Statutory Corporation. Answer: Question 5. Its objectives, powers 98and functions are regulated by the Act. In the corporate bylaws or operating agreement for an LLC, you will outline specific regulations and rules of the business. MNCs use resources of different countries and their employees are on contract basis. Public sector Organisation, Question 6. (a) 51 The organisation which is financed through annual budget appropriations made by the legislature. . Question 6. Departmental Organisation, Question 7. Definition of Statutory Corporation - QS Study - Learn and Study PSEs are organizations owned by Merits of Departmental Organisation. Generally speaking, corporation laws spell out the rights, responsibilities, and procedures pursuant to a given business structure. Question 2. It is owned, managed, controlled and financed by individuals or group of individuals. Answer: Give one word/phrase/term.The oldest form of business organisation under the public sector. (c) employees It is suitable for public utilities, development projects, service industry like banking and finance and other industrial and commercial undertakings e.g. A ___________ has defined powers, functions and duties. As a result, employer- employee relations are very cordial and staff is highly motivated to perform better. It is managed by industrialists through board of directors and other specialized executives. Statutory Corporation, Question 13. So employees do not take initiative to increase the profit. Which of the following is most suitable when purpose is to generate revenue for the government? Explain merits and demerits of Government Company. Public Enterprises Form # 1. Give one word/phrase/term.Organisations which are owned by individual or group of individuals. This leads to efficiency in working. Higher Order Thinking Skills (HOTS) A Government Company is one in which atleast 51% of its paid up capital is held by the Central Government and / or the State Government. Direct Revenue to Government : The revenue of departmental organizations directly goes to the jr Government treasury. See FindLaw's Incorporation and Legal Structures section for additional articles and resources. Any company having its head office in one country and place of business in other countries is called a Multinational Corporation. Question 2. Then there is Board of Directors or Managing Committee who are assisted by Chief Executive, Executive Assistant, Supervisory and General Staff. Departmental Organisation and Government Company. It does not require special Act or Parliament approval. Answer: Question 5. forms of business organisation; class-11 . MNC do not have any concessions. Question 2. Under this type of organization, no distinction is made between public sector and traditional Government functions. So this company is registered in Singapore and having branches in India and Sri Lanka. % paid up capital is held by government. (b) Board of Industrial and Financial Reconstruction CVS Health Corporation: Case Number: 1:2023cv11483: Filed: June 30, 2023: Court: US District Court for the District of Massachusetts: Presiding Judge: Patti B Saris: This is termed as bureaucracy style or military style of organisation. Chapter 5: Forms of Business Organisation - 2, Chapter 1: Introduction of Commerce and Business, Chapter 3: Small Scale Industry and Business, Chapter 4: Forms of Business Organisation - 1, Chapter 6: Institutes Supporting Business, Organisation of Commerce and Management (OCM) 11th Standard HSC Maharashtra State Board Maharashtra State Board, Maharashtra Board Question Bank with Solutions (Official), Mumbai University Engineering Study Material, CBSE Previous Year Question Paper With Solution for Class 12 Arts, CBSE Previous Year Question Paper With Solution for Class 12 Commerce, CBSE Previous Year Question Paper With Solution for Class 12 Science, CBSE Previous Year Question Paper With Solution for Class 10, Maharashtra State Board Previous Year Question Paper With Solution for Class 12 Arts, Maharashtra State Board Previous Year Question Paper With Solution for Class 12 Commerce, Maharashtra State Board Previous Year Question Paper With Solution for Class 12 Science, Maharashtra State Board Previous Year Question Paper With Solution for Class 10, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 12 Arts, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 12 Commerce, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 12 Science, CISCE ICSE / ISC Board Previous Year Question Paper With Solution for Class 10, HSC Commerce (English Medium) 11th Maharashtra State Board, HSC Commerce: Marketing and Salesmanship 11th Maharashtra State Board. Answer: Often the decisions are taken unsystematically, moreover the data collected is often out dated and there is no proper analysis of such data. Question 14. Multinational Corporation is managed by parent company and it manages affairs of the subsidiary from the respective home country. Statutory Audit | How Does Statutory Audit Work with Example - EDUCBA A statutory corporation is a government entity created as a statutory body by statute. and as such they are treated as Government employees. The powers, duties, functions and scope of operations are laid down in the Act. Question 2. Government companies can borrow funds by the way of debt or issuing shares to the public. (H) Correct the underlined word and rewrite the following sentences. Explain Government Company and its features. The