MCQs on THE COMPANIES ACT, 2013 Part-06

Q.1:- If after considering an application made Rule 6, the Registration Authority is of the prima facie opinion that the registration ought not to be granted, it shall communicate the reasons for forming such an opinion within ……….days of receipt of the application:

• 05
• 15
• 45
• 60

Q.2:- How many forms are given in Annexure-II?

• 03
• 05
• 06
• 07

Q.3:- The authority may require the applicant to submit additional documents or clarification within____days:

• 07
• 05
• 20
• 21

Q.4:- Registration Authority shall dispose of the show-cause notice by…..order in adherence to the principles of natural justice:

• Oral
• Reasoned
• Written
• Explanatory

Q.5:- A valuer shall maintain integrity by being ……………., straight forward, and forthright in all professional relationships.

• Trustee
• Faithfull
• Fair
• Honest

Q.6:- A valuer shall provide all information and records as may be required by the authority, the……, Appellate Tribunal, the registered Valuers organisation with which he/it is registered, or any other statutory regulatory body:

• MCA
• Registrar of Companies
• High Court
• Tribunal

Q.7:- The registration granted under Rule 6 shall be subject to certain conditions:

• 6 or 7
• 7 or 8
• 4 or 5
• 3 or 4

Q.8:- An individual eligible for registration as a registered valuer under Rule 5 may make an application to the Registration Authority in Form A of Schedule II, along with a non-refundable application fee of……. thousand rupees in favour of the Registration Authority:

• 05
• 10
• 11
• 25

Q.9:- A valuer shall not accept any fees or charges other than those which are disclosed in a_________ contract with the person to whom he would be rendering service:

• Professional
• Valid
• Written
• Service

Q.10:- The Authority may require the applicant to appear, within______ days, before the authority in person or through its authorized representative for explanation or clarifications required for processing the application:

• 07
• 15
• 20
• 21

Q.11:- Valuer shall not ……… in “mandate snatching” or offering “convenience valuations” in order to cater to a company or client’s needs.

• Divulge
• Indulge
• Involve
• Evolve

Q.12:- A valuer shall provide services for remuneration which is charged in a transparent manner, is a reasonable reflection of the work necessarily and properly undertaken, and is not inconsistent with the…….

• Guidelines of IPA
• Applicable rules
• Guidelines of IBBI
• Valuation principles

Q.13:- The authority shall examine the application under rule 6, and may grant ______ days to the applicant to remove the deficiencies, if any, in the application:

• 15
• 20
• 21
• 30

Q.14:- A valuer shall not carry out any instruction of the client insofar as they are incompatible with the requirements of ……………………

• integrity, subjectivity and independence
• integrity, objectivity and independence
• integrity, unbiased and independence
• integrity, potentiality and independence

Q.15:- Which of the following situations would invoke "question of law"?

• Disputing parties do not agree to the selected valuer
• Value has departed from the well accepted principles of valuations
• Disputing parties do not agree to the valuation arrived by the valuer
• Value did not submit its report within the time

Q.16:- Where a valuer has been convicted under these provisions, he shall be liable to?

• Pay for damages to the company or to any other person for loss arising out of incorrect or misleading statements of particulars made in his report.
• Refund the remuneration received by him to the company.
• Both (a) & (b)
• None of the above

Q.17:- If, after considering an application made under this rule, the authority is of the prima facie opinion that the registration ought not be granted, it shall communicate there as on for forming such an opinion within ……………. of receipt of the application

• 120 days
• 30 days
• 45 days
• 90 days

Q.18:- Valuation field plays an important role, among other areas, in insolvency resolution where, liquidation value has to be ascertained by resolution professional through the:

• Registered Valuers
• Unregistered Valuers
• Authorized Valuers
• None of the above

Q.19:- A member shall submit information about………. as a registered valuer, in the manner and format specified by the Organization, at least twice a year stating inter alia, the date of assignment, date of completion and reference number of valuation assignment and valuation report:

• Concluded engagements
• Ongoing and concluded engagements
• Ongoing engagements
• Nothing to require to inform

Q.20:- The Monitoring Policy shall –

• shall not provide for confidentiality of information received, except when disclosure of information is required by the authority or by law,
• Have not be non-discriminatory.
• have not due regard for the privacy of members,
• None of the above.

Q.21:- The Governing Board may form an Advisory Committee of members of the Organisation to advise it on any matters pertaining to-

• standards of professional and ethical conduct; and
• Best practices in respect of Valuation
• the development of the profession;
• All of the Above.

Q.22:- The Monitoring Policy shall not provide for the following -

• The obligations of members to comply with the Monitoring Policy and evaluation of performance of members.
• The frequency of monitoring and the manner and format of submission or collection of information and records of the members, including by way of inspection.
• The use, analysis and storage of information and records.
• None of the above.

Q.23:- A valuer shall provide all information and records as may be required by the authority, the Tribunal, Appellate Tribunal, the registered Valuers organization with which he/it is registered, or any other…….regulatory body:

• Constitutional
• Public
• Supreme
• Statutory

Q.24:- …….Means a person registered with the authority in accordance with these rules and term "registered valuer" shall be construed accordingly:

• Valuer
• Valuation standards
• Registered Valuers organization
• Certificate of registration

Q.25:- A valuer or his/its relative shall not accept gifts or hospitality which undermines or affects his……as a valuer:

• Duty
• Independence
• Role
• Obligation

Q.26:- When bonus share issued share:

• Capital of corporation increase but value decrease
• Capital of corporation decrease but value remain same
• Capital of corporation decrease but value increase
• Capital of corporation increase but value remain same

Q.27:- If, after considering an application made under rule 6, the authority is of the prima facia opinion that the registration ought not to be granted, it shall communicate the reasons forming such an opinion within forty-five days of receipt of the application, excluding the time given by it for:

• Appearing in person, as the case may be
• Presenting additional documents or clarifications
• Removing the deficiencies
• All of the above

Q.28:- Who amongst the following is eligible to be registered as the registered valuer as per the Companies (Registered valuer and valuation) Rules, 2017?

