Samacheer Kalvi 12th Commerce Notes Chapter 28 Company Secretary

Samacheer Kalvi 12th Commerce Notes Chapter 28 Company Secretary

→ The person who is responsible for the general performance of an organization is called company secretary. The Key Managerial Personnel (KMP) who run a company is called with a different titles, directors, managers or secretary.

→ The person who steers the company holding the administrative financial and overall performance of the company is called company secretary.

→ Apart from statutory qualifications, he should also have other qualifications as may be necessary to conduct the affairs of the company. The secretary must be smart, unbiased and must have high IQ besides presence of mind and amiable personality.

→ Only an individual who is a member of institute of company secretaries of India can be appointment as a company secretary.

Functions of the company secretary may be classified under two headings:

  • Statutory function or duties
  • Non-statutory functions or duties

→ A company secretary is a high level officer. He enj oys certain rights and power as per contract made with the company which are as follows. Supervision and control, signing authority, exercise power, issuing testimonial, claiming salary and damages, preferential creditor and attending meeting.

→ The board of directors of a company has absolute direction to remove a company secretary or to terminate his services at any time for any reason or without any reason.

Under the companies act, 2013, company meetings can be classified as under,

  1. Meeting of share holders
  2. Meeting of directors
  3. Special meetings

→ As per the Companies act 2013, for taking any decision or executing any transaction, the consent of the share holders, the board of directors and other specified is required. The decision taken at a meeting are called resolutions.

→ There are broadly three types of resolutions namely ordinary resolutions, special resolution and resolution requiring special notice.

→ By casting his vote one formally declaring his opinion or wish infavour of or against a proposal or a candidate to be elected for an office. The proposals passed across the table of any company depend mainly on the vote cast by the board of directors. There are two distinct procedures of voting. Open and secret procedures.

Study the websites which are related to company functions www.bseindia. com

Free Domin – Contact Forms, E-mail account, e- commerce website, youtube, advertisement mobile app, Facebook advertisement website is a collection of related network, web resources such as web pages, multi media or Google, com,

→ Mr R. as the secretary of the Muraliviki Co., signed a letter to its bank, forwarding a ‘resolution’ of the board of directors. The resolution named three directors and instructed the bank to pay cheques signed by any two of them and countersigned by the secretary. Specimen signatures were attached. The instruction was entirely in accordance with the company’s memorandum and articles.

However, there had never been any proper appointment of directors or a secretary by the company. Those who had formed the company had assumed their roles. Following the letter, the bank had honoured cheques in accordance with the instructions contained in the letter. The question was, whether, the company was bound by the cheques. Comment.

Yes, the company was bound by the cheques given. Because the company has already instructed the bank to pay cheques signed by two of the directors and counter signed by the secretary. So the bank honoured the cheques issued by the company.

→ A contract between Muthumani Ltd and Mr. V, one of its director is referred to a general meeting for its approval. At the meeting, Mr. V voted for the resolution and all others against it. But as V held majority of shares and was entitled to majority of votes, the resolution was passed. Is the contract binding on the company?

No, the contract is not binding the company. Because the director Mr. V is having majority of shares and majority of votes he has to passed the resolution.

Samacheer Kalvi 12th Commerce Notes

Samacheer Kalvi 12th Commerce Notes Chapter 27 Company Management

Samacheer Kalvi 12th Commerce Notes Chapter 27 Company Management

→ The group of human beings who undertake the responsibility to run the business of the company are known as board of directors and the members of the board individually called as directors. The directors play a vital role in the functioning of the company by controlling, guiding, directing and managing the affairs of the company.

→ In the company management board of directors get nucleus position and their selection is according to the procedure prescribed lay down in the act and the articles of association.

→ The success of any company depends on the efficient functioning of its directors, they can be called as eyes, ears, brain, hands, nerves and other essential parts of a company.

→ The governing body of a company incorporated under companies act called board. They are empowered to take decisions on the major issues to lead the company in the right way.

→ Types of directors as per companies act 2013 are residential director, independent director, small share holders, nominee additional, alternative and shadow director.

