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1
 ASSIGNMENT SOLUTIONS GUIDE (2017-2018)
E.C.O.-1
O;kolkf;d laxBu
(Business Organisation)
Disclaimer/Special Note: These are just the sample of the Answers/Solutions to some of the Questions given in the

m
Assignments. These Sample Answers/Solutions are prepared by Private Teacher/Tutors/Authors for the help and guidance
of the student to get an idea of how he/she can answer the Questions given the Assignments. We do not claim 100%

o
accuracy of these sample answers as these are based on the knowledge and capability of Private Teacher/Tutor. Sample
answers may be seen as the Guide/Help for the reference to prepare the answers of the Questions given in the assignment.

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As these solutions and answers are prepared by the private teacher/tutor so the chances of error or mistake cannot be

.
denied. Any Omission or Error is highly regretted though every care has been taken while preparing these Sample Answers/

t
Solutions. Please consult your own Teacher/Tutor before you prepare a Particular Answer and for up-to-date and exact

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r
information, data and solution. Student should must read and refer the official study material provided by the university.

lHkh iz'uksa osQ mÙkj nhft,A

in
a d
iz'u 1- O;olk; osQ ,dy LokfeRo vkSj lk>snkjh izk:i dh lhekvksa osQ dkj.k gh O;olk; osQ dEiuh izk:i dk
mnHko gqvkA ppkZ dhft,A a
mÙkjµ

ym Re
mÙkjµvk/kqfud m|ksx vkSj okf.kT; dh c<+rh gqbZ t:jrksa dks ,dy LokfeRo vkSj lk>snkjh iwjh ugha dj ik,] rks laxBu ds fdlh
vU; :i dh [kkst gqbZA ;g :i fudyk la;qDr iw¡th dEiuh (Joint Stock Company) dkA la;qDr iw¡th dEiuh dh [kkst ,oa fodkl
e
d in s
O;kolkf;d txr ds bfrgkl esa ,d egÙoiw.kZ ,oa mYys[kuh; ?kVuk gSA
la;qDr iw¡th dEiuh dk vFkZ ,oa ifjHkk"kk,¡ (Meaning and Definitions of Joint Stock Company)–la;qDr iw¡th dEiuh
l
t u
n ok
O;fDr;ksa dk ,d ,sfPNd laxBu gS] ftldk fuekZ.k dEiuh fo/kku ds vUrxZr ykHk dekus ds mís'; ls fd;k tkrk gSA bldh iw¡th
gLrkarj.kh; va'kksa esa foHkDr gksrh gSA va'kksa ds Lokeh va'k/kkjh dgykrs gSaA va'k/kkfj;ksa dk nkf;Ro lhfer gksrk gSA dEiuh viuk dkjksckj
O bo
pyk ldrk gSA

e s
,d lkoZeqnzk ds v/khu pykrh gSA dEiuh dk vfLrRo LFkk;h gksrk gSA dEiuh fdlh Hkh O;fDr ij] dksbZ Hkh O;fDr dEiuh ij eqdnek

for -
E
.
U;k;k/kh'k ykWMZ fy.Mys (Justice Lord Lindley) ds vuqlkj] ^^dEiuh ls rkRi;Z O;fDr;ksa ds la?k ls gS] ftlesa os ,d la;qDr

b nd
dks"k esa nzO; vFkok nzO; ds cjkcj dksbZ vU; laifÙk nsrs gSa vkSj mldk mi;ksx fdlh lkekU; mís'; ds fy, djrs gSaA ml la;qDr dks"k

we u a
dks gh dEiuh dh iw¡th dgrs gSa rFkk os O;fDr tks bl dks'k esa /ku nsrs gSa] dEiuh ds lnL; dgykrs gSaA** izksQslj gSus (Prof. Haney)
ds erkuqlkj] ^^la;qDr iw¡th okyh dEiuh ykHk ds fy, cukbZ xbZ O;fDr;ksa dh ,d ,sfPNd laLFkk gS] ftldh iw¡th gLrkUrj.kh; va'kksa esa
H
w Th
foHkkftr gksrh gS vkSj ftldk LokfeRo gh lnL;rk dh 'krZ gksrh gSA** dEiuh dh ewyHkwr fo'ks"krkvksa dk o.kZu djrs gq, U;k;k/kh'k
ek'kZ y us dEiuh dh ifjHkk"kk bl izdkj dh Fkhµ^^fuxe ,d Ñf=ke] vn`'; rFkk vewrZ O;fDr gS] ftldk vfLrRo dsoy fo/kku dh

