Joint Stock Company

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\fs18\cf0\par\pard\li3306\ri0\sl-520\slmult0 \fs46\cf1\f0\charscalex100\b {Lesson
8}\b0 \par\pard\li1960\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1960\ri0\sl-
560\slmult0 \fs50\cf1\f0\charscalex100\b {Joint Stock Company}\b0
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\fs18\cf0\par\pard\li53\ri0\sl-320\slmult0 \fs24\cf1\f0\charscalex100 {You must
have heard about Reliance Industries Limited (RIL), Tata Iron and
Steel}\par\pard\li53\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {Company Limited
(TISCO), Steel Authority of India Limited (SAIL), Maruti
Udyog}\par\pard\li53\ri0\sl-280\slmult0 \fs22\cf1\f0\charscalex100 {Limited (MUL),
etc. Have you ever thought who owns them? What is the volume
of}\par\pard\li53\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {financial
transactions of these companies? If you think about it, you will find that
these}\par\pard\li53\ri0\sl-293\slmult0 \fs20\cf1\f0\charscalex100 {organisations
are quite large in size and their activities are spread all over the country.
Thus,}\par\pard\li53\ri0\sl-280\slmult0 \fs20\cf1\f0\charscalex100 {it is not
possible for these organisations to be formed as sole proprietorship or
partnership}\par\pard\li53\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {form of
business. Then, how are they formed and managed? Actually, they are a
different}\par\pard\li53\ri0\sl-280\slmult0 \fs22\cf1\f0\charscalex100 {form of
business organisation and require much more capital and manpower than
sole}\par\pard\li53\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {proprietorship
and partnership form of business organisation. Let us now learn about
this}\par\pard\li53\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {form of business
organisation in detail.}\par\pard\li53\ri0\sl-546\slmult0
\fs32\cf1\f0\charscalex100\b {8.1 Objectives}\b0 \par\pard\li53\ri0\sl-
466\slmult0 \fs22\cf1\f0\charscalex100 {After studying this lesson, you will be
able to:}\par\pard\li53\ri0\sl-386\slmult0 \*\tx520\fs20\cf1\f1\charscalex100
{�}\tab \fs24\cf1\f0\charscalex100 {define Joint Stock
Company ;}\par\pard\li53\ri0\sl-386\slmult0 \*\tx520\fs20\cf1\f1\charscalex100
{�}\tab \fs24\cf1\f0\charscalex100 {state the characteristics of Joint Stock
Company;}\par\pard\li53\ri0\sl-386\slmult0 \*\tx520\fs20\cf1\f1\charscalex100
{�}\tab \fs22\cf1\f0\charscalex100 {identify the different types of Joint Stock
Company;}\par\pard\li53\ri0\sl-400\slmult0 \*\tx520\fs20\cf1\f1\charscalex100
{�}\tab \fs24\cf1\f0\charscalex100 {discuss the advantages and limitations of Joint
Stock Company;}\par\pard\li53\ri0\sl-386\slmult0 \*\tx520\fs20\cf1\f1\charscalex100
{�}\tab \fs22\cf1\f0\charscalex100 {suggest the suitability of Joint Stock Company
as a form of Business organisation;}\par\pard\li53\ri0\sl-386\slmult0
\*\tx520\fs20\cf1\f1\charscalex100 {�}\tab \fs24\cf1\f0\charscalex100 {explain the
meaning and features of a Multinational Company; and}\par\pard\li53\ri0\sl-
386\slmult0 \*\tx520\fs20\cf1\f1\charscalex100 {�}\tab \fs22\cf1\f0\charscalex100
{enumerate the advantages and limitations of Multinational
Company.}\par\pard\li53\ri0\sl-546\slmult0 \fs30\cf1\f0\charscalex100\b {8.2
Meaning of Joint Stock Company}\b0 \par\pard\li53\ri0\sl-400\slmult0
\fs22\cf1\f0\charscalex100 {In a partnership firm we know that the number of
partners cannot exceed 20. So there is a}\par\pard\li53\ri0\sl-293\slmult0
\fs20\cf1\f0\charscalex100 {limit to the contribution of capital. Secondly, even
if the partners could contribute a large}\par\pard\sect\sectd\sbkpage
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}}}}\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\margtsxn653\margbsxn253\cols2\
colno1\colw2786\colsr-0\colno2\colw8653\pard\li413\ri0\sl-240\slmult0
\fs22\cf1\f0\charscalex100 {Business Studies}\par\pard\li400\ri0\sl-213\slmult0
213\slmult0 \fs18\cf0\par\pard\li400\ri0\sl-453\slmult0 \fs28\cf1\f0\charscalex100
{82}\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-
{amount of capital, they would hesitate to do so considering the risk involved in
business and}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf1\f0\charscalex100 {their
unlimited liability. Mainly to take care of these two problems, a company form
of}\par\pard\li0\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {business
organisation came into existence.}\par\pard\li0\ri0\sl-453\slmult0
\fs24\cf1\f0\charscalex100 {A company form of business orgnisation is known as a
Joint Stock Company. It is a}\par\pard\li0\ri0\sl-293\slmult0
\fs24\cf1\f0\charscalex100 {voluntary association of persons who generally
contribute capital to carry on a particular}\par\pard\li0\ri0\sl-280\slmult0
\fs24\cf1\f0\charscalex100 {type of business, which is established by law and can
be dissolved only by law. Persons}\par\pard\li0\ri0\sl-293\slmult0
\fs22\cf1\f0\charscalex100 {who contribute capital become members of the company.
This form of business has a legal}\par\pard\li0\ri0\sl-293\slmult0
\fs24\cf1\f0\charscalex100 {existence separate from its members, which means even
if its members die, the company}\par\pard\li0\ri0\sl-280\slmult0
\fs24\cf1\f0\charscalex100 {remains in existence. This form of business
organisations generally requires huge capital}\par\pard\li0\ri0\sl-293\slmult0
\fs22\cf1\f0\charscalex100 {investment, which is contributed by its members. The
total capital of a joint stock company}\par\pard\li0\ri0\sl-280\slmult0
\fs24\cf1\f0\charscalex100 {is called share capital and it is divided into a number
of units called shares. Thus, every}\par\pard\li0\ri0\sl-293\slmult0
\fs22\cf1\f0\charscalex100 {member has some shares in the business depending upon
the amount of capital contributed}\par\pard\li0\ri0\sl-293\slmult0
\fs24\cf1\f0\charscalex100 {by him. Hence, members are also called
shareholders.}\par\pard\li0\ri0\sl-453\slmult0 \fs24\cf1\f0\charscalex100 {The
companies in India are governed by the Indian Companies Act, 1956. The Act
defines}\par\pard\li0\ri0\sl-293\slmult0 \fs24\cf1\f0\charscalex100 {a company as
an artificial person created by law, having a separate legal entity, with
per-}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf1\f0\charscalex100 {petual succession
and a common seal.}\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-
\fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0
\fs30\cf1\f0\charscalex100\b {8.3 Characteristics of Joint Stock Company}\b0
\par\pard\li0\ri0\sl-480\slmult0 \fs22\cf1\f0\charscalex100 {You are now familiar
with the concept of company as a form of business organisation. Let
us}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf1\f0\charscalex100 {now study its
characteristics.}\par\pard\li0\ri0\sl-466\slmult0
\*\tx480\fs24\cf1\f0\charscalex100\b {i.}\b0 \tab \fs24\cf1\f0\charscalex100\b
{Legal formation}\b0 \par\pard\li0\ri0\sl-466\slmult0 \fs24\cf1\f0\charscalex100
{No single individual or a group of individuals can start a business and call it a
joint stock}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf1\f0\charscalex100 {company.