→ Directors are the person duly appointed by the company to lead and manage its affairs and their legal position. At times they have to act as agents, managing partner, trustees, employee and officer.

→ Directors are appointed to lead the company in relation to third parties. They can enjoy the rights and privileges of an agent.

→ A director of company can be removed from his office the expiry of his term by:

  1. The share holders,
  2. The Central Government
  3. The company law board

→ The powers of directors grouped into four different heads.

  1. Statutory powers of directors
  2. Managerial powers of directors
  3. Powers only with a resolution
  4. Other powers

→ Director as a part of board perform certain duties collectively the liabilities of directors may be discussed under three heads, liability to outsiders, liability to company and criminal liability.

→ In corporate law, the director register refers to a list of the directors elected by the share holders generally recorded in the company’s minute book.

Samacheer Kalvi 12th Commerce Notes

Samacheer Kalvi 12th Commerce Notes Chapter 26 Companies Act, 2013

Samacheer Kalvi 12th Commerce Notes Chapter 26 Companies Act, 2013

→ The concept of “company” or corporation in business is not new, but was dealt with, in 4th century BC itself during Arthashastra days. The earliest business associations in England were the merchant guilds. Some of the merchant Associations or guilds who have regulated the company.

→ A royal charter established the East India company in the year 1600.

→ The Joint Stock Companies Act was passed in India by introducing the concept of limited liability in the year 1857.

→ In 1913 the Indian companies Act of 1913 was passed. The Act introduce the institution of private companies in the corporate sector.

→ Body corporate means a corporate entity which has a legal existence. According to section 2 (11) “Body Corporate” or corporation includes private company, public company and small company, limited liability partnership and foreign company incorporated outside India but does not include a co-operative society.

→ Promotion stage begins when the idea to form a company comes in the mind of a person. The person who envisage the idea is called a promoter. The memorandum of association is the charter of a company. It is a document, which amongst other things, defines the area within which the company can operate. It contain the name clause, liability clause and subscription clause.

→ A business person invest in the business and in case of company raise the capital by issue of shares. They use this money to meet its requirements by way of acquiring business premises and stock in Trade.

→ A share certificate is an instrument in writing that is a legal proof of the ownership of the number of shares stated in it.

→ A share warrant is a negotiable instrument, issued by the public limited company only against fully paid up shares.

→ When a company needs funds for extension and development purpose without increase its share capital, it can borrow from the general public by issuing certificates for a fixed period of time and at fixed rate of interest. Such a loan certificate is called debenture.

Samacheer Kalvi 12th Commerce Notes

Samacheer Kalvi 12th Commerce Notes Chapter 25 Government Schemes for Entrepreneurial Development

Samacheer Kalvi 12th Commerce Notes Chapter 25 Government Schemes for Entrepreneurial Development

→ Job creation is a foremost challenge facing India. It has immense potential to innovate, raise entrepreneurs and create jobs for the benefit of the nation and the world. Financial assistance, insurance, subsidy, training helps early stage tech startup and business loans, special incentive is provided to set up a new enterprises for entrepreneurs.

→ India’s efforts at promoting entrepreneurship and innovations as startup India, Make in India, Atal Innovation Mission (AIM), Support to Training and Employment Program for women (STEP), Jandhan – Aadhaar – Mobile (JAM), Digital India, Stand-Up India etc., The other specific entrepreneurship schemes are M-SIPS, New Gen IEDC, AIC, SPRS etc.

→ Steps in promoting an entrepreneurial venture are selection of the product, selection of form of ownership, selection of site, designing capital structure, acquisition of manufacturing know-how and preparation of project report.

→ Meanwhile the project report should include technical feasibility, economic viability, financial viability, managerial competency, provisional registration certificate, permanent registration certificate, statutory license, power connection and arrangement of finance.

Samacheer Kalvi 12th Commerce Notes Chapter 25 Government Schemes for Entrepreneurial Development 1

  1. Women will became a self employed women owned business are playing a pivotal role in entrepreneurial activity.
  2. Take off of women from a low development path to achieving higher level a self sustaining economic growth. Freedom to work and live on your own terms work life balance, strong skill and social intelligence .
  3. Women can Network.
  4. Women have tolerance.
  5. Women can Multi-task.
  6. Women have patience and can adjust and have leadership qualities. Women can take control over their careers.

