSCHO☺OL PGPSE – the best programme for developing great

entrepreneurs• Most flexible, adaptive but rigorous programme• Available in distance learning mode• Case study focused- latest cases • Industry oriented practical curriculum• Designed to make you entrepreneurs – not just

an employee• Option to take up part time job – so earn while

you learn • The only absolutely free course on internet


Workshops from AFTERSCHO☺OL

• IIF, Delhi• CIPS, Jaipur• ICSI Hyderabad Branch• Gyan Vihar, Jaipur• Apex Institute of Management, Jaipur• Aravali Institute of Management, Jodhpur• Xavier Institute of Management, Bhubaneshwar • Pacific Institute, Udaipur• Engineering College, Hyderabad


Flexible Specialisations:• Spiritualising business and society• Rural development and transformation• HRD and Education, Social Development• NGO and voluntary work• Investment analysis,microfinance and inclusion • Retail sector, BPO, KPO• Accounting & Information system (with CA / CS /CMA)• Hospital management and Health care• Hospitality sector and culture and heritage• Other sectors of high growth, high technology and social

relevance


Salient features:• The only programme of its kind (in the whole world)• No publicity and low profile course• For those who want to achieve success in life – not just a

degree• Flexible – you may stay for a month and continue the rest of

the education by distance mode. / you may attend weekend classes

• Scholarships for those from poor economic background• Latest and constantly changing curriculum – keeping pace

with the time• Placement for those who are interested• Admissions open throughout the year • Latest and most advanced technologies, books and study

material


Components • Pedagogy curriculum and approach based on IIM Ahmedabad and ISB

Hyderabad (the founder is alumnus from IIMA & ISB Hyderabad)• Meditation, spiritualisation, and self development • EsGotitial softwares for business• Business plan, Research projects• Participation in conferences / seminars• Workshops on leadership, team building etc. • Written submissions of research projects/articles / papers• Interview of entrepreneurs, writing biographies of entrepreneurs• Editing of journals / newsletters• Consultancy / research projects • Assignments, communication skill workshops• Participation in conferences and seminars• Group discussions, mock interviews, self development diaryng • Mind Power Training & writing workshop (by Dr. T.K.Jain)


Pedagogy • Case analysis,• Articles from Harvard Business Review • Quiz, seminars, workshops, games, • Visits to entrepreneurs and industrial visits• PreGotitations, Latest audio-visuals• Group discussions and group projects• Periodic self assessment• Mentoring and counselling• Study exchange programme (with institutions out of

India)• Rural development / Social welfare projects


Branches

• AFTERSCHO☺OL will shortly open its branches in important cities in India including Delhi, Kota, Mumbai, Gurgaon and other important cities. Afterschooolians will be responsible for managing and developing these branches – and for promoting social entrepreneurs.


Case Studies

• We want to write case studies on social entrepreneurs, first generation entrepreneurs, ethical entrepreneurs. Please help us in this process. Help us to be in touch with entrepreneurs, so that we may develop entrepreneurs.


Basic values at AFTERSCHO☺OL

• Share to learn more• Interact to develop yourself• Fear is your worst enemy• Make mistakes to learn • Study & discuss in a group• Criticism is the healthy route to mutual support

and help • Ask fundamental questions : why, when, how &

where?• Embrace change – and compete with yourself

only


www.afterschoool.tk social entrepreneurship for better

society

http://www.afterschoool.tk/

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