Business Law

Cover
Brief Contents
Contents
Preface to the Third Edition
Preface to the Second Edition
Preface to the First Edition
About the Author
Introduction to Constitution of India
Chapter 1: The Indian Contract Act, 1872: Nature and Kind of Contracts
	1.1: Scope of the Act
	1.2: What is a Contract?
		1.2.1: Contract
		1.2.2: Agreement
		1.2.3: Promise
		1.2.4: Proposal
		1.2.5: Parties to an Agreement /a Contract
		1.2.6: Enforceability of an Agreement
	1.3: Essential Elements of Valid Contracts—Section
		1.3.1: Offer and Acceptance
		1.3.2: Intention to Create Legal Relation
		1.3.3: Lawful Consideration
		1.3.4: Free Consent
		1.3.5: Lawful Object
		1.3.6: Capacity of Parties
		1.3.7: Agreement Must Not Be Expressly Declared Void or Illegal
		1.3.8: Certainty of Meaning
		1.3.9: Possibility to Perform
		1.3.10: Legal Formalities
	1.4: Distinguish between an Agreement and a Contract
	1.5: Types of Contract or Classification of Contract
		1.5.1: Express Contract
		1.5.2: Implied Contract
		1.5.3: Quasi-contract
		1.5.4: E-contract
		1.5.5: Executed Contract
		1.5.6: Executory Contract
		1.5.7: Partly Executed and Partly Executory Contract
		1.5.8: Unilateral Contract
		1.5.9: Bilateral Contract
		1.5.10: Valid Contract
		1.5.11: Void Contract
		1.5.12: Voidable Contract
		1.5.13: Illegal Agreement
		1.5.14: Unenforceable Contract
		1.5.15: Certain Contracts in Writing
	1.6: Distinguish between Void and Voidable Contract
	1.7: Distinguish between Void and Illegal Agreement
	1.8: Similarities between Void and Illegal Agreements
Chapter 2: The Indian Contract Act, 1872: Offer and Acceptance of an Offer
	2.1: Essential Elements of an Offer (Proposal)
		2.1.1: Two Parties
		2.1.2: Communication
		2.1.3: Willingness
		2.1.4: With Intention of Obtaining Assent
		2.1.5: Offer May Be Positive or Negative
	2.2: Legal Rules as to Offer
		2.2.1: Offer Should Not Bind the Other Party to Reply
		2.2.2: Offer Must Be Definite, Unambiguous and Certain
		2.2.3: Offer Must Be Made to Create Legal Relationship
		2.2.4: Invitation to Offer is Not an Offer
		2.2.5: Terms and Conditions Communicated Along with an Offer
	2.3: Distinguish between Invitation to Offer and an Offer
	2.4: Classification of Offers or Kinds of Offers
		2.4.1: Express Offer
		2.4.2: Implied Offer
		2.4.3: Specific Offer
		2.4.4: General Offer
		2.4.5: Cross Offer
		2.4.6: Continuous Offer
		2.4.7: Counter Offer
		2.4.8: Legal Effects of Counter Offer
	2.5: Distinguish between General Offer and Specific Offer
	2.6: Lapse of Offer or When Offer Comes to an End
		2.6.1: Notice of Withdrawal
		2.6.2: Lapse of Time
		2.6.3: Non-fulfillment of Condition Attached with an Offer
		2.6.4: Counter Offer
		2.6.5: Acceptance is Not Made in the Prescribed Mode or Usual Manner by the Offeree
		2.6.6: Death or Insanity of an Offeror or Offeree
		2.6.7: Rejection of an Offer by the Offeree
		2.6.8: Destruction of Subject–Matter
		2.6.9: By Change in Provision of Act or Any Law
	2.7: Legal Rules for the Acceptance
		2.7.1: Acceptance Must Be Absolute and Unqualified
		2.7.2: Acceptance Must Be Communicated
		2.7.3: Manner of Acceptance
		2.7.4: Acceptance of Offer Must Be from Competent Person
		2.7.5: Time Limit for Acceptance
		2.7.6: Acceptance May Be Express or Implied
		2.7.7: Mere Silence is not Acceptance of an Offer
		2.7.8: Acceptance Subject to Contract is No Acceptance
	2.8: General Rules as to Communication of Acceptance
		2.8.1: In Case of Acceptance by Post
		2.8.2: Delayed or No Delivery of Letter
		2.8.3: Acceptance by Telephones, Telex or Fax
		2.8.4: Place of Contract
		2.8.5: Time of Contract
		2.8.6: Communication of Acceptance in Case of Agent
		2.8.7: Acceptance on Loudspeakers
	2.9: Communication of Offer and Acceptance—Sections 4 and 5
		2.9.1: Communication of Offer
		2.9.2: Communication of Acceptance—Against the Offeror
		2.9.3: Communication of Acceptance—Against the Offeree
		2.9.4: Communication of Revocation of an Offer
		2.9.5: Communication of Revocation of an Acceptance
Chapter 3: The Indian Contract Act, 1872: Capacity of Parties and Consideration
	3.1: Capacity of Parties
		3.1.1: Who are Competent to a Contract?
	3.2: Minor
	3.3: Effect of Minor’s Agreement
		3.3.1: Agreement is Void ab initio
		3.3.2 Minor Can Be a Promisee or Beneficiary
		3.3.3: No Ratification
		3.3.4: No Specific Performance
		3.3.5: Restitution Order
		3.3.6: Contract by Parent or Guardian
	3.4: Different Position of a Minor
		3.4.1: Minor Agent
		3.4.2: Guarantee for and by a Minor
		3.4.3: Minor and Insolvency
		3.4.4: Minor as a Joint Promisor
		3.4.5: Minor Shareholder
		3.4.6: Minor and Negotiable Instruments Act
		3.4.7: Service Contract
		3.4.8: Minor as Trade Union Member
		3.4.9: Liability for Tort
	3.5: Minor’s Liability for Necessities
		3.5.1: Things Must Be Suitable to the Conditions in Life of the Minor
		3.5.2: The Minor Must Be in Need of Such Things
	3.6: Person of Unsound Mind
		3.6.1: An Idiot
		3.6.2: Delirious Persons
		3.6.3: Hypnotized Persons
		3.6.4: Mental Decay
		3.6.5: Drunken Person
	3.7: Person Disqualified by Law
		3.7.1: Body Corporate or Company or Corporation
		3.7.2: Alien Enemy
		3.7.3: Convict
		3.7.4: Insolvent
	3.8: What is Consideration?
		3.8.1: Consideration is Defined Under Section 2(d)
	3.9: Type of Consideration
		3.9.1: Past Consideration
		3.9.2: Present Consideration
		3.9.3: Future Consideration
	3.10: Essentials of Valid Consideration
		3.10.1: Consideration Means Doing or Not Doing Something
		3.10.2: Consideration Must Move at the Desire of Promisor
		3.10.3: Consideration May Move from Promisee or Other Person
		3.10.4: Consideration May Be Inadequate
		3.10.5: Consideration May Be Past, Present or Future
		3.10.6: Act Promisor Bound to Do is Not Consideration
		3.10.7: Consideration Must Be Lawful
		3.10.8: Consideration Should Be Possible to Perform
	3.11: Stranger to Contract and Stranger to Consideration
		3.11.1: Stranger to Consideration
		3.11.2: Stranger to Contract
	3.12: Exception to the Rule of Stranger to Contract
		3.12.1: Beneficiary
		3.12.2: Family Settlement or Marriage Settlement
		3.12.3: Assignment of Contract
		3.12.4: Agency
	3.13: Exception to Rule ‘No Consideration No Contract’—Section 25
		3.13.1: Agreement on Account of Natural Love and Affection
		3.13.2: Voluntary Past Services
		3.13.3: Bailment
		3.13.4: Agreement to Pay Time Barred Debt
		3.13.5: Gift
		3.13.6: Contract of Agency
		3.13.7: Promise to Charities
Chapter 4: The Indian Contract Act, 1872: Free Consent
	4.1: Meaning of a Consent—Section 13
	4.2: Free Consent—Section 14
	4.3: Coercion
	4.4: Certain Threats do not Amount to Coercion
		4.4.1: Threat to Sue Does Not Amount to Coercion
		4.4.2: Statutory Compulsions
		4.4.3: Threat to Strike
		4.4.4: Detaining Property Under Mortgage
	4.5: Undue Influence
	4.6: When a Person is Deemed to be in Position to Dominance of will of Others?
