Ch 4: SET-OFF OR CARRY FORWARD AND SET OFF OF LOSSES — Study Material & Test Yourself

1(a): Set-off or Carry Forward and Set off of Losses

5 Marks

Mr. Bahu has received a notice from Mahishmati Private Limited on 2nd March, 2026 intimating that Mr. Bali has submitted a transfer deed duly signed by him for transfer of 1000 partly paid shares (₹ 8 paid-up out of Face Value of ₹ 10 per share) in his (Mr. Bahu) name. Mr. Bahu as transferee must raise his objection to the proposed transfer of partly paid shares latest by

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1(b): Set-off or Carry Forward and Set off of Losses

5 Marks

Section 67 of the Companies Act, 2013 impose a restriction on public company from giving any financial assistance whether directly or indirectly and whether by means of a loan, guarantee, the provision of security or otherwise for the purpose of, or in connection with, a purchase or subscription made or to be made, by any person of or for any shares in the company or in its holding company. Star Engineering Limited which is not covered by any of exemptions specified under said section, contravene the restrictive provisions stated above. Every officer of the company who is in default shall be liable for:

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2(a): Set-off or Carry Forward and Set off of Losses

5 Marks

Fine which shall not be less than one lakh rupees but may extend to twenty- five lakh rupees

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2(b): Set-off or Carry Forward and Set off of Losses

5 Marks

Fine which shall not be less than one lakh rupees but may extend to twenty- five lakh rupees or Imprisonment for a term which may extend to three years or both

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3(a): Set-off or Carry Forward and Set off of Losses

5 Marks

Fine which may extend to twenty-five lakh rupees or Imprisonment for a term which may extend to three years or both

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3(b): Set-off or Carry Forward and Set off of Losses

5 Marks

Fine which shall not be less than one lakh rupees but may extend to twenty- five lakh rupees and Imprisonment for a term which may extend to three years © The Institute of Chartered Accountants of India CORPORATE AND OTHER LAWS 4.88

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