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Michael Jordan suffered a setback when he was left out of the varsity basketball team. He made up his mind that he would not face a similar situation in life and he started practising daily without fail. He soon came back and never looked back after that event.

To be a legend, you have to follow the path of the legend. Suppose you want to be a CA then you have to follow the pathway of becoming the successful CA in the field cherished by him. Seeing yourself performing better each day, you become closer to your dream. You draw more confidence. Everyday work with the vision that today is going to be the greatest day in life.

Just don’t give up trying to do what you really want to do. The biggest hurdle is rejection. Any business you start, be ready for it. The difference between successful people and unsuccessful person is that the successful people do all the things the unsuccessful people don’t want to do it. When ten doors are slammed on your face, go to door number eleven enthusiastically, with a smile on your face.

You may face thousands of rejections. But you must have burning passion with in you. Through his entire journey he faced rejections and one day he became a celebrity. Steve Jobs who is no more on the earth is the legend for the generations to come.

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CA is an exam which seeks constant practice and learning for the examinee from both practical side of the business and the conceptual learning. There is a need to constantly upgrade on the changes including the amendments. Every exam of a CA is like a football match where you must go equipped totally both through practice of the course and mental zeal.

CA Final examination  require mental preparation. There must be a clear strategy. The examinee must know, how he will deliver in the examination well before the exam. The visual imagination of the first hour must be very clear . Specifically in the first hour, he must know a way to score maximum marks. This requires a planning in advance which creates a way in which he can tell the evaluator the way in which he can secure forty marks in the first hour.

Always think that each mark counts. Hence one must decide whether to start from the compulsory question or short notes question which appears at the end. Never be in haste. Understand the requirement of the question .Plan well before you start. You must feel that your marks are in the proportional to the time available.

You must believe clearly that you can always clear the exam. Don’t get moved by the peer pressure and always feel confident in your own potential. Remember always that you can be a success. Never give up the hope . Always challenge your abilities. Raise the bar. The only limits on your life are the one you set it for yourself. When you dare to go out of your circle  of comfort and explore the better options in life, the nature  helps you to achieve your goals.

So the net summary is that if you want to excel, you must work like a Messie. Choice is yours as life is yours. You must move in the direction of your dream as you know that history belongs to the dreamers who are consistently working towards their goals.


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Corporate and Allied Laws – CA Final Nov’16

Q1. The maximum number of Director of Time Trading Private Limited is 9. The Board of Directors of the company proposes to increase the number of Directors to 15. Advice.

Ans. Section 149 (1) the maximum number of directors is 15. Company may appoint more than 15 directors by passing a special resolution. Further, alteration in articles of association is also required for such increased number.

Q2. Hindustan Zink limited (a Government company) wants to raise the number of directors from 12 to 18. Comment.

Ans. Section 149(1) the limit of maximum of 15 directors and their increase in limit by special resolution shall not apply to Government Company. MCA has clarified vide notification GSR 463(E).

Q3. What is the minimum number of directors in a company as per Companies Act 2013?

Ans. The minimum number of Directors in a company as per Section 149 is:
 Public Company 3
 Private Company 2
 One Person Company 1

Q4. Who are independent director and how many independent directors are required in a company.

Ans. An independent director means a director other than a managing director or a whole-time director or a nominee director. Every listed public company shall have at least one-third of the total number of directors as independent directors. Central Government may provide for such minimum number in case of class of public company.

Q5. In case two directors were appointed on the same day, how would you decide their retirement by rotation?

Ans. The directors who will retire by rotation shall be those who have been in office for the longest term since their appointment. In case of two or more directors who were appointed on the same date at the same AGM, the retiring directors will be mutually agreed by them or in the absence of such agreement, will be determined by lots.

Q6. The Board of Directors of FCA Limited appointed Mr. Vid as an alternate director for a period of two months against a director who has proceeded abroad on leave for a period of six months. Articles of Association of the company are silent. Check validity of appointment.

Ans. Articles authorise or by resolution in general meeting Board of Directors may appoint an alternate director for a director who has proceeded abroad for a period not less than three month. Since article is silent and no resolution is taken in general meeting therefore appointment is not valid.

Q7. Mr. Ramy is appointed as an alternate director for an independent director in the company; however he is not qualified to be an independent director. Is this a valid appointment?

Ans. If a person is not qualified to be an independent director, he cannot be appointed as an alternate director for an independent director. However he may be appointed as an alternate director for a director not being an independent director.

Q8. A company is appointing Mr. B as a director. Mr. B is a director of another company which has failed to repay its deposits. Whether Mr. B can be appointed as a director of the new company?

Ans. A company has failed to repay its deposits on the due date and such failure continues for a year or more, then director of such company cannot be appointed as director of other company for five years from the date company failed to repay.