		4.6.1: When a Person Holds Real or Apparent Authority Over Other
		4.6.2: When He Stands in Fiduciary Relationship Over Other
		4.6.3: When Contract is Made with Mentally Weak Person
		4.6.4: Contract with Pardanashin Woman
		4.6.5: No Presumption of Dominance of Will
	4.7: Distinguish between Coercion and Undue Influences
	4.8: Fraud
	4.9: Essential Elements of Fraud
		4.9.1: False Representation
		4.9.2 Material Fact
		4.9.3: Rely Upon the False Representation
		4.9.4: Silence is Not Fraud
	4.10: Exception to the Rule—Silence is not Fraud
		4.10.1: It Is Duty of a Person to Speak in Circumstances
		4.10.2: Silence is Equivalent to Speech
	4.11: Contract of Ubberimae Fidei
		4.11.1: Contract of Insurance
		4.11.2: Contracts for Sale of Immovable Property
		4.11.3: Contracts of Marriage
		4.11.4: Contracts of Family Settlement
		4.11.5: Contract of Partnership
	4.12: Effects of Fraud
	4.13: Misrepresentation
		4.13.1: Consequences of Misrepresentation
	4.14: Essential Elements of Misrepresentation
	4.15: Distinguish between Fraud and Misrepresentation
	4.16: Similarities between Fraud and Misrepresentation
	4.17: Mistake
		4.17.1: Mistake of Law
		4.17.2: Mistake of Fact
	4.18: Distinguish between Unilateral Mistake and Bilateral Mistake
Chapter 5: The Indian Contract Act, 1872: Void Agreement and Contingent Contract
	5.1: When an Object or a Consideration is Unlawful?—Section 23
		5.1.1: If it is Forbidden (Prohibited) by Law
		5.1.2: An Act Which Would Defeat the Provisions of Any Law
		5.1.3: If it Creates Injury to Any Person or Property of Person
		5.1.4: Object or Consideration of an Agreement is Fraudulent
		5.1.5: Where Court Consider it as Immoral or Against Public Policy
	5.2: An Agreement Opposed to Public Policy
		5.2.1: Trading with an Enemy
		5.2.2: Agreement to Commit Crime
		5.2.3: Agreement Interfering Course of Justice
		5.2.4: Agreement Interfering Admistration
		5.2.5: Stifling Prosecution
		5.2.6: Maintenance Agreement
		5.2.7: Champerty Agreement
		5.2.8: Agreement in Restraint of Legal Proceeding
		5.2.9: Agreement in Restraint of Parental Rights
		5.2.10: Agreement in Restraint of Personal Freedom
		5.2.11: Agreement in Restraint of Marriage
		5.2.12: Marriage Brokerage
		5.2.13: Agreements for Sale of Public Offices and Titles
	5.3: Agreements in Restraint of Trade—Section 27
		5.3.1 Exceptions to the Rule
	5.4: Agreement in Restraint of Legal Proceedings—Section 28
	5.5: Agreements Unlawful in Parts
		5.5.1: Where Lawful Part Can Be Separated from the Unlawful Part
		5.5.2: Where Lawful and Unlawful Parts Cannot Be Separated
		5.5.3: Reciprocal Promise to Do Things Legal and Also Other Things Illegal
		5.5.4: Alternative Promise, One Branch Being Illegal
	5.6: Wagering Agreement—Section 30
	5.7: Essentials of Wagering Agreement
		5.7.1: Promise to Pay Money or Money’s Worth
		5.7.2: Performance Depend Upon Event
		5.7.3: Change of Win or Loss
		5.7.4: No Interest or Control Over an Event
	5.8: Effects of Wagering Agreement
	5.9: Distinguish between a Wagering Agreement and an Insurance Contract
	5.10: Distinguish between a Wagering Agreement and a Contingent Contract
	5.11: Illegal Agreement
		5.11.1: Effects of Illegal Agreement
	5.12: Contingent Contract—Section 31
	5.13: Essential Features of Contingent Contract
		5.13.1: Event in Future
		5.13.2: Event Must Be Uncertain
		5.13.3: Event Must Be Collateral
		5.13.4: Event Must Not Depend Upon Act of Party
	5.14: Rules Regarding Enforcement of Contingent Contract
		5.14.1: Contingent Contract Dependent on the Happening of Future Uncertain Event
		5.14.2: Contingent Contract Dependent on the Non-happening of Future Uncertain Event
		5.14.3: Contingent Contract Dependent on Happening of Specified Uncertain Event Within Fixed Time
		5.14.4: Contingent Contract Dependent on Non-happening of Specified Uncertain Event Within Fixed Time
	5.15: Uncertain Agreement
	5.16: Distinguish between a Void Agreement and a Void Contract
Chapter 6: The Indian Contract Act, 1872: Performance of Contract
	6.1: Essentials of a Valid Tender
		6.1.1: It Must Be Unconditional
		6.1.2: It Must Be at Proper Place
		6.1.3: For Whole Obligation
		6.1.4: In Legal Tender Money
		6.1.5: It Must Be Made at Proper Time and to a Proper Person
		6.1.6: Reasonable Opportunity to Promisee
	6.2: Effects of a Valid Tender
	6.3: Types of Tenders
		6.3.1: Tender of Goods and Services
		6.3.2: Tender of Money
	6.4: Contracts which Need not to Perform
		6.4.1: Performance Becomes Impossible
		6.4.2: New Contract in Place of Old Contract
		6.4.3: Waiver by Promisee
		6.4.4: Promise Becomes Illegal
		6.4.5: Rejection of Valid Tender
		6.4.6: No Reasonable Facility
	6.5: Who can Perform Contract?
		6.5.1: Promisor
		6.5.2: Legal Representative
		6.5.3: Third Party
	6.6: Performance of Joint Promise—Sections 42–45
		6.6.1: Promisee May Compell to Perform Any One of Joint Promisor
		6.6.2: The Joint Promisors are Liable to Contribute Equally
		6.6.3: Joint Promisors Liable to Share Loss Equally
		6.6.4: Effect of Release of Joint Promisor
	6.7: Time and Place for Performance of Promise—Sections 46–50
		6.7.1: Time for Performance of Promise Where No Application is to Be Made and No Time is Specified
		6.7.2: Time and Place for Performance of Promise Where Time is Specified and No Application to Be Made
		6.7.3: Application for Performance on Certain Day to Be at Proper Time and Place
		6.7.4: Place for Performance of Promise Where No Application to Be Made and No Place Fixed for Performance
		6.7.5: Performance in Manner or at Time Prescribed or Sanctioned by Promisee
	6.8: Who can Demand Performance of Promise?
		6.8.1: Promisee
		6.8.2: Legal Representative of Promisee
		6.8.3: Third Party
		6.8.4: Demand by Joint Promisees
	6.9: Kinds of Reciprocal Promise
		6.9.1: Mutual and Independent
		6.9.2: Mutual and Dependent
		6.9.3: Mutual and Concurrent
	6.10: Rules Regarding Performance of Reciprocal Promises
		6.10.1: Simultaneous Performance of Reciprocal Promise—Section 51
		6.10.2: Order of Reciprocal Promise is Fixed—Section 52
		6.10.3: Effect of Preventing Performance—Section 53
		6.10.4: Effect of Default As to Promise to Be Performed First Under Contract—Section 54
		6.10.5: Effect of Promise to Do Legal and Illegal Things—Section 57
	6.11: Time is the Essence of a Contract
		6.11.1: Effect of Such Failure When Time Is Not Essential
		6.11.2: Effect of Acceptance of Performance at Time Other Than That Agreed Upon
	6.12: Appropriation of Payments—Sections 59–61
		6.12.1: Appropriation as per Express Instructions
		6.12.2: Appropriation as per Circumstances Implying
		6.12.3: Appropriation of Payment Where No Express Instructions or Implying Circumstances are there
		6.12.4: Appropriation in Chronological Order, i.e., in Order of Time
		6.12.5: Appropriation in Case of Current Account
		6.12.6: In Case Interest is Also Due
		6.12.7: Payment Received in Demand for Various Debts
		6.12.8: Appropriation in Case of Trust Fund
	6.13: Assignment and Succession of a Contract
Chapter 7: The Indian Contract Act, 1872: Discharge of a Contract
	7.1: Discharge of a Contract
	7.2: Discharge of a Contract on Performance
		7.2.1: By an Actual Performance
		7.2.2: By an Attempted Performance or a Tender
	7.3: Discharge of a Contract by a Mutual Agreement or by an Implied Consent
		7.3.1: Novation
		7.3.2: Alteration
		7.3.3: Rescission
		7.3.4: Remission
		7.3.5: Waiver
		7.3.6: Merger
	7.4: Distinguish between a Novation and an Alteration
	7.5: Distinguish between a Rescission and an Alteration
	7.6: Discharge of a Contract by Impossibility of Performance
		7.6.1: Initial Impossibility or Pre-contractual Impossibility
		7.6.2: Known Impossibility
		7.6.3: Unknown Impossibility
		7.6.4: Supervening Impossibility or Post-contractual Impossibility
	7.7: Specific Grounds of Subsequent Impossibilities
		7.7.1: Destruction of Subject–Matter
		7.7.2: Incapacity or Death
		7.7.3: Change in Law or Circumstances
		7.7.4: Declaration of War
	7.8: Cases where a Contract is not Discharged on the Ground of Supervening Impossibility
		7.8.1: Performance Becomes Difficult
		7.8.2: Commercial Impossibility
		7.8.3: Impossibility Due to the Conduct of Third Party
		7.8.4: Strikes, Riots or Civil Disturbances
		7.8.5: Self-induced Impossibility
		7.8.6: Failure of Object
	7.9: Discharge of a Contract by Lapse of Time
	7.10: Discharge of a Contract by Operation of Law
		7.10.1: Death
		7.10.2: Merger
		7.10.3: Insolvency
		7.10.4: Unauthorized Material Alteration
	7.11: Discharge of a Contract by Breach of Contract
		7.11.1: Consequences of Breach of Contract
		7.11.2: Actual Breach of Contract
		7.11.3: Anticipatory Breach of Contract
Chapter 8: The Indian Contract Act, 1872: Remedies for Breach of Contract and Quasi-contract
	8.1: Rescission of a Contract—Section 39
		8.1.1: Effects of Rescission of a Contract
	8.2: Suit for Damages
	8.3: Kinds of Damages
		8.3.1: Ordinary Damages
		8.3.2: Special Damages
		8.3.3: Exemplary or Punitive or Vindictive Damages
		8.3.4: Nominal Damages
		8.3.5: Damages for Inconvenience
		8.3.6: Liquidated Damages and Penalty
		8.3.7: Forfeiture of Security Deposit
		8.3.8: Payment of Interest
		8.3.9: Cost of Suit or Decree
	8.4: Suit for a Specific Performance
		8.4.1: When a Specific Performance is Allowed?
		8.4.2: When a Specific Performance is Not Allowed?
	8.5: Suit for Injunction
	8.6: Quantum Meruit
		8.6.1: Claim on Quantum Meruit by a Party Not at Fault
		8.6.2: Claim on Quantum Meruit by a Party at Fault
	8.7: Quasi-Contract—Sections 68–72
		8.7.1: Cases of Quasi-contract
	8.8: Distinguish between a Quasi-Contract and a Contract
Chapter 9: The Indian Contract Act, 1872: Indemnity and Guarantee
	9.1: Indemnity Contract
	9.2: Essential Elements of an Indemnity Contract
		9.2.1: Loss to One Party
		9.2.2: Indemnity by the Promisor
		9.2.3: Reason for Loss
	9.3: Right of an Indemnity Holder—Section 125
		9.3.1: Right to Recover Damages
		9.3.2: Right to Recover Costs
		9.3.3: Right to Recover Sums Paid in Compromise
	9.4: Guarantee
	9.5: Essential Elements of Contract of Guarantee
		9.5.1: Concurrence
		9.5.2: Primary Liability in Some Person
		9.5.3: Essentials of a Valid Contract
		9.5.4: Writing Not Necessary
	9.6: Kinds of Guarantee
		9.6.1: Retrospective Guarantee
		9.6.2: Prospective Guarantee
		9.6.3: Specific Guarantee
		9.6.4: Continuing Guarantee—Section 129
	9.7: Revocation of a Continuing Guarantee
		9.7.1: By Notice—Section 130
		9.7.2: By Death of Surety—Section 131
		9.7.3: On Discharge of Surety
	9.8: Surety’s Liability—Section 128
		9.8.1: Liability is Secondary and Conditional
		9.8.2: Liability is Coextensive with Liability of Principal Debtor
		9.8.3: Surety’s Liability May Be Limited
	9.9: Rights of Surety
		9.9.1: Against the Principal Debtor—Sections 140 and 145
		9.9.2: Against the Creditor
		9.9.3: Against Co-sureties
	9.10: Discharge of a Surety
		9.10.1: By Notice of Revocation—Section 130
		9.10.2: By Death of Surety—Section 131
		9.10.3: By Variance in Terms of Contract—Section 133
		9.10.4: By Release or Discharge of Principal Debtor—Section 134
		9.10.5: When Creditor Compound or Give Time to Debtor—Section 135
		9.10.6: By Creditor’s Act—Section 139
		9.10.7: By Release or Lose of Security by Creditor—Section 141
		9.10.8: By Invalidation of Contract of Guarantee
	9.11: Difference between a Contract of Indemnity and a Contract of Guarantee
Chapter 10: The Indian Contract Act, 1872: Bailment and Pledge
	10.1: What is a Bailment?
