How to Prepare CS Executive Company Law

How to prepare cs executive company law

How to Prepare CS Executive Company Law : Subject Overview

In Company Law ,students have to focus on digesting all the major legal provisions and their objectives and implications in practice. At every stage, they should prepare themselves well enough to be able to conceptually explain the relevant provisions, principles and conditions. Students should also go through the Bare Act to get a better understanding of all the provisions contained in various sections and sub-sections. At the CS Executive Course level, it is better to start remembering some of the important sections and apply them logically in solving practical problems. Reading leading case laws if any may also form part of your reading for enhanced knowledge.

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How to Prepare CS Executive Company Law : Objective of Company Law Paper in CS Executive

To acquire knowledge and develop understanding of the regulatory framework of companies with reference to various provisions of Companies Act and its schedules, rules, notifications, circulars, clarifications there under including case laws and Secretarial standards.

In view of increasing emphasis on adherence to norms of good corporate governance, Company Law assumes an added importance in the corporate legislative milieu, as it deals with structure, management, administration and conduct of affairs of Companies. A thorough study of various provisions of the Companies Act is a must for becoming a competent and efficient Company Secretary. In the light of this, Company Law Paper has been incorporated to impart thorough knowledge to the students preparing for CS Executive Programme.

Company Law in CS Executive is based  on those sections of the Companies Act, 2013 and the rules made there under which have been notified by the Government of India and came into force w.e.f. April 01, 2014 (including Amendments/clarifications/circulars issued there under upto June, 2014).

Company Law being the Core subject for CS Students, the examination standards are set very high, with emphasis on knowledge of concepts, applications, procedures and case laws, for which sole reliance on the contents of the study material may be enough. ICSI also requires the students to be conversant with the amendments to the laws made upto six months preceding the date of examination.

How to Prepare CS Executive Company Law : Level of Knowledge

Since the level of knowledge required in this subject is that of Advanced Knowledge students should adopt practical application oriented and analytical approach. Several students seem to be somewhat hesitant or reluctant in giving enough attention to the provisions of various Acts and hence they tend to give a general approach to the subject which should be avoided. From the very beginning a planned approach for preparation in the subject needs to be developed.

A common comment of examiners at the CS Executive paper relating to Law subjects was that candidates were generally weak and slippery in their knowledge of basic provisions of the relevant laws as well as in application of knowledge and skills. Students have to especially strengthen themselves on this front since working knowledge and application-oriented questions carry considerable number of marks in this paper.

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How to Prepare CS Executive Company Law : Orientation to Paper

In this paper, students should be able to pinpoint the legal point or issue involved in any statement of a problem or issue and synchronize with the relevant legal provisions clearly and in a logical manner. Secretarial Practice relating to Laws should also be given due weightage for study purposes. Students have to be always alert in updating their knowledge of current developments, recent amendments in relevant laws and recent legal decisions by regularly consulting journals. CS Executive course students have to be thoroughly knowledgeable of important guidelines, leading judgements, notifications etc. Amendments if any taking place in any law should be applicable for the examination provided it is six months prior to the examination and if any Bill has become an Act, they should see that whether the sections in the said Act/Amendment has been notified or not.

Avoid selective reading of chapters, as the question paper contains compulsory questions with coverage on all the chapters. Changes by way of important amendments and having a wider ramification and consequential impact on other Acts as well effect of other provisions within the law should be more specifically read and understood. Give thoughts to your analysis in the form of various practical issues and situations and how you would as an Expert by giving advice on the said matter. A scan through the previous year’s examination papers will give an idea as how the questions are framed so that preparation can be synchronized in that direction. While reading study material you will come across different practical problems which you may note down separately. This will enable you to consolidate your reading with practical analysis in an easier and time-bound manner. Cross check your answers to the problems with the logical analysis of the sections and draw your conclusions accordingly. Writing generalized answers should be avoided as it reflects your low preparation in the subject. Prioritize your chapter reading based on time for consumption and weightage given in terms of marks. In nut shell you have to prepare a Balanced Score card in the subject for yourselves so that you emerge as a winner.