w
n`f"V esa gksrk gSA D;ksafd bldk fuekZ.k fo/kku }kjk gksrk gS] vr,o bldks ogh vf/kdkj izkIr gksrs gSa] tks bldks tUe nsus okys vkKki=k
(Charter) }kjk Li"V :i ls iznku fd, tkrs gSaA**
dEiuh dh Js " B ifjHkk"kkµ
ifjHkk"kkµmi;qZDr lHkh ifjHkk"kkvksa ds v/;;u ls ;g fu"d"kZ fudkyk tk ldrk gS fd ßdEiuh
fo/kku }kjk fu£er ,d Ñf=ke O;fDr gS] ftldk ,d fo'ks"k uke gksrk gS] ftldk vfLrRo lnL;ksa ls i`Fkd~ gksrk gS] ftldh iw¡th
gLrkUrj.kh; o lhfer ns;rk (Limited Liability) okys fuf'pr ewY; ds va'kksa esa caVh gksrh gS] ftldk fu£o?u thou gksrk gS rFkk ,d
lkoZeqnzk gksrh gSA**
dEiuh ds y{k.k ;k fo'ks"krk,¡
(Essentials or Characteristics of Company)
1. Ñf=ke O;fDr (An Artificial Person)–dEiuh ,d ,slk Ñf=ke O;fDr gksrk gS] ftldk tUe dEiuh vf/kfu;e ds vUrxZr
jftLVªs'ku djkus ds ckn gksrk gSA ;g vU; lk/kkj.k O;fDr;ksa (Natural Persons) dh rjg 'kkjhfjd dk;Z rks ugha djrh gS] ijUrq bldks

2
fdlh ij eqdnek nk;j djus] vuqcU/k djus] vius LokfeRo esa lEifÙk j[kus o izkIr lEifÙk dks cspus vkfn ds lEcU/k esa dkuwuh vf/
kdkj izkIr gksrs gSaA bldk vfLrRo blds fuekZrkvksa ls vyx gksrk gSA
2. lhfer nkf;Ro (Limited Liability)–dEiuh ds izR;sd lnL; dk nkf;Ro mlds }kjk Ø; fd, x, va'kksa ds vafdr ewY; rd
gh lhfer gksrk gSA gkfu dh fLFkfr esa dEiuh ds _.knkrk va'kèkkfj;ksa dh futh lEifÙk ij fdlh Hkh izdkj dk gLr{ksi ugha dj ldrsA
3. LFkk;h 'kk'or vfLrRo (Perpetual Existence)–dEiuh dk thou O;kolkf;d laxBu ds vU; izk:iksa dh vis{kk vf/kd LFkk;h
gksrk gSA pwafd dEiuh ,d Ñf=ke O;fDr gS] bldh LokHkkfod e`R;q dk dksbZ iz'u gh ugha mBrk gSA blds vfLrRo ij blds fdlh
va'k/kkjh ;k lapkyd dh e`R;q] fnokfy;siu vkfn dk dksbZ izHkko ugha iM+rk gSA
4. va ' kks a dh gLrka r j.kh;rk (Transferability of Shares)–lkoZtfud dEiuh ds va'kksa dk gLrkarj.k ljyrk ls fd;k tk ldrk
gS rFkk blds fy, vU; lnL;ksa dh LohÑfr vko';d ugha gksrhA
5. lkoZ e q n z k (Common Seal)–dEiuh ,d izdkj ls Ñf=ke ekuo gS vkSj Ñf=ke ,oa oS/kkfud O;fDr gksus ds dkj.k dEiuh ds fy,
lkoZeqnzk dk cgqr egÙo gksrk gSA ;g dEiuh ds vf/kdkj;qDr gLrk{kj (Official Signatures) dh rjg dk;Z djrh gSA lkoZeqnzk ij dEiuh
dk uke vafdr gksrk gSA
m
6. i` F kd~ oS / kkfud vfLrRo (Separate Legal Entity)–dkuwu dh n`f"V esa dEiuh dk vfLrRo blds lnL;ksa ds vfLrRo ls fcYdqy
vyx gksrk gSA dEiuh dh lEifÙk mldh viuh lEifÙk gksrh gSA
o
c
7. lnL;ks a dh la [ ;k (Number of Members)–,d futh dEiuh esa lnL;ksa dh U;wure la[;k nks rFkk vf/kdre la[;k ipkl rd

.
gks ldrh gSA ,d lkoZtfud dEiuh esa lnL;ksa dh U;wure la[;k lkr vkSj vf/kdre la[;k blds }kjk fuxZfer va'kksa dh la[;k rd
gksrh gS vFkkZr~ lnL;ksa dh dksbZ fu/kkZfjr vfèkdre lhek ugha gSA
t g
lapkyd (Directors) dgrs gSa] ds }kjk pykrs gSaA
ar
8. LokfeRo dk iz c U/k ls i` F kd~ gks u k (Separation of Ownership from Management)–dEiuh O;oLFkk esa izcU/k vkSj LokfeRo

i n
fHkUu&fHkUu gksrh tkrk gSA dEiuh ds Lokeh vFkkZr~ va'k/kkjh (Shareholders) dEiuh dk izcU/k vius }kjk pqus x, izfrfuf/k;ksa ftUgsa
d
a
9. ykHk ds fy, ,s f PNd la ? k (Voluntary Association of Profit)–izR;sd dEiuh ykHk dekus ds fy, cukbZ tkrh gSA dEiuh vius