	10.2: Essentials of a Valid Bailment
		10.2.1: Delivery of Possession
		10.2.2: Contract Between the Parties
		10.2.3: Delivery for Some Purpose
		10.2.4: Return or Disposal of Goods
	10.3: Types of Bailment
		10.3.1: Gratuitous Bailment
		10.3.2: Non-gratuitous Bailment
		10.3.3: Bailment for the Exclusive Benefit of a Bailor
		10.3.4: Bailment for the Exclusive Benefit of a Bailee
		10.3.5: Bailment for Mutual Benefit of Both Bailor and Bailee
	10.4: Duties of a Bailee
		10.4.1: Duty of Care—Sections 151 and 152
		10.4.2: Compensation for an Unauthorized Use—Section 154
		10.4.3: Duty Not to Mix—Sections 155–157
		10.4.4: Duty to Return Goods—Sections 160 and 161
		10.4.5: Duty to Return Increase or Profit—Section 163
		10.4.6: Duty Not to Set Up Adverse Title
	10.5: Duties of a Bailor
		10.5.1: Duty to Disclose Fault—Section 150
		10.5.2: Duty to Bear Extraordinary Expenses—Section 158
		10.5.3: Duty to Indemnify Loss for Permanent Terminationof Bailment—Section 159
		10.5.4: Duty to Indemnify the Bailee for Any Loss—Section 164
		10.5.5: Duty to Receive Back the Goods—Section 164
		10.5.6: Duty to Bear a Loss—Section 162
	10.6: Bailee’s Rights
		10.6.1: Return/Delivery of Goods—Section 165
		10.6.2: File Suit to Court
		10.6.3: To Recover Charges
		10.6.4: Right of Lien
	10.7: Bailor’s Rights
		10.7.1: Enforcement
		10.7.2: Termination of Bailment—Section 153
		10.7.3: File Suit Against a Wrong Doer
		10.7.4: To Demand Goods at Any Time—Section 159
	10.8: Termination of a Bailment
		10.8.1: Efflux of Time
		10.8.2: Fulfillment of Purpose
		10.8.3: Inconsistent Use of Goods
		10.8.4: Destruction of the Subject–Matter
		10.8.5: Death of Any Party
		10.8.6: Termination by a Bailor
	10.9: Lien
		10.9.1: General Lien
		10.9.2: Particular Lien
	10.10: Difference between a General Lien and a Particular Lien
	10.11: Finder of Goods
	10.12: Pledge
	10.13: Rights of a Pawnee
		10.13.1: Right of a Retainer—Sections 173 and 174
		10.13.2: Extraordinary Expenses—Section 175
		10.13.3: When a Pawnor Defaults—Section 176
		10.13.4: To Sell Goods
	10.14: Rights of a Pawnor
		10.14.1: Redeem Goods Pledged
		10.14.2: Surplus on Sale
	10.15: Pledge by a Non-Owner
		10.15.1: Mercantile Agent
		10.15.2: Possession Under a Voidable Contract
		10.15.3: Person with Limited Interest
		10.15.4: Seller in Possession After Sale
	10.16: Distinguish between a Bailment and a Pledge
Chapter 11: The Indian Contract Act, 1872: Agency
	11.1: Contract of Agency
		11.1.1: Agent
		11.1.2: Principal
	11.2: Essentials for a Valid Agency
		11.2.1: Agreement Between the Principal and the Agent
		11.2.2: Agent Must Act in a Representative Capacity
		11.2.3: Consideration
		11.2.4: Capacity of a Party
	11.3: Test of an Agency
	11.4: Difference between an Agent and a Servant
	11.5: Difference between an Agent and an Independent Contractor
	11.6: Different Kinds of Agents
		11.6.1: General Agent
		11.6.2: Particular Agent
		11.6.3: Universal Agent
		11.6.4: Mercantile Agent
		11.6.5: Factor
		11.6.6: Broker
		11.6.7: Commission Agent
		11.6.8: Auctioneer
		11.6.9: Del Credere Agent
	11.7: Mode of Creating an Agency
		11.7.1: Agency by an Express Agreement—Sections 186 and 187
		11.7.2: Agency by an Implied Agreement—Section 187
		11.7.3: Agency by Ratification—Sections 196 and 197
	11.8: Requisites of a Valid Ratification—Sections 198–200
		11.8.1: The Agent Must Expressly Contract Agent
		11.8.2: The Principal Must Be in Existence at the Time of the Contract
		11.8.3: The Principal Must Have Contractual Capacity Both at the Time of the Contract and at the Time of the Ratification
		11.8.4: Ratification must be with Full Knowledge of Facts
		11.8.5: The Act to be Ratified Must Be Lawful and Not Void or Illegal
		11.8.6: Ratification Must Be Done Within a Reasonable Time
		11.8.7: The Whole Act to Be Ratified
		11.8.8: Ratification Must Be Communicated
		11.8.9: Ratification Can Be of the Acts Which the Principal had the Power to do
		11.8.10: Ratification Should Not Put a Third Party to Damages
	11.9: Husband and Wife
		11.9.1: Wife Living with Her Husband
		11.9.2: Wife Living Apart from Her Husband
	11.10: Extent of an Agent’s Authority
		11.10.1: Actual Authority—Section 186
		11.10.2: Ostensible or Apparent Authority
		11.10.3: Authority in Emergency—Section 189
		11.10.4: When the Agent Exceeds His Authority
	11.11: Delegation of Authority by an Agent
		11.11.1: Delegation of Authority—Section 190
		11.11.2: Exceptions to the Rule of ‘Delegatus Non-protest Delegare’
	11.12: Sub-Agent—Section 191
		11.12.1: Where a Sub-agent is Properly Appointed—Section 192
		11.12.2 Where a Sub-agent is Not Properly Appointed—Section 193
	11.13: Substituted Agent or Co-Agent—Section 194
	11.14: Difference between a Sub-Agent and a Substituted Agent
	11.15: Duties of an Agent
		11.15.1: Duty to Follow the Instruction of Principal—Section 211
		11.15.2: Duty to Carry Work with Care and Skill—Section 211
		11.15.3: Duty to Render Accounts to the Principal—Section 213
		11.15.4: Duty to Communicate with the Principal—Section 214
		11.15.5: Duty Not to Deal on His Own Account—Section 215
		11.15.6: Duty Not to Make Secret Profit—Section 216
		11.15.7: Duty to Pay Sums Received for the Principal—Sections 217 and 218
		11.15.8: Duty to Protect Interests of the Principal in Case of His Death or Insolvency—Section 209
		11.15.9: Duty Not to Delegate—Section 190
	11.16: Rights of an Agent
		11.16.1: Right to a Retainer—Section 217
		11.16.2: Right to Receive the Remuneration—Sections 219 and 220
		11.16.3: Right of Lien—Section 221
		11.16.4: Right to Be Indemnified—Section 222
		11.16.5: Right of Compensation—Section 225
	11.17: Position of a Principal and an Agent in Relation to Third Parties
	11.18: Principal Relationship where an Agent Contracts for a Named Principal
		11.18.1: Acts of the Agents Are Within His Authority—Section 226
		11.18.2: Agent Act in Excess His Authority—Section 227
		11.18.3: Consequences of Notice Given to Agent—Section 229
		11.18.4: Principal Inducing Belief that Agent’s Unauthorized Acts are Authorized—Section 237
		11.18.5: Misrepresentation or Fraud by an Agent—Section 238
	11.19: Principal’s Relation where an Agent Contracts for an Unnamed Principal
	11.20: Principal’s Relation where an Agent Contracts for an Undisclosed Principal
		11.20.1: Position of an Agent
		11.20.2: Position of a Principal
		11.20.3: Position of a Third Party
	11.21: Personal Liabilies of an Agent
		11.21.1: When the Agent Acts for a Foreign Principal—Section 230
		11.21.2: When the Agent Acts for an Undisclosed Principal—Section 230
		11.21.3: When Agent Acts for an Incompetent Principal—Section 230
		11.21.4: When the Contract Expressly Provides
		11.21.5: When the Agent Acts for a Principal Not in Existence
		11.21.6: When the Agent Signs a Contract in His Own Name
		11.21.7: When the Agent Acts Beyond His Authority
		11.21.8: Where There is a Misrepresentation or Fraud by Agent
		11.21.9: Where the Trade, Usage or Custom Makes the Agent Personally Liable
		11.21.10: Where Authority is Coupled with an Interest
		11.21.11: Pretended Agent—Sections 235 and 236
	11.22: Termination of an Agency
	11.23: Termination of an Agency by the Act of Parties
		11.23.1: By an Agreement
		11.23.2: By Revocation of an Authority
		11.23.3: By Renunciation of Agency by Agent
	11.24: Termination of an Agency by the Operation of Law
		11.24.1: By Performance
		11.24.2: By Efflux of Time
		11.24.3: By Death or Insanity
		11.24.4: By Insolvency
		11.24.5: On Destruction of Subject Matter
		11.24.6: On Winding Up of Company
		11.24.7: On Principal Becoming an Alien Enemy
	11.25: Irrevocable Agency
		11.25.1: Where the Agency is Coupled with an Interest
		11.25.2: Where an Agent Has Incurred a Personal Liability
		11.25.3: Where an Agent Has Partly Exercised an Authority
Chapter 12: The Partnership Act, 1932
	12.1: Applicability of the Act
	12.2: Definition of Partnership—Section 4
	12.3: Essential Characteristics of Partnership
		12.3.1: Agreement
		12.3.2: Number of Persons
		12.3.3: Maximum Number of Persons
		12.3.4: Business
		12.3.5: Sharing or Profit
		12.3.6: Mutual Agency
	12.4: True Test of Partnership
	12.5: Cases Where No Partnership Exists—Section 6
	12.6: Distinguish between a Partnership and a Hindu Undivided Family
	12.7: Distinguish between a Partnership and an Association
	12.8: Distinguish between a Partnership and a Co-Ownership
	12.9: Distinguish between a Partnership and a Club
	12.10: Registration of Firm—Sections 56–71
		12.10.1: Procedure for Registration of Firm—Sections 58 and 59
	12.11: Registration of Alterations—Sections 60–63
	12.12: Time for Registration
	12.13: Effects of Non-Registration—Section 69
	12.14: Types of Partners
		12.14.1: Actual or Active Partner
		12.14.2: Sleeping or Dormant Partner
		12.14.3: Nominal Partner
		12.14.4: Partner in Profit
		12.14.5: Sub-partner
		12.14.6: Partner by Estoppel or Holding Out
		12.14.7: A Minor Partner
	12.15: Position of a Minor Partner after Attaining Majority
		12.15.1: Where a Minor Elects to Become a Full Fledged Partner
		12.15.2: Where He Elects Not to Become a Partner
	12.16: Who can be a Partner in the Firm?
