Skip to content

CS Executive · Setting Up of Business, Industrial and Labour Laws · Setting up of Business outside India and Issues Relating thereto

An Authorised Officer suspects that Rohit Mehta holds foreign securities abroad in contravention of Section 4 and seizes an equivalent value of assets in India after recording reasons. Within what time must the order of seizure, with relevant material, be placed before the Competent Authority, and within what time must the Competent Authority dispose of the petition (excluding stay periods)?

The seizure order must go to the Competent Authority within thirty days of seizure, and the Competent Authority must dispose of the petition within one hundred eighty days from seizure, confirming or setting aside the order after hearing both sides, with court stay periods excluded.

  1. AWithin 30 days of seizure; disposal within 180 days of seizureCorrect
  2. BWithin 180 days of seizure; disposal within 30 days
  3. CWithin 30 days of seizure; disposal within 90 days
  4. DWithin 60 days of seizure; disposal within 180 days

Explanation

Section 37A(2) requires the order to be placed before the Competent Authority within thirty days from the date of seizure. Section 37A(3) requires disposal within one hundred eighty days from seizure, excluding any court stay period. The reversed and altered periods in the other options do not match the text.

Did you get it right without looking?

One question tells you little. A timed set on Setting up of Business outside India and Issues Relating thereto shows your real accuracy, how long you take and where you lose marks.

Practise Setting up of Business outside India and Issues Relating theretoFree diagnostic mock

More Setting up of Business outside India and Issues Relating thereto questions