10. lEifÙk ij LokfeRoµ

ym e
v£tr fd, x, ykHk dk fglkc j[krh gS vkSj vius ykHk dks fuf'pr fu;eksa ds vuqlkj va'k/kkfj;ksa esa ckaV nsrh gSA
R
LokfeRoµdEiuh dh lEifÙk ij dsoy dEiuh dk gh vf/kdkj gksrk gS] u fd mlds lnL;ksa dkA
e
iz'u 2- iwath lajpuk D;k gS\ dEiuh dh iwath lajpuk fuf'pr djrs le; gesa fdu dkjdksa dks è;ku esa j[kuk pkfg,A

u d l n
i ks
mÙkjµiw¡th lajpuk (Capital Structure)–iw¡th lajpuk dEiuh dh foÙkh; ;kstuk dk ,d egÙoiw.kZ vax gSA iw¡th lajpuk ls vk'k;
iw¡th dk Lo:i fuf'pr djus ls gSA iw¡th dh lajpuk lk/kkj.k va'k iw¡th] iwokZf/kdkj va'kksa] _.ki=kksa] foÙkh; _.kksa ds vk/kkj ij dh tkrh
n o
s t
gSA iw¡th lajpuk esa ;g fu.kZ; fy;k tkrk gS fd vko';d iw¡th&laxzg ds fy, fdu fofHkUu izfrHkwfr;ksa dks fuxZfer djuk gksxk ,oa dqy
O bo
iw¡th esa budk vuqikr D;k gksxkA xLVuZcxZ (Gesternburg) ds vuqlkj] ^^iw¡thdj.k ds fy, tkjh dh tkus okyh fofHkUu izfrHkwfr;ksa ds
izdkj rFkk vuqikrksa dks gh iw¡th&lajpuk dgrs gSaA** r -
.e
iw¡th lajpuk dks izHkkfor djus okys rÙo

fdlh Hkh dEiuh dh Hkkoh izxfr mldh iw¡th lajb

(Factors Affecting Capital Structure)
f o
n
E
d gSA dEiuh dh iw¡th lajpuk ds lEcU/k esa fu.kZ; ysrs le;
w
izcU/kdksa dks fuEufyf[kr ?kVdksa ij fopkj djuk u
H
puk ij fuHkZj djrh
pkfg, %
a
w1. O;olk; dh izÑfr (Nature of Business)–

h e
gS vkSj fdlh esa vf/kd iw¡th dh vko';drk
izR;sd O;olk; dh viuh fo'ks"krk,¡ gSaA fdlh O;olk; esa de iw¡th dh vko';drk
gSA dqN O;olk;ksa esa tksf[ke vf/kd gksrh gS] rks dqN esa deA O;kikj&pØ (Trade Cycle)

w
dk izHkko rFkk izxfr;ksfxrk dh ek=kk
T Hkh fHkUu&fHkUu O;olk;ksa esa vyx&vyx gksrh gSA O;olk; dh bu fo'ks"krkvksa dk iw¡th&lajpuk ij
lh/kk izHkko iM+rk gSA os m|ksx] ftuesa tksf[ke vf/kd gks] viuh T;knkrj iw¡th 'ks;j tkjh djds bdëk djrs gSaA tu&mi;ksxh lsok m|ksxksa
(Public Utilities) esa izfr;ksfxrk dk Hk; ugha gksrk vkSj vk; Hkh fLFkj jgrh gS] T;knkrj iw¡th LFkkbZ C;kt okyh flD;ksfjfV;ksa]
tSlsµ_.ki=k] ls ,df=kr dh tkrh gSA
iw¡th dh lajpuk esa laLFkk dh fcØh esa vuqekfur o`f) rFkk fLFkjrk dk Hkh izHkko iM+rk gSA ;fn laLFkk dh fcØh c<+us dh vk'kk
gS] rks _.ki=kksa ds ek/;e ls iw¡th ,df=kr dh tk ldrh gSA
2. lerk ij O;kikj (Trading on Equity)–tc fdlh O;olk; dk lapkyu LokfeRo iw¡th (Owned Capital) dh vis{kk _.k iw¡th
(Borrowed Capital) dk vf/kd vuqikr j[kdj fd;k tkrk gS] rks bls ^lerk ij O;kikj* dgrs gSaA