How an Entrepreneur will make use of the various schemes Governments?

Samacheer Kalvi 12th Commerce Notes Chapter 25 Government Schemes for Entrepreneurial Development 2

Pradhan Mantri Kaushal Vikas Yojana (PMKVY):

Youth people to get training in relevant skills to enhance employment opportunities for their livelihood.

Dairy Entrepreneurship Development Scheme:

Entrepreneur can set up small diary farm to get incentives and cost from this scheme of the Government. The M – SIPS schemes provides capital subsidy of 20% in SEZ and 25 % subsidy in Non-SEZ.

Samacheer Kalvi 12th Commerce Notes

Samacheer Kalvi 12th Commerce Notes Chapter 24 Types of Entrepreneurs

Samacheer Kalvi 12th Commerce Notes Chapter 24 Types of Entrepreneurs

→ The word entrepreneur is a general term they are called by different names depending upon the function they perform business they engaged in technology they adopt, the area, they start, the venture, type of ownership held and motivation given to them.

→ Innovating entrepreneur is one who always focused on introducing a new product or introducing something new in the venture already started.

→ Initiative entrepreneur is one who simply initiates existing skill, knowledge or technology already in place in advanced countries. A simply reengineer or redesign the products developed in advanced countries and produce a version suited to their local conditions.

→ Entrepreneurs are said to be conservatives and sceptical about plasticizing any change in their organization. They are of risk averse type.

→ Drone entrepreneur are those who are totally opposed to changes unfolding in the environment. They used to operate in the niche market.

→ Classification according to type of business is, business entrepreneur, trading, industrial, corporate, agricultural retail and service entrepreneurs.

→ Classification based on technology based is technical, non-technical and professional entrepreneur. Classification in terms of motivation is pure induced, motivated and spontaneous entrepreneur.

→ Classification based on development stage is first generation. Modem and classical entrepreneur classification according to area is urban and rural entrepreneur classification according ownership is private, state and joint entrepreneurship.

Students are instructed to visit and interview a successful entrepreneur in your locality. Present a report about the factors that leads to the success of the entrepreneur based on the interview

The success of the entrepreneur.

  1. Willingness to take action.
  2. Entrepreneurial knowledge.
  3. Entrepreneurial skill.
  4. Intelligence, patience
  5. Persistence and the ability for team work.
  6. Great Talent and Honesty.
  7. Self-confidence

Scan the products that are available in your market. Imagine an innovative product with multiple uses. Make a survey about the innovative products success among the locality

Finding innovation new uses for successful product or services can clearly increase your market size and as results “sales” product innovation either new or new version of a previous goods. It includes invention of new product size shape colour usage and benefits of consumers, sales, price of be product and profitability product development through research and testing whether the product functions properly and all the necessary arrangement are made to enhance the product as much as possible.

Observe the small shops and outlets in and around your locality. Think about new ideas for the future outlets in your area

New ideas – In store innovation.
(i) To improve customer experience with technology. .
(ii) Integrate a customer experience with augmented reality and virtual reality. Data on your customer. Interactive on item connected to your social media in the store and you can send picture directly to you instagram. Innovative ideas that will shape the future of Retail.

Sri Krishna Integrated Farm

Founder: Mr. R. Govindaraj, Sri Krishna Integrated Farm,
Neppathur Village, SirkazhiT.K. Nagapattinam.
Products: Supply of produced items like Cattle Farm, Fish Farm, Rabbit Breeder, Country chicken, Organic Paddy, Organic Fertiliser, Organic
Vegetables, Eggs, Milk, Livestock Feed and organic grass seeds, Vellimasa!, Hedgelucem and Concentrating maggots for fish and poultry.


