MGT611 Assignment 1 Solution Spring 2022

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Read the examples given below and answer the questions. (5 marks each) 

a) Azka drew a cheque for Rs. 50,000 in favor of her landlord Ahmed. The cheque was not presented for payment by Ahmed within a reasonable time of its issue. Azka suffered damage of Rs. 30,000 through the delay because the bank failed. Under the provisions of the Negotiable Instruments Act, 1881 describe whether Ahmed can recover the money in the above circumstances. 

b) Bushra owes Rs. 500,000 to Amir. The amount is payable on 26th August, 2022. Bushra intends to issue a negotiable instrument to Amir in satisfaction of her debt. Under the provisions of the Negotiable Instruments Act, 1881 advise Bushra about the type of negotiable instrument which may be issued to Amir, assuming that Bushra does not want to involve a third party in making the payment. Also prepare a draft of the said instrument. (You may make assumptions wherever you consider necessary) 

c) Umar is an employee in a brokerage house and he wants to prepare some reports on request of some potential investors for a company named as “Beta Limited”. For the preparation of the report he requires Memorandum & Articles of association of the company. State whether he can obtain such copies of Memorandum & Articles of Association from “Beta Limited” and explain why? 

d) In the annual general meeting of ABC Limited, a shareholder objected to the shifting of the registered office from Multan to Lahore without obtaining confirmation from the Commission. Explain whether the objection is valid?

SOL:

a) According to the above circumstances due to negligence Ahmad Azka suffered loss but Ahmad has only a way to recover his amount from the bank by summary suit in which the drawer can claim to get back money up to 3 years from the date of issue of a cheque. But Ahmad should also pay the amount of damages to Azka that occurred due to him.
b) According to above circumstances Bushra issued promissory note to Amir:
Draft of Promissory Note:
Rs: 500,000/- 
Lahore
August 26, 2022
Thirty days after date, i promise to pay Mr. Amir or order the sum of rupees five hundred thousand only for value received.
Signature
Revenue Stamp
Bushra (The Maker)
c) Memorandum of Association:
Fundamental legal document.
It is the constitution of the company in relation to the outside world.
Memorandum constitutes the conditions upon which the company is granted incorporation. 
Articles of Association:

• Subordinate to memorandum

• It is the doctrine of indoor management.

• These are internal rules and regulations of the company.

He can get copies of these documents from the registered head office of the company or download it from the company's website.
d) Yes, their objection is right because the memorandum and the articles, if any, shall be filed with the registrar in the province or part of Pakistan not forming part of a province as the case may be in which the registered office of the company is stated by the memorandum to be suitable. 
So, if a company wants to change its registered office from one city to another they should get the permission of the director of the commission and also published in the newspaper to give information to the shareholders of the company.

MGT611 Assignment 1 Solution Spring 2022 PDF