3
 dbZ dEiuh;ksa ds izcU/kd iw¡th <akps dh jpuk bl izdkj djrs gSa fd mlesa lkekU; va'k iw¡th dk vuqikr dqy iw¡thdj.k dh rqyuk
esa cgqr de gksrk gSA bl izdkj os Lo;a dh U;wure iw¡th dk fofu;ksx djds dEiuh ds vf/kdre foÙkh; lk/kuksa ij fu;a=k.k izkIr dj
ysrs gSa rFkk m/kkj yh xbZ iw¡th ds }kjk O;olk; dk lapkyu djds futh iw¡th ij ykHk dh ek=kk esa o`f) dj ysrs gSaA
3. tks f [ke ,oa vk; (Risk and Income)–,sls O;olk;] ftuesa tksf[ke vf/kd gksrh gS] izk;% viuh vf/kdka'k iw¡th va'kksa ds ek/
;e ls ,df=kr djrs gSaA ,sls O;olk; ftuesa izfr;ksfxrk de gS rFkk vk; fuf'pr gS] viuh vf/kd iw¡th LFkk;h C;kt okyh izfrHkwfr;ksa
dks fuxZfer djds ,df=kr djrs gSaA
4. fu;a = k.k dh bPNk (Desire to gain Control)–;fn izcU/kd O;kikj dk fu;a=k.k vius gkFkksa esa dsfUnzr djuk pkgrs gSa] rks lerk
va'kksa dk fuxZeu fd;k tkrk gSA
5. foÙk iz k Ir djus dk mís ' ; (Purpose of Financing)–iw¡th dk <k¡pk mu mís';ksa dks /;ku esa j[kdj fuf'pr djuk pkfg,]
ftudh iw£r ds fy, iw¡th izkIr dh tkrh gksA mnkgj.kkFkZ] foÙk dh vko';drk ;k rks O;olk; esa lq/kkj djus ds fy, vFkok mRiknu

rks ,slh iw¡th dks lk/kkj.k va'kksa ds ek/;e ls ;k lafpr vf/kdks"kksa ls iwjk djuk pkfg,A

o m
esa o`f) djus ds fy, iM+rh gSA ;fn O;olk; esa lq/kkj ij fd, x, fofu;ksx ls laLFkk dh ykHk&vtZu {kerk c<+us dh lEHkkouk u gks]

6. iw ¡ t h cktkj dh n'kk (Condition of Capital Market)–iw¡th&lajpuk fuf'pr djrs le; iw¡th cktkj dh fLFkfr dks /;ku esa

c
j[kuk pkfg,A dHkh fofu;ksDrk de vk; okyh ijUrq lqjf{kr izfrHkwfr;ksa dk gh Ø; djuk pkgrs gSa vkSj dHkh vf/kd tksf[ke mBkus dks

.
rS;kj gks tkrs gSaA cktkj dh fLFkfr esa ifjorZu ds lkFk&lkFk mudh euksn'kk Hkh cnyrh jgrh gSA vr% cktkj dh euksn'kk dks ns[k dj
fofHkUu izdkj dh izfrHkwfr;ksa dk vuqikr r; fd;k tkrk gSA
t g
a r
7. fofu;ks t dks a dh iz Ñ fr ,oa iz d kj (Nature and Types of Investors)–dqN fofu;kstd fu;fer vk; vkSj lqj{kk pkgrs gSa vkSj

in
dqN le; ckn viuh iw¡th okil izk:i djuk pkgrs gSaA ,sls fofu;ksDrk _.ki=k Ø; djrs gSaA dqN fofu;kstd fu;fer vk; vkSj dEiuh
d
esa LokfeRo pkgrs gSa] ij tksf[ke de&ls&de mBkuk pkgrs gSaA os iwokZf/kdkj va'k Ø; djrs gSa vkSj lerk va'k (Equity Shares) izk;% mu
a
fofu;ksDrkvksa dh ilUn gSa] tks vf/kd ykHk dekuk pkgrs gSa os tksf[ke ls ugha Mjrs vkSj dEiuh ds izcU/k esa lfØ; Hkkx ysuk pkgrs

ym Re
gSaA bl izdkj fofu;ksDrkvksa dh izÑfr ds vuqlkj fofHkUu izfrHkwfr;ksa dks iw¡th&lajpuk esa lfEefyr fd;k tkrk gSA
8. dkuw u h iz k o/kku (Legal Provision)–ns'k esa izpfyr fofHkUu lEcfU/kr vf/kfu;eksa dk Hkh iw¡th ds <k¡ps ij izHkko iM+rk gSA

e
d in s
9. iw ¡ t h dk ew Y ; de&ls & deµ
deµiw¡th&lajpuk ,slh gksuh pkfg, ftlesa iw¡th dh izkfIr ds cnys tks ewY; pqdkuk iM+s] og de&ls&de
gksA ;g mís'; fofHkUu izdkj dh izfrHkwfr;ksa dks tkjh djds iwjk fd;k tk ldrk gS] D;ksafd fofHkUu izdkj dh izfrHkwfr;ksa ij fofHkUu
l
jkf'k;k¡ ykHkka'k rFkk C;kt ds :i esa nh tkrh gaSA
10. yks p µ
t u n ok
µiw¡th&lajpuk dks bl izdkj cuk;k tk, fd tc pkgs iw¡th dks c<+k;k vFkok ?kVk;k tk lds] bl gsrq dEiuh 'kksè;
O bo
e s
iwokZf/kdkj va'k (Redemable Preference Shares) rFkk 'kks/; _.k i=k tkjh dj ldrh gSA

f o r -
iz'u 3- ,d cSadj vkSj xzkgd osQ chp esa lacaèk eq[; :i ls ysunkj vkSj nsunkj osQ eè; lacaèk tslk gksrk gSA O;k[;k
E
dhft,A