  1. Giving training to SHG
  2. Supply of Farm Products to Star Hotels and many traders for Breeding Purpose.
  3. Supply to other states like Andhrapradesh, Karnataka and Kerala.
  4. Above 15 lakhs Turnover
  5. Size of Employment
  6. Training to unemployed Youth
  7. To reduce migration

Samacheer Kalvi 12th Commerce Notes Chapter 24 Types of Entrepreneurs 1

The main purpose of integrated farming is that farming components support one another hence reducing external inputs. Mixed farming system recycles all wastes. So that one’s waste is indeed another’s food. Self help group people have to get training through this company and to start his / her own business (own farm). The company turnover 15 lakhs and provide employment opportunities particularly in rural areas to avoid migration people moving from rural to urban to be reduced. The company will provide more employment opportunity to young people in the field of integrated farm.

Samacheer Kalvi 12th Commerce Notes

Samacheer Kalvi 12th Commerce Notes Chapter 23 Elements of Entrepreneurship

Samacheer Kalvi 12th Commerce Notes Chapter 23 Elements of Entrepreneurship

→ The person who establishes business is termed as entrepreneur. The output of an entrepreneurial process ends up in establishing an enterprise.

→ The concept of entrepreneur are now broadly classified into three groups namely risk bearing, organizer and innovator.

→ In the world of A.H.Cole, “The purposeful activity of an individual or group of associated individuals undertaken to initiate, maintain or earn profits by production and distribution of economic goods and services.”

→ Characteristics of entrepreneur, Spirit of Enterprise, self confidence, Flexibility, innovation, Resource mobilization, hardwork, Leadership and Analytic ability.

→ Importance of entrepreneurship innovation, contribution to GDP, Balanced Regional Development, Export Promotion, reduction of concentration of economic power in few hands and better standard of living.

→ Intrapreneur is one who thinks and acts, like an entrepreneur for the firms development during the course of employment in an organization.

→ Entrepreneur is an independent person and a free thinker. The very motive of manager is to render service in an entity set up for execution of venture. Manager is a salaried employee and he doesn’t bear any risk in the venture.

→ Women entrepreneurs has been getting growing recognition over the past two decades across the world. They provide society with different solutions to management organization and business problems.

→ Entrepreneurial functions are classified into three, Promotional, Managerial and Commercial functions.

→ Entrepreneur has to take steps to mobilize capital need to implement the venture. It has to estimate the manpower needs of the enterprise accordingly decide the size of manpower required for various slots of organizational structure.

After the completion of the academic career, which engagement would you like to opt for after considering the following factors:

Samacheer Kalvi 12th Commerce Notes Chapter 23 Elements of Entrepreneurship 1

After the completion of the academic career would like to have freedom to select self employment because being own business work from home, Better work life balance, work whenever and want earn more and spend less, than to adapt learn update skills with every client comes a new challenges and i can set our own schedule self employment is a good life style choice.

Samacheer Kalvi 12th Commerce Notes

Samacheer Kalvi 12th Commerce Notes Chapter 22 The Negotiable Instruments Act, 1881

Samacheer Kalvi 12th Commerce Notes Chapter 22 The Negotiable Instruments Act, 1881

→ The word “Negotiable” means transferable from one person to another in return for consideration.

→ The word “Instrument” means a written document by which a right is created in favour of certain person.

→ A negotiable instrument is a document which entitles a person to a certain sum of money and which is transferable from one person to another by mere delivery or by endorsement and delivery.

→ According to section 13 of the Negotiable Instrument Act 1881, a negotiable instrument means a promissory note, bill of exchange or cheque payable either to order or to bearer.

→ Characteristics of a Negotiable Instrument – transferability, title of the holder free from all defects and right of the transferee to sue.

→ Negotiability refers to the transferability of all the rights and titles on an instrument by delivery by endorsement and delivery vesting with the bonafide transferee for value even better title that what the transferor had.

→ Assignability refers to the transferability of personal properties and rights from one person to another as gift or sale or as security.

→ According to section 5 of the Negotiable Instrument Act “A bill of exchange is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only”.

According to section 6 of the Negotiable Instrument Act 1881, defines a cheque as “A bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on-demand”.

Promissory Note:
According to section 4 of Negotiable Instrument Act 1881 “A promissory note is an instrument in writing (not being a bank note or a currency note) containing an unconditional undertaking signed by the maker; to pay a certain sum of money only to or to the order of a certain person or to the bearer of the instrument”.