A joint stock company comes into existence only when it has been
registered}\par\pard\li0\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {after
completion of all formalities required by the Indian Companies Act,
1956.}\par\pard\sect\sectd\sbkpage
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293\slmult0 \*\tx520\fs24\cf1\f0\charscalex100\b {ii.}\b0 \tab
\fs24\cf1\f0\charscalex100\b {Artificial person}\b0 \par\pard\li53\ri0\sl-
{Just like an individual, who takes birth, grows, enters into relationships and
dies, a joint}\par\pard\li53\ri0\sl-293\slmult0 \fs20\cf1\f0\charscalex100 {stock
company takes birth, grows, enters into relationships and dies. However, it is
called}\par\pard\li53\ri0\sl-280\slmult0 \fs22\cf1\f0\charscalex100 {an artificial
person as its birth, existence and death are regulated by law and it does
not}\par\pard\li53\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {possess physical
attributes like that of a normal person.}\par\pard\li53\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li53\ri0\sl-306\slmult0 \fs24\cf1\f0\charscalex100\b
{iii. }\b0 \fs24\cf1\f0\charscalex100\b {Separate legal entity}\b0
\fs20\cf1\f0\charscalex100 {Being an artificial person, a joint stock company has
its own separate existence independent}\par\pard\li53\ri0\sl-280\slmult0
\fs20\cf1\f0\charscalex100 {of its members. It means that a joint stock company
can own property, enter into contracts}\par\pard\li53\ri0\sl-293\slmult0
\fs20\cf1\f0\charscalex100 {and conduct any lawful business in its own name. It
can sue and can be sued by others in the}\par\pard\li53\ri0\sl-293\slmult0
\fs22\cf1\f0\charscalex100 {court of law. The shareholders are not the owners of
the property owned by the company.}\par\pard\li53\ri0\sl-280\slmult0
\fs24\cf1\f0\charscalex100 {Also, the shareholders cannot be held responsible for
the acts of the company}\par\pard\li53\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li53\ri0\sl-306\slmult0 \fs24\cf1\f0\charscalex100\b {iv. Common
seal}\b0 \par\pard\li53\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li53\ri0\sl-
306\slmult0 \fs22\cf1\f0\charscalex100 {A joint stock company has a seal, which is
used while dealing with others or entering into}\par\pard\li53\ri0\sl-
293\slmult0 \fs22\cf1\f0\charscalex100 {contracts with outsiders. It is called a
common seal as it can be used by any officer at any}\par\pard\li53\ri0\sl-
280\slmult0 \fs22\cf1\f0\charscalex100 {level of the organisation working on behalf
of the company. Any document, on which the}\par\pard\li53\ri0\sl-293\slmult0
\fs20\cf1\f0\charscalex100 {company's seal is put and is duly signed by any
official of the company, become binding on}\par\pard\li53\ri0\sl-280\slmult0
\fs22\cf1\f0\charscalex100 {the company. For example, a purchase manager may enter
into a contract for buying raw}\par\pard\li53\ri0\sl-293\slmult0
\fs22\cf1\f0\charscalex100 {materials from a supplier. Once the contract paper is
sealed and signed by the purchase}\par\pard\li53\ri0\sl-293\slmult0
\fs22\cf1\f0\charscalex100 {manager, it becomes valid. The purchase manager may
leave the company thereafter or}\par\pard\li53\ri0\sl-280\slmult0
\fs22\cf1\f0\charscalex100 {may be removed from the job or may have taken a wrong
decision, yet for all purposes the}\par\pard\li53\ri0\sl-293\slmult0
\fs22\cf1\f0\charscalex100 {contract is valid till a new contract is made or the
existing contract expires.}\par\pard\li53\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li53\ri0\sl-293\slmult0 \*\tx520\fs24\cf1\f0\charscalex100\b
{v.}\b0 \tab \fs24\cf1\f0\charscalex100\b {Perpetual existence}\b0
\fs20\cf1\f0\charscalex100 {A joint stock company continues to exist as long as it
fulfils the requirements of law. It is not}\par\pard\li53\ri0\sl-293\slmult0
\fs20\cf1\f0\charscalex100 {affected by the death, lunacy, insolvency or retirement
of any of its members. For example,}\par\pard\li53\ri0\sl-293\slmult0
\fs20\cf1\f0\charscalex100 {in case of a private limited company having four
members, if all of them die in an accident the}\par\pard\li53\ri0\sl-280\slmult0
\fs22\cf1\f0\charscalex100 {company will not be closed. It will continue to exist.
The shares of the company will be}\par\pard\li53\ri0\sl-293\slmult0
\fs22\cf1\f0\charscalex100 {transferred to the legal heirs of the deceased
members.}\par\pard\li53\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li53\ri0\sl-
306\slmult0 \fs24\cf1\f0\charscalex100\b {vi. Limited liability}\b0
\fs22\cf1\f0\charscalex100 {In a joint stock company, the liability of a member is
limited to the extent of the value of}\par\pard\li53\ri0\sl-293\slmult0
\fs20\cf1\f0\charscalex100 {shares held by him. While repaying debts, for example,
if a person owns 1000 shares of Rs.}\par\pard\li53\ri0\sl-293\slmult0
\fs22\cf1\f0\charscalex100 {10 each, then he is liable only upto Rs 10,000 towards
payment of debts. That is, even if}\par\pard\li53\ri0\sl-280\slmult0
\fs22\cf1\f0\charscalex100 {there is liquidation of the company, the personal
property of the shareholder can not be}\par\pard\li53\ri0\sl-293\slmult0
\fs24\cf1\f0\charscalex100 {attached and he will lose only his shares worth Rs.
10,000.}\par\pard\li53\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li53\ri0\sl-
306\slmult0 \fs24\cf1\f0\charscalex100\b {vii. Democratic management}\b0
\fs22\cf1\f0\charscalex100 {Joint stock companies have democratic management and
control. That is, even though the}\par\pard\li53\ri0\sl-280\slmult0
\fs20\cf1\f0\charscalex100 {shareholders are owners of the company, all of them
cannot participate in the management}\par\pard\li53\ri0\sl-293\slmult0
\fs20\cf1\f0\charscalex100 {of the company. Normally, the shareholders elect
representatives from among themselves}\par\pard\li53\ri0\sl-280\slmult0
\fs24\cf1\f0\charscalex100 {known as \uc1\u8216XDirectors\uc1\u8217X to manage the
affairs of the company.}\par\column\pard\li0\ri0\sl-293\slmult0
\fs22\cf1\f0\charscalex100 {Joint Stock Company}\par\pard\li1600\ri0\sl-213\slmult0
{83}\par\pard\sect\sectd\sbkpage
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213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-400\slmult0 \fs28\cf1\f0\charscalex100\b
{Intext Questions 8.1}\b0 \par\pard\li0\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li0\ri0\sl-293\slmult0 \fs24\cf1\f0\charscalex100 {Given below
are some statements about characteristics of joint stock company. Some
are}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf1\f0\charscalex100 {right and some are
wrong. Identify the wrong statements and strike them out:}\par\pard\li0\ri0\sl-
400\slmult0 \*\tx480\fs24\cf1\f0\charscalex100 {(i)}\tab \fs22\cf1\f0\charscalex100
{No legal formality is required to form a joint stock
company.}\par\pard\li0\ri0\sl-386\slmult0 \fs24\cf1\f0\charscalex100 {(ii)
A }\fs24\cf1\f0\charscalex100 {joint stock company dies with the death of its
shareholders.}\par\pard\li0\ri0\sl-386\slmult0 \fs24\cf1\f0\charscalex100
{(iii) }\fs24\cf1\f0\charscalex100 {The shareholders of a joint stock company have
limited liablity}\par\pard\li0\ri0\sl-386\slmult0 \fs24\cf1\f0\charscalex100 {(iv)
A }\fs24\cf1\f0\charscalex100 {joint stock company can own property on its own
name.}\par\pard\li0\ri0\sl-360\slmult0 \fs24\cf1\f0\charscalex100 {(v) A joint
stock company is managed by the elected representatives of
shareholders.}\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-
480\slmult0 \fs28\cf1\f0\charscalex100\b {8.4 Types of Companies}\b0
\par\pard\li0\ri0\sl-466\slmult0 \fs24\cf1\f0\charscalex100 {We find a variety of
companies in our county. The formations, liability, management
and}\par\pard\li0\ri0\sl-293\slmult0 \fs24\cf1\f0\charscalex100 {ownership of all
companies differ from each other. Let us classify the different types
of}\par\pard\li0\ri0\sl-280\slmult0 \fs22\cf1\f0\charscalex100 {companies on the
basis of their ownership and nationality. Accordingly, we have three
type}\par\pard\li0\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {of companies -
Private Limited, Public Limited and Government companies on the basis
of}\par\pard\li0\ri0\sl-293\slmult0 \fs24\cf1\f0\charscalex100 {ownership and two
types of companies - Indian and Foreign, on the basis of
nationality.}\par\pard\li480\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li480\ri0\sl-
386\slmult0 \*\tx3826\fs24\cf1\f0\charscalex100 {On the basis of Ownership}\tab
\fs24\cf1\f0\charscalex100 {On the basis of Nationality}\par\pard\li480\ri0\sl-
386\slmult0 \*\tx1000\*\tx3826\*\tx4280\fs24\cf1\f0\charscalex100 {i.}\tab
\fs24\cf1\f0\charscalex100 {Private Limited}\tab \fs24\cf1\f0\charscalex100
{i.}\tab \fs24\cf1\f0\charscalex100 {Indian}\par\pard\li480\ri0\sl-386\slmult0
\*\tx1000\*\tx4280\fs24\cf1\f0\charscalex100 {i.}\tab \fs24\cf1\f0\charscalex100
{Public Limited ii.}\tab \fs24\cf1\f0\charscalex100
{Foreign}\par\pard\li480\ri0\sl-386\slmult0 \*\tx1000\fs24\cf1\f0\charscalex100
{iii.}\tab \fs24\cf1\f0\charscalex100 {Government}\par\pard\li0\ri0\sl-
{Now let us learn more about them:}\par\pard\li0\ri0\sl-466\slmult0
\fs24\cf1\f0\charscalex100\b {Private Limited Company}\b0 \par\pard\li0\ri0\sl-
453\slmult0 \fs22\cf1\f0\charscalex100 {These companies can be formed by at least
two individuals having minimum paid\uc1\u8211Xup capital}\par\pard\li0\ri0\sl-
293\slmult0 \fs22\cf1\f0\charscalex100 {of not less than Rupees one lakh. As per
the Companies Act, 1956 the total membership of}\par\pard\li0\ri0\sl-280\slmult0
\fs24\cf1\f0\charscalex100 {these companies cannot exceed 50. The shares allotted
to its members are also not freely}\par\pard\li0\ri0\sl-293\slmult0
\fs22\cf1\f0\charscalex100 {transferable between them. These companies are not
allowed to raise money from the pub-}\par\pard\li0\ri0\sl-293\slmult0
\fs22\cf1\f0\charscalex100 {lic through open invitation. They are required to
use \uc1\u8220XPrivate Limited\uc1\u8221X after their names.