.
mÙkjµcSadj vkSj xzkgd esa lEcU/k
b n d
w
(Relation between Banker and Customer)
1.
ij vk/kkfjr gSA vr% ;g H
lafonkRed lEcU/k u acSadj vkSj xzkgd esa izeq[k lEcU/k bu nksuksa ds chp lafonk vuqcU/k
(Contractual Relationship)—

w
(Contract)
vuqcU/k gks tkrk gSA ;g vuqcU/k rce
nsunkj vkSj ysunkj dk h
lEcU/k lafonkRed gSaA dksbZ xzkgd tSls gh cSad esa [kkrk [kksyrk gS] oSls gh
rd jgrk gS] tc rd xzkgd fu/kkZfjr 'krks± ds vuqlkj vius [kkrs ls ysunsu djrk jgrk gSA

w 2.
T lEcU/k cSadj vkSj xzkgd dk eq[; lEcUèk nsunkj vkSj ysunkj
(Debtor and Creditor Relationship)—
dk gksrk gSA dksbZ O;fä tc cSad esa viuk [kkrk [kksyrk gS vkSj mlesa ØsfMV 'ks"k j[krk gS] rc cSadj dh fLFkfr nsunkj dh rFkk xzkgd
dh fLFkfr ysunkj dh gksrh gSA cSad esa tek jkf'k xzkgd dks ns; gksrh gSA xzkgd }kjk tek djkbZ xbZ jkf'k dks cSad vius foosd ds vuqlkj
iz;ksx dj ldrk gS] ijUrq bl lEcU/k esa mldk ,dek=k nkf;Ro ;g gS fd xzkgd tc Hkh bl jkf'k dh ek¡x djs] og bldk Hkqxrku dj
nsA
3. ,ts U V ,oa iz / kku dk lEcU/k (Relation of Agent and Principal)–cSadj vius xzkgd ds fy, ,tsUV ds :i esa fofHké lsok,¡
¼tSls xzkgdksa ds pSdksa dk laxzg] xzkgd ds chek izhfe;e dk Hkqxrku vkfn½ iznku djrk gSA
4. iz U ;klh ,oa fgr/kkjh ds lEcU/k (Relation of Trustee and Beneficiary)–,d cSadj vius xzkgd ds fy, izU;kldÙkkZ gS rFkk
xzkgd dh ewY;oku oLrqvksa dh lqj{kk dk nkf;Ro ysuk cSadj dk nkf;Ro izU;klh dk gSA izU;kldÙkkZ dks fgrkf/kdkjh Hkh dgk tkrk gSA
tSlk fd ge tkurs gSa fd xzkgd dHkh&dHkh cSad ds ikl viuh ewY;oku oLrq,¡ rFkk izys[k ykWdj esa lqjf{kr j[k nsrk gS rFkk blds cnys
4
esa og dqN 'kqYd Hkh cSadj dks iznku djrk gSA ,slh fLFkfr esa cSadj }kjk lqjf{kr j[kh xbZ oLrqvksa ds izfr caSdj dk nkf;Ro izU;klh dk
gSA og mudh lqj{kk gsrq mÙkjnk;h gS] D;ksafd og bl lsok ds cnys dqN 'kqYd Hkh izkIr djrk gSA xzkgd dh ek¡x ij cSad dks ;s oLrq,¡
ykSVkuh gksaxhA
5. fu{ks i h rFkk fu{ks i x` g hrk dk lEcU/k (Relationship of Bailor and Bailee)–cSadj vius xzkgdksa ds lkFk lqj{kk ds fy, fu{ksi
lEcU/kh vuqcU/k djrk gSA cSadj vius xzkgdksa dh ewY;oku oLrq,¡] Lo.kZ] vkHkw"k.k] ghjs] va'ki=k vkfn ykWdj (Locker) rFkk lqj{kk tek
frtksfj;ksa esa j[k dj fu{ksix`ghrk ds :i esa dk;Z djrk gSA ,sls fu{ksi cSadj ds ikl lqj{kk ds fy, j[ks tkr gSaA ;fn cSadj fu{ksfir oLrqvksa
dh /kkjk 151 esa nh xbZ vis{kkvksa ds vuqlkj ns[kHkky ugha djrk rFkk mudks fdlh izdkj dh gkfu gks tkrh gS] rks cSadj mldh iwfrZ djus
ds fy, mÙkjnk;h gksrk gSA
iz'u 4- fuEufyf[kr esa varj crkb;sµ
(a) ljdkjh dEiuh vkSj lkoZtfud lfefr dEiuh
mÙkjµljdkjh
ljdkjh dEiuh (Government Company)–ljdkjh dEiuh og gS] ftudh iznÙk va'k iw¡th ds de&ls&de 51 izfr'kr va'k
dsUnzh; ljdkj ;k jkT; ljdkj ;k va'kr% dsUnzh; ,oa va'kr% jkT; ljdkjksa ds ikl gksaA
lkoZtfud dEiuh (Public Company)–dEiuh ¼la'kks/ku½ vf/kfu;e] 2000 }kjk la'kksf/kr /kkjk 3(1)(iv) ds vuqlkj lkoZtfud
dEiuh dk vk'k; ,d ,slh dEiuh ls gS] tks
o m
¼d½ ,d futh dEiuh ugha gS(
¼[k½ de&ls&de 5 yk[k #i, dh iznÙk iw¡th ;k blls vfèkd fu/kkZfjr dh xbZ jkf'k dh iznÙk iw¡th j[krh gS(
g t . c
dh lgk;d futh dEiuh gSA
din
ar
¼x½ ,slh futh dEiuh gS] tks ,slh dEiuh dh lgk;d (Subsidiary) gS] tks futh dEiuh ugha gS vFkkZr~ tks ,d lkoZtfud dEiuh

