IGNOU ECO 08 Solved Assignment 2022-23

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IGNOU ECO 08 Solved Assignment 2022-23

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Important Note – IGNOU ECO 08 Solved Assignment 2022-2023  Download Free You may be aware that you need to submit your assignments before you can appear for the Term End Exams. Please remember to keep a copy of your completed assignment, just in case the one you submitted is lost in transit.

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Submission Date :

  • 31st March 2033 (if enrolled in the July 2033 Session)
  • 30th Sept, 2033 (if enrolled in the January 2033 session).

All questions are compulsory.

1. (a) Define a holding company and a subsidiary company. When can a company be called a subsidiary of another company? Elaborate.

In the corporate world, a subsidiary is a company that belongs to another company, which is usually referred to as the parent company or the holding company.

The parent holds a controlling interest in the subsidiary company, meaning it has or controls more than half of its stock. In cases where a subsidiary is 100% owned by another firm, the subsidiary is referred to as a wholly owned subsidiary. Subsidiaries become very important when discussing a reverse triangle mortgage.

A parent company buys or establishes a subsidiary to provide the parent with specific synergies, such as increased tax benefits, diversified risk, or assets in the form of earnings, equipment, or property. Still, subsidiaries are separate and distinct legal entities from their parent companies, which reflects in the independence of their liabilities, taxation, and governance. If a parent company owns a subsidiary in a foreign land, the subsidiary must follow the laws of the country where it is incorporated and operates.

However, given their controlling interest parent companies often have considerable influence with their subsidiaries. They—along with other subsidiary shareholders, if any—vote to elect a subsidiary company’s board of directors, and there may often be a board-member overlap between a subsidiary and its parent company.

The purchase of an interest in a subsidiary differs from a merger: The purchase usually costs the parent corporation a smaller investment, and shareholder approval is not required to turn a company into a subsidiary as it would be in the event of a merger. Nor is a vote required to sell the subsidiary.

Subsidiary Financials

A subsidiary usually prepares independent financial statements. Typically, these are sent to the parent, which will aggregate them—as it does financials from all its operations—and carry them on its consolidated financial statements. In contrast, an associate company’s financials are not combined with the parents. Instead, the parent registers the value of its stake in the associate as an asset on its balance sheet.

As is common practice and per the Securities and Exchange Commission (SEC), public companies should generally consolidate all majority-owned firms or subsidiaries. Consolidation is typically seen as a more meaningful method of accounting than providing separate financials for a parent company and each of its subsidiaries. 

For example, eBay reported total revenue on its consolidated income statement, for the year ended Dec. 31, 2017, totaling US$9.6 billion. The e-commerce firm notes in the annual report that the individual domestic and consolidated subsidiary, StubHub, generated revenue of $307 million.

(b) What is one person company? Discuss the relaxations available and special provisions applicable to one person company.

Formation of One Person Companies

A single person can form an OPC by subscribing his name to the memorandum of association and fulfilling other requirements prescribed by the Companies Act, 2013. Such memorandum must state details of a nominee who shall become the company’s sole member in case the original member dies or becomes incapable of entering into contractual relations.

This memorandum and the nominee’s consent to his nomination should be filed to the Registrar of Companies along with an application of registration. Such nominee can withdraw his name at any point in time by submission of requisite applications to the Registrar. His nomination can also later be canceled by the member.

Membership in One Person Companies

Only natural persons who are Indian citizens and residents are eligible to form a one-person company in India. The same condition applies to nominees of OPCs. Further, such a natural person cannot be a member or nominee of more than one OPC at any point in time.

It is important to note that only natural persons can become members of OPCs. This does not happen in the case of companies wherein companies themselves can own shares and be members. Further, the law prohibits minors from being members or nominees of OPCs.

Conversion of OPCs into other Companies

Rules regulating the formation of one-person companies expressly restrict the conversion of OPCs into Section 8 companies, i.e. companies that have charitable objectives. OPCs also cannot voluntarily convert into other kinds of companies until the expiry of two years from the date of their incorporation.

Privileges of One Person Companies

OPC enjoy the following privileges and exemptions under the Companies Act:

  • They do not have to hold annual general meetings.
  • Their financial statements need not include cash flow statements.
  • A company secretary is not required to sign annual returns; directors can also do so.
  • Provisions relating to independent directors do not apply to them.
  • Their articles can provide for additional grounds for vacation of a director’s office.
  • Several provisions relating to meetings and quorum do not apply to them.
  • They can pay more remuneration to directors than compared to other companies.

2. (a) What is Memorandum of association? Discuss its purpose.

A Memorandum of Association (MoA) represents the charter of the company. It is a legal document prepared during the formation and registration process of a company to define its relationship with shareholders and it specifies the objectives for which the company has been formed. The company can undertake only those activities that are mentioned in the Memorandum of Association. As such, the MoA lays down the boundary beyond which the actions of the company cannot go.  

Memorandum of Association helps the shareholders, creditors and any other person dealing with the company to know the basic rights and powers of the company. Also, the contents of the MoA help the prospective shareholders in taking the right decision while thinking of investing in the company. MoA must be signed by at least 2 subscribers in case of a private limited company, and 7 members in case of a public limited company. 