The}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf1\f0\charscalex100 {examples of such
companies are Combined Marketing Services Private Limited,
Indian}\par\pard\li0\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {Publishers and
Distributors Private Limited, Oricom Systems Private Limited,
etc.}\par\pard\li0\ri0\sl-453\slmult0 \fs24\cf1\f0\charscalex100\b {Public Limited
Company}\b0 \par\pard\li0\ri0\sl-466\slmult0 \fs22\cf1\f0\charscalex100 {A minimum
of seven members are required to form a public limited company. It must
have}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf1\f0\charscalex100 {minimum
paid\uc1\u8211Xup capital of Rs 5 lakhs. There is no restriction on maximum number
of}\par\pard\li0\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {members. The shares
allotted to the members are freely transferable. These companies
can}\par\pard\li0\ri0\sl-293\slmult0 \fs24\cf1\f0\charscalex100 {raise funds from
general public through open invitations by selling its shares or
accepting}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf1\f0\charscalex100 {fixed
deposits. These companies are required to write either \uc1\u8216Xpublic
limited\uc1\u8217X or \uc1\u8216Xlimited\uc1\u8217X}\par\pard\li0\ri0\sl-
293\slmult0 \fs24\cf1\f0\charscalex100 {after their names. Examples of such
companies are Hyundai Motors India Limited, Steel}\par\pard\li0\ri0\sl-
280\slmult0 \fs22\cf1\f0\charscalex100 {Authority of India Limited, Jhandu
Pharmaceuticals Limited etc.}\par\pard\sect\sectd\sbkpage
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293\slmult0 \fs22\cf1\f0\charscalex100 {Difference between Private Limited and
Public Limited Companies:}\par\column\pard\li0\ri0\sl-293\slmult0
\fs22\cf1\f0\charscalex100 {Joint Stock
Company}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn13
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306\slmult0 \fs24\cf1\f0\charscalex100 {Basis}\par\pard\li146\ri0\sl-400\slmult0
\fs24\cf1\f0\charscalex100 {Membership}\par\pard\li146\ri0\sl-213\slmult0
266\slmult0 \fs22\cf1\f0\charscalex100 {Identification}\par\pard\li146\ri0\sl-
\fs18\cf0\par\pard\li146\ri0\sl-266\slmult0 \fs24\cf1\f0\charscalex100
{Transferability of}\par\pard\li146\ri0\sl-280\slmult0 \fs24\cf1\f0\charscalex100
{shares}\par\pard\li146\ri0\sl-413\slmult0 \fs24\cf1\f0\charscalex100 {Capital
required}\par\pard\li146\ri0\sl-400\slmult0 \fs24\cf1\f0\charscalex100 {Raising of
funds}\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-
306\slmult0 \fs24\cf1\f0\charscalex100 {Private Limited
Company}\par\pard\li0\ri0\sl-400\slmult0 \fs24\cf1\f0\charscalex100 {Minimum -
02}\par\pard\li0\ri0\sl-293\slmult0 \fs24\cf1\f0\charscalex100 {Maximum -
50}\par\pard\li0\ri0\sl-400\slmult0 \fs24\cf1\f0\charscalex100 {Use a suffix
\uc1\u8220XPrivate Limited\uc1\u8221X}\par\pard\li0\ri0\sl-280\slmult0
\fs24\cf1\f0\charscalex100 {after its name}\par\pard\li0\ri0\sl-413\slmult0
\fs24\cf1\f0\charscalex100 {Restricted}\par\pard\li0\ri0\sl-213\slmult0
\fs24\cf1\f0\charscalex100 {Not less than Rs. 1 lakh}\par\pard\li0\ri0\sl-
400\slmult0 \fs24\cf1\f0\charscalex100
{Cannotgiveopeninvitationtothe}\par\pard\li0\ri0\sl-280\slmult0
\fs24\cf1\f0\charscalex100 {public to subscribe the
shares}\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-
306\slmult0 \fs24\cf1\f0\charscalex100 {Public Limited
Company}\par\pard\li0\ri0\sl-400\slmult0 \fs24\cf1\f0\charscalex100 {Minimum -
07}\par\pard\li0\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {Maximum - no
restriction}\par\pard\li0\ri0\sl-400\slmult0 \fs24\cf1\f0\charscalex100 {Usea
suffix\uc1\u8220XLimited\uc1\u8221X afterits}\par\pard\li0\ri0\sl-280\slmult0
\fs24\cf1\f0\charscalex100 {name}\par\pard\li0\ri0\sl-400\slmult0
\fs24\cf1\f0\charscalex100 {Free}\par\pard\li0\ri0\sl-213\slmult0
\fs24\cf1\f0\charscalex100 {Not less than Rs. 5 lakh}\par\pard\li0\ri0\sl-
400\slmult0 \fs24\cf1\f0\charscalex100 {Can raise as much money
as}\par\pard\li0\ri0\sl-293\slmult0 \fs24\cf1\f0\charscalex100 {required from
public}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133
\cols2\colno1\colw10240\colsr-0\colno2\colw1200\pard\li53\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li53\ri0\sl-400\slmult0 \fs24\cf1\f0\charscalex100\b {Government
Company}\b0 \par\pard\li53\ri0\sl-453\slmult0 \fs24\cf1\f0\charscalex100 {In these
companies the Government (either state or central government or both) holds
a}\par\pard\li53\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {majority share
capital i.e., not less than 51%. However, companies having less than
51%}\par\pard\li53\ri0\sl-280\slmult0 \fs22\cf1\f0\charscalex100 {share holding by
the government can also be called Government companies provided
con-}\par\pard\li53\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {trol and
management lies with the government. Examples of government companies
are:}\par\pard\li53\ri0\sl-293\slmult0 \fs24\cf1\f0\charscalex100 {Mahanagar
Telephone Nigam Limited, Bharat Heavy Electricals Limited.}\par\pard\li53\ri0\sl-
453\slmult0 \fs24\cf1\f0\charscalex100\b {Indian Company}\b0 \par\pard\li53\ri0\sl-
466\slmult0 \fs22\cf1\f0\charscalex100 {A company having business operations in
India and registered under the Indian Companies}\par\pard\li53\ri0\sl-
280\slmult0 \fs22\cf1\f0\charscalex100 {Act, 1956 is called Indian Company. An
Indian company may be formed as a public lim-}\par\pard\li53\ri0\sl-293\slmult0
\fs22\cf1\f0\charscalex100 {ited, private limited or government
company.}\par\pard\li53\ri0\sl-453\slmult0 \fs24\cf1\f0\charscalex100\b {Foreign
Company}\b0 \par\pard\li53\ri0\sl-466\slmult0 \fs22\cf1\f0\charscalex100 {A foreign
company is a company formed and registered outside India having business
op-}\par\pard\li53\ri0\sl-293\slmult0 \fs24\cf1\f0\charscalex100 {erations in
India.}\par\pard\li53\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li53\ri0\sl-346\slmult0
\fs28\cf1\f0\charscalex100\b {Intext Questions 8.2}\b0 \par\pard\li53\ri0\sl-
{Fill in the blanks with suitable words:}\par\pard\li53\ri0\sl-453\slmult0
\*\tx520\fs24\cf1\f0\charscalex100 {(i)}\tab \fs22\cf1\f0\charscalex100 {There
should be atleast ___________ members in a Public limited
company.}\par\pard\li53\ri0\sl-373\slmult0 \fs22\cf1\f0\charscalex100 {(ii)
T}\fs22\cf1\f0\charscalex100 {ransfer of share freely from one member to another is
not possible in case of}\par\pard\li546\ri0\sl-293\slmult0
\fs24\cf1\f0\charscalex100 {_________company.}\par\pard\li53\ri0\sl-373\slmult0
\fs22\cf1\f0\charscalex100 {(iii) }\fs22\cf1\f0\charscalex100 {Minimum amount of
capital required to start a public limited company is Rs}\par\pard\li546\ri0\sl-
280\slmult0 \fs24\cf1\f0\charscalex100 {____________.}\par\pard\li53\ri0\sl-