	12.17: Rights of a Partner
		12.17.1: Right to Take Part in Business
		12.17.2: Right to Be Consulted
		12.17.3: Right to Access the Books of Account
		12.17.4: Right to Share Profit
		12.17.5: Right to Interest
		12.17.6: Right to Be Indemnified
		12.17.7: Right to the Use the Firm’s Property
		12.17.8: Right to Retire from Partnership
		12.17.9: Right to Receive Remuneration
		12.17.10: Right Not to Be Expelled from Partnership
	12.18: Partner’s Optional Duties
		12.18.1: Duty to Share Losses Equally
		12.18.2: Duty Not to Act for Individual Benefit
		12.18.3: Duty Not to Carry on Any Other Business
		12.18.4: Duty to Indemnify the Firm from Loss Cause Due to Willful Neglect
		12.18.5: Duty to Make Proper Use of Property of Firm
	12.19: Partner’s Compulsory Duties
		12.19.1: Duty of Good Faith
		12.19.2: Duty to Carry on Business to the Greatest Common Advantage
		12.19.3: Duty to Render True Accounts of Firm
		12.19.4: Duty to Give Full Information
		12.19.5: Duty to Indemnify for Loss Caused by Fraud
		12.19.6: Duty to Act Within Authority
		12.19.7: Duty to be Liable Jointly and Severally
	12.20: Partnership Property—Section 14
	12.21: Authority of Partner—Sections 19 and 22
		12.21.1: Express Authority
		12.21.2: Implied Authority
	12.22: Acts within the Implied Authority of a Partner
	12.23: Acts Outside the Implied Authority of a Partner
	12.24: Restriction on an Implied Authority
	12.25: Liability of a Partner
	12.26: Partner’s Authority in Emergency
	12.27: Reconstitution of a Firm
		12.27.1: Admission of a Partner—Section 31
		12.27.2: Liability of an Incoming Partner
		12.27.3: Retirement of a Partner—Section 32
		12.27.4: Liability of a Retired Partner
		12.27.5: Rights of a Retired Partner
		12.27.6: Expulsion of a Partner—Section 33
		12.27.7: Test of Good Faith for Expulsion
		12.27.8: Insolvency of a Partner—Section 34
		12.27.9: Death of a Partner—Section 35
		12.27.10: Transfer of Partner’s Interest—Section 29
		12.27.11: Rights and Duties of a Partner After Re-constitution—Section 17
	12.28: Distinguish between Dissolution of a Partnership and Dissolution of a Firm
	12.29: Dissolution without the order of Court—Sections 40–43
		12.29.1: Dissolution by Mutual Agreement
		12.29.2: Compulsory Dissolution
		12.29.3: Dissolution on Happening of Certain Contingencies
		12.29.4: Dissolution by Notice
	12.30: Dissolution with the order of Court—Section 44
		12.30.1: Unsoundness of Mind
		12.30.2: Permanent Incapacity
		12.30.3: Misconduct
		12.30.4: Persistent Breach of Agreement
		12.30.5: Transfer of Interest
		12.30.6: Perpetual Losses
		12.30.7: Just and Equitable Ground
	12.31: Rights of Partners on Dissolution
	12.32: Liabilities of Partners on Dissolution
	12.33: Settlement of Accounts
		12.33.1: Sale of Goodwill
		12.33.2: Sharing of Deficiency
		12.33.3: Application of Assets
	12.34: Garner versus Murray Rule
	12.35: Mode of Giving a Public notice
Chapter 13: Sales of Goods Act, 1930
	13.1: Applicability
	13.2: Definition
		13.2.1: Buyer—Section 2(1)
		13.2.2: Seller—Section 2(13)
		13.2.3: Delivery—Section 2(2)
		13.2.4: Price—Section 2(10)
		13.2.5: Goods—Section 2(7)
		13.2.6: Agreement to Sell
		13.2.7: Sale
		13.2.8: Document of Title—Section 2(4)
		13.2.9: Property—Section 2(11)
	13.3: Essentials of Valid Sales
		13.3.1: Two Parties
		13.3.2: Goods
		13.3.3: Transfer of Property
		13.3.4: Consideration
		13.3.5: Elements of Contract
		13.3.6: Form of Contract of Sale
		13.3.7: Delivery of Goods
	13.4: Distinguish between a Sale and an Agreement to Sell
	13.5: Distinguish between a Sale and a Hire–Purchase
	13.6: Distinguish between a Sale and a Bailment
	13.7: Contract for Work and Skill
	13.8: Types of Goods
		13.8.1: Existing Goods
		13.8.2: Future Goods
		13.8.3: Contingent Goods
	13.9: Price of Goods—Sections 9 and 10
		13.9.1: Method 1
		13.9.2: Method 2
		13.9.3: Method 3
		13.9.4: Method 4
	13.10: Consequences of Destruction of Specific Goods—Sections 7 and 8
		13.10.1: If Goods Perish Before Making of Contract
		13.10.2: Where a Part of the Goods Is Perished Before Making of Contract
		13.10.3: If Goods Perish After the ‘Agreement to Sell’ But Before ‘Sale’
	13.11: Conditions and Warranties
	13.12: Implied Conditions
		13.12.1: Conditions as to Title—Section 14(a)
		13.12.2: Conditions as to Description—Section 15
		13.12.3: Sale by Sample—Section 17
		13.12.4: Sale by Description as well as Sample—Section 15
		13.12.5: Conditions as to Quality and Fitness for Buyer’s Purpose—Section 16
		13.12.6: Conditions as to Merchantability—Section 16
		13.12.7: Condition as to Wholesomeness
	13.13: Implied Warranties
		13.13.1: Warranty as to Quiet Possession—Section 14
		13.13.2: Warranty Against Encumbrances—Section 14
		13.13.3: Warranty as to Quality and Fitness by Usage of Trade—Section 16
		13.13.4: Warranty to Disclose the Dangerous Nature of Goods
		13.13.5: Circumstances When a Condition Can Be Treated as Warranty
	13.14: Distinguish between a Condition and a Warranty
	13.15: Doctrine of Caveat Emptor
	13.16: Transfer of Ownership of Specific Goods—Sections 20–22
		13.16.1: Ownership is Transferred at the Time of Making Contract
		13.16.2: Ownership is Transferred When Goods Are Put in Deliverable State
		13.16.3: Ownership is Transferred When Goods in Deliverable State Put to Weighed or Measured to Ascertained Price
	13.17: Transfer of Ownership in the Case of Unascertained Goods—Sections 18 and 23
	13.18: Transfer of Ownership in Case of Goods Sale on Approval or on Sale or Return Basis—Section 24
	13.19: Passing of Risk
	13.20: Rules Regarding Delivery of Goods—Sections 32–39
		13.20.1: Payment of Price
		13.20.2: Buyer’s Duty to Demand Goods
		13.20.3: Types or Mode of Delivery
		13.20.4: Place of Delivery
		13.20.5: Time of Delivery
		13.20.6: Expenses
		13.20.7: Delivery of Wrong Quantity
		13.20.8: Delivery of Mixed Quality–Quantity
		13.20.9: Delivery by Instalment
		13.20.10: Right to Examine—Section 41
		13.20.11: Delivery to Carrier or Wharfinger—Section 39
		13.20.12: Seller Duty on Valid Delivery of Goods
		13.20.13: Acceptance of Delivery—Section 42
		13.20.14: Wrongful Refusal to Take Delivery
		13.20.15: Goods Sent by Sea Route
	13.21: Unpaid Seller
	13.22: Rights of Unpaid Seller
		13.22.1: Rights of Unpaid Seller Against the Goods When Ownership is Transferred
		13.22.2: Rights of Unpaid Seller Against the Goods When Ownership is not Transferred
		13.22.3: Rights of Unpaid Seller Against Buyer
	13.23: Right of Lien
	13.24: Right of Stoppage in Transit—Sections 50–52
		13.24.1: Duration of Transit—Section 51
	13.25: Right of Resale
	13.26: Right to withhold Delivery of Goods
	13.27: Delivery to Carrier
	13.28: Buyer’s Right Against the Seller or Remedies Against Seller Sections 55–61
		13.28.1: Suit for Damage for Non-delivery
		13.28.2 Suit for Specific Performance
		13.28.3: Suit for Breach of Warranty
		13.28.4: Right to Repudiate the Contract
		13.28.5: Suit for Interest
	13.29: Sale by Non-Owners or Transfer of Title by Non-Owners—Sections 27–30
		13.29.1: Sale by Mercantile Agent
		13.29.2: Sale by One of the Joint Owners—Section 28
		13.29.3: Sale by Person in Possession Under Voidable Contract
		13.29.4: Sale by Seller in Possession After Sale—Section 30
		13.29.5: Sale by Unpaid Seller
		13.29.6: Sale by Liquidator
		13.29.7: Sale by Finder of Goods
		13.29.8: Sale by Pawnee or Pledgee
	13.30: Auction Sale—Section 64
	13.31: Delivery of Goods in Contract by Sear Route
		13.31.1: CIF Contract
		13.31.2: F.O.B. Contract
		13.31.3: Ex-ship Contract
Chapter 14: The Negotiable Instrument Act, 1881
	14.1: Introduction to Negotiable Instruments
	14.2: Essentials or Characteristics of a Negotiable Instrument
	14.3: Presumptions as to Negotiable Instruments
	14.4: Promissory Note—Section 4
	14.5: Essentials Characteristics of a Promissory Note
		14.5.1: In Writing
		14.5.2: Express Promise to Pay
		14.5.3: Definite and Unconditional Promise
		14.5.4: Signed by Maker
		14.5.5: Promise to Pay a Certain Sum
		14.5.6: Payee Must Be Certain
		14.5.7: Stamped
		14.5.8: Parties
	14.6: Bill of Exchange—Section 5
	14.7: Difference between Promissory Note and Bill of Exchange
	14.8: Cheque—Section 7
		14.8.1: Truncated Cheque
		14.8.2: Cheque in Electronic Form
		14.8.3: Presentment of Truncated Cheque
	14.9: Difference between Bill of Exchange and Cheque
	14.10: Difference between Electronic Cheque and Trancated Cheque
	14.11: Capacity of a Person to be a Party to a Negotiable Instrument
	14.12: Classification of Negotiable Instruments
		14.12.1: Order Instrument—Section 13
		14.12.2: Bearer Instrument—Section 13
		14.12.3: Demand Instrument—Sections 19–21
		14.12.4: Time Instrument
		14.12.5: Inland Instrument—Section 11
		14.12.6: Foreign Instrument—Section 12
		14.12.7: Ambigious Instrument—Section 17
		14.12.8: Accommodation Bill
		14.12.9: Fictitious Bill
		14.12.10: Documentary Bill
		14.12.11: Clean Bill
	14.13: Distinguish between Inland and foreign Bills
	14.14: Incomplete Instrument or Inchoate Instrument—Section 20
	14.15: Distinguish between Ambiguous Instrument and Inchoate Instrument
	14.16: Maturity of a Negotiable Instrument—Sections 22–25
		14.16.1: Calculation of Days
	14.17: A Negotiable Instrument Made without Consideration
	14.18: Negotiation—Section 14
		14.18.1 Negotiation by Delivery
		14.18.2: Negotiation by Endorsement and Delivery
	14.19: Endorsement—Sections 15 and 16
	14.20: Kinds of Endorsements—Sections 16, 50, 52 and 56
		14.20.1: Blank or General Endorsement
		14.20.2: Special or Full Endorsement
		14.20.3: Restrictive Endorsement
		14.20.4: Partial Endorsement
		14.20.5: Conditional or Qualified Endorsement
	14.21: Negotiation Back
		14.21.1: Effects of Negotiation Back
	14.22: Distinction between Negotiation and Assignment
	14.23: Crossing of Cheque
		14.23.1: Modes or Types of Crossing—Sections 123–131(A)
	14.24: Bouncing or Dishonour of Cheques—Sections 31 and 138
		14.24.1: Liability of Drawee on Dishonour
		14.24.2: Liability of Drawer on Dishonour
	14.25: Holder—Section 8
		14.25.1: Meaning of ‘Holder’
		14.25.2: Meaning of ‘Holder in Due Course’—Section 9
	14.26: Privileges of a Holder in Due Course
	14.27: Difference between Holder and Holder in Due Course
	14.28: Payment in Due Course—Section 10
	14.29: Protection to Paying Banker—Section 85
	14.30: Liability/Duty of the Paying Banker and Collecting Banker Section 129
		14.30.1: Duties of Collecting Banker
	14.31: When Banker Must Refuse to Honour a Customer’s Cheque
	14.32: Banker may Refuse to Honour a Customer’s Cheque
	14.33: Effect of Non-Presentment of Cheque within Reasonable Time
	14.34: Material Alteration—Sections 87–89
		14.34.1: Effect of Material Alteration—Sections 87 and 88
	14.35: Acceptance of Bill
		14.35.1: Essentials of a Valid Acceptance
		14.35.2: Types of Acceptance
		14.35.3: Effect of Qualified Acceptance
	14.36: Dishonour by Non-Acceptance
		14.36.1: Effects
	14.37: Acceptance for Honour
		14.37.1: Conditions for ‘Acceptance for Honour’
		14.37.2: Liability of Acceptor for Honour
		14.37.3: Rights of Acceptor for Honour
	14.38: Payment for Honour
		14.38.1: Conditions for ‘Payment for Honour’
		14.38.2: Rights of Payer for Honour
	14.39: Dishonour by Non-Payment
	14.40: Notice of Dishonour
		14.40.1: When Notice of Dishonour is Unnecessary or Excused?
