CA Final Allied Law Common Topics
Chairperson Minimum Member
1 2
Maximum Member
6
5 (WTD) & 4 (PTD)
Term Reappointment Minimum Age Maximum Age
5 Years Possibe 65 Ability, Integrity and Standing
5 Years Possibe Except PTD 65 (Chairperson) & 62 (Member) Ability, Integrity and Standing
Economics, Accountancy, Finance, Management, Law, Public Affairs and Others
Life & General Insurance, Acturial Science, Economics, Accountancy, Finance, Management, Law.
Removal Removal after Investigation
Earlier among the 3 Conditions 1. Insovent 2. Unsound Mind 3. Moral Turpitude 4. Abused Position 5. Financial Interest 6. Full Time Employement 4 and 5
1 0 2 - Officals of Ministry dealing in CA'56 1 - Offical of RBI 3 - WTD 2 - Others Ability, Integrity and Standing
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Banking Regulation Act,1949 Board of Bank
Ability, Integrity and Standing
Not Applicable
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-
End of 3 Months 1. Insovent 2. Unsound Mind 3. Moral Turpitude 4. Abused Position 5. Financial Interest
-
-
-
1. Public Interest 2. Interest of the Depositor 3. Securing proper Management -
es s
fo r
Life & General Insurance, Acturial Science, Economics, Accountancy, Finance, Management, Law.
cc
Standing Comitte Resignation: - Ceasation of term - Appointmnet of Successor - End of 3 Months
1. Chief Justice of India or its nominee 2. Secretory of MCA and Ministry of Law and Justice 3. 2 Expert
SEBI, 1992 SEBI
Atleast 51% Director: Agriculture & Rural Economy, Cooperation, SSI, Accountancy, Banking, Economics, Finance, Law or any other qualification Atleast 2 Director: Agriculture & Rural Economy, Cooperation, SSI
Su
Qualification
1 0
IRDA, 1999 IRDA
re
Competition Act, 2002 Competition Comission of India
Su
Particulars
4 and 5
Competition Act, 2002 Competition Comission of India
Particulars
-
-
-
6 Months
-
Balance Sheet, Profit and Loss Account
re
1 Chairmen, 2 Director, 1 PO, MD (If appointed)
Banking Regulation Act,1949 Board of Bank For 5yrs
Su
-
fo r
Signing Time of Filing from the date of end of FY
es s
Financial Statements
SEBI, 1992 SEBI
Defect in Constitution, Appointment and Irregularity in Procedure not affecting merit of the case. Balance Sheet, Profit and Loss Account, Revenue Account, Profit and Loss App A/c. -
cc
Proceedings not Invalidate
For 2 years (Except Govt)
Su
Restriction on Empoyement
IRDA, 1999 IRDA For 2 years (Govt and Insurance Co.) Except Previous Approval
1 PO & 3 director and in case of less than 3 , then all the directors 3 Months ( 3 Months Extension)
In CA Final allied law, student may come across many common topics among the curriculam, so rather reading that topic again and again among the various, they may refer these notes to get best out of it.
Supreseding of any Authority by Central Government
In this concept, Authority means: 1. 2. 3. 4. 5. 6.
Authorised Person – FEMA Governing Body of SE - SCRA Competion Comission of India (CCI) Governing Body of Bank - Banking Regulation Act Insurance Regulatory Board of India (IRDA) Management of Borrower (SARFAESI)
(A) Grounds for Supersiding: 1. 2. 3. 4. 5.
When authority itself involves in fraud, or misuse its power; Situation is not being controlled by the appointed authority. When it is in Public Interest; When it is in Benificary interest (Depositers, Investors, members etc.); Non compliance of law/any condition or regulation
On the aforesaid mentioned grounds, CG may supersede the authority by giving Oppurtunity of being heard . (B) Consequences of Supersiding: 1. 2. 3. 4.
Existing members of the Governing body has been superseded and ceases to hold their office. New members appointed by CG shall perform all fuctions and duties. All the property of the authority shall vest to the newly appointed Governing Body. Person so removed may continue their office till the time prescribed in the notification of Supersiding issued by the CG. 5. Before deciding the period of office of the members of New Governing Body, CG may call old Governing Body to reconsitute the New Governing Body in accordence with its rule and on such reconstitution, all the property which was vested to the New Governing Body shall revest to the body so Reconstituted.
Inspection and Investigation 1. Auhtority should have reasonable ground that: - Affairs of business are conducted in a manner deterimental to the interest of the beneficary - Provision of the law, any regulation or conddition are being violated - Any other matter 2. Authority will appoint Inspection officer. 3. Every manager, director or officer shall provide all the boooks of accounts and other information and give all assistance to the Inspection Officer. 4. Inspection officer may take in his custody any books of accounts or any other paper for a period not more than 180days. 5. On the basis of Inspection, Officer shall give the report the concerned authority. 6. Authority may if consider fit apppoint Investigation officer. 7. Investigation Officer with the prior approval of 1st class magisterate can search, seize and execute any person on oath. 8. Report to Authority. 9. On the basis of report, authority may pass order as it deems it. 10. Duty of company and its officers to support under Inspection and Investigation, Non complaince may lead to penalty.
Advocacy Central Government
Draft Law
May obtain opinion from the Authority (IRDA, RBI, SEBI, CCI)
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These are only Recommendation, which may or may not accept.
Either Accept, Reject
Redraft the law Laid down in Parliament Assent from the President Becomes an Act
