Category: Essays

Section 19 of the Limitation Act deals with the effect of payment on account of debt or interest on legacy. It enacts that (1) if payment is made on account of debt or interest on legacy, (2) before the expiration of the prescribed period (3) by the person liable to pay the debt or legacy or by his agent duly authorised in this behalf, a fresh period of limitation shall be computed from the date of payment.It further provides that except in the case of payment of interest made before 1st January, 1928, the acknowledgement of payment should appear in the handwriting of, or in a writing signed by the person making the payment.It is the payment which really extends the period of limitation under section 19: but the payment…

A consideration of the terms of Section 18 of the Limita­tion Act shows that the essential requisites of a valid acknowledg­ment are the following:1. Acknowledgment must be made before the expiration of the period of limitation: ADVERTISEMENTS: In other words the acknowledgment must be made after the period of limitation has begun to run and while it is actually running. The expression “period prescribed” does not refer exclusively to the period prescribed by the first schedule to the Limitation Act.The expression will include any period prescribed by the Act, whether in the body of the Act or in the first schedule. Thus, an acknowledgment may be made before the expiry of the period of limitation as extended by the operation of section 14 of the Limitation Act. [See Kamla Prasad…

Abetment and attempt: Although both are indictable offences they differ in certain respects. In the first place, in abetment the offence is complete in itself within the meaning of section 40, I.P.C., while an attempt to commit the offence is not completed. If the act is completed there would no more be an attempt but the offence itself. It is only when the object to commit an offence fails that the accused is guilty of attempt to commit that offence. Image Source: cdn.shareyouressays.comIn the second place, abetment may be committed in evil ways mentioned in section 107, viz., instigating any person, engaging with one or more other person or persons in any conspiracy for the doing of a thing, or intentionally aiding, by any act or illegal omissions, the doing…

Section 319 provides that “whoever causes bodily pain, disease or infirmity to any person is said to cause hurt” (One year and fine). The definition of pain contemplates the causing of pain, etc. by one person to another. Where serious mental derange­ment is caused by some voluntary act, a hurt is caused. But harm so slight that no person of ordinary sense and temper would complain of it is excluded by Section 95 of the Code. Image Source: cdn.shareyouressays.com Grievous Hurt: Section 320 lays down the following kinds of hurt only which are designated as “grievous”: ADVERTISEMENTS: (1) Emasculation i.e., depriving a person of masculine vigour;(2) Permanent privation of the sight of either eye;(3) Permanent privation of hearing of either ear;(4) Privation of any member of joint ADVERTISEMENTS: (5) Destruction…

In tropical forests as much as 50% of the original extent may have been lost to deforestation in the last two decades, primarily as a result of agricultural expansion. Global estimates of tropical deforestation range from 69,000 km2 year in 1980 to 165,000 km2 year in the late 1980s; 50 to 70% of the more recent estimates have been attributed to deforestation in the Brazilian Ama­zon, the largest continuous region of tropical forest in the world (Skole and Tucker, 1993).Tropical deforestation is a major component of the carbon cycle and has profound implications for biological diversity. Deforestation increases atmo­spheric CO2 and other trace gases, possibly affecting climate. Conversion of forests to cropland and pasture results in a net flux of carbon to the atmosphere because the concentration of carbon in…

Essential Features of Negotiable Instruments are given below: 1. Writing and Signature: Negotiable Instruments must be written and signed by the parties according to the rules relating to Promissory Notes, Bills of Exchange and Cheques. Demand Drafts are also construel as Negotiable Instruments in the limiting case as they have the same property as N.I. Instrumes. 2. Money: ADVERTISEMENTS: Negotiable instruments are payable by legal tender money of India. The liabilities of the parties of Negotiable Instruments are fixed and determined in terms of legal tender money. 3. Negotiability: Negotiable Instruments can be transferred from one person to another by a simple process. In the case of bearer instruments, delivery to the transferee is sufficient. In the case of order instruments two things are required for a valid transfer: endorsement…

The Most Important Characteristics of Small Scale Industries are Given below:a. Labour intensive:SSI is largely labour intensive and therefore, can provide employment to a large number of people with limited capital. ADVERTISEMENTS: b. Capital required is less and therefore economises use of capital: The capital requirement of small enterprises, in respect of economic overheads, such as factory buildings, building for workers and transport facilities; are much less than in large enterprises. By promoting these industries, we can economise capital even in respect of these overheads. Image Source: shellbeachcapital.comc. Short Gestation Period: ADVERTISEMENTS: SSI has a short gestation period when compared to large seals industries. They can provide finished goods in a shorter period and thus can be a better counteracting force for the inflationary trends, so common in a growing…

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…