	14.41: Noting and Protesting—Sections 99–104(A)
	14.42: Drawee in Case of Need
	14.43: Discharge of a Negotiable Instrument
		14.43.1: Payment in Due Course
		14.43.2: Cancellation
		14.43.3: Release
		14.43.4: Negotiation Back
	14.44: Discharge of a Party
		14.44.1: By Payment
		14.44.2: By Cancellation
		14.44.3: By Release
		14.44.4: By Allowing Drawee More Than 48 Hours to Accept
		14.44.5: By Qualified Acceptance
		14.44.6: By Material Alteration
		14.44.7: By Negotiation Back
		14.44.8: By Operation of Law
	14.45: Hundi
		14.45.1: Nam Jog Hundi
		14.45.2: Diiani Jog Hundi
		14.45.3: Darshani Hundi
		14.45.4: Miadi Hundi or Muddati Hundi
		14.45.5: Shahjog Hundi
		14.45.6: Jokhmi Hundi
		14.45.7: Peth
		14.45.8: Perpeth
		14.45.9: Khoka
Chapter 15: Consumer Protection Act, 1986
	15.1: Object of the Act
	15.2: Extent and Coverage of the Act
	15.3: Rights of Consumer
	15.4: Definition
		15.4.1: Appropriate Laboratory
		15.4.2: Complainant
		15.4.3: Complaint
		15.4.4: Consumer
		15.4.5: Service
		15.4.6: Goods
		15.4.7: Consumer Dispute
		15.4.8: Restrictive Trade Practice
		15.4.9: Unfair Trade Practice
		15.4.10: Defect
		15.4.11: Deficiency
		15.4.12: Spurious Goods and Services
	15.5: Who can File a Complaint
	15.6: Redressal Machinery Under the Act
		15.6.1: District Forum
		15.6.2: State Commission
		15.6.3: National Commission
	15.7: How to File a Complaint
		15.7.1: Requirements
		15.7.2: Information Given
	15.8: Relief Available to the Consumers
	15.9: Procedure for Filing the Appeal
	15.10: Speedy Disposal
	15.11: Powers of the Dispute Redressal Agencies
Chapter 16: Foreign Exchange Management Act, 1999
	16.1: Application of Act—Section 1
	16.2: Fera vs Fema
	16.3: Definition
		16.3.1: Person—Section 2(u)
		16.3.2: Person Resident in India—Section 2(v)
		16.3.3: Currency—Section 2(h)
		16.3.4: Foreign Currency—Section 2(m)
		16.3.5: Foreign Exchange—Section 2(n)
		16.3.6: Foreign Security—Section 2(o)
		16.3.7: Person Resident Outside India—Section 2(w)
	16.4: Authorized Persons
		16.4.1: Authorized Persons—Section 2(c)
		16.4.2: Duties of Authorized Person
		16.4.3: Authorization and its Revocation
	16.5: Current Account Transaction
		16.5.1: Prohibited Current Account Transactions
		16.5.2: Current Account Transactions with Prior Approval of the CG
		16.5.3: Current Account Transactions with Prior Approval of the RBI
	16.6: Export of Goods and Services
		16.6.1: Indication of Importer–Exporter Code Number (IEC)
		16.6.2: Period Within Which Export Value of Goods/Software to Be Realized
		16.6.3: Transfer of Documents
	16.7: Capital Account Transactions—Section 2(E)
		16.7.1: Permissible Capital Account Transactions for Residents
		16.7.2: Permissible Capital Account Transactions for Non-residents
		16.7.3: Prohibited Capital Account Transactions
	16.8: Acquisition and Transfer of Immovable Property in India
		16.8.1: Acquisition and Transfer of Property in India by a Person of Indian Origin (PIO)
		16.8.2: Acquisition of Immovable Property for Carrying on Business
	16.9: Acquisition and Transfer of Immovable Property Outside India
	16.10: Establishment in India of Branch or Office or other Place of Business
		16.10.1: Liaison Office
	16.11: Acceptance of the Deposit
		16.11.1: Deposits by the India Company and NBFC from NRI/PI on Repatriation Basis
		16.11.2: Deposits by Indian Proprietorship/Film/Company and NBFC on Non-repatriation Basis from NRI/PIO/OCB
	16.12: Export and Import of Currency
		16.12.1: Export and Import of Indian Currency and Currency Notes
		16.12.2: Prohibition of Export of Indian Coins
		16.12.3: Import of Foreign Exchange into India
		16.12.4: Export of Foreign Exchange and Currency Notes
		16.12.5: Export and Import of Currency to or from Nepal and Bhutan
	16.13: Possession and Retention of foreign Currency
		16.13.1: Limit for Possession and Retention of Foreign Currency or Foreign Coins
	16.14: Realization, Repartiation and Surrender of Foreign Exchange
		16.14.1: Duty of Persons to Realize Foreign Exchange
		16.14.2: Period for Surrender in Certain Cases
	16.15: Enforcement Directorate
	16.16: Departmental Adjudication—Section 16
	16.17: Compounding of Offence
	16.18: Liberalized Remittance Scheme for Resident Individuals
Chapter 17: Information Technology Act, 2000
	17.1: Introduction
		17.1.1: Cyber Laws
	17.2: Objective of Act
	17.3: Scope of the Act
	17.4: Definitions
		17.4.1: Access—Section 2(1)(a)
		17.4.2: Computer—Section 2(1)(i)
		17.4.3: Computer System—Section 2(1)(I)
		17.4.4: Communication Device—Section 2(1)(na)
		17.4.5: Computer Network—Section 2(1)(j)
		17.4.6: Function—Section 2(1)(u)
		17.4.7: Information—Section 2(1)(v)
		17.4.8: Data—Section 2(1)(o)
		17.4.9: Digital Signature
		17.4.10: Electronic Signature—Section 2(1)(ta)
		17.4.11: Asymmetric Crypto System—Section 2(1)(f)
		17.4.12: Secure System—Section 2(1)(ze)
		17.4.13: Cyber Security—Section 2(1)(nb)
		17.4.14: Cyber Café — Section 2(1)(na)
		17.4.15: Intermediary—Section 2(1)(w)
	17.5: Digital Signature
		17.5.1: Hash Function
		17.5.2: Electronic Signature—Section 3(A)
		17.5.3: Reliable Electronic Signature—Section 3A(2)
		17.5.4: Secure Electronic Signature—Section 15
	17.6: Electronic Governance
		17.6.1: What is Electronic Governance?
