IPCC/PCC Law paper Nov 2010

Page no : 2

(Guest)

there is no need of returning the amount of RS.20000. i guess!!!

daVe.. (Student) (1431 Points)
Replied 14 November 2010

The bank has advanced only Rs. 40,000 right? How can it make a undue profit of Rs. 20000(60,000-40,000) on that transaction?

(Guest)

u r right but ..how about interest on loan there is no charge of interest on loan? or 40000 includes interest? iam not saying that 20000is full interest..it is just a doubt..even me one of the student.

Ravi Thakker (None) (33 Points)
Replied 14 November 2010

@ sasanka bank will have to return 20000rs ........ coz d security was for only rs. 40000 and therefore 20000rs should be refunded

and according to me to be on the safe side .....provision regarding defective title of pledgor and the rights thereon of the pledgee should also be mentioned

Ravi Thakker (None) (33 Points)
Replied 14 November 2010

@ dave for 1c) he wil get refund.......provided dat minor dint fake his age...but since it was given it was a mistake so it wil hav to be refunded

crossreference to contract act.....nethin recd. under void agreement should be refunded

(Guest)

Thanks Ravi..so nice of u...

daVe.. (Student) (1431 Points)
Replied 14 November 2010

Thanks so much Ravi! Is there another possibility of alloting the shares to a guardian in favour of the minor?

daVe.. (Student) (1431 Points)
Replied 14 November 2010

And one more question to all of my friends here:

Can underwriting commission be paid in the form of Flats?

Ravi Thakker (None) (33 Points)
Replied 14 November 2010

no guardian can be entered into register of members only when minor has accquired the share by way of transfer or transmission....allotment is void

and for payment of comm. by way of flats is possible only if terms of contract provide for the same and the same has been entered into prospectus and articles.......board resolution wont be valid if it hasnt been entered in prospectus