Commerce · Class 12 Commerce
Ch 27Company Management — Class 12 Commerce, concept-first.
A company is an artificial person created by law, so it can act only through human agents. The Board of Directors is the group of persons elected by the shareholders to direct and control the company's affairs on their behalf, and it is the Board's decisions, taken collectively, that the law treats as the company's own…
Key concepts
Hover a concept to preview it and jump to its most relevant Q&A.
Board of Directors
The Board of Directors is the body elected by shareholders through which a company acts, since the company itself is only an artificial legal person.
Most relevant Q&A
- State the minimum and maximum number of directors a public company can have under the Companies Act, 2013.Free
- What is a Director Identification Number (DIN)?Free
- Explain the disqualifications of a director under Section 164 of the Companies Act, 2013.Free
- (a) Mr. Raghu is appointed as a Director in a Company. Is he personally liable to third parties? If so, under what circumstances is he liabl…Preview
- A private company shall have a minimum of ______ Directors. (a) 3 (b) 7 (c) 2 (d) 5Preview
Chapter contents
The NCERT structure, section by section. Open a section to see its questions, then read the concept-first solution.
Board of Directors — Composition and Appointment
A company is an artificial person created by law, so it can act only through human agents. The Board of Directors is the group of persons elected by the shareholders to direct and control the company'…
Qualifications, Disqualifications and DIN
Not everyone who wishes to serve on a company's Board is legally permitted to. The Companies Act, 2013 sets out both a positive qualification for one special category of director — the Independent Dir…
Powers of the Board of Directors
Once validly constituted, the Board of Directors becomes the primary decision-making body of the company.
Board Meetings
Since many of the Board's most important powers can be exercised only through a resolution passed at a meeting, the law is precise about how often, and under what conditions, Board Meetings must be he…
Annual General Meeting and Extraordinary General Meeting
While Board Meetings let directors manage day-to-day affairs, general meetings are where the shareholders — the actual owners of the company — exercise direct oversight.
Types of Resolutions and Minutes of Meetings
Decisions at a general meeting are formally recorded as resolutions — the proposals put to the members for their vote.
Key Managerial Personnel
Beyond the Board of Directors, the day-to-day executive running of a company is entrusted to a small group of senior full-time officers whom the Companies Act, 2013 collectively calls Key Managerial P…
Sample & Board Papers
Sample papers and previous-year board questions for this subject.
+−Show 20 questionsHide questions20 questions
- Q1First meeting of Directors should be convened within ________ days from the date of incorporation of the company. (a) 50 (b) 45 (c) 30 (d) 6…Preview
- Q2Give any three cases in which an ordinary resolution need to be passed.Preview
- Q3(a) Give short notes on : (i) Class Meeting (ii) Meeting of the creditors OR (b) Mention the presumptions of Negotiable Instruments.Preview
- Q4(a) Mr. Raghu is appointed as a Director in a Company. Is he personally liable to third parties? If so, under what circumstances is he liabl…Preview
- Q5Which meeting will be held once in the lifetime of the company ? (a) Extra-ordinary (b) Statutory (c) Class General (d) Annual GeneralPreview
- Q6A private company shall have a minimum of ______ Directors. (a) 3 (b) 7 (c) 2 (d) 5Preview
- Q7List out the Key Managerial Personnel in a Company.Preview
- Q8Public Company shall have a minimum number of ______ Directors. (a) 5 (b) 2 (c) 6 (d) 3Preview
- Q9What is Quorum?Preview
- Q10(a) Give short notes on: (i) Statutory meeting (ii) Extra-ordinary General Meeting OR (b) What are the responsibilities of Consumers?Preview
- Q11Directors are ______ of the company's money. (a) Agent (b) Banker (c) Trustees (d) HolderPreview
- Q12From the date of its incorporation the First Annual General Meeting is to be conducted within ______ months. (a) Eighteen (b) Twelve (c) Twe…Preview
- Q13Write short notes on "Proxy".Preview
- Q14What kind of resolutions are required to implement the following decisions of a company ? (a) To change the objectives of the company. (b) T…Preview
- Q15Who is a Shadow Director ?Preview
- Q16What do you mean by Statutory Meeting ?Preview
- Q17What is Voting ?Preview
- Q18Give any three cases in which an ordinary resolution need to be passed.Preview
- Q19Which meeting is not classified as Share Holder's Meeting under Companies Act 2013? (a) Annual General Meeting (b) Statutory Meeting (c) Ext…Preview
- Q20What is QUORUM?Preview
More questions
13 Q+−Show 7 questionsHide questions7 questions
- Q1State the minimum and maximum number of directors a public company can have under the Companies Act, 2013.Free
- Q2What is a Director Identification Number (DIN)?Free
- Q4What is meant by Key Managerial Personnel (KMP)? Name the KMP required under Section 203 of the Companies Act, 2013.Free
- Q7State the quorum required for a Board Meeting under the Companies Act, 2013.Preview
- Q8Distinguish between an Annual General Meeting (AGM) and an Extraordinary General Meeting (EGM).Preview
- Q11Distinguish between an Ordinary Resolution and a Special Resolution.Preview
- Q12What are 'Minutes of Meetings'? Within what time period must they be recorded?Preview