		17.6.2: Benefits of Electronic Governance
		17.6.3: Rules of Electronic Governance
		17.6.4: Legal Recognition of Electronic Records—Section 4
		17.6.5: Retention of Electronic Records
		17.6.6: Validity of Electronic Contract—Section 10(A)
		17.6.7: Attribution of electronic records—Section 11
		17.6.8: Acknowledgement of Receipt of Electronic Records—Section 12
		17.6.9: Time and Place of Despatch and Receipt of Electronic Record—Section 13
	17.7: Digital Signature Certification
		17.7.1: Procedure for Obtaining Digital Certificate
		17.7.2: Suspension of Digital Signature Certificates
		17.7.3: Revocation of Digital Signature Certificates
	17.8: Cyber Appellate Tribunal—Section 49
		17.8.1: Appellate Tribunal
		17.8.2: Adjudicating Officer
		17.8.3: Powers of Cyber Appellate Tribunal
	17.9: Penalties and Adjudication
	17.10: Offences
		17.10.1: Offences
		17.10.2: Penalty for Offences
		17.10.3: Compounding of an offence—Section 63
		17.10.4: Cognizable Offence
	17.11: Liability of Body Corporate
	17.12: Duties of Controllers of Certifying Authority
		17.12.1: Licence to Issue Electronic Signature Certificates
	17.13: Duties of the Certifying Authorities
	17.14: The Duties of a Subscriber
	17.15: Power of the Central Government to Make Rules—Section 87
	17.16: Issue not Covered in Information Technology Act
	17.17: Excluding Liability of Intermediaries—Section 79
	17.18: National Nodal Agency—Section 70A
	17.19: Indian Computer Emergency Response Team—Section 70B
	17.20: Power of a Police Officer and other Officers to Enter, Search, etc.—Section 80
Chapter 18: Companies Act, 2013 : Types of Companies and Their Characteristics
	18.1: Definition of a Company
		18.1.1: Literary Meaning
		18.1.2: Legal Meaning—Section 2 (20)
	18.2: The Characteristics of a Company
		18.2.1: Incorporated Association
		18.2.2: Artificial Person
		18.2.3: Separate Legal Entity
		18.2.4: Limited Liability Company
		18.2.5: Transferability of Shares
		18.2.6: Perpetual Existence
		18.2.7: Separate Property
		18.2.8: Common Seal
		18.2.9: Company May Sue and Be Sued in Its Own Name
	18.3: Body Corporate
	18.4: Lifting of the Corporate Veil
		18.4.1: Under Statutory Provisions
		18.4.2: Under Judicial Interpretations
	18.5: Illegal Association
	18.6: Effects of an Illegal Association
	18.7: Advantages of Incorporation
		18.7.1: Independent Legal Entity
		18.7.2: Limited Liability
		18.7.3: Perpetual Succession
		18.7.4: Transferability of Shares
		18.7.5: Infinite Membership
		18.7.6: Separate Property
		18.7.7: Control and Management
	18.8: Definition of a Public Company
	18.9: Definition of a Private Company
	18.10: Distinction between Private and Public Company
	18.11: Limited Liability Companies
		18.11.1: Companies Limited by Shares
		18.11.2: Companies Limited by Guarantee
		18.11.3: Companies Limited by Guarantee Having Share Capital
	18.12: Unlimited Liability Company
	18.13: Conversion of a Private Company into a Public Company
		18.13.1: Conversion by Default
		18.13.2: Conversion by Choice—Section 14
	18.14: Government Companies
	18.15: Foreign Company—Section 2(42)
	18.16: Holding and Subsidiary Companies
		18.16.1: Control of Composition of Board of Directors
	18.17: Promoter
	18.18: Legal Position of Promoters
	18.19: Duties of Promoter of a Company
		18.19.1: To Disclose Secret Profits
		18.19.2: To Disclose all Material Facts
		18.19.3: Promoter Must Make Good to the Company What He Has Obtained as a Trustee
		18.19.4: To Act Diligently
		18.19.5: To Use Public Issue Money for Object for which it was Raised
	18.20: Preliminary Contracts or Pre-Incorporation Contract
	18.21: Effects of Pre-Incorporation Contracts
		18.21.1: Not Binding on Company
		18.21.2: Cannot Ratify the Agreement
		18.21.3: Promoter Personal Liability
		18.21.4: Company Cannot Sue
	18.22: Steps to obtain Certificate of Incorporation
	18.23: One Person Company
	18.24: The Features of one Person Company
		18.24.1: Only One Shareholder
		18.24.2: Nominee for the Shareholder
		18.24.3: Director
	18.25: Terms and Restrictions of one Person Company
Chapter 19: Companies Act, 2013: Memorandum, Articles of Association and Prospectus
	19.1: Define the Memorandum of Association
	19.2: Purpose of Memorandum of Association
	19.3: Provisions Relating to Printing and Signature of Memorandum
	19.4: Form of Memorandum of Association—Section 4
	19.5: Contents of the Memorandum of Association—Section 4
	19.6: Legal Requirements as to the Name Clause
	19.7: Legal Requirements as to the Registered Office Clause
	19.8: Display of Registered Office Address
	19.9: Legal Requirements as to the Objects Clause
	19.10: Legal Requirements as to the Liability Clause
	19.11: Capital Clause
	19.12: Association or Subscription Clause
	19.13: Provisions for Change in Name Clause of Memorandum of Company or Alteration of Name Clause
		19.13.1: Change of Name on Own—Section 13
		19.13.2: Rectification of Name on Own or on C.G’s Order—Section 16
	19.14: Procedure to Change Registered Office from one Place to Another within the Same City
	19.15: Procedure to Change Registered Office from one City to Another within Jurisdiction of the same Roc within the Same State
	19.16: Procedure to Change the Registered Office from the Jurisdiction of One Roc to the Jurisdiction of Another Roc within the Same State Section 12
	19.17: Procedure to Change the Registered Office from one State to Another
	19.18: Procedure for Changing the Objects Clause of the Memorandum— Section 13
	19.19: Alteration of Liability Clause
	19.20: Doctrine of Ultra Vires
		19.20.1: Ultra Vires to the Directors
		19.20.2: Ultra Vires to the Article of Association
		19.20.3: Ultra Vires the Memorandum of Association
		19.20.4: Ultra Vires the Companies Act
	19.21: Effects of Ultra Vires Transaction
		19.21.1: Act Null and Void
		19.21.2: Company Cannot Sue or Be Sued
		19.21.3: Injunction
		19.21.4: Personal Liability of Directors
		19.21.5: Personal Liability of Directors to Third Parties
		19.21.6: Ultra Vires Acquired Property
		19.21.7: Ultra Vires Torts
	19.22: Articles of Association
	19.23: Distinguish between Memorandum and Articles of Association
	19.24: Provision Related to Printing and Signature of Articles
	19.25: Contents of the Articles of Association
	19.26: Procedure for the Alteration of Articles of Association—Section 14
	19.27: Limitations on Alteration of Articles
		19.27.1: Not Inconsistent with Provisions of Any Act
		19.27.2: Not Illegal or Against Public Policy
		19.27.3: Not inconsistent with the order of a Government or a court
		19.27.4: Must be Bonafide
		19.27.5: Must Not Be Fraudulent
		19.27.6: Must Not Result in Breach of Contract
		19.27.7: Must not Increase Liability of the Members
	19.28: Binding Effects of Memorandum and Articles of Association
		19.28.1: Members to the Company
		19.28.2: Company to the Members
		19.28.3: The Members Inter Se
		19.28.4: Company to Outsiders
	19.29: Doctrine of Constructive notice
	19.30: Doctrine of Indoor Management
	19.31: Exceptions to the Doctrine of Indoor Management
		19.31.1: Knowledge of Irregularity
		19.31.2: Negligence on the Part of the Outsider
		19.31.3: Forgery
		19.31.4: No Knowledge of the Articles
		19.31.5: Acts Outside Apparent Authority
		19.31.6: Void or Illegal Transactions
	19.32: Prospectus
		19.32.1: What Constitutes an Offer to Public?
	19.33: Circumstances when the Prospectus is not Required to be Issued
	19.34: Abridged Prospectus—Section 33
	19.35: Statutory Requirements in Relation to a Prospectus
		19.35.1: Statement of an Expert
	19.36: Red Herring Prospectus—Section 32
	19.37: The Contents of a Prospectus. Section 26 and Rule 3, 5 of Companies (Prospectus and Allotment of Securities) Rules, 2014
		19.37.1: Reports with Prospectus
		19.37.2: Declaration of Compliance
	19.38: Refusal to Registrar Prospectus by the Registrar of Companies
	19.39: Shelf Prospectus and Information Memorandum—Section 31
	19.40: Misstatement in Prospectus
	19.41: Liability for Misstatement in Prospectus—Section 34–35
		19.41.1: Civil liability—Section 35
		19.41.2: Criminal Liability—Section 34
		19.41.3: Class Action—Section 37
	19.42: Defenses Available to Directors in Case of Misleading Prospectus
		19.42.1: Withdrawal of Consent
		19.42.2: Issue Without Knowledge
		19.42.3: Ignorance of Untrue Nature of the Statement
		19.42.4: Official Documents
		19.42.5: Statement of Expert
	19.43: Defenses Available to Experts in Case of Misleading Prospectus
Chapter 20: Companies Act, 2013: Share Capital and Transfer of Shares
	20.1: Share Capital
		20.1.1: Authorized Capital—Section 2(8)
		20.1.2: Issued Capital—Section 2(50)
		20.1.3: Subscribed Capital—Section 2(86)
		20.1.4: Called-up Capital—Section 2(15)
		20.1.5: Paid up Capital—Section 2(64)
		20.1.6: Uncalled Capital
		20.1.7: Reserve Capital
	20.2: Nature of Shares
		20.2.1: Types of Shares
	20.3: Equity Shares
	20.4: Preference Shares
	20.5: Kinds of Preference Shares
		20.5.1: Cumulative and Non-cumulative Preference Shares
		20.5.2: Participating and Non-participating Preference Shares
		20.5.3: Redeemable and Irredeemable Preference Shares
		20.5.4: Convertible and Non-convertible Preference Shares
	20.6: Redemption of Redeemable Preference Shares (Section 55)
	20.7: Equity Shares with Differential Rights or Non-Votingshares—Rule 4 of Companies (Share Capital and Debentures) Rules, 2014
		20.7.1: Procedure
	20.8: Voting Rights to Shareholders—Section 47
		20.8.1: Voting Rights of Equity Shareholders
		20.8.2: Voting Rights of Preference Shareholders
		20.8.3: Voting Rights of Equity Shareholders with Differential Voting Rights
	20.9: Allotment of Securities
	20.10: General Provisions for the Allotment of Securities
		20.10.1: By Proper Authority
		20.10.2: Within a Reasonable Time
		20.10.3: Must be Communicated
		20.10.4: Absolute and Unconditional
	20.11: Mode of Issue of Securities—Section 23
	20.12: Legal Rules for Allotment—Section 39-40
	20.13: Return of Allotment—Section 39
	20.14: Underwriting Agreement—Section 40 (6) Read with Rule 13 of Companies (Prospectus and Allotment of Securities) Rules, 2014
	20.15: Brokerage
	20.16: Alteration of Share Capital Clause—Section 61
	20.17: Reduction of Share Capital—Section 66
	20.18: Procedure to the Reduction of Share Capital—Section 66
	20.19: Diminution of Share Capital
	20.20: Issue of Shares at Premium
	20.21: Utilisation of Securities Premium Amount—Section 52
	20.22: Conditions for the Issue of Shares at Discount—Section 53
	20.23: Stock or Stock Certificate
	20.24: Distinguish between ‘Share’ and ‘Stock’
	20.25: forfeiture of Shares
	20.26: Legal Requirements for forfeiture of Shares
		20.26.1: In Accordance with Articles
		20.26.2: Proper Notice
		20.26.3: Resolution for Forfeiture
		20.26.4: Bona Fide and in Good Faith
	20.27: Effect of forfeiture of Shares
	20.28: Surrender of Shares
	20.29: Lien on Shares—Rules 9 to 12, Table ‘F’ of Companies Act, 2013
	20.30: Bonus Shares—Section 63
		20.30.1: Procedure for Bonus Shares
	20.31: Pre-Emptive Right or Right Shares—Section 62
		20.31.1: When Further Shares are not Required to be Offered to Existing Shareholders
	20.32: Call on Shares
	20.33: Requisites for Valid Calls
	20.34: Calls in Arrear
		20.34.1: Effects of Non-payment of Calls
	20.35: Calls in Advance
		20.35.1: Effects of Calls in Advance
	20.36: Buy-Back of Shares—Section 68
		20.36.1: Sources of Buy-back
		20.36.2: Authority of Articles
		20.36.3: Passing of Resolution
		20.36.4: Post-Debt Equity Ratio
		20.36.5: SEBI Guidelines
		20.36.6: Notice
		20.36.7: Time Limit
		20.36.8: Buy-back shall be Permissible
		20.36.9: Other Paper Work
		20.36.10: Buy-back of Securities Prohibited
	20.37: Member
		20.37.1: Subscribers to Memorandum
		20.37.2: By Application in Writing
		20.37.3: By Agreeing to Take Qualification Shares of a Public Company—Director
		20.37.4: By Entering His Name in Records of Depository as Beneficiary
		20.37.5: By Transfer or Transmission
		20.37.6: Other Methods
	20.38: Who can Become a Member of a Company?