mi;qZDr ifjHkk"kk ds miokD; ¼d½ dk foLrkj djrs gq, ge dg ldrs gSa fd lkoZtfud dEiuh og gS
(i) ftlds va'kksa dk gLrkarj.k Lora=kkiwoZd fd;k tk ldrk gSAa
ds cjkcj gks ldrh gSA
e
Re
ym
(ii) ftlds va'k/kkfj;ksa dh la[;k de ls de lkr rFkk vf/kd ls vf/kd fuxZfer fd, x, va'kksa (Issued and Subscribed Shares)

(iii) tks turk dks va'k [kjhnus ds fy, vkefU=kr dj ldrh gSA
(b) dk;kZRed eè;LFk vkSj O;kikjh eè;LFk
mÙkjµ
u l n
i ks d
mÙkjµe/;LFk os O;fä ;k laLFkk,¡ gksrh gaS] tks mRikndksa ,oa miHkksäkvksa dks vkil esa feykrh gSa vkSj muds chp lEcUèk LFkkfir
n o
s t
djrh gaSA mRiknu esa fof'k"Vhdj.k rFkk cgq&izHkko ds lkFk&lkFk e/;LFkksa dh egÙkk fnu&izfrfnu c<+rh tk jghs gSA
O bo
e/;LFkksa dk oxhZdj.k (Classification of Middlemen)&e/;LFkksa dks muds dk;ks± o lsokvksa ds vuqlkj fofHké ukeksa ls iqdkjk
r -
.e o
tkrk gS] tSlsµFkksd O;kikjh] QqVdj O;kikjhA
f E
1. O;kikfjd e/;LFk (Merchant Middlemen)—;s ,sls e/;LFk gSa] tks O;kikjh ds :i esa dk;Z djrs gSaA ;s mRikndksa o fuekZrkvksa

b d
ls eky Ø; djds miHkksäk rd igqapkrs gSaA pawfd budk vfLrRo mRikndksa ls vyx gksrk gS] blfy, mRiknd budh xfrfof/k;ksa ds fy,
n
we u a
rhljs i{kdkjksa ds izfr mÙkjnk;h ugha gksrsA rhljs i{kdkj ds izfr O;kikjh e/;LFk Lo;a mÙkjnk;h gksrs gaSA
H
O;kikjh e/;LFk nks izdkj ds gksrs gSa % (i) Fkksd O;kikjh] rFkk (ii) QqVdj O;kikjhA

w Th
(i) Fkks d O;kikjhµ
O;kikjhµFkksd O;kikjh cM+h ek=kk esa mRikndksa ls eky [kjhndj FkksM+h&FkksM+h ek=kk esa QqVdj O;kikfj;ksa dks csprs gSaA os izk;%
,d fo'ks"k oLrq dk gh O;kikj djrs gSaA blesa vf/kd iw¡th dh vko';drk gksrh gSA ;s foKkiu vkfn dk dk;Z Hkh djrs gSaA