386\slmult0 \fs24\cf1\f0\charscalex100 {(iv) }\fs24\cf1\f0\charscalex100 {Mahanagar
Telephone Nigam Limited is ____________ company.}\par\pard\li53\ri0\sl-
373\slmult0 \fs24\cf1\f0\charscalex100 {(v) A foreign company is formed
____________ India.}\par\column\pard\li0\ri0\sl-213\slmult0
{85}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pa
rd\sect\sectd\sbkpage
{You have just read about the different types of companies. Now we shall discuss
about the}\par\pard\li0\ri0\sl-280\slmult0 \fs22\cf1\f0\charscalex100 {advantages
and limitation of company form of business organisation.}\par\pard\li0\ri0\sl-
546\slmult0 \fs32\cf1\f0\charscalex100\b {8.5 Advantages of Joint Stock Company}\b0
\par\pard\li0\ri0\sl-466\slmult0 \fs24\cf1\f0\charscalex100 {You must be keen to
know why we should form a company for carrying out business?}\par\pard\li0\ri0\sl-
293\slmult0 \fs24\cf1\f0\charscalex100 {Obviously, this is because there are many
advantages which the company form of business}\par\pard\li0\ri0\sl-293\slmult0
\fs24\cf1\f0\charscalex100 {organisation enjoys over other forms of business
organisation. Let us read about those}\par\pard\li0\ri0\sl-280\slmult0
\fs24\cf1\f0\charscalex100 {advantages.}\par\pard\li0\ri0\sl-466\slmult0
\fs24\cf1\f0\charscalex100 {The main advantages of Joint Stock Company are
-}\par\pard\li0\ri0\sl-373\slmult0 \*\tx586\fs24\cf1\f0\charscalex100\b {(i)}\b0
\tab \fs22\cf1\f0\charscalex100\b {Large financial resources:}\b0
\fs22\cf1\f0\charscalex100 { A joint stock company is able to collect a large
amount}\par\pard\li586\ri0\sl-280\slmult0 \fs20\cf1\f0\charscalex100 {of capital
through small contributions from a large number of people. In public
limited}\par\pard\li586\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {company
shares can be offered to the general public to raise capital. They can
also}\par\pard\li586\ri0\sl-293\slmult0 \fs24\cf1\f0\charscalex100 {accept deposits
from the public and issue debentures to raise funds.}\par\pard\li0\ri0\sl-
373\slmult0 \*\tx586\fs24\cf1\f0\charscalex100\b {(ii)}\b0 \tab
\fs22\cf1\f0\charscalex100\b {Limited Liability:}\b0 \fs22\cf1\f0\charscalex100
{ In case of a company, the liability of its members is limited to
the}\par\pard\li586\ri0\sl-280\slmult0 \fs22\cf1\f0\charscalex100 {extent of the
value of shares held by them. Private property of members cannot
be}\par\pard\li586\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {attached for
debts of the company. This advantage attracts many people to
invest}\par\pard\li586\ri0\sl-280\slmult0 \fs24\cf1\f0\charscalex100 {their savings
in the company and it encourages the owners to take more
risk.}\par\pard\li0\ri0\sl-373\slmult0 \fs24\cf1\f0\charscalex100\b {(iii) }\b0
\fs24\cf1\f0\charscalex100\b {Professional management:}\b0
\fs24\cf1\f0\charscalex100 { Management of a company is vested in the hands
of}\par\pard\li586\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {directors, who
are elected democratically by the members or shareholders.
These}\par\pard\li586\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {directors as a
group known as Board of Directors ( or simply Board) manage
the}\par\pard\li586\ri0\sl-280\slmult0 \fs22\cf1\f0\charscalex100 {affairs of the
company and are accountable to all the members. So members
elect}\par\pard\li586\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {capable
persons having sound financial, legal and business knowledge to the
board}\par\pard\li586\ri0\sl-280\slmult0 \fs22\cf1\f0\charscalex100 {so that they
can manage the company efficiently.}\par\pard\li0\ri0\sl-386\slmult0
\fs24\cf1\f0\charscalex100\b {(iv) }\b0 \fs24\cf1\f0\charscalex100\b {Large-scale
production:}\b0 \fs24\cf1\f0\charscalex100 { Due to the availability of large
financial resources and}\par\pard\li586\ri0\sl-280\slmult0
\fs20\cf1\f0\charscalex100 {technical expertise it is possible for the companies to
have large-scale production. It}\par\pard\li586\ri0\sl-293\slmult0
\fs24\cf1\f0\charscalex100 {enables the company to produce more efficiently and at
lower cost.}\par\pard\li0\ri0\sl-373\slmult0 \*\tx586\fs24\cf1\f0\charscalex100\b
{(v)}\b0 \tab \fs22\cf1\f0\charscalex100\b {Contribution to society:}\b0
\fs22\cf1\f0\charscalex100 { A joint stock company offers employment to a large
num-}\par\pard\li586\ri0\sl-280\slmult0 \fs20\cf1\f0\charscalex100 {ber of people.
It facilitates promotion of various ancillary industries, trade and
aux-}\par\pard\li586\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {iliaries to
trade. Sometimes it also donates money towards education, health
and}\par\pard\li586\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {community
services.}\par\pard\li0\ri0\sl-373\slmult0 \fs24\cf1\f0\charscalex100\b
{(vi) }\b0 \fs24\cf1\f0\charscalex100\b {Research and Development:}\b0
{ }\fs24\cf1\f0\charscalex100 {Only in company form of business it is possible
to}\par\pard\li586\ri0\sl-280\slmult0 \fs22\cf1\f0\charscalex100 {invest a lot of
money on research and development for improved processes of
pro-}\par\pard\li586\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {duction, new
design, better quality products, etc. It also takes care of training
and}\par\pard\li586\ri0\sl-280\slmult0 \fs24\cf1\f0\charscalex100 {development of
its employees.}\par\pard\li0\ri0\sl-546\slmult0 \fs32\cf1\f0\charscalex100\b {8.6
Limitations of Joint Stock Company}\b0 \par\pard\li0\ri0\sl-480\slmult0
\fs24\cf1\f0\charscalex100 {In spite of many advantages of the company form of
business organisation, it also suffers}\par\pard\li0\ri0\sl-280\slmult0
\fs22\cf1\f0\charscalex100 {from some limitations. Let us note the limitations of
Joint Stock Companies.}\par\pard\li0\ri0\sl-466\slmult0
\*\tx586\fs24\cf1\f0\charscalex100\b {(i)}\b0 \tab \fs24\cf1\f0\charscalex100\b
{Difficult to form:}\b0 \fs24\cf1\f0\charscalex100 { The formation or registration
of joint stock company involves a}\par\pard\li586\ri0\sl-293\slmult0
\fs22\cf1\f0\charscalex100 {complicated procedure. A number of legal documents and
formalities have to be}\par\pard\li586\ri0\sl-280\slmult0
\fs22\cf1\f0\charscalex100 {completed before a company can start its business. It
requires the services of}\par\pard\li586\ri0\sl-293\slmult0
\fs22\cf1\f0\charscalex100 {specialists such as Chartered Accountants, Company
Secretaries, etc. Therefore,}\par\pard\li586\ri0\sl-280\slmult0
\fs22\cf1\f0\charscalex100 {cost of formation of a company is very
high.}\par\pard\sect\sectd\sbkpage
293\slmult0 \*\tx640\fs24\cf1\f0\charscalex100\b {(ii)}\b0 \tab
\fs24\cf1\f0\charscalex100\b {Excessive government control:}\b0
\fs24\cf1\f0\charscalex100 { Joint stock companies are regulated
by}\par\pard\li640\ri0\sl-280\slmult0 \fs22\cf1\f0\charscalex100 {government
through Companies Act and other economic legislations.