→ Crossing a cheque refers to the practice of drawing two parallel transverse lines across the face of a cheque with or without the words ‘and Co’. The effect of this crossing is that the , drawee bank will pay the amount of a cheque only to the banker.

Section 15 of the Negotiable Instrument Act 1881 defines endorsement as follows. “When the maker or holder of a negotiable instrument signs “the name otherwise that as such maker for the purpose of negotiation, on the back or face thereof, or on a slip of paper annexed thereto or so signs for the same purpose a stamped paper intended to be completed as a Negotiable Instrument, he is said to endorse the same and is called the endorsee”.

I. Find out the type of instrument and the reason?

(a) A bill is drawn payable to X or bearer.
It must be expressed to be payable Bill can be made payable to bearer only. Bearer instrument.

(b) Bill drawn in London upon a merchant in Chennai and accepted and payable in Bangalore.
Bill of exchange
Inland instrument remains an inland instrument even if it has been endorsed in a foreign country.

(c) Bill drawn in Delhi upon a merchant in London and accepted and payable in London.
Bill of exchange
An instrument which is not inland instrument is called foreign instrument.

(d) Bill drawn in London on a merchant in Agra and endorsed in Delhi.
Inland instrument remains an inland instrument even if it has been endorsed in a foreign country.

(e) A Bill drawn by Bajaj Auto Agent on Bajaj Auto Ltd.
Promissory Note
An ambiguous instrument means an instrument which can be construed either as promissory note or a bill of exchange.

(f) Bill drawn by A on Y (an imaginary person not in existence) and endorsed to B
Promissory Note
Bill which is drawn accepted without consideration Accommodation instrument.

(g) X gives a blank cheque to Y or gives undated cheque to Y
Promissory Note
It is defined as an instrument which is payable sometimes in future.

(h) X signs stamped and blank promissory note and keep it locked in his drawer
Promissory Note
It means an incomplete instrument in same respect.

II. Find out which of the following is a promissory note?

(i) X promises to pay a sum of ₹ 500 on telephone.

(ii) Mr. Y, I owe you ₹ 500
Promissory Note

(iii) I promise to pay Y ₹ 500 + some other charge ,

(iv) I promise to pay Y ₹ 500 on Z’s death

(v) I promise to pay Y (myself) ₹ 500
Promissory Note

(vi) I promise to pay Y ₹ 500 and to deliver to him my black horse on first January next.
Clues: Answer should be given after reading the characteristics of Promissory note
Promissory Note

III. Classify the following endorsement with reasons

(i) No other words except B’s signature
When the endorser puts his more signature on the back of an instrument without mentioning name of the person to where the endorsement is made – Blank endorsement.

(ii) Pay C
When an endorsement restricts or prohibits further negotiability of the instrument. It is called Restrictive endorsement.

(iii) Pay C or order
Ordinarily the endorsement becomes liable to subsequent parties in the event of dishonour of the instrument. But if he makes it clear that . the subsequent holders should not look to him for payment in case it is dishonoured the endorsement is called San’s Recourse endorsement.

(iv) Pay C only
Where the endorser of a negotiable instrument makes his liability dependent upon the happening of an event which may or may not happen, it is called conditional endorsement.

(v) Pay C or order for the account of B
When an endorsement restrict or prohibits further negotiability of the instrument, it is called restrictive endorsement.

(vi) Pay C or order being the unpaid residue of the bill
Where the endorsement seeks to transfer only a part of the amout payable under the instrument, the endorsement is called partial endorsement does not operate as a negotiation of the instrument.

(vii) Pay C or order on safe receipt of goods
Where the endorser in addition to his signature, specifies the person to whom or to whose order the instrument is payble the endorsement is called endorsement in full.

(viii) Pay C Sans Recourse
Ordinarily the endorser becomes liable to subsequent parties in the event of dishonour of the instrument but if he makes if clear that the subsequent holders should not look to him for payment in case it is dishonoured the endorsement is called San’s Recourse endorsement.