accounts are audited by Comptroller and Auditor General of India and final accounts are tabled before Parliament or Legislature. Answer No one rated this answer yet why not be the first? It lacks flexibility which is essential for smooth operation of business. There is less file work and less formality to be completed before taking decisions. It manages affairs of the subsidiary from the respective home country. (c) Foreign companies (d) Private entrepreneurs One; the first plan which was initiated in 1951 was completed. The central government or state government owns the corporation. Give one word/phrase/term.An organisation which 1s not subject to the budget, accounting and audit controls by the government. Statutory Company can borrow from public by issue of shares and debentures. Two developments had taken place. Explain the merits and demerits of multinational corporations. (A) Select the correct option and rewrite the sentence, Question 1. Departmental Organisation and Statutory Corporation. (vii) Target Profit Oriented : Earning profit is the main motive of MNCs. The capital of public sector organisation is contributed by government. It is owned, managed, controlled and financed by government. It is managed by government officials of concerned ministry. Process (a) Summons -- Issuance. It can enter into contracts and acquire property in its own name. Describe the Industrial Policy 1991, towards the public sector. (iv) Motivated Staff: In Statutory Corporations, employees are given fair wages, better working conditions and proper training and development programmes are initiated for the employees. Answer:Some of the enterprises under the public sector are as follows: Question 5. This is the result of corrupt and inefficient management of selfish trade unions. Answer: (c) Statutory Corporation id) None of the above Justify your answer. (iv) End of Local Monopolies : In global market, Multinational Corporations end local monopolies of host . Staples on Twitter: "RT @_LindaLER_: Meanwhile in Scotland we have The shares of government company are purchased in the name of ___________. A central government passes a statute in the parliament and forms a business organisation which is having autonomy in administration and this organisation is answerable to legislature. Parliament is not having direct control, due to which the officers shirk from responsibility and postpone decision making. Departmental organisations are financed through annual budget of Government. Though Government Company enjoys various benefits due to Government ownership and autonomy, it has following limitations: The Government Company may be registered as public or private limited companies. There is constant danger of undue interference by political parties and their leaders. It manages affairs of the subsidiary from the respective home country. Statutory Corporation is a natural person created by Special Act. (i) Delay in Action : In Departmental organisation there is always centralization of authorities. 2.service motive. Departmental Organisation, Question 11. Features of Government Company. Public Sector Organisations, Question 3. Question 10. Departmental Organisation performs its all activities as an integral part for government only. Answer:The statement is absolutely correct that global enterprises are giant both in size and Question 5. Answer. After 1991, due to liberalization, most of them lost their monopolistic position but skill, in practice the lack competition as they are not aware of consumer needs. (ii) Lack of Professional view : There is lack of devotion, dedication and systematic approach. Employees of which of the following are considered as government employees? 4.Easy to raise capital. the features of statutory corporation are. (c) MNC MNCs of developed nations dominate the global market and they undertake production or marketing activities and so on. Local monopolies of host countries either start improving their products or reduces their prices. As a matter of fact, MNCs compel domestic companies to improve their efficiency and quality. They are also fully equipped and have necessary infrastructure. Solution A statutory corporation is answerable to parliament or state assembly. Dabur, Question 4. (vii) Corporate Body : Statutory Corporation is a corporate body. The questions involved in Balbharati Solutions are essential questions that can be asked in the final exam. Departmental Organisation, Question 3. Demerits of Departmental Organisation. Public Accountability : The concerned minister incharge of the government organisation is answerable to the Parliament or Assembly. Corporate body, No political interference, Own staffing system are the features of Statutory Corporation. Statutory corporation is controlled by government by the Act of Parliament or State Legislature. In some cases they have to change the menu to suit local demands for e.g. A statutory corporation enjoys financial autonomy or independence. Question 3. Question 5. Statutory Corporation is a natural person created by special Acts. Multinational corporations lead to competition in the host countries. It is established under a special act which defines its objects, powers and functions. Answer: A statutory corporation is answerable either to parliament legislature or state assembly whosever creates it. Capital of departmental organisation comes from annual budget appropriations of the government. The capital is contributed by the