CA Final Allied Law Common Topics

Competition Act, 2002 IRDA, 1999 SEBI, 1992 Banking Regulation Act,1949
Particulars
Competition Comission of India IRDA SEBI Board of Bank
Chairperson 1 1 1 -
Minimum Member 2 0 0 -
2 - Officals of Ministry dealing in
CA'56
Maximum Member 6 5 (WTD) & 4 (PTD) 1 - Offical of RBI
3 - WTD
2 - Others -
Term 5 Years 5 Years - -

re
Reappointment Possibe Possibe Except PTD - -
Minimum Age - - - -
Maximum Age 65 65 (Chairperson) & 62 (Member) - -

Ability, Integrity and Standing
Ability, Integrity and Standing
Su
Ability, Integrity and Standing Ability, Integrity and Standing
Atleast 51% Director:
Agriculture & Rural Economy, Co-
operation, SSI, Accountancy, Banking,

r
Economics, Accountancy, Finance, Life & General Insurance, Acturial Life & General Insurance, Acturial
Qualification Economics, Finance, Law or any other

fo
Management, Law, Public Affairs and Science, Economics, Accountancy,
Others Finance, Management, Law.
Science, Economics, Accountancy,
qualification
Finance, Management, Law.
Atleast 2 Director:
Agriculture & Rural Economy, Co-

s
operation, SSI

1. Chief Justice of India or its nominee

es
2. Secretory of MCA and Ministry of
cc
Law and Justice
Standing Comitte 3. 2 Expert Not Applicable - -
Resignation:
Su

- Ceasation of term
- Appointmnet of Successor
- End of 3 Months
Removal
Removal after Investigation
Earlier among the 3 Conditions End of 3 Months - -
1. Insovent 1. Insovent
2. Unsound Mind 2. Unsound Mind
3. Moral Turpitude 3. Moral Turpitude
4. Abused Position 4. Abused Position 1. Public Interest
5. Financial Interest 5. Financial Interest 2. Interest of the Depositor
6. Full Time Employement - 3. Securing proper Management
4 and 5 4 and 5 - -

Particulars
Restriction on Empoyement
Proceedings not Invalidate
Financial Statements
Signing
Time of Filing from the date of
end of FY
Competition Act, 2002 IRDA, 1999 SEBI, 1992 Banking Regulation Act,1949
Competition Comission of India IRDA SEBI Board of Bank
For 2 years (Govt and Insurance Co.)
For 2 years (Except Govt) Except Previous Approval - For 5yrs
Defect in Constitution, Appointment and
Irregularity in Procedure not affecting
merit of the case. - - -
Balance Sheet, Profit and Loss Account,
Revenue Account, Profit and Loss App
- A/c. - Balance Sheet, Profit and Loss Account
1 Chairmen, 2 Director, 1 PO, MD (If 1 PO & 3 director and in case of less
- appointed) - than 3 , then all the directors
re
- 6 Months - 3 Months ( 3 Months Extension)
r Su
fo
s
es
cc
Su
In CA Final allied law, student may come across many common topics among the curriculam, so
rather reading that topic again and again among the various, they may refer these notes to get best
out of it.

Supreseding of any Authority by Central Government

In this concept, Authority means:

1. Authorised Person FEMA

2. Governing Body of SE - SCRA
3. Competion Comission of India (CCI)
4. Governing Body of Bank - Banking Regulation Act
5. Insurance Regulatory Board of India (IRDA)
6. Management of Borrower (SARFAESI)

(A) Grounds for Supersiding:

1. When authority itself involves in fraud, or misuse its power;

2. Situation is not being controlled by the appointed authority.
3. When it is in Public Interest;
4. When it is in Benificary interest (Depositers, Investors, members etc.);
5. Non compliance of law/any condition or regulation

On the aforesaid mentioned grounds, CG may supersede the authority by giving Oppurtunity of
being heard .

(B) Consequences of Supersiding:

1. Existing members of the Governing body has been superseded and ceases to hold their office.
2. New members appointed by CG shall perform all fuctions and duties.
3. All the property of the authority shall vest to the newly appointed Governing Body.
4. Person so removed may continue their office till the time prescribed in the notification of
Supersiding issued by the CG.
5. Before deciding the period of office of the members of New Governing Body, CG may call
old Governing Body to reconsitute the New Governing Body in accordence with its rule and
on such reconstitution, all the property which was vested to the New Governing Body shall
revest to the body so Reconstituted.
 Inspection and Investigation

1. Auhtority should have reasonable ground that:

- Affairs of business are conducted in a manner deterimental to the interest of the beneficary
- Provision of the law, any regulation or conddition are being violated
- Any other matter

2. Authority will appoint Inspection officer.

3. Every manager, director or officer shall provide all the boooks of accounts and other information
and give all assistance to the Inspection Officer.
4. Inspection officer may take in his custody any books of accounts or any other paper for a period
not more than 180days.
5. On the basis of Inspection, Officer shall give the report the concerned authority.
6. Authority may if consider fit apppoint Investigation officer.
7. Investigation Officer with the prior approval of 1st class magisterate can search, seize and execute
any person on oath.
8. Report to Authority.
9. On the basis of report, authority may pass order as it deems it.
10. Duty of company and its officers to support under Inspection and Investigation, Non complaince
may lead to penalty.
 Advocacy

Central Government Draft Law

May obtain opinion from the Authority

(IRDA, RBI, SEBI, CCI)

These are only Recommendation, which may or may not accept.

- Either Accept,
- Reject

Redraft the law

Laid down in Parliament

Assent from the President

Becomes an Act