Bare Acts

They are the life blood to law and it is very much essential to have relevant Bare Acts while reading the study material. While reading Bare Acts, you may test yourself side-by-side as to which of the subject-matter is dealt by what section.

Sections and Case Laws

It is desirable to support answers with relevant sections and leading case laws on the matter wherever necessary. Extra efforts are to be made in this direction. If by any chance, students do not remember the Section numbers and Case Law while answering any question in the examination paper on the subject, they may not lose heart on this score. They may otherwise strengthen their answer by appropriate reasoning and examples. However, they may desist from citing wrong Section numbers or irrelevant Case laws.

Develop Drafting Skills

The paper also includes secretarial practice relating to various laws and it is therefore important, that students should pay equal importance to drafting skills such as drafting resolutions, agenda, notices and minutes of meetings of the company.

Language

This is an important area of concern and advice for the students. A common feedback from the Examiners was that students are generally weak in the English Language though they are thorough in the subject. As a result, the presentation of answers does not give a brand image as of a candidate at the CS Executive Level. This problem among many of the candidates can be overcome only by way of writing practice and also undertaking self-examination.

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Handling Application Oriented Questions

Since, 90 to 95% of the paper is based on Application/Problem oriented questions; students should know how to answer these questions for scoring good marks. While attempting practical/application oriented questions, students should be able to pinpoint the legal points or issues involved in any statement, problem or situation given in the question.

The answer to the application oriented question may be presented as following:

  • Heading (If possible)
  • Relevant Legal Provision (with Correct Section Number and Correct name of the Act with year)
  • The facts given in the problem
  • Correlation of the legal provision with the
  • Conclusion

Note

The Liberalization and Globalization of our economy in tune with the global changes led to the emergence of the Companies Act, 2013. The Companies Act, 2013 is a rule based legislation with 470 sections, seven schedules and divided into 29 chapters. As of date (i.e., 31st of October, 2014) 283 sections of the Companies Act, 2013 with rules there under have been notified.

How to Prepare CS Executive Company Law : Chapter Specific Guidance

How to Prepare CS Executive Company Law : Lesson Introduction

 After reading this lesson, you would be able to understand the historical development in evolution of corporate law in India and England, emerging regulatory aspects including Companies Act, 2013, besides dealing with basic characteristics of company and how it differs from other forms of businesses.
 How to Study CS Executive Company Law : Lesson 2 Types of Companies
 After reading this lesson you would be able to understand the concepts of various types of companies, their legal basis, special provisions and privileges for some classes of companies, distinction between different types of companies etc.
 How to Prepare CS Executive Company Law : Lesson 3 Promotion and Incorporation of Companies
 After reading this lesson you would be able to understand the concept of promoters, their legal position, duties, liabilities and their remuneration. It also enumerates the important steps which are to be followed while forming a company such as application for name availability with the Registrar of Companies, preparation of Memorandum of Association, Articles of Association and other legal documents etc., including formation procedures as to one person companies and companies with charitable objects, etc.,
 How to Study CS Executive Company Law : Lesson 4 Memorandum of Association and Articles of Association
 After reading this lesson, you would be able to understand the concept of Memorandum of Association and Articles of Association, their purpose, contents and registration. It also discusses the alterations that can be carried out in the Memorandum and Articles of Association and effect of such alterations. It also explains the legal effect of these documents. It also covers doctrine of indoor management and Alter Ego.
 How to Prepare CS Executive Company Law : Lesson 5 Contracts and Conversions
 After reading this lesson, you will be able to understand the various types of contracts entered into by a public and private company; viz. preliminary or pre-incorporation contracts, provisional contracts, contracts made after commence business. In addition you will be able to understand the overall legal and procedural aspects relating to various conversions.

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How to Study CS Executive Company Law : Lesson 6 CONCEPT OF CAPITAL AND FINANCING OF COMPANIES

After reading this lesson you will be able to understand the regulatory aspects and the broader procedural aspects involved in different types of issue of capital covering the Companies Act 2013 and Companies((Share Capital and Debentures) Rules, 2014.

