Today i want to share some of my views regarding how to read and grasp one of the subjects of ca finals called Corporate and allied laws.
Well it is the 3rd subject of Group 1 of CA Finals. But the most important in group one, anybody after following the strategy mentioned below can score more than 70 Marks in this subject. This subject is divided into two parts:
· Corporate laws 70 Marks
· Allied Laws 30 marks - It contains 10 small allied chapters.
Corporate laws and allied laws unlike DT and IDT are not so updated but however if there occurs some amendments which are to be taken care of.
Being a student of CA final really fills a sort of confidence of you in yourself which has to be availed to maximum extent.
One thing is for sure this is one of the easiest subjects of CA Finals
Well my suggestions to go through this subject are:
1. First of all select a good book.
As per my view all books are alike as they contain the same thing written in different formats. However some people find one better for way of presentation or language used. The available best options are Munish Bhandari, L Jayaraman, GK Kapoor , and padhukas. The present chairman of BOS ICAI once shocked all of us in a seminar that the most selling book of law in India itself contains 20% provisions/analysis incorrect. We all had sort of feeling that it is Munish bhandari’s book and in reply of email He replied that our guess is OK. Although I followed the handbook of Munish bhandari itself. As confused by the claim that this book is not good I compared it with whole hearted effort with bare act AND study material and I could not find any defect in it so I left doing that time wasting exercise.
Some people get confused between whether to use Main book or Handbook. I preferred Handbook as:
· it is really wonderfully presented
· short and crisp still covers everything
contains all the practical questions of past ca exams ( main book contains cs cwa too which are not that imp as the all questions are repeatable again and again )
The most imp thing is it can really be revised during exam time. It lacks two things for me which is not that imp.
· It contains to the point answer to the practical questions student need to add the main provision too if he is writing the answer in exam time ( which is the easiest task )
· It does not contain SEBI regulations
For me anybody can score more than 80 and even 90 if he remembers the text and practical questions read herein.
2. Now 95% of us have a same strategy of reading that is open a book read a para and read it again and again so that it gets inside our brain. I guess we won’t be doing the same exercise after 10 years if we are going for a presentation. Well Law is really a very interesting subject so first of all we should understand the way to read it. This would be most beneficial if we have ample time to read it and have a intention of understanding first instead of learning it.
Bare Acts are the best way to read and analyze a subject of law. Anybody could ask the experienced chartered accountants they would reply you that we have read it from Bare act. The short cuts available to us were not available to them. So they really worked hard to understand it.
One should try to read the section from the book he is referring to and if there arise any confusion or the analysis of the author differs from the judicial pronouncements or the intent of legislation one should refer to Bare Act. Ramaiya is the RAMAYAN of corporate law in India. It is a set of Two books and contains everything of Companies law. Most of the CA Firms have it in their books collection. So if available we should try to read the same . However there are also available pocket size Bare acts which contain almost everything of the big Bare act Book in a small font. I bought Taxmann’s corporate laws for just Rs. 300/-which is indeed really a nice one.
3. To identify the Most important areas of a subject is really a critical task. For Corporate Laws this also needs to be done. However the habit of doing selective study is to be left as the intention should be of understand the subject first.
Directors ( including Board meetings and inter corporate loans ), winding up , Producer Companies, Amalgamation, Secretarial Practice are the few most important chapters of Corporate laws.
One should start with directors as it is the most important chapter as it covers at least 25 marks in each attempt. By God’s grace it is also one of the easiest chapter on the subject. The examiner’s favorites are practical questions from this chapter most of them are repeated. There is a need to maintain a strategy to read and retain this chapter. The appropriate would be to solve practical questions without watching the answers as it will help us to improve the analysis power.
4. Allied Laws cover 30 marks but their quantity is same as that of corporate laws. It contains 9 small acts and 1 extra chapter as follows: The security contracts (Regulation) act 1956, SEBI Act 1992, Fema Act 1999, Competition Act 2002, Banking Regulation Act 1949, Insurance Act 1938, IRDA Act 1999, SARFAESI Act 2002 and Interpretation of statues.
Most important of them are SEBI, FEMA, Competition Act and Interpretation which are to be done to the fullest in depth. Rest can be done with cautious care depending upon the student’s own perception.
During my exam I have prepared just 7 chapters of 10 and left 3 but one of the question in exam was from rest 3 chapter.
5. There may be instances of problem in remembering the Dates, Registers, Records to be kept etc. We have a gem in our Club called ANKUR GARG. He has always shown his utmost interest in solving any issue related to law if occurs as a problem to a student. Please go through his files on CACLUBINDIA. He has uploaded a ready reference which can be really useful to overcome such problems.
There may be cases when a student after reading book and even after referring to Bare act is confused as to its interpretation. In such cases the advises available from Seniors are really very useful.
In our club we have many members who are always willing to do that. So feel free to ask any query from any expert herein and get it solved
It is really useful to both who is asking and who is answering.
6. We also have assistance of BOS if in case we feel any Grievance in the subject. What is need to be done is the forward our query to board of studies. Really friends they reply â€¦. And really in good sense we should utilize this facility given to us by Our institute.
Well I have tried to write my first article in my life and I hope you people will like it. Please suggest something if you have for me.
Thanx a lot for reading it Ravi Khanal CA
(Finals), CWA ( Finals), BCOM
Please See : The above mentioned views about the books and the way of learning are entirely of my own and my experiences with my group of friends. Different people have different perceptions so it is not intended to represent the mindset of majority. Please suggest anything if you have for me.