Format of Memorandum of Association

The format of a MoA is specified in Table A to Table E depending upon the type of company. A company can adopt the table applicable to it; for instance, Table A is for a company limited by shares, and Table B is for a company limited by guarantee and having share capital etc.

Contents of Memorandum of Association

Memorandum of Association (MoA) consists of the following clauses :

  1. Name Clause: This clause specifies the name of the company. The name of the company should not be identical to any existing company. Also, if it is a private company, then it should have the word ‘Private Limited’ at the end. And in case of public company public company, then it should add the word “Limited” at the end of its name. For example, ABC Private Limited in case of the private, and ABC Ltd for a public company.                                                             
  2. Registered Office Clause: This clause specifies the name of the State in which the registered office of the company is situated. This helps to determine the jurisdiction of the Registrar of Companies. The company is required to inform the location of the registered office to the Registrar of Companies within 30 days from the date of incorporation or commencement of the company.
  3. Object Clause: This clause states the objective with which the company is formed. The objectives can be further divided into the following 3 subcategories:
    • Main Objective: It states the main business of the company
    • Incidental Objective: These are the objects ancillary to the attainment of main objects of the company
    • Other objectives: Any other objects which the company may pursue and are not covered in above (a) and (b)
  4. Liability Clause: It states the liability of the members of the company. In case of an unlimited company, the liability of the members is unlimited whereas in case of a company limited by shares, the liability of the members is restricted by the amount unpaid on their share. For a company limited by guarantee, the liability of the members is restricted by the amount each member has agreed to contribute.
  5. Capital Clause: This clause details the maximum capital that a company can raise which is also called the authorized/nominal capital of the company. This also explains the division of such capital amount into the number of shares of a fixed amount each.

(b) Discuss the Misstatement in a prospectus and its consequences.

Damages for Misstatement

The directors, promoters, experts, and others who have authorized the issue of the prospectus are liable to compensate the aggrieved shareholder for the loss or damages he may have to incur because of the untrue statement.

Damages for Non-disclosure of Material Facts:

If a material fact has been omitted from the prospectus, (a) the person responsible for the issue shall be fined up to Rs.50,000 and (b) the aggrieved can recover damages from the persons responsible for the issue.

Criminal Liability

1. If a prospectus contains any untrue statement, every person who authorized the issue are punishable with fine up to Rs.50,000 or with imprisonment up to 2 years or with both.

2. Anyone who fraudulently (knowingly) makes any misstatement in the prospectus to induce persons to invest money in the company is punishable with imprisonment up to 5 years or with fine up to Rs.1,00,000 or with both.

Liability under General Law of Contract

Under the general law, the aggrieved shareholder can recover damages from all or any of the persons responsible for the issue of the prospectus. The necessary thing is to prove that there is a fraudulent misstatement or non-disclosure.

Liability in case of open market purchase

One who purchased shares in the open market from any shareholder of the company (not relying on the prospectus) can’t rescind the contract for the purchase of shares. The person who authorized the issue of prospectus cannot be held liable.

3. (a) What is allotment of shares? Discuss the rules regarding allotment of shares.
(b)Distinguish between a member and a shareholder.

4. (a) What are the liabilities of the director to the company and to the third parties?
(b) What do you mean by secretary in practice? Discuss the role of company secretary as a statutory officer.

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5 (a) What is quorum? What are the legal rules for quorum in a meeting in a case of public and private company?
(b) What are the requisites of a valid meeting?

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IGNOU Instructions for the ECO 08 Company Law Solved Assignment 2022-23

IGNOU ECO 08 Solved Assignment 2022-2023 Download Free  Before attempting the assignment, please read the following instructions carefully.

  1. Read the detailed instructions about the assignment given in the Handbook and Programme Guide.
  2. Write your enrolment number, name, full address and date on the top right corner of the first page of your response sheet(s).
  3. Write the course title, assignment number and the name of the study centre you are attached to in the centre of the first page of your response sheet(s).
  4. Use only foolscap size paperfor your response and tag all the pages carefully
  5. Write the relevant question number with each answer.
  6. You should write in your own handwriting.



GUIDELINES FOR IGNOU Assignments 2022-23

IGNOU ECO 08 Solved Assignment 2022-23 You will find it useful to keep the following points in mind:

  1. Planning: Read the questions carefully. IGNOU ECO 08 Assignment 2022-23 Download Free Download PDF Go through the units on which they are based. Make some points regarding each question and then rearrange these in a logical order. And please write the answers in your own words. Do not reproduce passages from the units.
  2. Organisation: Be a little more selective and analytic before drawing up a rough outline of your answer. In an essay-type question, give adequate attention to your introduction and conclusion. IGNOU ECO 08 Solved Assignment 2022-2023 Download Free Download PDF The introduction must offer your brief interpretation of the question and how you propose to develop it. The conclusion must summarise your response to the question. In the course of your answer, you may like to make references to other texts or critics as this will add some depth to your analysis.
  3. Presentation: IGNOU ECO 08 Solved Assignment 2022-2023 Download Free Download PDF Once you are satisfied with your answers, you can write down the final version for submission, writing each answer neatly and underlining the points you wish to emphasize.

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ECO 08 Handwritten Assignment 2022-23

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