Category: Essays

The depository system functions as under:1. The system envisages setting up of one or more depositories to hold securities of investors in the electronic form. ADVERTISEMENTS: 2. The depository functions through its agents, who are called Depository Participants (DP).3. The investor, who wants to avail the services of the Depository, has to open a beneficiary account with the Depository through a DP. The account known as the “Demat” account can be opened with more than one DP also. Image Source: irpulse.com4 After opening the demat account, the investor is required to dematerialize the securities held by him in the physical form. To dematerialize the securities, the investor has to fill the Dematerialisation Request Form (DRF) and submit the same to the DP along with the security certificate.The DP through the…

The members of a company on the commencement of winding up are termed as contributory. As per Section 428 of the Companies Act, contributory means “Every person liable to contribute to the assets of the company in the event of its being wound up and includes holder of any shares which are fully paid-up.”The liquidator shall prepare a list of all such contributories who may be made liable to contribute towards the assets of the company on account of deficiency in the assets of the company. In case there is a surplus in assets the liquidator shall prepare a list of those members who are entitled to share this surplus. The term ‘contributory’ includes members of both of these categories.List of contributories is divided into two part, A and B.…

Preference shares, with reference to any company limited by shares, are those which carry two preferential rights over other classes of shares: (a) a preferential right in respect of a fixed dividend it may consist of a fixed amount or a fixed rate, (b) a preferential right as to repayment of capital in the case of winding up of the company in priority to other classes of shares. “Preference share capital” is the sum total of preference shares. [Sec. 85 (1)]Different types of Preference shares are as follows: 1. Cumulative Preference Shares: A cumulative preference share has a right to claim the fixed dividend of the current year out of the future profits. The dividend, in these shares, accumulates unless paid. The accumulated arrears of dividend are to be paid…

When a call remains unpaid and the time allowed for its payment has expired, the company may, subject to the provisions of the articles, forfeit those shares and the amount received thereon. The power to forfeit shares must be expressly given in the company’s articles. It cannot be implied.In order that the forfeiture of shares is valid, the procedure expressly prescribed by the articles must be strictly adhered to. The technicalities must be strictly complied with as even a little inaccuracy may be as fatal as the greatest one. Even the whole body of shareholders or creditors cannot ratify a defective forfeiture. ADVERTISEMENTS: The procedure to be followed for the forfeiture of shares is as follows: 1. In Accordance with the Articles of Association: Shares can be forfeited only in…

Memorandum: Memorandum is the charter of the company. It describes the constitution of the company and defines the scope of its activities and powers. Articles lay down the rules and regulations to manage its affairs. Articles of a company are subordinate to the provisions of the Memorandum. Image Source: lohselaw.comMemorandum contains the area beyond which company cannot go; within that area the shareholders may make such regulations for their internal working as they think fit. Articles can be used to explain the objects laid down by the Memorandum, but never to extend them. They cannot modify the provisions of the Memorandum. ADVERTISEMENTS: Memorandum contains conditions for the use of the creditors, shareholders and the outside public. Articles constitute a contract between the company and its members in the capacity of…

Sometimes, Social Change is confused with social evolution. However, it is certainly different from evolution in several aspects. Evolution is a slow, continuous and natural process of change taking place over a considerably long tenure of time.Social change is complex process of change of in entire community of people. The difference between Social Change and Social Evolution can be explained as follows: 1. Evolution is a slow process of change: It takes place at a slow pace and it is different from sudden or rapid and planned changes. In contrast, of Social Change can be slow or fast. It can be evolutionary as well as revolutionary. Image Source: farm4.static.flickr.com 2. Evolution involves continuous and slow changes: ADVERTISEMENTS: In other words, it does not stop at any terminal of social life.…

Caste has been a predominant aspect of social and political life of India. Its position as one of the most ancient and deeply rooted features of the Indian social system has been a major factor in the functioning of the Indian political system. Caste has been, as J.P. Narayan once observed, “the most major political party in India”.It has been a determinant of political participation, electoral process, voting behaviour and almost all other aspects of Indian politics. Despite several changes arising out of the emergence of a developing industrial society, caste continues to play a major role in Indian Politics.Rajni Kothari in his well known book ‘Caste and Indian Politics’ has aptly observed that politics is a competitive enterprise, its purpose is the acquisition of power’ for the realisation of…

Caste and Varnas are two separate concepts. The peculiarity of the Hindu theory of social organisation is its Varna-asharm organisation. The Varna organisation and Ashram organization are two separate organisations yet the two go together as they refer to the problems of nurture and nature of man.The Ashram organisation refers to the conduct of an individual in the world (nurture) in different stages of his life and the Varnasharam orgnisation refers to the work that individuals undertake in the society according to the nature and memberships of their respective Varnas.In the Rigveda (written in about 400 B.C.) only two Varnas are mentioned, the Arya Varna, and the Dassa Varna. There is also description of the division of the society into three orders. Brahmna (Priest), Kshatria (warriors), and Vis (common people).…

The triplet code or codon is degenerate i.e., there are many more codons than there are amino acids. Only 20 amino acids are involved in protein synthesis, while there are 64 possibilities or types of codons (43).Hence more than one codon can code for an amino acid. It is interesting to find out as to why the codes are degenerate? There could have been only so many codons as there are amino acids. But there is problem here.If there were to be only one code for an amino acid, what happens if there is a mutation at that site in DNA? Obviously the code changes and the amino acid cannot be incorporated in the protein leading to abnormalities. Image Source: barleyworld.org ADVERTISEMENTS: On the other hand, if there are alternate…

AUG (occasionally GUG) initiates the synthesize of a protein chain. The natural question would be which codon specifies or signals the end of termination of the synthesis of the protein chain.It has been found out that three of the 64 codons do not specify any tRNA and as such they cannot assemble any amino acid. As such these codons whenever they are found in mRNA would signal the end of the chain.They are called termination codons as they terminate the synthesis of the polypeptide chain. They are also called nonsense codons as they do not specify any amino acid. The nonsense codons are UAG (amber) UAA (ochre) and UGA (opal). Image Source: proteomesci.com ADVERTISEMENTS: Of the three termination codons UAG was the first termination codon to be discovered. It was…