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+--- Thread: Module E - Examiner Comments before Summer 2006 (/showthread.php?tid=8909)
Module E - Examiner Comments before Summer 2006 - Nevermore - 10-07-2010
Hi all,
I would be highly obliged if someone who have retained soft copies of Examiner's Comments before Summer 2006 kindly share it since they are not uploaded on ICAP's website.
My email ID is aabbccdd75@live.com [D]
Thanks in advance.
- A.A - 10-07-2010
Click on the link below and start downloading!It will bring up the old version of ICAP's website
that had comments till Winter 2003.I have copied E16 of Summer 05 here just to confirm the link.
http//www.icap.org.pk/web/links/99/examiners%27comments.php
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CORPORATE LAWS
General Selected study of syllabus and answering without understanding the requirement of the question were the main contributors of overall bad performance of students appearing for final level examination of this core subject. Question-wise comments are given below
Q.1 The candidates were aware of some basic knowledge of requirements related to filing of accounts of companies operating in Pakistan but incorporated outside Pakistan. However, they could not cover all aspects of the topic asked i.e. number of copies, timing and certified translation etc.
Q.2
(a)
Students successfully attempted this straightforward oft-repeated topic of procedure for membersâ voluntary winding-up.
(b)
The powers of liquidator to compromise in members and creditors voluntary winding-up were asked and very few had the knowledge of conditions applicable on exercising such powers. Some students tried to relate said powers with the declaration of solvency, which was not relevant as there was no question of sufficient or insufficient fund in the given case. Very few could mention the fact that such power is subject to the control of court and any dissatisfied creditor may apply to the court in respect of the proposed compromise.
Q.3
In this question, the case contained some information regarding an existing group of companies engaged in financial services covered under NBFC Rules, and sponsors were looking for procedure for merging all these entities. A large number of students ignored the given facts and presumed that the existing NBFCs are working without license and capital adequacy. Resultantly, instead of describing procedure for merger as given in Section 282 of the Companies Ordinance, 1984, they wrote procedure for formation of another NBFC including details of licensing and capital requirement. This shows a serious and continued problem of answering question without taking notice of the facts.
Q.4
All the three parts of the question were easy and straightforward. Large number of students got good marks.
Q.5
(a)
Very few students had the knowledge of provisions of law relating to power of court to rectify membersâ register. Some students replied that duplicate certificate may be issued to original member even when physical share certificates were in the hands of buyer duly transferred in his name. Only about 20% of the students were aware of the fact that shares purchased in good faith from stock market and transferred based on valid transfer deed shall belong to such buyer unless otherwise established by a Civil Court.
(b)
Very few candidates could draft appropriate notice of the annual general meeting of a company. In some cases it looked like an invitation to attend a social gathering. The agenda was also poorly written and included items that are not part of the general body business like interim dividend, appointment of CFO, capital expenditure and increase in paid up capital. A large number were unaware of the fact that bonus shares could not be issued by utilizing all available reserves.
Q.6
(a)
Although a good number of candidates knew the approving authorities of annual accounts, interim dividend, further issue of fund and appointment of auditor in case of modaraba, but very few could explain the rationale behind the same. In some cases confusion was noticed about the structure of modaraba, modaraba company and role of registrar modaraba and of modaraba certificate holders.
(b)
Very few had to-the-point understanding of the opportunities available to branches of foreign companies raising working capital and loan for capital expenditure.
Q.7
Reasonable number of candidates were able to list out priority ranked payments in case of winding up of a company. Some mixed up the topic with the priority payments given in accounting books under partnership dissolution.
Q.8
Signatories of accounts of banking and insurance companies required under the relevant laws were an easy area but very few could reply it correctly. Apparently, the students have resorted to selective study.
Q.9
This question proved to be a good scoring one, as extension in the date of holding annual general meeting is an easy part of the subject related to meetings of shareholders.
Q.10
Rehabilitation of a sick company is an area, which is not asked frequently but quite a number of candidates were able to answer the contents of rehabilitation plan correctly which may include reduction/restructuring of capital, debt rescheduling, varying the rights of shareholders, changes in directors, chief executive and major shareholders, amendment in Memorandum and Articles etc.
(THE END)
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- Nevermore - 10-07-2010
Thanks dude.. I saw your reply in a similar topic concerning Module A examiner comments.
This link only displays examiner comments for the year 2005.
Examiner comments for the year 2004 and 2003 do not open!
Try it yourself.
Again thanks for your reply!
- A.A - 10-07-2010
Most welcome!Yeah it's not coming up properly.
Have you tried the Way back machine?I used it sometime ago to goto an older versions of ICAP saved through the years on this website.This was before i knew how to search for them in google.Anyway,I had downloaded Mod C's comments till 2004(I think).Check it out.
www.archive.org
- Nevermore - 10-07-2010
truly unbelievable sharing!
thanks.
For saving time of other students, kindly click the following link to get access to examiner comments for year 2003 and 2004 as well-
http//web.archive.org/web/20061103070513/icap.org.pk/Examination/ECOM.htm?PHPSESSID=a2e5a46408a58d742a3e427940a52e89
- A.A - 10-07-2010
Welcome!Wow it works even now.Even the previous icap link had worked till August because I had downloaded audit comments till Spr 04.Don't know what went wrong.I don't have dsl anymore so the archive works real slow(I was trying of finding other ways right now) but your link is great.Thanks alot for sharing it.It will definitely save time.I'll need these comments too soon insha'allah.
- Nevermore - 10-07-2010
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by A.A</i>
<br />Welcome!Wow it works even now.Even the previous icap link had worked till August because I had downloaded audit comments till Spr 04.Don't know what went wrong.I don't have dsl anymore so the archive works real slow(I was trying of finding other ways right now) but your link is great.Thanks alot for sharing it.It will definitely save time.I'll need these comments too soon insha'allah.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Yea i also remember downloading it when studying in Foundation and Intermediate modules.
And inshAllah u'll b needing them soon.
- A.A - 10-08-2010
InshAllah!Thanks.