		20.38.1: Individual
		20.38.2: Body Corporate
		20.38.3: Government
		20.38.4: Partnership Firm
		20.38.5: Other
	20.39: Minor as Member of Company
	20.40: Termination of Membership
	20.41: Rights of a Member of the Company
	20.42: Rights of Members as a Group
	20.43: Transfer of Shares—Sections 56 and 58
		20.43.1: Time Period for Deposit of Instrument for Transfer
		20.43.2: Value of Share Transfer Stamps to be Affixed on the Transfer Deed
		20.43.3: Time Limit for Issue of Certificate on Transfer—Section-56(4)
		20.43.4: Private Company shall Restrict Right to Transfer its Shares
		20.43.5: Restriction on Transfer in Private Company not Applicable in certain cases
		20.43.6: Time Limit for Refusal of Registration of Transfer
		20.43.7: Time Limit for Appeal Against Refusal to Register Transfer by Private Company
		20.43.8: Time Limit for Appeal Against Refusal to Register Transfer by Public Company
	20.44: Procedure of Transfer—Section 56
		20.44.1: Procedure for Transfer of Share in a Private Company
		20.44.2: Basic Procedure for Transfer of Share in a Public Company
	20.45: Nomination—Section 72
	20.46: Transmission of Securities
	20.47: Certificate of Security—Section 56
	20.48: Distinction between Share and Share Certificate
	20.49: Duplicate Share Certificate
	20.50: Debenture
	20.51: Types of Debenture
		20.51.1: Redeemable or Irredeemable Debenture
		20.51.2: Convertible or Non-convertible Debenture
		20.51.3: Secured or Unsecured Debenture
	20.52: Rights of Debenture Holder
	20.53: Debenture Trustee—Section 71
	20.54: Functions of Debenture Trustees—Section 71 Read with Rule 18  of Companies (Share Capital and Debentures) Rules, 2014
	20.55: Provisions for Creation of Debenture Redeption Reserve Section 71 Read with Rule 18 of Companies (Share Capital and Debentures) Rules, 2014
Chapter 21: Companies Act, 2013: Meeting and Power of Board
	21.1: Kinds of Company Meetings
	21.2: Requisites of a Valid Meeting
		21.2.1: By Proper Authority
		21.2.2: Proper Notice
		21.2.3: Chairman
		21.2.4: Quorum
		21.2.5: Other Rules
	21.3: Different Manner of Serving notice to Members
		21.3.1: Notice in Case of Joint Holders
		21.3.2: Notice by Registered Post or by UPC
	21.4: Provisions Regarding notice of General Meeting
		21.4.1: Accidental Omission to give Notice of General Meeting
		21.4.2: Intentional Omission
	21.5: Annual General Meeting (Agm)—Section 96
		21.5.1: Extension of Time for Holding AGM
	21.6: Report on Agm—Section 121
	21.7: Notice of Annual General Meeting
	21.8: Default in Holding an Annual General Meeting—Section 97-99
	21.9: Usual Business at an Agm—Section 102
	21.10: Extraordinary General Meeting—Egm—Section 100
	21.11: Extraordinary General Meeting on Requisition
	21.12: Eogm by Tribunal—Section 98
	21.13: Proxy—Section 105
	21.14: Revocation of Proxy After Appointment
	21.15: Quorum for General Meeting—Section 103
		21.15.1: When Quorum is Required to be Present
		21.15.2: Quorum of One Man
	21.16: Chairman of a General Meeting—Section 104
	21.17: Powers of the Chairman of a General Meeting
	21.18: Poll—Section 109
	21.19: Postal Ballot—Section 110
	21.20: Procedure for Passing Resolution by Postal Ballot
	21.21: Business Passing Resolution through Postal Ballot
	21.22: Adjournment of Meeting
	21.23: Meeting of Debenture Holders
	21.24 :Meeting of Creditors
	21.25: One-Man Meeting
	21.26: Motion
	21.27: Kinds of Resolutions
		21.27.1: Ordinary Resolution
		21.27.2: Special Resolution
	21.28: Resolution Requiring Special notice—Section 115
	21.29: Minutes of Proceedings of General Meeting—Section 118-119
	21.30: Meaning of Board of Directors
	21.31: Powers of the Board of Directors Which can be Exercised at their Meeting—Section 179
		21.31.1: Delegation of Powers
	21.32: Prohibition and Restriction Regarding Political Contributions by Directors—Section 182
		21.32.1: Penalty
	21.33: Power of the Board to Make Contribution to National Defence Fund—Section 183
	21.34: Powers that can only be Exercised by the Board of Directors of a Public Company with the Consent of the Company in a General Meeting—Section 180
	21.35: Prohibition and Restriction Regarding Charitable Fund by Directors—Section 181
	21.36: Restriction on Non-Cash Transaction Involving Directors Section 192
	21.37: Prohibition on forward Dealings in Securties of Company Section 194
	21.38: Prohibition on Insider Trading—Section 195
	21.39: Frequency of Board Meetings—Section 173
	21.40: Day, Time and Place of Board Meeting
	21.41: Notice of Board Meeting—Section 173
		21.41.1: Meeting at Shorter Notice
	21.42: Content of Board Meeting Notice
	21.43: Quorum for Board Meeting—Section 174
	21.44: Matters which cannot be Dealt at Board Meeting through Video Conferencing
	21.45: Chairman of Board Meeting
	21.46: Voting at Board Meeting
	21.47: Minutes of Board Meeting—Section 118
Chapter 22: Companies Act, 2013: Management of Company
	22.1: Definition of Director
	22.2: Disqualification of Director—Section 164
	22.3: Legal Position of Director
		22.3.1: Directors as Agents
		22.3.2: Directors as Trustees
		22.3.3: Directors as Employees of the Company
	22.4: Duties of a Director—Section 166
	22.5: Appointment of Directors
	22.6: Appointment of First Directors—Section 152
	22.7: Appointment of Directors at General Meeting or Directors Retirement by Rotation—Section 152
	22.8: Deemed Appointment of Retiring Director—Section 152
	22.9: Appointment of Director other than a Retiring Director—Section 160
	22.10: Consent of Director with Roc and Company—Section 152
	22.11 Director Identification Number—Section 153–159 and Rule 9
		22.11.1: Procedure to Obtain DIN
		22.11.2: Documents to be Attached
	22.12: Appointment of Director by Board of Directors—Section 161
	22.13: Appointment of Additional Director—Section 161(1)
	22.14: Filling up Casual Vacancy—Section 161(4)
	22.15: Alternate Director—Section 161(2)
		22.15.1: Tenure of Alternate Director
	22.16: Nominee Director—Section 161(3)
	22.17: Who is an Idependent Director?—Section 149(6)
	22.18: Provisions Relating to Independent Director—Section 149
		22.18.1: Minimum number of independent director—Section 149(4)
		22.18.2: Qualification—Rule 5 of Companies (Appointment and Qualification of Directors) Rules, 2014
		22.18.3: Tenure
		22.18.4: Remuneration
	22.19: Minimum and Maximum Number of Directors—Section 149
	22.20: Small Shareholders’ Directors—Section 151 along with Rule 7 of Companies (Appointment and Qualification of Directors) Rules, 2014
		22.20.1: Procedure for appointment—Rule 7 of Companies (Appointment and qualification of directors) Rules, 2014
		22.20.2: Disqualifications of SSD
		22.20.3: Vacation of Office
	22.21: Minimum and Maximum Number of Directors—Section 149(1)
	22.22: Number of Directorship—Section 165
		22.22.1: Penalty
	22.23: Vacation of Office of Director—Section 167
	22.24: Removal of Director by Shareholder—Section 169
	22.25: Compensation for Loss of Office—Section 202
		22.25.1: Quantum of Compensation
	22.26: Resignation by Director—Section 168 and Rule 15-16
	22.27: Validity of the Acts of the Director Where His Appointment is Invalid—Section 176
	22.28: Power of Board of Directors
		22.28.1: Exception
		22.28.2: Directors Acting Mala Fide
		22.28.3: Directors Themselves Wrong Doers
		22.28.4: Incompetency of the Board
		22.28.5: Deadlock in Management
	22.29: Related Party Transaction—Section 188
		22.29.1: Who is a Related Party?
		22.29.2: Related Party Transactions
		22.29.3: What is ‘Office’ or ‘Place of Profit’?
		22.29.4: Exemption or Non-applicability
		22.29.5: Approval or Permission
		22.29.6: Disclosure
		22.29.7: Penalty
	22.30: Disclosure of Director’s Interest—Section 184
		22.30.1: General Disclosure—Section 184(1)
		22.30.2: Specific Disclosure—Section 184(2)
		22.30.3: Penalty
	22.31: Loan to Directors—Section 185
		22.31.1: Penalty
	22.32: Managing Director—Section 2(54)
		22.32.1: Appointment of Managing Director
		22.32.2: Tenure of Appointment—Section 196
	22.33: Disqualification of Managing Director or Whole-Time Director or Manager—Section 196
	22.34: Whole-Time Director—Section 2(94)
	22.35: Distincton between Managing Director and Whole-Time Director
	22.36: Manager—Section 2(53) of Companies Act 2013
	22.37: Distinction between Managing Director and Manager
	22.38: Appointment of Key Managerial Personnel—Section 203
		22.38.1: Who is a Key Managerial Perosnnel?