(ix) Pay C, notice of dishonour dispensed with
To make an endorser liable on the instrument, notice of dishonour must be given to him. But if the endorsing waives this right by a writing “Notice of dishonour waived” at the time of endorsing it is called facultative endorsement.

Samacheer Kalvi 12th Commerce Notes

Samacheer Kalvi 12th Commerce Notes Chapter 21 The Sale of Goods Act, 1930

Samacheer Kalvi 12th Commerce Notes Chapter 21 The Sale of Goods Act, 1930

→ Sale of goods is one of the most important act under special contract. This act was passed in the year 1930. Contracts for the sale of goods are subjected to general legal principles applicable to all contracts.

→ Contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property (ownership) of the goods to the buyer for a price. The term “ownership” is utmost importance in the sale of goods.

→ The elements are necessary for a contract of sale. Two parties, transfer of property, goods, price includes both sale and “agreement to sell”.

→ The term goods means every kind of movable property other than actionable claim and money. The term goods includes shares, stocks, growing crops, grass things attached to the land or farming part of the land agreed to be cut off from the land before sale.

→ The type of goods covered under the sale of goods act. Existing goods, contingent goods and future goods.

→ Transfer of property (ownership) in goods from the seller to the buyer is the main object of a contract of sale.

→ Condition is a stipulation which is essential to the main purpose of the contract of sale. Warranty is a stipulation which is collateral to the main purpose of contract.

→ A seller is deemed to be an unpaid seller
(a) When the whole of the price has not been paid or
(b) A bill of exchange or other negotiable instrument given to him has been dishonoured. Seller includes not only the actual seller but also an agent of a seller or a consignee.

(i) X purchased a hot water bottle from Y, retail chemist. X asked Y if it would stand boiling water. The chemist told him that the bottle was meant to hold hot water. The bottle burst when water was poured into it and injured his wife. State whether seller is liable for the injury suffered by the buyer and the consequent compensation, give your reasons.

The seller is not responsible for the injury because he already informed that the bottle is hot water bottle X’s wife poured boiled water in the bottle. So she was injured. So there is no need for compensation.

(ii) X asked a car dealer to suggest him car suitable for touring purposes. The dealer suggested a ‘Buggati Car’. Accordingly, X purchased it but found it unsuitable for touring purpose. State whether the car dealer is liable for breach of condition?

Yes, car dealer is responsible for breach of condition because he told “Buggati car” is suitable for touring purpose not for usage.

(iii) X, a dealer sold a plastic catapult to B. While using the catapult in the usual manner, it broke due to the fact that the materials used in its manufacture were unsuitable. As a result,the boy who was using it, blinded in one of his eyes. State whether the seller is liable or not.

The seller is liable. The materials used to manufacture catapult it is not a good quality. So that the boy was blinded in one of his eyes.

(iv) X bought from Y a heap of wheat the weight of which is 1000 kg at the rate of ₹ 8 per kg. and agrees to pay the price on the first day of the next month and the wheat is to be delivered at X’s godown on the following day. A fire broke out and the entire quantity of wheat was destroyed. State whether X is liable to pay the price or not. Why?

X is not liable, before the deliver of the goods were destroyed in Y’s go down. So it is not necessary for X to pay the price.

(v) X bought from Y a heap of wheat (weight 100 kg) at the rate of Rs. 8 per kg. and Y had to put the wheat in bags to deliver it to X. Y filled some bags in X’s presence, but before the remainder could be filled, a fire broke out and the entire quantity of wheat was destroyed. State whether X is liable to pay the price or not. Why?

X is not liable. The reason is non- delivery of the goods by Y. Before fill the wheat in bags, the godown caught fire. So it is not necessary for X to pay the price.

(vi) X bought from Y a heap of wheat at a rate of ? 8 per kg and Y had to weigh the wheat. Before weighing was completed, the wheat was destroyed by fire. State whether X is liable to pay the price or not. Why?
Clues: Students are advised to read thoroughly the implied warranties and conditions for the cases 1 to 3 and rules relating to transfer of ownership for cases 4 to 6.

X is not liable. Before weighing the wheat, the wheat was destroyed by fire. So it is not necessary for X to pay the price.

