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Q1.

ABC Co. Ltd was formed under the Companies Act, 2017 with its registered office located in Karachi. The Co. had seven (07) Directors as it commenced business. After sometime, one of the Directors resigned however, the Co. continued its business without any concern. During the process, it was revealed that Co. also misrepresented some key facts in its Prospectus. One of the members filed a case against the Company for misrepresentation and fraud. Answer the following questions with respect to the Companies Act 2017.

a)Explain the type of privilege the company has if it acts in accordance with the Companies Act, 2017 and in which way that privilege is taken away from it?

b)In which Court of Law did the petitioner file the case? In case, he is not satisfied with the decision of the said Court, where does the Appeal lie in the Superior Judiciary?

(5) Marks

Q2.

Khalid, Shayan, Ammad, Junaid and Hadi are partners in a firm. They decided to dissolve the firm from 8^th July 2020 but failed to give a public notice of its dissolution and continued the business of the firm even after that date. Dilip died on 11^th July 2020 due to COVID-19 and Edward was declared insolvent on 15^th July 2020. On 16^th July 2020, Khalid borrowed in the firm's name Rs.20,000 from Raheel who was ignorant of the dissolution. Discuss the liability of partners according to the Partnership Act, 1932. (5) Marks

Q3.

Alex, Bryan, Chris, David and Edward are partners. Alex and Bryan executed a promissory note in favour of Chris agreeing to pay him a certain sum due to him on taking partnership accounts. Are David and Edward bound by the promissory note? Justify with legal reasoning with correct concept according to the Partnership Act, 1932.

(5) Marks

Q4.

Osama, Saqib and Waqas are partners in a business firm sharing profits and losses equally. Waqas dies of COVID-19 and the firm is dissolved. On the date of dissolution, the capitals of Osama, Saqib and Waqas were 20,000, Rs. 15000, and Rs.10, 000 respectively and outside liabilities amounted to Rs. 65,000. Osama had advanced Rs.10,000 as loan to the firm. State how the amount realized shall be used if the assets are realized: (a) Rs.135,000 (b) 1,05,000? (5) Marks

Q5.

Can an acceptor of a bill avoid his liability against a person who is a holder in due course or who derives his title from a holder in due course, on the following grounds according to the Negotiable Instruments Act, 1881:

a)That the instrument has not been filled in accordance with the authority given by him.

b)That the parties to the bill were fictitious.

c)That the instrument was drawn without consideration.

d)That the instrument had been lost.

e)That the instrument has been obtained from him by means of fraud.

f)That is signature was forged

g)That the instrument has been obtained from him for an unlawful consideration

h)That the delivery of the instrument was conditional.

i)That the payee had no capacity to endorse.

Answer in the following format

Ground

Decision

Explanation

Q6.

A bill is payable to Ahmed or order. The bill is thereafter lost and comes into the hands of Bilal, who forges Ahmed's signature to affect an endorsement in blank. Discuss the legal position in each of the following alternative cases according to the Negotiable Instruments Act, 1881.:

a)If Bilal passes the bill by simple delivery to Zahid as a gift.

b)If Bilal passes the delivery before maturity by simple delivery to Zahid who takes the bill in good faith for valuable consideration.