Central Government or State Government or even by general public and financial institution. Decision making is delayed due to bureaucratic hurdles. Life Insurance Corporation, Reserve Bank of India, Bharat Heavy Electricals Limited, ONGC. (i) Proper use of Idle Resources : The national income of host country increases as MNCs use idle physical and human resources with latest technologies. (c) Board of Indian Financial Reconstruction Are Bylaws Required for a Corporation - UpCounsel Answer: (b) Closing down operations There is X company in which capital contribution by different entities is as follows: Madhya Pradesh Government 35%, Maharashtra Government 35%, and Government of India 30% of the company. (ii) Create Problem for Environment: Profit is sole objective of multinational corporation. (B) Demerits of Government Company: Some states require businesses to file their corporate bylaws when incorporating the business. Its accounts are audited by the Government Auditor. answerable to the legislature. (i) Delay in Action : In Departmental organisation there is always centralization of authorities. Easy Formation : These organisations are very easy to form. (b) legal, Question 8. Government companies are service oriented and hence take interest in the social welfare activities of the country. Departmental Organisation has separate existence from the government. It is registered or incorporated under Companies Act. Question 4. This led to IPR 1956. Answer: It is rigid in operations as its managed through officers of the government. No separate legal entity and Government employees are the merits of Departmental Organisation. Why are global enterprises considered superior to other business organizations? Question 5. Log In Sign Up. Providing essential comlhodities to people at reasonable price is top priority of the state. (iii) Government: MNCs have to bring about the necessary changes in their functioning based upon the laws prevailing in the countries of their operations. (iii) Promotion of International Brotherhood and Culture: MNCs integrate economies of various nations with the world economy and promote international brotherhood and culture with peace and prosperity in the world. As compared to departmental organisation it has less political interference. Types of Public Sector Undertakings - Economics Discussion Question 1. Multinational corporation is a company which is incorporated in one country and has business units in several countries. Examples: Indian railways, Answerability: - It is answerable to the Parliament as regards to its activities. State any four features of Departmental Organisation. Tata Motors, Question 1. Give an example of this type of company. It results in corruption. Chapter 45 Corporate Powers and Management - GitHub Pages (b) Private (b) auditor Hence, the area of operations is not large. (a) Statutory corporation, Question 3. Answer: Question 4. Basic industries in which the state would have the exclusive right to new investment- 6 industries were included in this iron and steel, shipbuilding, mineral oils, coal, aircraft production and telecommunication equipments. (ii) Multinational Corporation played an important role in the Indian Economy since 1991. Employees can be recruited independently and it does not have to necessarily follow civil service rules. It suffers from red tapism in day to day work. (xi) Insensitive to Consumer Needs : The officials of this organisation are insensitive to the needs of consumers. Question 3. Shaalaa.com has the Maharashtra State Board Mathematics Organisation of Commerce and Management (OCM) 11th Standard HSC Maharashtra State Board Maharashtra State Board solutions in a manner that help students A Government company is a ________ entity separate from the government. It is managed by the owner himself or by their elected representatives. Public sector Organisation, Question 5. A statutory corporation is answerable to ___________ Or state assembly whosoever creates it. Answer:The changing role of public sector is clear from the following trends: III. Find a Lawyer; Ask a Lawyer ; Research the Law; Law Schools; Laws & Regs; . The capital is contributed by the Central Government or State Government or even by general public and financial institutions. Answer:Multinational Company may be defined as a company that has business operations in several countries by having its factories, branches or offices in those countries. Government exercises control on various matters through Board of Directors. (i) Clashes Amongst Interests : All or majority directors of Statutory Corporations are appointed by the Government from different fields. Their equivalent in OECD (Organization for Economic Co-operation and Development) countries would be statutory corporations. Question 8. It has all features of a company such as legal entity, common seal, limited liability, etc. They are not interested in development of other countries. 