(a) Find out whether the following transactions can be included under the Contract of Sale:

(i) X agreed to sell 100 shares to Y for ? 10,000.
Contract of sale.

(ii) X agreed to sell his building for ? 1,00,000 to Y.

(iii) X agreed to exchange with Y 100 kg of rice valued at Rs. 20 per kg for 200 Kg of wheat valued at ? 12 per kg. and pay the difference in cash.
Contract of sale.

(iv) X agreed to transfer some jewellery to his prospective wife out of love and affection.

(v) X agree to buy a painting from an artist
Contract of sale.

(vi) X supplied a piece of cloth to a tailor to stitch a suit for him. The tailor agreed to supply lining materials and buttons.

(vii) X agreed to pledge his goods valued at ? 1,00,000 with Y Clues: Students are advised to understand the meaning for goods and the essential elements of contract of sale.

(b) Find out whether the following contracts of sale amount to sale or agreement to sell:

(i) X entered into a contract for sale entire crop of rice cultivated in his farm.
Agreement to sell

(ii) A railway administration agreed to sell coal-ash that might accumulated during the period of the contract.
Agreement to sell

(iii) X entered into a contract for sale of some goods in a particular ship to be delivered on the arrival of the ship.

(iv) X entered, into a contract for sale of a painting only if Z, its present owner sells it to him.
Agreement to sell

(c) State whether the seller is an unpaid seller or not in the following cases:

(i) X sold some goods to Y for ₹ 10,000. Y paid? 9,900 but failed to pay the balance.
Unpaid seller

(ii) X sold some goods to Y for ₹ 10,000 and received a cheque for the full price as conditional payment. On presentment, the cheque was dishonoured by the bank.
Unpaid seller

(iii) X sold some goods to Y for ₹ 10,000 on a credit of one month. One month has not yet expired.

(iv) X sold some goods to Y for ₹ 10,000 on a credit of one month and one month has expired and the price remains unpaid.
Unpaid seller

(v) X sold some goods to Y for ₹ 10,000 on a credit of one month. Y became insolvent during the period of credit.
Unpaid seller

Samacheer Kalvi 12th Commerce Notes

Samacheer Kalvi 12th Commerce Notes Chapter 20 Liberalization, Privatization and Globalization

Samacheer Kalvi 12th Commerce Notes Chapter 20 Liberalization, Privatization and Globalization

→ New economic policy is commonly known as LPG or Liberalization, Privatization and Globalization. Liberalization refers to laws or rules being liberalized or relaxed by a Government.

→ The Government of India has adopted several measures of Liberalization – for industrial licensing, Freedom of expansion and Production to industries, Foreign exchange reforms and export and import transaction.

→ Impact of Liberalization has opened up new business opportunities abroad and increased foreign direct investment. It became very easy to obtain loans, from banks for business expansion and a number of multinational companies started operating world-wide including India.

→ Privatization is the incidence or process of transferring ownership of a business enterprise, agency or public service from Government to the private sector.

→ Impact of Privatization is to increase the efficiency of Government undertakings, provide better goods and services to the consumers and making way for Foreign Direct Investment (FDI).

→ Globalization means the interaction and integration of the domestic economy with the rest of the world with regard to foreign investment, trade, production and financial matters.

→ Impact of Globalizations is the advent of foreign companies and growth in economy has led to job creation. Multinational corporations can manufacture buy and sell goods worldwide. Globalization has led to boom in consumer product market.

→ Highlights of the LPG Policy is Introduction of new Foreign trade Agreements, Foreign Investment, MRTP Act 1969 (Amended) Deregulation and steps to regulate inflation.

Samacheer Kalvi 12th Commerce Notes Chapter 20 Liberalization, Privatization and Globalization 1

(i) Financial Sector:

Reduce the role of RBI from being a regulator to facilitator Banks were given freedom to generate resources from abroad and within India. Investors like mutual funds, pension funds, merchant banks etc., were allowed to invest in India from 1991.

(ii) Industrial Sector:

It abolished the requirement of licensing except for the following industries, cigrette, defence industries explosive and dangerous chemicals. Expansion of production capacity. Freedom to import capital goods.