Particularly,}\par\pard\li640\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {public
limited companies are required to adhere to various legal formalities
as}\par\pard\li640\ri0\sl-280\slmult0 \fs22\cf1\f0\charscalex100 {provided in the
Companies Act and other legislations. Non-compliance with
these}\par\pard\li640\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {invites heavy
penalty. This affects the smooth functioning of the
companies.}\par\pard\li53\ri0\sl-386\slmult0 \fs22\cf1\f0\charscalex100\b
{(iii) }\b0 \fs22\cf1\f0\charscalex100\b {Delay in policy decisions:}\b0
\fs22\cf1\f0\charscalex100 { Generally policy decisions are taken at the
Board}\par\pard\li640\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {meetings of
the company. Further the company has to fulfill certain
procedural}\par\pard\li640\ri0\sl-280\slmult0 \fs22\cf1\f0\charscalex100
{formalities. These procedures are time consuming and therefore, may delay
action}\par\pard\li640\ri0\sl-293\slmult0 \fs24\cf1\f0\charscalex100 {on the
decisions.}\par\pard\li53\ri0\sl-386\slmult0 \fs22\cf1\f0\charscalex100\b
{(iv) }\b0 \fs22\cf1\f0\charscalex100\b {Concentration of economic power and wealth
in few hands:}\b0 \fs22\cf1\f0\charscalex100 { A joint
stock}\par\pard\li640\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {company is a
large-scale business organisation having huge resources. This gives
a}\par\pard\li640\ri0\sl-280\slmult0 \fs22\cf1\f0\charscalex100 {lot of economic
and other power to the persons who manage the company. Any}\par\pard\li640\ri0\sl-
293\slmult0 \fs22\cf1\f0\charscalex100 {misuse of such power creates unhealthy
conditions in the society, e.g., having}\par\pard\li640\ri0\sl-280\slmult0
\fs20\cf1\f0\charscalex100 {monopoly over a particular business or industry or
product; exploitation of workers,}\par\pard\li640\ri0\sl-293\slmult0
\fs24\cf1\f0\charscalex100 {consumers and investors.}\par\pard\li53\ri0\sl-
546\slmult0 \fs32\cf1\f0\charscalex100\b {8.7 Suitability of Joint Stock
Company}\b0 \par\pard\li53\ri0\sl-466\slmult0 \fs22\cf1\f0\charscalex100 {A joint
stock company form of business organisation is found to be suitable where
the}\par\pard\li53\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {volume of
business is large and huge financial resources are needed. Since members of
a}\par\pard\li53\ri0\sl-293\slmult0 \fs20\cf1\f0\charscalex100 {joint stock company
have limited liability it is possible to raise capital from the public
without}\par\pard\li53\ri0\sl-280\slmult0 \fs20\cf1\f0\charscalex100 {much
difficulty. This form of organisation is also suitable for businesses which involve
heavy}\par\pard\li53\ri0\sl-293\slmult0 \fs20\cf1\f0\charscalex100 {risks. Again,
for business activities which require public support and confidence, joint
stock}\par\pard\li53\ri0\sl-280\slmult0 \fs22\cf1\f0\charscalex100 {form is
preferred as it has a separate legal status. Certain types of businesses,
like}\par\pard\li53\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {production of
pharmaceuticals, machine manufacturing, information technology, iron
and}\par\pard\li53\ri0\sl-293\slmult0 \fs20\cf1\f0\charscalex100 {steel, aluminum,
fertilisers, cement, etc., are generally organised in the form of joint
stock}\par\pard\li53\ri0\sl-280\slmult0 \fs24\cf1\f0\charscalex100
{company.}\par\pard\li53\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li53\ri0\sl-
346\slmult0 \fs28\cf1\f0\charscalex100\b {Intext Questions 8.3}\b0
\*\tx640\fs22\cf1\f0\charscalex100 {(i)}\tab \fs22\cf1\f0\charscalex100 {The
liability of members of a joint stock company is limited to the extent of
the}\par\pard\li640\ri0\sl-293\slmult0 \fs24\cf1\f0\charscalex100
{____________.}\par\pard\li53\ri0\sl-386\slmult0 \*\tx640\fs22\cf1\f0\charscalex100
{(ii)}\tab \fs22\cf1\f0\charscalex100 {A }\fs22\cf1\f0\charscalex100 {Joint Stock
Company form of business organisation takes more _________
to}\par\pard\li640\ri0\sl-280\slmult0 \fs24\cf1\f0\charscalex100 {take policy
decisions.}\par\pard\li53\ri0\sl-400\slmult0 \*\tx640\fs22\cf1\f0\charscalex100
{(iii)}\tab \fs24\cf1\f0\charscalex100 {A }\fs24\cf1\f0\charscalex100 {joint stock
company form of business organisation is managed by
________.}\par\pard\li53\ri0\sl-386\slmult0 \*\tx640\fs24\cf1\f0\charscalex100
{(iv)}\tab \fs24\cf1\f0\charscalex100 {The cost of formation of a company is very
____________.}\par\pard\li53\ri0\sl-386\slmult0 \*\tx640\fs22\cf1\f0\charscalex100
{(v)}\tab \fs22\cf1\f0\charscalex100 {Companies Act and other economic legislations
are passed to regulate the}\par\pard\li640\ri0\sl-293\slmult0
\fs24\cf1\f0\charscalex100 {____________.}\par\pard\li53\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li53\ri0\sl-520\slmult0 \fs30\cf1\f0\charscalex100\b {8.8
Multinational Companies}\b0 \par\pard\li53\ri0\sl-466\slmult0
\fs22\cf1\f0\charscalex100 {You have learnt that we have two types of companies, on
the basis of nationality, one is}\par\pard\li53\ri0\sl-293\slmult0
\fs22\cf1\f0\charscalex100 {Indian company and the other is Foreign company. But
have you ever thought, why are}\par\pard\li53\ri0\sl-293\slmult0
\fs20\cf1\f0\charscalex100 {foreign companies coming to India or what are they
doing in our country? Actually they are}\par\pard\li53\ri0\sl-280\slmult0
\fs20\cf1\f0\charscalex100 {coming to India to produce goods and services and/or to
sell their products. Similarly Indian}\par\column\pard\li0\ri0\sl-293\slmult0
{companies are also extending their business operations across the boundaries of
our coun-}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf1\f0\charscalex100 {try. This is
called globalisation, which means extension of economic activities across
the}\par\pard\li0\ri0\sl-293\slmult0 \fs24\cf1\f0\charscalex100 {boundaries of a
country in search of worldwide markets. In your day-to-day life you
might}\par\pard\li0\ri0\sl-280\slmult0 \fs22\cf1\f0\charscalex100 {be using
different goods and services of Indian as well as foreign origin. The foreign
goods}\par\pard\li0\ri0\sl-293\slmult0 \fs24\cf1\f0\charscalex100 {are either
imported in our country or sometimes these goods are also produced in
our}\par\pard\li0\ri0\sl-293\slmult0 \fs24\cf1\f0\charscalex100 {country. Due to
globalisation the entire world has become one big market. Big
companies}\par\pard\li0\ri0\sl-280\slmult0 \fs22\cf1\f0\charscalex100 {are coming
out of their home countries in search of better markets for their products. In
the}\par\pard\li0\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {next section you
will find details about these big companies.}\par\pard\li0\ri0\sl-493\slmult0
\fs28\cf1\f0\charscalex100\b {Meaning of Multinational Companies}\b0
\par\pard\li0\ri0\sl-466\slmult0 \fs24\cf1\f0\charscalex100 {Simply speaking, a
multi-national company is one which is registered as a company in
one}\par\pard\li0\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {country but
carries on business in a number of other countries by setting up factories,
branches}\par\pard\li0\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {or subsidiary
units. Such a company may produce goods or arrange services in one or
more}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf1\f0\charscalex100 {countries and
sell these in the same or other countries. You might have heard about
many}\par\pard\li0\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {Multinational
Companies (MNCs) running business in India, like Philips, Siemens,
Hyundai,}\par\pard\li0\ri0\sl-280\slmult0 \fs24\cf1\f0\charscalex100 {Coca Cola,
Nestle, Sony, McDonald\uc1\u8217Xs, Citi Bank, Good Year,
etc.}\par\pard\li0\ri0\sl-466\slmult0 \fs22\cf1\f0\charscalex100 {Let us read the
general features of multinational companies.}\par\pard\li0\ri0\sl-466\slmult0
\fs24\cf1\f0\charscalex100\b {Features of Multinational Companies}\b0
\par\pard\li0\ri0\sl-453\slmult0 \fs22\cf1\f0\charscalex100 {Multinational
Companies generally have the following features:}\par\pard\li0\ri0\sl-
466\slmult0 \*\tx586\fs24\cf1\f0\charscalex100 {(i)}\tab \fs24\cf1\f0\charscalex100