7. Features of Statutory Corporation: Advanced Technology and international business operations are done by MNC. Statutory corporations are public enterprises brought into existence by a Special Act of the Parliament. The shares of government company are purchased in the name of Answer: Departmental Undertakings: ADVERTISEMENTS: A Departmental Undertaking is a public sector enterprise which is run as a part of a government department and under the direction of the Minister concerned. In departmental organisation there is flexibility in operations. Their precise nature varies by jurisdiction, but they are corporations owned by a government or controlled by national or sub-national government to the (in some cases minimal) extent provided for in the creating legislation. Public sector works for social welfare while private sector works for profit motive. The sector which aims at profit maximization. Statutory Corporation is a body with a separate existence, which can sue and be sued and is responsible for its own finance. The detailed, step-by-step solutions will help you understand the concepts better and clarify any confusion. A . Public Sector Enterprises or Undertakings in India - Economics Discussion This company provides cellular services to host countries through their respective branch offices. 6. What are the 10 examples of statutory corporation? - TeachersCollegesj Answer: What is Private Sector? Which of the following is a departmental undertaking? Give one word/phrase/term.An autonomous corporate body created by the Special Act of the parliament or state legislature with defined powers, functions, and duties. (i) Advanced and Sophisticated Technology : Multinational company has large capital and sophisticated technology and infrastructure. (a) Bureau of Industrial and Financial Reconstruction Its annual reports and results are placed in Parliament or Legislative Assembly for discussion and hence answerable for their working and results to the Parliament. Their precise nature varies by jurisdiction thus they might be ordinary companies/corporations owned by a government with . Steel Authority of India Limited (SAIL) is an example of: A government company is a __________ entity separate from the government. (vii) Administrative Autonomy : Due to administrative and financial autonomy, statutory corporation take quick decisions and are flexible in its policy framing and working as per the changing business needs. (viii) Employment Generation : MNCs create large scale employment opportunities in host countries and . It enjoys freedom from budgetary, accounting and audit controls which are applicable to Government undertakings. A Statutory corporation is established under a special Act of the Parliament or state legislature. Which of the following is an example of Statutory Corporation? Departmental Organisation and Government Company. Public sector organisations are those organisations which are setup by the government with the main object of providing essential services to the general public. (vi) No Legal Status : A government department does not enjoy an independent legal status. Statutory Corporations, and 3. Answer: Question 7. (viii) Examples of Departmental Organisation : Ordinance factories, Railways, Broadcasting, Post and Telegraph, BHEL, Indian Drug and Pharmaceuticals Ltd. Hindustan Aeronautics Ltd. Army Clothing Factory, Gun Factory and so on. Its management is vested in a Board of Directors appointed or nominated by the government. A _________ is an autonomous corporate body created by the special Act of the Parliament or State legislature. Statutory corporation is an artificial person created by law and it has an independent legal entity. Define Joint Venture and explain its major benefits. Answer: (ix) Exemptions : Government Company is exempted from budget, accounting and audit laws applicable to government departments. Private Sector Organisation. They render service in those areas where the opportunities for profit maximisation are more. The industrial sector made a significant contribution to agriculture and trade. Q 8.2 Q 8.1 Q 8.3 Chapter 5: Forms of Business Organisation - 2 - Exercise Q.1 [Page 115] Balbharati Organisation of Commerce and Management (OCM) 11th Standard HSC Maharashtra State Board Give reasons for your answer. Give one word/phrase/term.Organisations which are owned by the government. Correct the underlined word and rewrite the following sentence. (xi) Accounting Control : The organisation is subject to accounting and audit procedures and controls as applicable to government departments or to the concerned ministry. It is a Departmental Organisation. Government Company is managed by Board of Directors appointed by government and shareholders. Multinational Corporation means the companies which undertake business activities in more than one country. Answer: Question 3. (i) Proper use of Idle Resources : The national income of host country increases as MNCs use idle physical and human resources with latest technologies. Indian railways, post office, defence, All India Radio are the Departmental Organisations. There is professional management in statutory corporation. Private Sector Organisation and Public Sector Organisation. Meaning: - A Statutory corporation is also called as public corporation. They are highly qualified. In terms of assets and turnover, many MNCs are bigger than national economies of several countries. (c) 50 per cent (d) 25 per cent MNCS use resources of different countries and their employees are on contract basis. They have to pay duties and taxes. (i) Global enterprises or Multinational Corporations are the Corporations which under take business activities in more than one country. Following are the merits of Multinational Corporation. Government Company and Statutory Corporation. Answer: Multinational Corporations are controlled by respective parent companies. The state reserved the right to enter this if need be. The period 1950 onwards witnessed