Corporate & Economic Laws

Appointment and Qualifications of Directors- 14 marks

1. Very interesting and easily retentive chapter. Easy to understand & High Weightage makes this chapter a must do.
2. Only conceptual clarity is not enough. Style of writing answers is very important. Practice maximum ICAI materials (RTP, MTP and Past papers) to master this.
3. Quote section numbers and case scenarios to impress the examiners.
4. Quote section numbers ONLY if you know them.
5. Following are the important Sections-
   • SA 152- Appointment of Directors
   • Sec 164- Disqualifications for Appointment of Directors
   • Sec 149- Independent Directors
   • Sec 167- Vacation of Office of Director
   • Removal of Directors

Meetings of Board and its powers- 11 marks

1. This is a lengthy chapter and it can get confusing. Make your own notes for quick revision.
2. Use Highlighters to mark important lines and words. In revision only glance through such phrases and words.
3.  If you do not know the sub-sections its fine, quote the main section.
4. The Following types of questions are popular in
   • Sec 174- Quorum for meeting of Board
   • Sec 179- Powers of the Board
   • Sec 185- Loan to Directors
   • Sec 188- Related Party Transactions

The Prevention of Money Laundering Act, 2002- 7 marks

1. This is one of the most asked chapters from the Allied Laws Section
2. It is short and easy to understand.
3. This chapter can be done with 100% accuracy. Its almost asked in all past papers.
4. The following types of questions are asked in exams-
   • Attachment, Adjudication & Confiscation
   • Punishment for the Offence of Money Laundering
   • Appellate Tribunal
   • Recovery of Fine or Penalty

The Insolvency and Bankruptcy Code, 2016- 9 marks 

1. Almost fixed weightage of 10 marks. High Weightage against the number of pages you must study.
2. Usually, scenario-based questions are asked.
3. This is a process-based chapter. Make notes or short pointers in each section. Also making Flowcharts for this chapter will help reduce the confusion regarding the next step.
4. The number of sections are few so remembering them are a must.
5. Case studies for this chapter are very important. Advantage is the number of case studies are less as this chapter is recently introduced.
6. Important types of questions-
   • Initiation of insolvency resolution process
   • Declaration of moratorium period
   • Committee of Creditors
   • Fast track insolvency resolution

Miscellaneous Provisions- 6 marks 

1. Usually skipped by students which is a very big mistake.
2. If time doesn’t permit, then study only the important sections from this chapter
3. Important questions from this chapter-
   • Removal of Name of Company from the Register of Companies
   • Powers of Valuer
   • Documenting the Audit Plan
   • Section 447- Punishment for Fraud
   • Sec 455- Dormant Company