(iii) Fiscal Sector:

Fiscal sector reforms include foreign exchange and Foreign Trade policy. Followed by devaluation in 1991 the exchange value of Indian Rupee into international money market was left to free policy of the market force. .

(iv) Trade Sector:

(a) Abolition of import quotas.
(b) Abolition of import licensing except in case of goods which are not environment friendly and are hazardous.
(c) Moderation of import duties and with drawal of export duties. Trade policy after liberalisation is to facilitates integration of the Indian market with the global market to achieving growth through competition rather than protection.

Samacheer Kalvi 12th Commerce Notes

Samacheer Kalvi 12th Commerce Notes Chapter 19 Environmental Factors

Samacheer Kalvi 12th Commerce Notes Chapter 19 Environmental Factors

→ A business is an integral part of the social system. The sum total of all factors both internal and external which has an impact on the functioning of a business can be termed as business environment.

→ According to Bayard O “Wheeler Business environment is the total of all things external to firms and Industries which affect their organizations and operations”.

The significance of understanding the business environment is as follows:

→ Helps in formulating strategy and future planning, enables to identifying the opportunities available, environmental scanning, public image and business aids.
→ Business environment can be classified as follows: Internal and External environment.
→ External environment is subdivided into micro or task environment and macro or general environment.
→ The future environment of business in this age of rapid technological advancement has been captured aptly in the acronym VUCA – Volatility, Uncertainty, Complexity and Ambiguity developed in the late 80’s by the U.S. military.
→ Corporate governance is a set of rules and policies which governs a company. It provides a frame work for managing a company and achieving its objectives.
→ Goods and Services Tax is the indirect tax levied on goods and services across the country. It is a comprehensive, multi-stage, destination based tax that is levied on every value addition.

Identify top five Indian companies and understand their vision, mission and core values

  1. Tesla
  2. Amazon
  3. Patagonia
  4. Google
  5. Intel
  6. Samsung
  7. Toyota (USA)

Examine how mobile phones are replacing the existing technologies- Radio, Music system, Camera etc.

Smart phones will be come absolute replaced by a new generation of wearable communication devices that will changes the way we are interact with world. It is multi purpose mobile computing devices. They have strong features and capabilities, operating system facilitates software internet include web browsing, multimedia, music video, cameras, gaming voice cells, text messaging, Bluetooth, Wi-Fi and satellite.


Samacheer Kalvi 12th Commerce Notes Chapter 19 Environmental Factors 1

Dr. VargheseKurien – Pioneer of White revolution in India
Amul meant different things to different people:
A life enriching experience
Assurance of having wholesome milk
A reliable source of nourishment for her child
Rural Development and Self Reliance.
Amul: The taste of India
Amul is an Indian dairy company white Revolution which made the country the world’s largest producer of milk and milk products.
Amul has become the largest food brand in India and has ventured in to markes. Amul Ice cream has fought off the leading U.K brand and established leadership. Amul condensed milk is a success story how to play global brand. Amul model has changed the dynamics by creating a globally well known brand market and strong sales marketing organisation.

Apollo Hospitals

Our Vision: Apollo’s vision for the next phase of development is to ‘Touch a Billion Lives’.

Our Mission: “Our mission is to bring healthcare of International standards within the reach of every individual. We are committed to the achievement and maintenance of excellence in education, research and healthcare for the benefit of humanity”.

The TVS Group traces its origins to a rural transport service, founded in 1911 in Tamil Nadu, India. Today, this renowned business conglomerate remains faithful to its core ideals of trust, values, service and ethics.

One of the most respected medical Institution in the world. It was established in 1983 by Dr. Prathap. C.Reddy reowned as the architect of modem heath care in India.

As the nation first corporate hospital. It is acclaimed for pioneering the private health care revolution in the country.
Apollo hospitals have social responsibility and pursuit of social good through health care inspired us towards fillfilling India’s rural health care needs.

As a responsible corporate citizens Apollo hospital takes the spirit of leadership well beyond business and has embraced file responsibility of keeping India healthy.

Samacheer Kalvi 12th Commerce Notes