How to Prepare CS Executive Company Law : Lesson 7 Alteration of Share Capital

After reading this lesson you will be able to know about the Regulatory and Procedural aspects involved in alteration of share capital through consolidation, sub-division, reduction of share capital, buy back of shares etc.

After reading this lesson you will be able to understand the legal and procedural aspects relating to consolidation, sub-division and reduction of capital and buy-back of securities, especially unlisted securities, the procedural aspects of which are covered under Companies (Share Capital and Debentures) Rules 2014.

How to Prepare CS Executive Company Law : Lesson 8 Private Placement and Prospectus

After reading this lesson you will be able to understand the meaning of prospectus, shelf prospectus information memorandum and redherring prospectus along with relevant provisions under the Companies Act including disclosures, approval, penalties etc.

How to Prepare CS Executive Company Law : Lesson 9 Debt Capital

After going through this lesson you will be able to understand the provisions of Companies Act and rules made there under, with respect to debentures including creation of debenture redemption reserve, trust deed, appointment of trustees, shareholders approval through special resolution for issue of convertible debentures, way of securing debentures etc., Besides, you will get a broad over view of public sector bonds, foreign bonds, money market instruments etc.,

How to Study CS Executive Company Law : Lesson 10 Creation and Registration of Charges

After reading this lesson you will be able to understand the procedure of creation of charges, their registration, modification, satisfaction etc., and their registration aspects.

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How to Prepare CS Executive Company Law : Lesson 11 Allotment of Securities and Issue of Certificates

After reading this lesson, you will be able to understand the concepts, regulatory and procedural aspects relating to allotment and issue of certificates in the light of Companies Act 2013 read with Companies (Prospectus and Allotment of Securities) Rules, 2014 and Companies (Share Capital and Debentures) Rules, 2014 .

How to Study CS Executive Company Law : Lesson 12 Membership in a Company

After reading this lesson you will be able to understand the status of members, membership rights, modes of acquisition of membership, register and records to be maintained, consequences of Regulatory non-compliances etc.

How to Prepare CS Executive Company Law : Lesson 13 Transfer and Transmission of Securities

Section 56-59 of Companies Act 2013 deals with the transfer/transmission of shares. After reading this lesson you will be able to understand the concept of transfer of securities in a company, various provisions of company law regulating transfer of securities, powers of Board to refuse registration, transfer during winding up, transmission of securities, transfers under depository system, etc.

How to Study CS Executive Company Law : Lesson 14 Institution of Directors

Chapter XI of Companies Act 2013 read with Companies (Appointment and Qualification of Directors) Rules 2014 specifies regulatory prescriptions relating to appointment of directors, directors identification number, disqualification, vacation etc., The act has brought in many new provisions such as appointment of women director, resident director, independent director by certain class of companies act.

After reading this lesson, you will be able to understand the legal concept of director, their qualifications, appointment, vacation , removal, etc.

How to Prepare CS Executive Company Law : Lesson 15 Independent Directors

After reading this lesson you will be able to understand the legal provisions relating to appointment, remuneration, code, tenure and other prescriptions pertaining to independent directors.

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How to Study CS Executive Company Law : Lesson 16 Board and its Powers

In the previous chapter, we had learnt about the concept of directors, their appointment, removal, remuneration etc. Now let us learn about the powers and duties of directors.

How to Prepare CS Executive Company Law : Lesson 17 Appointment and Remuneration of Key Management Personnel

After reading this lesson, you will be able to understand the legal and procedural aspects as regards appointment, conditions for appointment, how to fill the vacancies in office of KMP, CS as a Key Managerial personnel, powers and duties of KMP, Penal Provisions for the Contravention of provisions applicable ,.etc, from the Act.

How to Prepare CS Executive Company Law : Lesson 18 General Meetings

Members of a company or the directors of a company can exercise their powers and can bind the company only when they act as a body at a validly convened and held meeting. An individual member or shareholder, irrespective of his shareholding cannot bind a company by his individual act. In Companies Act 2013 a new concept of e-voting is introduced. This is a method of voting via electronic means. The Central Government has been empowered to prescribe the class or classes of companies and the manner in which a member may exercise his rights to vote by the electronic means given under Rule 20 Companies (Management and Administration) Rules, 2014 in chapter VII. It is to be noted that every gathering or assembly does not constitute a meeting. These must be convened and held in perfect compliance with the various provisions of the Companies Act, 2013 and rules framed under Chapter VII onCompanies (Management and Administration) Rules, 2014.