w (ii) Qq V dj O;kikjhµ
O;kikjhµQqVdj O;kikjh og O;fä gksrk gS] tks Fkksd O;kikfj;ksa ls eky [kjhndj miHkksäkvksa dks NksVh&NksVh ek=kk esa
csprk gSA ;g oLrqvksa ds forj.k dh vfUre dM+h gSA ;g fofHké izdkj dh oLrqvksa dk laxzg djrk gSA ;g xzkgdksa ls izR;{k laidZ LFkkfir
djds mudks iw.kZ :i ls larq"V djus dk iz;Ru djrk gSA
2. fØ;kRed e/;LFk (Functional Middlemen)–;s O;kikfjd ,ts.V gksrs gSaA budh fu;qfä mRikndksa }kjk viuk eky cspus ds
fy, dh tkrh gSA fØ;kRed e/;LFk eky dh fcØh vius Lokeh dh vksj ls djrs gaSA pawfd fØ;kRed e/;LFk vius Lokeh ds izfrfuf/
k ds :i esa O;ogkj djrs gSa] blfy, rhljs i{kdkj ds izfr budk nkf;Ro ugha jgrkA fØ;kRed eè;LFk deh'ku ij dk;Z djrs gSaA
deh'ku dk fu'p; buds }kjk dh x;h foØ; dh ek=kk ds vk/kkj ij gksrk gSA
fØ;kRed e/;LFk nks izdkj ds gksrs gaS %

5
 (i) lkekU; ,ts . VµVµ;s fuf'pr 'krks± ij vius Lokeh ds izfrfuf/k ds :i esa fu;fer :i ls dk;Z djrs gaSA buds eq[; Lo:i
gSaµnyky] vk<+fr;k] deh'ku ,ts.V] Msy&ØsMj ,ts.V] vfHkxksid (Underwriter), uhykedÙkkZ ,ts.V] QkjofM±x ,ts.VA caSd vkSj chek
dEikfu;k¡ Hkh ,ts.V ds :i esa foi.ku dk;Z esa lgk;rk djrh gSaA
(ii) fof'k"V ,ts . Vµ
Vµ;s ,sls e/;LFk gSa] tks fu;fer :i ls O;ogkj ugha djrs gSaA budh fu;qfä O;kikfjd dk;ks± ds nkSjku fdlh
dk;Z fo'ks"k ds fu"iknu ds fy, dh tkrh gSA
iz'u 5- fuEufyf[kr dFkuksa dh laf{kIr O;k[;k dhft;sµ
(a) lkoZtfud mi;ksfxrk lsokvksa osQ fy;s izR;{k ekax ykspnkj gksrh gSA
mÙkjµyksdksi;ksxh lsok&laLFkk,¡ os O;kolkf;d miØe gSa] tks vke turk ds izfrfnu dke esa vkus okyh vko';d oLrqvksa dh
lsokvksa dh iwfrZ ds dke esa yxs gksrs gSaA xSl] ty] fctyh] ifjogu vkfn tSlh vfuok;Z lsokvksa dh iwfrZ dk;Z esa yxh laLFkk,¡ yksdksi;ksxh
miØeksa ds dqN mnkgj.k gSaA lHkh yksdksi;ksxh miØeksa dk nkf;Ro gksrk gS fd fdlh izdkj dk HksnHkko fd, fcuk os leqnk; ds izR;sd
O;fDr dks muds fy, vko';d oLrqvksa vkSj lsokvksa dh iwfrZ djsa rFkk muls mudh mfpr dher ysaA

o m
dher foHksn (Price Discrimination)µyksdksi;ksxh miØe ds mRiknksa ds fy, ek¡x dqN cktkjksa esa ykspnkj rFkk vU; esa ykspghu
gksrh gSA ifjogu lsokvksa dk gh mnkgj.k ysaA vke turk rFkk i;ZVdksa ds fy, cl dh ek¡x ykspnkj gS] D;ksafd ;s yksx dsoy cl ij

c
gh fuHkZj ugha djrsA ;s frifg;k LdwVjksa rFkk VSfDl;ksa ij Hkh lQj djrs gSaA ijUrq dk;kZy;&deZpkfj;ksa ;k Nk=kksa dh cgqr cM+h la[;k

.
izfrfnu cl ls gh lQj djrh gS] vr% muds fy, bldh ek¡x ykspghu gksrh gSA vr% ifjogu miØe dk;kZy;&deZpkfj;ksa vkSj Nk=kksa

t g
ls de fdjk;k ysrk gS rFkk i;ZVdksa vkSj vke turk ls vf/kd fdjk;k ysrk gSA dHkh&dHkh yksdksi;ksxh miØe ,d cktkj esa de dher

