Tag: government companies

Questions Related to government companies

The companies are governed by the Companies Act, ________.

organisation of commerce and management government organisation meaning and features of government company government companies forms, comparison and cases of public enterprises

  1. $1956$

  2. $1936$

  3. $2013$

  4. $1856$

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Correct Option: C
Explanation:

A Government company is defined under Section 2(45) of the Companies Act, 2013 as “any company in which not less than 51% of the paid-up share capital is held by the Central Government, or by any State Government or Governments, or partly by the Central Government and partly by one or more State Governments.

Section 2(20) of the 2013 Act defines the term company to mean “a company incorporated under the Companies Act 2013 or any previous company law.The sub-section states that for the purposes of such definition, the expression company includes body corporate.

Company has ________ sucession.

organisation of commerce and management government organisation meaning and features of government company government companies forms, comparison and cases of public enterprises

  1. Longer

  2. Continued

  3. Perpetual

  4. Limited

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Correct Option: C
Explanation:

In company law, perpetual succession is the continuation of a corporation's or other organization's existence despite the death, bankruptcy, insanity, change in membership or an exit from the business of any owner or member, or any transfer of stock, etc.

Audit of Government Company is done by C & AG. This statement is ______________.

organisation of commerce and management government organisation meaning and features of government company government companies forms, comparison and cases of public enterprises

  1. True

  2. False

  3. Partly True

  4. Partly False

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Correct Option: A
Explanation:

Auditor of all types of companies, except a Government Company, shall be appointed by the Board of Directors within 30 days from the date of registration of the Company. Tenure: First Auditor appointed by Board shall hold office till the conclusion of the first annual general meeting of the Company.

The Comptroller and Auditor General (CAG) of India is an authority, established by Article 148 of the Constitution of India, which audits all receipts and expenditure of the Government of India and the state governments, including those of bodies and authorities substantially financed by the government.

Which of the following are the characteristics of a company? 

organisation of commerce and management government organisation meaning and features of government company government companies forms, comparison and cases of public enterprises

  1. Corporate Personality

  2. Limited Liability

  3. Perpetual Succession

  4. All of the above

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Correct Option: D
Explanation:

A company as an entity has many distinct features which together make it a unique organization. The essential characteristics of a company are following: Separate Legal Entity The company is distinct and different from its members in law. Thus, a company may be defined as An incorporated association which is an artificial -person created by law, having a separate entity, with a perpetual succession, a common seal, capital divided into transferable shares and carrying limited liability.

A subsidiary of government company is also treated as a ___________. 

organisation of commerce and management government organisation meaning and features of government company government companies forms, comparison and cases of public enterprises

  1. Government Company

  2. Public Company

  3. Private Company

  4. All of the above

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Correct Option: A
Explanation:
The Central Government, or Any State Government or Governments, or Partly by the Central Government and partly by one or more State Governments, or includes a Company which is a Subsidiary Company of such a Government Company; A Subsidiary of Government Company shall also be treated as a Government Company.
Government Company is a company or an organization in which at least 51% of the paid up share capital is held by the central government or the state government or partly by both central and state government. A company having business operations in India and registered under the Indian Companies Act, 1956 is called Indian Company. An Indian company may be formed as a public limited, private limited or government company
.the   government-owned corporation is a legal entity that undertakes commercial activities on behalf of an owner government. Their legal status varies from being a part of the government to stock companies with a state as a regular stockholder.

The ______ of a government company is appointed or reappointed by the Comptroller and Auditor General of India.

organisation of commerce and management government organisation meaning and features of government company government companies forms, comparison and cases of public enterprises

  1. Auditor

  2. Company Secretary

  3. Both (a) and (b)

  4. None of the above

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Correct Option: B