Q9. XYZ Company Ltd. in its annual general meeting appointed all its directors by passing one single resolution. No objection was made to the resolution. Please comment on the validity.

Ans. A proposal must be moved and agreed to without any vote being cast against it, proposing a motion to appoint two or more directors by a single resolution at general meeting. Even if no objection is made then also resolution passed in contravention of the aforesaid statement shall be void.

Q10. Board filled up a casual vacancy caused by death of Mr. K by appointing Mr. L as a director on 3rd April 2016. Mr. L expired on 12th May 2016 after working as director. The board wishes to appoint Mrs. L to fill casual vacancy. Please advise the board.

Ans. Vacancy arising on the Board due to vacation of office by the director appointed to fill a casual vacancy in the first place, does not create another casual vacancy as section 161 (4) clearly mentions that such vacancy is created by the vacation of office by any director appointed by the company in general meeting. Hence, the Board cannot fill in the vacancy arising from the death of Mr. L.




ICAI examination is considered to be one of the toughest   examination. An examinee is  required to be well prepared on the understanding of the subject contents, prevailing exam pattern, amendments in the dynamic changing  subjects and writing guideline in the exam stress environment. Let’s discuss all of them so that the examinee can deliver the best results.

Firstly, a student must be well conversant with the entire course and they must have prepared the chapter summary well in advance. He must be required to sure of all the important topics which are repeatedly asked in the examination.

Secondly, the examination pattern needs close introspection. There is a requirement to analyze  last five latest exams which gives the pattern of the examination system. The topics which needs close attention   due to the constant repeat   needs perfection.

Thirdly, there are certain subjects like direct and indirect taxes which changes every year due to change in the Finance Act. Company law is changing also due to new law coming in the scenario. Also partial addition has been happening in the IT subject called ISCA and Auditing.  Financial reporting has an impact due to changes in Accounting standard through IND AS. A student has to be update on these aspects clearly. He must do Revisionary Test Paper.

Fourthly, Writing guidelines in the exam stress condition is very much relevant. You must be prepared totally both mentally and physically before the battle. You must mentally plan a method which will allow you to score forty marks in the first hour. This must be totally clear.

Fifthly, a student must write the mock test series in the examination condition and get it evaluated by the mentor who knows the subject in depth. Writing your exam at standard condition between 2pm to 5pm will allow a person to evaluate the learning progress before facing the real exam.

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Indian CA final examination is among the world’s toughest examination.  It has eight subjects which are covered in 13000+ pages through its study material and practice manual. If you analyze all the last ten examination, you can find that there is a definite the pattern. This can be dealt below.

Firstly , there are case studies  and  case laws which are asked for 25 to 35 marks in almost each subject. In some subjects like direct tax and indirect tax , the marks coverage has gone up to 60 to 65 marks in some of the exams. Hence it is desirable for both the first timer and repeater to understand that the case study and case law writing skills   must be learnt properly and effectively because it consists of a minimum 40% marks.

Secondly, the last question in the CA final exam is a question on the short notes covering 16 marks. A student has to write  four short notes out of five short notes. Each question carry four marks each.  A CA examinee must be capable to put all the required aspect   of the short notes. Hence he must try to cover the total course from a bird’s eye view. He must  do mock writing   and sample test in each subject for the short notes category.

Thirdly, concept based tricky and sometimes lengthy numerical appear in the CA final examination. There  are long comprehensive questions covering two to three pages. Accuracy , Presentation and Speed of making the solution is checked by the examiner. A student must practice in exam type simulated condition and check his progress on a constant basis.

Fourthly, direct theoretical questions are asked in the examination which can cover the questions of the various types. It can be definition question, distinguish type question , discuss type questions and comment type questions. A student must be capable to analyze the scenario of each kind and come out appropriate solutions accordingly.

In the ultimate analysis, you must understand very clearly that you are a master of your own destiny. Become a Messie and take charge of your career.

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Messie is a living example of patience, perseverance and passion. Tapping of the hidden potential can bring tremendous self confidence in you. Don’t limit your challenges, instead challenge your limitations.

Change your attitude and come out with the solutions. If you learn to face any adverse situation in life believe me you will find more opportunities in life than present times. Handle any challenge with the inner energy  rather than moved by the external forces. Always remember, there is no problem  which cannot be solved.

Stress does not lie in the situation but in the way we deal with it.  All the achievable is awaiting outside the comfort zone and inside the effort zone. You can get your goal by sheer hard work, zeal  and determination.  Many people have failed when they were very close to their goals because they gave up their determined efforts at their end.