		22.38.2: Companies Required to Appoint KMP
		22.38.3: Manner of Appointment
		22.38.4: Restrictions Regarding Appointment of KMP
		22.38.5: Other Provisions Relating to KMP
	22.39: Managerial Remuneration
		22.39.1: Schedule V-Part II-Section IV—Perquisite not Included in Managerial Remuneration
	22.40: Methods of Determination of Remuneration
	22.41: Overall Limits on Managerial Remuneration
	22.42: Managerial Remuneration Where the Company Has Profit
	22.43: Managerial Remuneration Where Company has no Profit or Inadequate Profit
	22.44: Salient Features of Schedule-V of Companies Act, 2013
		22.44.1: Part-I–Conditions for Appointment
		22.44.2 PART II-Section I—Remuneration Payable by Companies having Profits
		22.44.3: PART II-Section II—Remuneration Payable by Companies having no Profits or Inadequate Profits without Approval of Central Government
		22.44.4: PART II-Section III—Remuneration Payable by Companies having no Profits or Inadequate Profits without Central Government Approval in Certain Special Circumstances
		22.44.5: Part II-Section IV—Perquisite not Included in Managerial Remuneration.
		22.44.6: Part II-Section V—Remuneration Payable to Managerial Personnel from two Companies
		22.44.7: Companies Exempted
	22.45: Effective Capital
		22.45.1: Time when Effective Capital shall be Calculated
Chapter 23: Payment of Bonus Act, 1965
	23.1: Introduction
	23.2: Application of the Act
	23.3: Act not to Apply to Certain Classes of Employees—Section 32
	23.4: Definition
		23.4.1: Accounting Year—Section 2(1)
		23.4.2: Establishment in a Private Section—Section 2(15)
		23.4.3: Establishment in a Public Section—Section 2(16)
		23.4.4: Employer—Section 2(14)
		23.4.5: Employee—Section 2(13)
		23.4.6: Available Surplus
		23.4.7: Allocable Surplus—Section 2(4)
		23.4.8: Salary or Wages—Section 2(21)
	23.5: Who is Entitled to Bonus?
	23.6: Disqualification for Bonus—Section 9
	23.7: Computation of the Number of Working Days
	23.8: Who is Liable to Pay Bonus?
	23.9: Payment of Minimum Bonus—Section 10
	23.10: Payment of Maximum Bonus—Section 11
	23.11: Calculation of Bonus with Respect to Certain Employees Section 12
	23.12: Adjustment of Customary or Interim Bonus—Section 17
	23.13: Set on and Set off of Allocable Surplus—Section 15
		23.13.1: Set On of Allocable Surplus
		23.13.2: Set Off of Allocable Surplus
		23.13.3: Utilization of Carried Forward Amount
	23.14: Liability of the New Firm to Pay Bonus—Section 16
		23.14.1: First Five Accounting Years
		23.14.2: Sixth and Seventh Accounting Year
		23.14.3: From the Eighth Accounting Year
	23.15: Presumptions about the Accuracy of Balance Sheet and Profit and Loss Account of the Company—Section 23
	23.16: Procedure as Regards the Recovery of Bonus—Section 21
	23.17: Time Limit for the Payment of Bonus—Section 22
	23.18: Powers of Inspectors—Section 27
	23.19: Application of the Act to Establishment in Public Sector—Section 20
	23.20: Bonus Linked with Production or Productivity—Section 31 A
	23.21: Power of Exemption—Section 36
Chapter 24: The Payment of Gratuity Act, 1972
	24.1: What is Gratuity?
	24.2: Scope of Payment of Gratuity Act, 1972
		24.2.1: The Act Applies to the Persons Employed in the Following Establishments
		24.2.2: The Act Does Not Apply to the Following Persons
	24.3: Definition
		24.3.1: Appropriate Government—Section 2(a)
		24.3.2: Continuous Service—Section 2-A
		24.3.3: Deemed Continuous Service
		24.3.4: Wages—Section 2(s)
		24.3.5: Employee—Section 2(e)
		24.3.6: Employer—Section 2(f)
		24.3.7: Family—Section 2(h)
	24.4: Circumstances in Which the Gratuity Becomes Payable
		24.4.1: Continuous Service of Five Years
	24.5: To whom is the Gratuity Payable?
	24.6: Calculation of the Amount of Gratuity Payable
		24.6.1: Rate of Gratuity
		24.6.2: Rate of Gratuity for Piece Rate Employee
		24.6.3: Rate of Gratuity for Employees is Seasonal Establishment
		24.6.4: Maximum Amount of Gratuity—Section 4(3)
		24.6.5: Mode of Payment of Gratuity
		24.6.6: Better Terms of Gratuity—Section 4(5)
	24.7: forfeiture of Gratuity—Section 4(B)
		24.7.1: No Gratuity Attached in the Execution of a Decree—Section 13
	24.8: Rules for the Nomination of Gratuity
		24.8.1: Nomination to be Made with a Fixed Time—Section 6(1)
		24.8.2: Distribution of Gratuity—Section 6(2)
		24.8.3: Nomination in Favour of Family—Section 6(3)
		24.8.4: Modification of a Nomination
		24.8.5: Death of the Nominee
		24.8.6: Safe-custody of Nomination—Section 6(7)
	24.9: Rules as to Determination of the Amount of Gratuity
		24.9.1: Determination of Gratuity
		24.9.2: Payment of Gratuity
		24.9.3: Payment of Interest—Section 7(3A)
	24.10: Payment of Gratuity in Case of a Dispute—Section 7(4)
	24.11: Rules for the Recovery of Gratuity—Section 8
	24.12: Compulsory Insurance of the Employee
	24.13: Rules Regarding Appointment of an Inspector under the Act
		24.13.1: Appointment of Inspectors—Section 7(A)
	24.14: Powers of Inspectors
	24.15: Provisions Relating to Penalties—Sections 9–12
		24.15.1: False Statement or False Representation
		24.15.2: For Contravention of the Act
	24.16: Appeal for Payment of Gratuity
Chapter 25: Employees Provident Fund and Miscellaneous Provisions Act, 1952
	25.1: Basic
	25.2: Applicability of the Act
		25.2.1: Applicability
		25.2.2: Non-applicability
		25.2.3: Once Applicable Always Applicable
	25.3: Definitions
		25.3.1: Appropriate Government—Section 2(a)
		25.3.2: Authorised Officer—Section 2(aa)
		25.3.3: Basic Wages—Section 2(b)
		25.3.4: Employer—Section 2(e)
		25.3.5: Employee—Section 2(f)
		25.3.6: Excluded Employee—Section 2(f)
		25.3.7: Exempted establishment—Section 2(fff)
		25.3.8: Factory—Section 2(g)
		25.3.9: Superannuation—Section 2(II)
	25.4: Central Board—Section 5
	25.5: Employee’s Pension Fund Scheme—Section 6
	25.6: Employees’ Pension Scheme—Section 6A
	25.7: Employees Deposit Link Insurance Scheme—Section 6B
	25.8: Recovery of Money Due From Employer—Section 8B
	25.9: Transfer of Accounts—Section 17A
		25.9.1: If the New Establishment is Covered Under PF Act
		25.9.2: If the New Establishment is not Covered Under PF Act
		25.9.3: If the Old Establishment was not Covered Under PF Act
	25.10: Transfer of Establishment—Section 17B
	25.11: Protection of Fund of Employee from Attachment—Section 10
Chapter 26: Limited Liability Partnership Act, 2008
	26.1: Features of LLP
	26.2: Difference between Partnership and LLP
	26.3: Difference between Company and LLP
	26.4: LLP Agreement
		26.4.1: Stamp duty
	26.5: Incorporation Document—Section 11
	26.6: Incorporation by Registration
	26.7: Partner—Section 5-6
		26.7.1: What if the Number of Partners Reduces Below Minimum?
	26.8: Designated Partner—Section 7–9
		26.8.1: Designated vs Managing Partner
	26.9: Major Duties of a Designated Partner
	26.10: Registered Office
		26.10.1: Procedure for Change of Registered Office
	26.11: Name of LLP—Sections 11–21
		26.11.1: Change in name of LLP—Section 17
	26.12: Name Guideline—Rule 18 of LLP Rules, 2009
	26.13: Partners and their Relations and Extent of Liability—Sections 22–31
		26.13.1: Cessation of Partner
		26.13.2: Notice of Cessation
		26.13.3: Liability on Cessation
		26.13.4: Right on Cessation
	26.14: Whistle Blowing—Section 31
	26.15: Contribution by Partner—Section 32–33
		26.15.1: Increase in Contribution
		26.15.2: Steps for Increase in Contribution by Way of Introduction of New Partner
	26.16: Voting Right
	26.17: Audit and Financial Disclosures—Section 34–35
		26.17.1: Appointment of Auditor
		26.17.2: Who can be Appointed as Auditor?
		26.17.3: Exemption from Audit
		26.17.4: Removal of Auditors
	26.18: Assignment and Transfer of Partnership Rights—Section 42
	26.19: Investigation—Sections 43–46
		26.19.1: Documents to be Kept Open for Inspection
	26.20: foreign LLP—Section 59 and Rule 34
	26.21: Taxation of LLP
	26.22: Conversion of Partnership Firm or Private Company or Unlisted Public Company into LLP—Sections 55– 58
		26.22.1: Eligibility for Conversion
		26.22.2: Procedure and Effect of Conversion
	26.23: Steps for Conversion of Partnership into LLP
		26.23.1: Step 1—Deciding Partners and Designated Partners
		26.23.2: Step 2—Obtain DIN and Digital Signature
		26.23.3: Step 3—Checking Name Availability for LLP
		26.23.4: Step 4—Drafting of LLP Agreement
		26.23.5: Step 5—Filing Incorporation Documents
		26.23.6: Step 6—Filing Conversion Application
		26.23.7: Step 7—Certificate of Registration
		26.23.8: Step 8—Information for Conversion to the Register of Firm
	26.24: Conversion of Private Compnay into LLP
		26.24.1: Step 1—Deciding Partners and Designated Partners
		26.24.2: Step 2—Obtain DIN and Digital Signature
		26.24.3: Step 3—Checking Name Availability for LLP
		26.24.4: Step 4—Drafting of LLP Agreement
		26.24.5: Step 5—Filing Incorporation Documents
		26.24.6: Step 6—Filing Conversion Application
		26.24.7: Step 7—Certificate of Registration
		26.24.8: Step 8—Information for conversion to the register of companies
	26.25: Compromise, Arrangement or Reconstruction of LLPS—Section 60
		26.25.1: Procedure
	26.26: Winding-Up of LLP—Sections 63 and 64
	26.27: Advantages of LLP
	26.28: Disadvantages of LLP
Chapter 27: Employees’ State Insurance Act, 1948
	27.1: Introduction
		27.1.1: Objectives
		27.1.2: Applicability
	27.2: Definitions
		27.2.1: Appropriate Government
		27.2.2: Factory
		27.2.3: Employment Injury—Section 2(8)
		27.2.4: Employee
		27.2.5: Principal Employer
		27.2.6: Seasonal Factory
		27.2.7: Wages
	27.3: Insurable Employee
	27.4: Contribution
	27.5: ESI Benefits—Section 46
		27.5.1: Medical Benefits
		27.5.2: Sickness Benefit
		27.5.3: Maternity Benefit
		27.5.4: Disablement Benefit
		27.5.5: Other Benefits
	27.6: ESI Court—Sections 74–75
Index