{International Operations: Multinational Companies generally have production,
mar-}\par\pard\li586\ri0\sl-280\slmult0 \fs22\cf1\f0\charscalex100 {keting and
other facilities in several countries.}\par\pard\li0\ri0\sl-346\slmult0
\*\tx586\fs24\cf1\f0\charscalex100 {(ii)}\tab \fs22\cf1\f0\charscalex100 {Large
size: The volume of sales, the profits earned, and also the value of assets
held}\par\pard\li586\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {by a
multinational companies are generally very large.}\par\pard\li0\ri0\sl-
346\slmult0 \*\tx586\fs22\cf1\f0\charscalex100 {(iii)}\tab
\fs24\cf1\f0\charscalex100 {Centralised Control: The branches and subsidiary units
of an MNC operating in dif-}\par\pard\li586\ri0\sl-280\slmult0
\fs22\cf1\f0\charscalex100 {ferent countries are controlled from the headquarters
of the company in the home}\par\pard\li586\ri0\sl-293\slmult0
\fs24\cf1\f0\charscalex100 {country, which lay down broad policies to be
pursued.}\par\pard\li0\ri0\sl-453\slmult0 \fs24\cf1\f0\charscalex100\b {Advantages
of Multinational Companies}\b0 \par\pard\li0\ri0\sl-346\slmult0
\fs24\cf1\f0\charscalex100 {The Multinational Companies enjoy several advantages by
way of huge earnings due to}\par\pard\li0\ri0\sl-293\slmult0
\fs22\cf1\f0\charscalex100 {large-scale production and distribution activities
across national borders. Besides, the host}\par\pard\li0\ri0\sl-280\slmult0
\fs24\cf1\f0\charscalex100 {countries in which the Multinational Companies operate
also derive a number of advan-}\par\pard\li0\ri0\sl-293\slmult0
\fs24\cf1\f0\charscalex100 {tages. These are-}\par\pard\li0\ri0\sl-346\slmult0
\*\tx586\fs24\cf1\f0\charscalex100 {(i)}\tab \fs22\cf1\f0\charscalex100 {Investment
of Foreign capital: Direct investment of capital by multinational
compa-}\par\pard\li586\ri0\sl-293\slmult0 \fs24\cf1\f0\charscalex100 {nies helps
under-developed countries to speed up their economic
development.}\par\pard\li0\ri0\sl-333\slmult0 \*\tx586\fs24\cf1\f0\charscalex100
{(ii)}\tab \fs22\cf1\f0\charscalex100 {Generation of employment: Expansion of
industrial and trading activities by multina-}\par\pard\li586\ri0\sl-293\slmult0
\fs20\cf1\f0\charscalex100 {tional companies leads to creation of employment
opportunities and raising the stan-}\par\pard\li586\ri0\sl-293\slmult0
\fs22\cf1\f0\charscalex100 {dard of living in host countries.}\par\pard\li0\ri0\sl-
346\slmult0 \*\tx586\fs22\cf1\f0\charscalex100 {(iii)}\tab
\fs22\cf1\f0\charscalex100 {Use of advanced technology: With substantial resources
multinational companies un-}\par\pard\li586\ri0\sl-280\slmult0
\fs20\cf1\f0\charscalex100 {dertake Research and Development activities which
contribute to improved methods}\par\pard\li586\ri0\sl-293\slmult0
\fs22\cf1\f0\charscalex100 {and processes of production and thus, increase the
quality of products. Gradually,}\par\pard\li586\ri0\sl-280\slmult0
\fs22\cf1\f0\charscalex100 {other countries also acquire these
technologies.}\par\pard\li0\ri0\sl-400\slmult0 \*\tx586\fs24\cf1\f0\charscalex100
{(iv)}\tab \fs22\cf1\f0\charscalex100 {Growth of ancillary units: Suppliers of
materials and services and ancillary industries}\par\pard\li586\ri0\sl-
280\slmult0 \fs22\cf1\f0\charscalex100 {often grow in host countries as a result of
the operation of multinational companies.}\par\pard\sect\sectd\sbkpage
293\slmult0 \*\tx640\fs24\cf1\f0\charscalex100 {(v)}\tab \fs24\cf1\f0\charscalex100
{Increase in exports and inflow of foreign exchange: Goods produced in the
host}\par\pard\li640\ri0\sl-280\slmult0 \fs20\cf1\f0\charscalex100 {countries are
sometimes exported by multinational companies. Foreign exchange
thus}\par\pard\li640\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {earned
contributes to the foreign exchange reserves of host
countries.}\par\pard\li53\ri0\sl-386\slmult0 \*\tx640\fs22\cf1\f0\charscalex100
{(vi)}\tab \fs20\cf1\f0\charscalex100 {Healthy competition: Efficient production of
quality goods by multinational compa-}\par\pard\li640\ri0\sl-280\slmult0
\fs20\cf1\f0\charscalex100 {nies prompt the domestic producers to improve their
performance in order to survive}\par\pard\li640\ri0\sl-293\slmult0
\fs24\cf1\f0\charscalex100 {in the market.}\par\pard\li53\ri0\sl-466\slmult0
\fs24\cf1\f0\charscalex100\b {Limitations of Multinational Companies}\b0
\par\pard\li53\ri0\sl-453\slmult0 \fs22\cf1\f0\charscalex100 {The advantages
discussed above are no doubt beneficial to host countries. But there
are}\par\pard\li53\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {several
limitations of multinational companies, which we should take note
of:}\par\pard\li53\ri0\sl-453\slmult0 \*\tx640\fs24\cf1\f0\charscalex100
{i.}\tab \fs20\cf1\f0\charscalex100 {Least concern for priorities of host
countries: Multinational Companies generally in-}\par\pard\li640\ri0\sl-293\slmult0
\fs20\cf1\f0\charscalex100 {vest capital in the most profitable industries and do
not take into account the priorities}\par\pard\li640\ri0\sl-293\slmult0
\fs20\cf1\f0\charscalex100 {of developing basic industries and services in backward
regions of the host country.}\par\pard\li53\ri0\sl-386\slmult0
\*\tx640\fs24\cf1\f0\charscalex100 {i.}\tab \fs22\cf1\f0\charscalex100 {Adverse
effect on domestic enterprises: Due to large-scale operation and
techno-}\par\pard\li640\ri0\sl-280\slmult0 \fs20\cf1\f0\charscalex100 {logical
skills, multinational companies are often able to dominate the markets in
host}\par\pard\li640\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {countries and
tend to acquire monopoly power. Thus, many local enterprises
are}\par\pard\li640\ri0\sl-293\slmult0 \fs24\cf1\f0\charscalex100 {compelled to
close down.}\par\pard\li53\ri0\sl-386\slmult0 \*\tx640\fs22\cf1\f0\charscalex100
{iii.}\tab \fs20\cf1\f0\charscalex100 {Change in tradition: Consumer goods, which
are introduced by multinational compa-}\par\pard\li640\ri0\sl-280\slmult0
\fs20\cf1\f0\charscalex100 {nies in the host countries, do not generally conform to
the local cultural norms. Thus,}\par\pard\li640\ri0\sl-293\slmult0
\fs22\cf1\f0\charscalex100 {consumption habits of people as regards food and dress
tend to change away from}\par\pard\li640\ri0\sl-280\slmult0
\fs22\cf1\f0\charscalex100 {their own cultural heritage.}\par\pard\li53\ri0\sl-
{Intext Questions 8.4}\b0 \par\pard\li53\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li53\ri0\sl-280\slmult0 \fs22\cf1\f0\charscalex100 {Given below
are some statements about Multinational Company. State which of them
are}\par\pard\li53\ri0\sl-293\slmult0 \fs24\cf1\f0\charscalex100 {advantages of
Multinational Company?}\par\pard\li53\ri0\sl-466\slmult0
\*\tx640\fs22\cf1\f0\charscalex100 {(i)}\tab \fs22\cf1\f0\charscalex100
{Multinational companies speed up the economic development of the under-
devel-}\par\pard\li640\ri0\sl-280\slmult0 \fs24\cf1\f0\charscalex100 {oped
countries.}\par\pard\li53\ri0\sl-386\slmult0 \*\tx640\fs24\cf1\f0\charscalex100
{(ii)}\tab \fs22\cf1\f0\charscalex100 {Multinational Companies help to earn foreign
exchange for the host countries.}\par\pard\li53\ri0\sl-386\slmult0
\*\tx640\fs20\cf1\f0\charscalex100 {(iii)}\tab \fs22\cf1\f0\charscalex100 {Domestic
producers improve their performance because of Multinational
Compa-}\par\pard\li640\ri0\sl-293\slmult0 \fs24\cf1\f0\charscalex100
{nies.}\par\pard\li53\ri0\sl-386\slmult0 \*\tx640\fs24\cf1\f0\charscalex100
{(iv)}\tab \fs22\cf1\f0\charscalex100 {Generally Multinational Companies invest
money in profitable industries.}\par\pard\li53\ri0\sl-400\slmult0
\*\tx640\fs24\cf1\f0\charscalex100 {(v)}\tab \fs22\cf1\f0\charscalex100
{Multinational Companies sometimes dominate the markets of the host
countries.}\par\pard\li53\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li53\ri0\sl-
520\slmult0 \fs30\cf1\f0\charscalex100\b {8.9 What You Have Learnt}\b0
\par\pard\li53\ri0\sl-400\slmult0 \*\tx640\fs20\cf1\f1\charscalex100 {�}\tab
\fs22\cf1\f0\charscalex100 {A Joint stock company is an artificial person created
by law, having separate legal}\par\pard\li640\ri0\sl-280\slmult0
\fs22\cf1\f0\charscalex100 {entity, with perpetual succession and a common seal.