If you read the autobiography of Messie, you will note that all the above descriptions hold absolutely true in his case. You can be a Messie. You can change your destiny. History of world is about a few people who moved in the direction of their dream alone and later people followed because he became successful. You must be innovate, creative, offer  the true opinion and try to remain focused then you will become a Messie one day. Always believe on your potentiality. Look inwards. You have so much capability  which you have not explored till now.

Remember  always CA examination is only a test of your inner strength, determination and passion. You can clear your exam and become a successful professional, if you can regularly plan, prepare and work methodically   with full zeal. You can become a true holistic accountant and slowly become a Messie in your field. Time has come and you must prove that you can succeed and become a CA by passing the exam successfully. World always praise the winner.

Be a winner.

Become a Messie.

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Capital budgeting decision on the basis of various types of decision can be categorized as under :

  • Mutually exclusive decision : The business decision are said to be mutually exclusive if two or more  alternative proposals are such that the acceptance of one proposal will exclude the acceptance of the other alternative decision. A firm may consider the option of semi -automatic or highly automatic machine. If the firm installs semi -automatic machine , it excludes the acceptance of proposal to install highly automatic machine.
  • Accept and reject decision : This decision occurs when proposals are independent and don’t compete with each other. The firm may accept or reject a proposal based on the maximum return on capital employed.
  • Contingent decisions : These are dependable proposals. The investment in one proposal needs investment in one or more proposal. If a company accepts to make a factory in a hilly area then the business has to invest in roads, infrastructure and related areas.

These investments need to be decided by the different businesses.  Based on the either of the various decision situations ,the business has to make its business decision.

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The business can do cost reduction through the variance analysis. This can help immensely using the under given methods dealt below.

(a) Material variance arise due to the change in the basic price. In such case ,the departmental head should take the necessary action to purchase at the right point of time.

(b) Material usage variance arise due to the poor quality of the input raw material, ineffective use of material, pilferage and non standardized mix. The possible solution is regular inspection  of the quality materials, proper training of the operators and ensuring the optimum utilization of the resources.

(c) Labour efficiency variance arise due to the change in design and quality standard, poor working conditions and improper scheduling. The cure of these problems  can be proper planning , proper training, healthy work environment and timeline for achieving set targets.

(d) Labour rate variance is caused by the improper placement of labour including overtime. The suggestive course of action is that the time scheduling for work performance must change. Also there must be proper job allocation according to the capabilities of workers.

(e) In case of manufacturing overhead , there can be an improper planning, sales reduction, breakdown which can be solved through efficient planning for better capacity utilization. There can also be a check on the inappropriate expenditure.

(f) There can be improper selling and distribution variances due to increase in delivery cost and overtime. We can improve variances positively by increasing sales quota and targets.

(g) Variances due to the administrative overhead arise due to over expenditure. It can be checked by comparison of budgeted cost and the actual cost.

Every business must work on the above variances to tide out of crisis and improve the business conditions in a positive manner because the savings of cost is also a form of revenue generation.

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CA Final Examination has a great learning experience for the 1.5 lakhs students who write every six month this exam. If you analyze CA finals study materials and practice manual, a student has to go through around thirteen thousands pages of learning. It shows that at a macro level besides article period, a student is expected to have a complete learning experience before he sits in the examination.

It requires a lot of patience and perseverance on the part of the examinee so that they come through the flying color. As a CA professional, if you analyze last three attempts in each of the group, you will be surprised   that around 50% of the  questions asked on an over all basis at the group level  is theoretical in nature. This is a startling but true in the sense that it can help you pass the CA Finals examination.

Let’s analyze each paper in the detail :

  • Financial Reporting : Around 50 marks question come in the shape of Accounting Standard. These conceptual question is  direct and very scoring in nature.
  • Strategic financial Management : The latest trend reflects that roughly 30 marks theory questions appear in the examination which are theoretical in nature.
  • Advanced Auditing : This subject is totally theoretical in nature with an emphasis on the case study which a student has done in the article training period.
  • Corporate and Allied Law : This subject requires learning in the conceptual legal provisions which are asked in the exam as case studies. There are direct theoretical law questions.  Past three exam shows that its weightage is around 40 marks.
  • Advanced Management Accountancy: Roughly 35 marks in this subject is theoretical in nature out of which costing accounts for 25 marks and the operation research covers10 marks.
  • Information System Control Audit : This is a totally theoretical subject where the control elements and emerging technology and the IT law is asked.
  • Direct Tax Law : Around 60 marks area is covered which covers direct questions and latest court cases covering high court and supreme court decisions.
  • Indirect Taxes : Roughly 55 marks area is covered in this area covering service tax,excise and

Hence the students are advised to give proportional time in studies. Theory is lifeline and it should not be avoided at any cost till end. Theory will make you pass and even get a rank. May

I request all of the CA Final examinees  that you must do theories in details so that you may pass the CA exam at one attempt.

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