How to Study CS Executive Company Law : Lesson 19 Loans and Investments by Companies

After reading this lesson you will be able to understand the provisions of the Companies Act, 2013(the Act) in relation to loans and investments by companies, the conditions wherein such loans and investments can/cannot be made. It also gives provisions for register of loans made, guarantees given, securities provided and investments made as also register of investments not held in company’s own name. The lesson further lists the circumstances wherein companies are not required to keep the investments in its own name.

How to Prepare CS Executive Company Law : Lesson 20 Deposits

After reading this chapter you will be able to understand the meaning of deposits, procedural and regulatory aspects involved in accepting, renewal and repayment of deposits and consequences of failures in this regard

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How to Prepare CS Executive Company Law : Lesson 21 Accounts and Audit

After reading this lesson, you will be able to understand the provisions about keeping books of account, inspection of books of account and other provisions for balance sheet and profit and loss account under the Companies Act. It also discusses provisions for audit and auditors, their appointment, qualifications, resignation, removal, duties and liabilities.

How to Study CS Executive Company Law : Lesson 22 Divisible Profits and Dividends

After reading this lesson you will be able to understand the legal and procedural aspects relating to distribution of dividend, transfer of unpaid or unclaimed dividend to Unpaid Dividend Account and transfer of unpaid dividend to Investor Education and Protection Fund (IEPF), utilization of IEPF etc.,

How to Prepare CS Executive Company Law : Lesson 23 Board’s Report and Disclosures

After reading this lesson you will be able to understand the contents of the directors’ report whether mandated by law or adopted as a good corporate practice.

How to Study CS Executive Company Law : Lesson 24 Registers, Forms and Returns

After reading this lesson you will be able to understand the maintenance, authentication, preservation and inspection of statutory book/registers prescribed under various provisions of the Company Law, non-statutory books, various forms/returns required to be filed to Registrar of Companies and the provisions relating to Annual Return.

How to Prepare CS Executive Company Law : Lesson 25 Inspection and Investigation

After reading this lesson you will be able to understand the provisions relating to inspection, investigation, powers of regulatory authorities including registrars, central government, SFIO etc relating to inspection and investigation into the affairs of the company.

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How to Prepare CS Executive Company Law : Lesson 26 Majority Rule and Minority Rights

After reading this lesson you will be able to understand the concept of shareholders’ democracy, the majority powers and minority rights. The lesson describes the principle of non-interference in detail along with its justifications and advantages. It also deals with the provisions relating to protection of minority rights and shareholder’s remedy. Provisions under the Companies Act for prevention of oppression and mismanagement have also been discussed herein.

How to Study CS Executive Company Law : Lesson 27 Merger, De-Merger, Amalgamation, Compromise and Arrangements – An Overview

After reading this lesson you will be able to understand the broad regulatory framework with respect to compromise/arrangement, mergers/ demergers

How to Prepare CS Executive Company Law : Lesson 28 Producer Companies

After reading this lesson you will be able to understand the concept of Producer Companies introduced by the Companies (Amendment) Act, 2002. The provisions not only provide an opportunity to the co-operative sector to corporatise itself but also opens up new avenues for them. You will also understnd the provisions which enable the conversion of an existing co-operative society into a company as well as the incorporation of a Producer Company and the provisions relating to membership, management, meetings, share capital etc. of Producer Companies.

How to Study CS Executive Company Law : Lesson 29 Limited Liability Partnerships

After reading this lesson you will be able to understand the features of LLP, important requirements for formation, role and responsibility of designated partner and rules regarding winding up of LLP and the difference between LLP and other forms of business.

How to Prepare CS Executive Company Law : Lesson 30 Application of Company Law to Different Sectors

After reading this lesson you will be able to understand the applicability of companies act 2013 to different sectors and the exemptions provided there under.