development of infrastructure, research and development, establishment of large scale along with many small scale industries, co-existence of public and private sector enterprises, growth of both consumer and capital goods industries. Question 4. It evades constitutional responsibility, which a company financed by the government should have, as it is not directly answerable to Parliament. Government on the advice of appoints auditor of government company. (xii) Accountability : The enterprise is funded by the government and hence the government controls its affairs. Answer: The Minister-in-charge of ministry is the head of departmental organisation. Nearly 40% of the world is contributed by the multinational companies. (xi) Creates Employment Opportunities : Statutory organisations generate employment opportunities for the people at large. Explain Statutory Corporation and its features. Question 2. Parliament public employees Exercise Q.1 | Q 1.4 | Page 113 Select the correct option and rewrite the sentence: In government company minimum __________ % paid-up capital is held by the government. Q 1.3 Q 1.2 Q 1.4 Chapter 5: Forms of Business Organisation - 2 - Exercise Q.1 [Page 113] APPEARS IN It is not subject to same accounting and audit rules which are applicable to Government Department. Though not profit oriented like private sector, it does make reasonable profit which is used for public welfare, modernisation, renovation and development. II. Explain the merits and demerits of public-private partnership. As they are huge corporations they exert influence on political parties and try to spread political ideology of their home country. BHEL, SAIL, HMT, Indian Oil Corporation, Indian Refineries, Madras Refineries, Gujarat Refineries, etc. (c) 13. 1.Quick decision. Government Companies may be registered as public or private limited companies. These groups were called schedules A,B,C. It is accountable to parliament for all its actions which ensures proper utilisation of funds. Answer: It cannot be taken to court without the consent of the Government. Following are the features of Multinational Corporation: Such excessive centralization of authority leads to delay in action. Social Welfare : Government undertakes socio-economic activities to promote social welfare. Departmental organizations are oldest form of public enterprises. Employees appointed are Government servants. A statutory corporation is a corporation created by statute. The staff of enterprises is treated equally with other civil servants. (viii) Separate Legal Entity : A Government Company is a corporate body created under the Companies Act. (viii) Public Accountability : These organisations enjoy public accountability, flexibility and autonomy in its working. It enjoys freedom from budgetary, accounting and audit controls which are applicable to Government undertakings. Answer:Global enterprises are considered superior to other business organizations because it As MNC is operating on a global basis, they have huge physical and financial assets. Department Organisation and Statutory Corporation. (i) No political Interference : It enjoys freedom from political, parliamentary and government interference in day-to-day management. Public enterprises are owned, managed and controlled by the state on behalf of the people. (v) Research & Development: MNCs give lot of importance to research and development activities. (viii) Huge Assets and Turnover : Multinational Corporation have huge financial strength because of huge capital and assets. (c) Give any three Features of this organisation. This reduces government burden of providing jobs to teeming millions and as such they help government. (B) Features of Multinational Corporation: (ii) Statutory Corporation . (iv) Lack of Initiative : The statutory corporation have no profit motive. It obtains funds by borrowing from government or from public or through earnings. As there are many members it is quite possible that their interests may clash. (a) Life Insurance Corporation Limited (b) Railways (b) political (ii) Internal Autonomy: Government Company enjoys financial and administrative autonomy. (vii) Objective : It operates on commercial principles and as such its aim is to make profit. Give any three Features of this organisation. Government company uses resources of government and its employees are government employees and are permanent. (c) Global Enterprises (d) Statutory Corporation Answers: What is the difference between Public and Private sector? Second, Parliament accepted the socialistic pattern of society. (d) 14. (xii) Lack of Autonomy : Departmental organisation lack autonomy and freedom in working and decision making. Qualified Staff : Departmental organizations are properly managed and supervised by the qualified government staff. It is managed by government officials or Board of Director. Industrially developed countries are also economically prosperous. 1. Staff selection Board, Railway Recruitment Board etc. Multinational corporations are controlled by parent companies and mostly home strategic. Government Companies. Statutory company has a separate legal status distinct from the government. Give one word/phrase/term.The sector which aims at providing reliable services to customers. (ii) Inflow of Foreign Capital: Multinational corporations bring much needed foreign capital for the rapid development of developing countries.
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