gSaA
a r
(b) Hkkjr esa lHkh lkoZtfud mn~;eksa esa Hkkjr ljdkj dks iw.kZ LokfeRo gSA d
n
rFkk vU; esa vf/kd dher ys ldrs gSa] ;k ,d oxZ ds miHkksDrk ls de dher rFkk vU; oxZ ds miHkksDrkvksa ls vfèkd dher ys ldrs
i
a
m
mÙkjµljdkj ds v/khuLFk m|eksa dks lkoZtfud m|e dgk tkrk gSA okLro esa O;kolkf;d vfLrRo ds :i esa ^lkoZtfud m|e*
e
ls vfHkizk; ml vkS|ksfxd ;k O;kikfjd miØe ls gksrk gS tks dsUnz ljdkj] jkT; ;k LFkkuh; ljdkj ds LokfeRo vkSj izca/k esa gksrk
R
y
gS vkSj ftlls mRikfnr oLrqvksa dks fu%'kqYd :i esa ckaVk ugha tkrk] cfYd mudk foØ; fd;k tkrk gSA bl izdkj lkoZtfud m|eksa ds
e
d in s
varxZr fofuekZ.k] O;kikj rFkk lsok laxBu vk tkrs gaS] tks okLro esa O;olk; miØe gh gSaA
lkoZtfud m|eksa ds varxZr jk"Vªh;Ñr futh laxBu rFkk os u, m|e vkrs gSa] ftudk lao/kZu ljdkjh LokfeRo vkSj fu;a=k.k ds
l
t u
n ok
varxZr gksrk gSA ftu futh laxBuksa dk jk"Vªh;dj.k djds lkoZtfud m|eksa dh LFkkiuk dh xbZ gS] muesa mYys[kuh; gaSµthou chek fuxe
(L.I.C.)] bf.M;u ,;jykbUl dkWiksZjs'ku] dksy bf.M;k fyfeVsM vkfnA ftu lkoZtfud m|eksa dk lao/kZu ljdkj us fd;k gS] muds dqN
O bo
e s
mnkgj.k gSaµfgUnqLrku e'khu VwYl (H.M.T.)] fgUnqLrku ,afVck;ksfVDl fyfeVsM rFkk fprjatu yksdkseksfVo oDlZA

for -
(c) Hkkjr esa lHkh lkoZtfud mn~;eksa esa Hkkjr ljdkj dks iw.kZ LokfeRo gSA

E
.
mÙkjµchekµ
chekµvk/kqfud O;olk; dks vusd izdkj dh tksf[keksa dk lkeuk djuk iM+rk gSA bu tksf[keksa esa ls dqN tksf[ke lqj{kkRed

b d
dk;Zokgh ds }kjk de dh tk ldrh gSa] ijUrq dqN O;kikjh dks mBkuh iM+rh gSaA nwljh dksfV dh tksf[ke ;k rks O;olk;h Lo;a vius Åij
n
we u a
ys ysrk gS vFkok bUgsa mu laLFkkvksa ds lkFk ck¡V ysrk gS] ftudk dke gh O;kolkf;d tksf[keksa dks ck¡Vuk gSA O;kolkf;d tksf[ke dks

H
ck¡Vus okyh fof'k"V laLFkk,¡ chek dEifu;k¡ dgykrh gSaA chek dEifu;k¡ dsoy chek ;ksX; tksf[keksa dk chek djrh gSaA

w Th
chek tksf[keksa ls lqj{kk iznku djus dk ,d lk/ku gSA chek dEiuh chek djkus okys ls ,d fuf'pr jkf'k izhfe;e ds :i esa ysrh
gS vkSj mlds cnys mldh gkfu dks iwjk djus dk opu nsrh gSA chek lgdkfjrk ds fl)kUr ij vk/kkfjr gSA chek esa }kjk tksf[ke dks

w
lekIr ugha fd;k tkrk] cfYd gkfu dks U;wure fd;k tkrk gSA
(d) jkstxkj ,d vkfFkZd xfrfofèk gS ftls ykHkksiktZu osQ mís'; ls fd;k tkrk gSA
mÙkjµjkstxkj ,d vkfFkZd fØ;k gS ftlesa O;fDr fdlh fu;ksDrk osQ vèkhu dk;Z djrk gSA bl dk;Z osQ cnys mls osru dh
izkfIr gksrh gS og fdlh is'ksoj o xSj is'ksoj laLFkk esa jkstxkj izkIr dj ldrk gSa jkstxkj dh izkfIIr lsok osQ vuqcUèk ;k fu;qfDr
i=k }kjk gksrh gSA blesa jkstxkj djus okys O;fDr osQ fu;ksDrk }kjk iznÙk dk;Z lEiUu djuk gksrk gSA blosQ fy, vko';d ugha gS
fd mls fdlh fof'k"V Kku dh tkudkjh gksa etnwjh vkfn Hkh jkstxkj esa lfEefyr gSA jkstxkj esa iw¡th osQ fofu;kstu dh dksbZ
vko';drk ugha gksrh gSa mls fcuk fdlh tksf[ke osQ fu;fer etnwjh ;k osru feyrk gSA jkstxkj esa fgr dk gLrkarj.k ugha gksrk gS
vr% jkstxkj ,d vkfFkZd xfrfofèk gS ftls ykHkksiktZuu osQ mís'; ls fd;k tkrk gSA
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