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How to Prepare CS Executive Company Law : Lesson 31 Offences, Penalties and their Compounding

After reading this lessons you will be able to understand the broad view of regulatory mechanism with respect to offences, penalties etc including provisions relating to special courts, adjudication of penalties, punishment for fraud etc., This lessons also lists out various offences and penalties under different heads such as compoundable vs non compoundable, various offences that attract penalties for fraud etc.

How to Study CS Executive Company Law : Lesson 32 Winding up-Concept and Modes

After reading this study you will be able to understand the provisions of Companies Act 2013(Section 271- 365) regarding the Concepts and modes of winding up.

How to Prepare CS Executive Company Law : Lesson 33 Striking off Name of Companies

After reading this lesson you will be able to understand the regulatory provisions with regard to striking off names by registrar, procedural aspects involved in striking of names/restoration, etc.

How to Prepare CS Executive Company Law : Lesson 34 An Introduction to E-Governance and XBRL

In Company Law, the e-filing was the outcome of this technology. It helps the companies to submit the returns, forms and other information in electronic mode. The data captured by electronic mode being easier to use and it helps the regulators to take steps immediately. But, the information received through e-filing is not very useful to the regulator and investors due to its uneasiness to read. The development of XBRL is the milestone in the usability of the information. The XBRL is the language which can be used to use the information readable. After reading this lesson you will be able to understand the e-governance, e-filing of forms and XBRL. 

How to Prepare CS Executive Company Law : How to Plan for Examination?

Since the level of knowledge required at this level for the subject is ‘expert knowledge’ and the objective is to gain knowledge of those branches of Company laws relating to business transactions, students need to prepare and become conversant with practical application of the law in commercial situations. Abstract reading of the law in the form of theory will not help in complete understanding of the subject. They have to focus their study based on the legal provisions, case laws, if any, and understand their practical implications. Besides, students should also give importance to the terms/definitions for proper conceptualization of the answers.

Students should also go through the Bare Acts to get a better understanding of the provisions contained in various statutes. It is desirable to support answers with relevant sections and leading case laws on the matter wherever necessary.

How to Prepare CS Executive Company Law : Handling of Paper

While attempting practical/application oriented questions, students should be able to pinpoint the legal points or issues involved in any statement, problem or situation given in the question, explain the relevant legal provisions clearly, correlate the legal provisions to the given statement or problem or situation and cite the relevant case law in support of their reasoning.

A common comment of examiners in the Company Law paper is that candidates are generally weak in their working knowledge of basic concepts and provisions of the relevant laws as well as in language and writing skills. It is therefore suggested that students may go through the comments given by the examiners which are available in the suggested answers of each examination and do the necessary follow-up action to remove their shortcomings and improve their knowledge and performance.

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How to Prepare CS Executive Company Law : How to Write Answer

A.   Practical /problem based question

  1. Name of the Act and the provision by which it is governed
  2. Reference of any case law, if any for quality of the answer though not effecting on the scoring of the answer
  3. Co-relation of the legal provisions to the given statement/problem in a question
  4. Conclusion

 B.   Theoretical questions

For the theoritcal question, the answer should be laid down in bullets with brief description given in small paragraphs for making answer more appealing and legible.

Last but not Least “Writing Put The Finishing Touché”

Students often feel that reading, understanding and familiarizing with the subject is enough. The process does not end there. After reading and before the examination, one may test self by way of undertaking a mock test under examination conditions. This may be done by attempting a model/previous year examination question paper and comparing with the suggested answers. By this, you can examine how far you are recapitulating the subject, of course, the time in completion of the paper. The exercise may be painful at the beginning but if one takes it seriously he/she will realize its privileges.

Important Topics of CS Executive Exam

Here we are providing subject wise important topics to CS Executive students. See below How to prepare CS Executive Module – 1 and Module – 2. Click below links

Module – 1

CS Executive Company Law

CS Executive Cost and Management Accounting

CS Executive Economic and Commercial Laws

CS Executive Tax Laws and Practice

Module – 2

CS Executive Capital Market and Securities laws

CS Executive Company Accounts and Auditing Practices

CS Executive Industrial labour and General Laws

ICSI Past Papers

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