• Possesses qualifications and experience as specified in rule 4.
• Has passed the valuation examination under rule 5 within two years preceding the dateof making an application for registration under rule 6.
• He is a minor.
• Both a. and b.

Q.29:- A valuer shall provide all information and records as may be required by the authority, the Tribunal, Appellate Tribunal,…….organisation with which he/it is registered:

• Registered Valuers
• Public
• Private
• Other

Q.30:- A valuer shall maintain complete independence in his/her professional relationships and shall conduct the valuation independent of ……….

• Internal influences
• Client influences
• Management influences
• External influences

Q.31:- In case a partnership entity is the registered valuer,……………… along with the partner who signs and acts in respect of a valuation assignment on behalf of the partnership entity;

• will not be liable
• will be liable jointly
• will be liable jointly and severally
• will be liable jointly or severally

Q.32:- Any order passed by the Disciplinary Committee shall be placed on the website of the organization within ……..from passing of the said order, with one copy each being provided to each of the parties to the proceeding:

• 15 days
• 10 Days
• 7 days
• 3 days

Q.33:- Any persona aggrieved of an order of the Disciplinary Committee may prefer an appeal before the Appellate Panel within……..from the receipt of a copy of the final order:

• 60 days
• 30 days
• 15 days
• 7 days

Q.34:- Every______shall place, on its website, in a searchable format, the names and other details of its valuers members who have surrendered or revived their memberships:

• IBBI
• Member of IBBI
• Registered Value of IBBI
• Registered values organization

Q.35:- The Disciplinary Committee may pass an order for expulsion of a member if it has found that the member has committed:

• A gross violation of the Act, rules, regulations and guidelines issued there under, bye-lawsor directions given by the Governing Board which renders him not a fit and proper person to continue acting as a registered valuer.
• An offence under any law for the time being in force, punishable with imprisonment for a term of six months, or an offence involving moral turpitude;
• Both a & b
• None of the above

Q.36:- A registered values organization shall inform the authority if any valuer member has temporarily surrendered his/its membership or revived his/ its membership after temporary surrender; not later than______days from approval of the application for temporary surrender or revival, as the case may be:

• 03
• 07
• 10
• 15

Q.37:- A valuer shall appear……and be available for inspections and investigations carried out by the authority, any person authorised by the authority, the registered Valuers organisation with Which he/it is registered:

• Submit records
• Deal with
• Co-operate
• Provide information

Q.38:- A registered values organization, being an entity under proviso to sub-rule (1), shall convert into or register itself as a company under section 8 of theCompanies Act, 2013 (18 of 200), and include in its bye laws the requirements specified in Annexure- III within______from the date of commencement of these rules:

• One Year
• Six Month
• Three Month
• One Month

Q.39:- A complaint may be filed against a registered value or registered values organization before the authority in person or by post or courier along with a non-refundable fees of rupees___ in favour of the authority:

• 500
• 1000
• 2000
• 5000

Q.40:- The Appellate Panel shall dispose of the appeal in the manner it deems expedient within thirty days of the receipt of the appeal:

• 30 days
• 15 days
• 45 days
• 60 days

Q.41:- The registered valuer may obtain ……………for his valuation report or get a separate valuation for an asset class conducted from another registered valuer

• Advise
• Suggestions
• Inputs
• Views

Q.42:- A registered values organization, being an entity under proviso to sub-rule (1), shall convert into or register itself as a company under section 8 of the Companies Act, 2013 (18 of 2013), and include in its bye-laws the requirements specified in:

• Annexure-1
• Annexure- II
• Annexure- III
• Annexure- IV

Q.43:- A valuer should not use or divulge to other clients or any other party any confidential information about the______company.

• Public
• Client
• Listed
• Subject

Q.44:- A complaint may be filed against a registered valuer or registered values organization before ________in person or by post or courier along with a non-refundable fee of rupees one thousand in favour of the authority:

• Disciplinary Committee
• IBBI
• The authority
• Court

Q.45:- A valuer shall conduct valuation required under the Act as per these rules and he may conduct valuation as per these rules if required under any other law or by any other ……………….

• Local body
• Regulatory authority
• Statutory body
• Statutory Authority

Q.46:- In case of fraud by officers, such officer shall be punishable with Imprisonment of minimum................years & maximum years…….

• 2;4
• 1;3
• 3;5
• 2;5

Q.47:- In the case of Fraud by an officer, such officer shall be punishable with a fine of minimum Rs…… Maximum Rs..............

• 50,000 ;3,50,000
• 1,00,000;3,00,000
• 50,000;3,00,000
• 1,00,000 ;5,00,000

Q.48:- If interested person desire to disclaim the property then they must reply to liquidator in..................days.

• 28
• 30
• 35
• 45

Q.49:- Where the Tribunal has made a winding-up order or appointed a Company Liquidator, such liquidator shall, within .........days from the order, submit a report to the Tribunal?

• 30
• 45
• 60
• 90

Q.50:- The Chairperson and Members of the Committee to advise on valuation matters shall have a tenure of

• Five Years
• Two Years
• Three Years
• One Years