The companies are governed}\par\pard\li640\ri0\sl-293\slmult0
\fs24\cf1\f0\charscalex100 {by the Indian Companies Act,
1956.}\par\pard\li53\ri0\sl-373\slmult0 \*\tx640\fs20\cf1\f1\charscalex100
{�}\tab \fs24\cf1\f0\charscalex100 {Characteristics of Joint Stock
Company}\par\pard\li640\ri0\sl-386\slmult0 \*\tx1133\fs24\cf1\f0\charscalex100
{(i)}\tab \fs24\cf1\f0\charscalex100 {Legal formation}\par\pard\li640\ri0\sl-
386\slmult0 \fs24\cf1\f0\charscalex100 {(ii) }\fs24\cf1\f0\charscalex100
{Artificial person}\par\column\pard\li0\ri0\sl-293\slmult0
\colno1\colw2786\colsr-0\colno2\colw586\colsr-0\colno3\colw3013\colsr-
0\colno4\colw720\colsr-0\colno5\colw4333\pard\li413\ri0\sl-240\slmult0
\fs22\cf1\f0\charscalex100 {Business Studies}\par\column\pard\li0\ri0\sl-
\fs20\cf1\f1\charscalex100 {�}\par\pard\li0\ri0\sl-213\slmult0
{�}\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-
{(iii) }\fs24\cf1\f0\charscalex100 {Separate legal entity}\par\pard\li0\ri0\sl-
386\slmult0 \fs24\cf1\f0\charscalex100 {(iv) }\fs24\cf1\f0\charscalex100 {Common
seal}\par\pard\li0\ri0\sl-386\slmult0 \fs24\cf1\f0\charscalex100 {(v) Perpetual
existence}\par\pard\li0\ri0\sl-386\slmult0 \fs24\cf1\f0\charscalex100
{(vi) }\fs24\cf1\f0\charscalex100 {Limited liability of
members}\par\pard\li0\ri0\sl-386\slmult0 \fs24\cf1\f0\charscalex100
{(vii) }\fs24\cf1\f0\charscalex100 {Democratic Management}\par\pard\li0\ri0\sl-
466\slmult0 \fs24\cf1\f0\charscalex100 {Types of companies-}\par\pard\li0\ri0\sl-
346\slmult0 \fs24\cf1\f0\charscalex100 {On the basis of
ownship}\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-
\fs24\cf1\f0\charscalex100 {On the basis of }\fs24\cf1\f0\charscalex100
{nationality}\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-
{\uc1\u8211X}\par\pard\li0\ri0\sl-333\slmult0 \fs24\cf1\f0\charscalex100
{\uc1\u8211X}\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-
\fs18\cf0\par\pard\li0\ri0\sl-320\slmult0 \fs24\cf1\f0\charscalex100 {Private
limited Companies}\par\pard\li0\ri0\sl-333\slmult0 \fs22\cf1\f0\charscalex100
{Public limited Companies}\par\pard\li0\ri0\sl-346\slmult0
\fs24\cf1\f0\charscalex100 {Government Companies}\par\pard\li0\ri0\sl-
466\slmult0 \fs24\cf1\f0\charscalex100 {Indian Companies}\par\pard\li0\ri0\sl-
333\slmult0 \fs24\cf1\f0\charscalex100 {Foreign
Companies}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn
133\cols3\colno1\colw2786\colsr-0\colno2\colw586\colsr-
0\colno3\colw8066\pard\li400\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li400\ri0\sl-
386\slmult0 \fs28\cf1\f0\charscalex100 {90}\par\column\pard\li0\ri0\sl-
320\slmult0 \fs20\cf1\f1\charscalex100 {�}\par\pard\li0\ri0\sl-213\slmult0
{�}\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-213\slmult0
{�}\par\column\pard\li0\ri0\sl-333\slmult0 \fs24\cf1\f0\charscalex100 {Advantages
of Joint Stock Company}\par\pard\li0\ri0\sl-400\slmult0
{Availability of large financial resources}\par\pard\li0\ri0\sl-400\slmult0
\fs24\cf1\f0\charscalex100 {(ii) }\fs24\cf1\f0\charscalex100 {Limited liability of
members}\par\pard\li0\ri0\sl-400\slmult0 \fs24\cf1\f0\charscalex100
{(iii) }\fs24\cf1\f0\charscalex100 {Benefits of professional
management}\par\pard\li0\ri0\sl-400\slmult0 \fs24\cf1\f0\charscalex100
{(iv) }\fs24\cf1\f0\charscalex100 {Large-scale production of goods and
services}\par\pard\li0\ri0\sl-400\slmult0 \fs24\cf1\f0\charscalex100 {(v)
Beneficial for the society}\par\pard\li0\ri0\sl-400\slmult0
\fs24\cf1\f0\charscalex100 {(vi) }\fs24\cf1\f0\charscalex100 {Emphasis on Research
and Development}\par\pard\li0\ri0\sl-400\slmult0 \fs24\cf1\f0\charscalex100
{Limitations of Joint Stock Company-}\par\pard\li0\ri0\sl-400\slmult0
{Difficulttoform}\par\pard\li0\ri0\sl-400\slmult0 \fs24\cf1\f0\charscalex100 {(ii)
Excessive government control}\par\pard\li0\ri0\sl-400\slmult0
\fs24\cf1\f0\charscalex100 {(iii) }\fs24\cf1\f0\charscalex100 {Delay in policy
decisions}\par\pard\li0\ri0\sl-400\slmult0 \fs24\cf1\f0\charscalex100
{(iv) }\fs24\cf1\f0\charscalex100 {Concentration of economic power and wealth in
few hands.}\par\pard\li0\ri0\sl-400\slmult0 \fs22\cf1\f0\charscalex100 {A company
which is registered in one country but carries on business operations in
a}\par\pard\li0\ri0\sl-293\slmult0 \fs24\cf1\f0\charscalex100 {number of other
countries by setting up factories, branches or subsidiary units
is}\par\pard\li0\ri0\sl-293\slmult0 \fs24\cf1\f0\charscalex100 {called
Multinational Company.}\par\pard\li0\ri0\sl-453\slmult0 \fs22\cf1\f0\charscalex100
{Features of Multinational companies-}\par\pard\li0\ri0\sl-386\slmult0
{International operation}\par\pard\li0\ri0\sl-400\slmult0
\fs24\cf1\f0\charscalex100 {(ii) }\fs24\cf1\f0\charscalex100 {Large size,
and}\par\pard\li0\ri0\sl-386\slmult0
\fs24\cf1\f0\charscalex100 {(iii) }\fs24\cf1\f0\charscalex100 {Centralised
control}\par\pard\li0\ri0\sl-453\slmult0 \fs24\cf1\f0\charscalex100 {Advantages of
Multinational Company-}\par\pard\li0\ri0\sl-400\slmult0
\*\tx493\fs24\cf1\f0\charscalex100 {(i)}\tab \fs22\cf1\f0\charscalex100 {Investment
of foreign capital}\par\pard\li0\ri0\sl-386\slmult0 \fs24\cf1\f0\charscalex100
{(ii) }\fs24\cf1\f0\charscalex100 {Generation of employment}\par\pard\li0\ri0\sl-
386\slmult0 \fs24\cf1\f0\charscalex100 {(iii) }\fs24\cf1\f0\charscalex100 {Use of
advanced
technology.}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrs
xn133\pard\sect\sectd\sbkpage
\colno1\colw640\colsr-0\colno2\colw8000\colsr-0\colno3\colw2800\pard\li53\ri0\sl-
{�}\par\column\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-
{(iv) }\fs24\cf1\f0\charscalex100 {Growth of ancillary units}\par\pard\li0\ri0\sl-
386\slmult0 \fs24\cf1\f0\charscalex100 {(v) Increase in exports and inflow of
foreign exchange}\par\pard\li0\ri0\sl-386\slmult0 \fs24\cf1\f0\charscalex100
{(vi) }\fs24\cf1\f0\charscalex100 {Healthy competition in the
market.}\par\pard\li0\ri0\sl-453\slmult0 \fs22\cf1\f0\charscalex100 {Limitations of
Multinational Company-}\par\pard\li0\ri0\sl-400\slmult0
\*\tx493\fs24\cf1\f0\charscalex100 {(i)}\tab \fs22\cf1\f0\charscalex100 {Least
concern for priorities of host countries}\par\pard\li0\ri0\sl-386\slmult0
\fs24\cf1\f0\charscalex100 {(ii) }\fs24\cf1\f0\charscalex100 {Adverse effect on
domestic enterprises}\par\pard\li0\ri0\sl-386\slmult0 \fs24\cf1\f0\charscalex100
{(iii) }\fs24\cf1\f0\charscalex100 {Change in tradition and
culture}\par\column\pard\li0\ri0\sl-293\slmult0 \fs22\cf1\f0\charscalex100 {Joint
Stock
Company}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn13
3\cols2\colno1\colw10240\colsr-0\colno2\colw1200\pard\li53\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li53\ri0\sl-400\slmult0 \fs32\cf1\f0\charscalex100\b {8.10
Terminal Exercise}\b0 \par\pard\li53\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li53\ri0\sl-320\slmult0 \*\tx640\fs24\cf1\f0\charscalex100
{1)}\tab \fs24\cf1\f0\charscalex100 {What is meant by Joint Stock
Company?}\par\pard\li53\ri0\sl-400\slmult0 \*\tx640\fs24\cf1\f0\charscalex100
{2)}\tab \fs22\cf1\f0\charscalex100 {State the minimum and maximum number of
members of private limited company.}\par\pard\li53\ri0\sl-400\slmult0
\*\tx640\fs24\cf1\f0\charscalex100 {3)}\tab \fs24\cf1\f0\charscalex100 {Why are the
members of the company called shareholders?}\par\pard\li53\ri0\sl-400\slmult0
\*\tx640\fs24\cf1\f0\charscalex100 {4)}\tab \fs24\cf1\f0\charscalex100 {State the
meaning of Multinational Company.}\par\pard\li53\ri0\sl-413\slmult0
\*\tx640\fs24\cf1\f0\charscalex100 {5)}\tab \fs24\cf1\f0\charscalex100 {Describe
any four characteristics of Joint Stock Company.}\par\pard\li53\ri0\sl-
400\slmult0 \*\tx640\fs24\cf1\f0\charscalex100 {6)}\tab \fs22\cf1\f0\charscalex100
{Explain the different types of companies on the basis of
ownership.}\par\pard\li53\ri0\sl-400\slmult0 \*\tx640\fs24\cf1\f0\charscalex100
{7)}\tab \fs24\cf1\f0\charscalex100 {State the different types of Joint Stock
Company.}\par\pard\li53\ri0\sl-400\slmult0 \*\tx640\fs24\cf1\f0\charscalex100
{8)}\tab \fs22\cf1\f0\charscalex100 {Classify Joint Stock Companies on the basis of
nationality.}\par\pard\li53\ri0\sl-400\slmult0 \*\tx640\fs24\cf1\f0\charscalex100
{9)}\tab \fs24\cf1\f0\charscalex100 {Distinguish between Indian Company and Foreign
{10)}\tab \fs24\cf1\f0\charscalex100 {What are the features of Private Limited
Company? How does if differ from Public}\par\pard\li640\ri0\sl-293\slmult0
\fs24\cf1\f0\charscalex100 {Limited Company.}\par\pard\li53\ri0\sl-400\slmult0
\*\tx640\fs24\cf1\f0\charscalex100 {11)}\tab \fs22\cf1\f0\charscalex100
{Distinguish between Private Limited Company and Public Limited
{12)}\tab \fs20\cf1\f0\charscalex100 {What benefits do we derive from joint stock
company form of business organisation.}\par\pard\li53\ri0\sl-400\slmult0
\*\tx640\fs24\cf1\f0\charscalex100 {13)}\tab \fs24\cf1\f0\charscalex100 {Enumerate
the advantages of Joint stock company.}\par\pard\li53\ri0\sl-400\slmult0
\*\tx640\fs24\cf1\f0\charscalex100 {14)}\tab \fs22\cf1\f0\charscalex100 {State the
limitations of Joint Stock Company.}\par\pard\li53\ri0\sl-413\slmult0
\*\tx640\fs24\cf1\f0\charscalex100 {15)}\tab \fs24\cf1\f0\charscalex100 {What are
the advantages of Multinational company? Explain any four.}\par\pard\li53\ri0\sl-
{Explain the features of Multinational Company.}\par\pard\li53\ri0\sl-
{Describe the limitations of Multinational Company.}\par\pard\li53\ri0\sl-
{8.11 Key to Intext Questions}\b0 \par\pard\li640\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li640\ri0\sl-373\slmult0 \*\tx1133\fs24\cf1\f0\charscalex100\b
{8.1}\b0 \tab \fs24\cf1\f0\charscalex100 {Wrong i, ii}\par\pard\li640\ri0\sl-
\*\tx1133\fs24\cf1\f0\charscalex100\b {8.2}\b0 \tab \fs22\cf1\f0\charscalex100 {(i)
Seven; (ii) Private limited; (iii) 5 lakh; (iv) Government; (v)
Outside}\par\pard\li640\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li640\ri0\sl-
360\slmult0 \*\tx1133\fs22\cf1\f0\charscalex100\b {8.3}\b0 \tab
\fs20\cf1\f0\charscalex100 {(i) value of shares held by them; (ii) time; (iii)
Board of Directors; (iv) high; (v)}\par\pard\li1133\ri0\sl-280\slmult0
\fs24\cf1\f0\charscalex100 {companies.}\par\column\pard\li0\ri0\sl-213\slmult0
\fs28\cf1\f0\charscalex100
{91}\par\pard\sect\sectd\sbknone\pgwsxn12240\pghsxn15840\marglsxn666\margrsxn133\pa
rd\sect\sectd\sbkpage
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\*\tx1080\fs24\cf1\f0\charscalex100\b {8.4}\b0 \tab \fs24\cf1\f0\charscalex100
{Advantage i, ii, iii}\par\pard\li66\ri0\sl-426\slmult0
\fs28\cf1\f0\charscalex100\b {Activity For You}\b0 \par\pard\li0\ri0\sl-480\slmult0
\fs22\cf1\f0\charscalex100 {Collect any 10 items of daily use (Packed items) and
list the names of the companies manu-}\par\pard\li0\ri0\sl-280\slmult0
\fs24\cf1\f0\charscalex100 {facturing those items. Classify those companies as
public and private limited companies.}\par\pard\li0\ri0\sl-293\slmult0
\fs22\cf1\f0\charscalex100 {Which of them are Multinational Companies?}\par}

Joint Stock Company

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Joint Stock Company

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{\rtf\ansi\deff0\ansicpg1252

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