Questions

An idea for a Constituent Assembly of India was proposed in 1934 by M. N. Roy, a pioneer of the Communist movement in India and an advocate of radical democracy. It became an official demand of the Indian National Congress in 1935, C. Rajagopalachari voiced the demand for a constituent Assembly on 15 November 1939 based on adult franchise, and was accepted by the British in August 1940.

Under the Cabinet Mission Plan of 1946, elections were held for the first time for the Constituent Assembly. The Constitution of India was drafted by the Constituent Assembly, and it was implemented under the Cabinet Mission Plan on 16 May 1946.

The Constituent Assembly appointed a total of 22 committees to deal with different tasks of constitution-making. Out of these, eight were major committees and the others were minor committees.

The Major Committees and its Chairman's:: 

1. Drafting Committee – Dr. B.R. Ambedkar

2. Union Powers Committee – Jawaharlal Nehru

3. Union Constitution Committee – Jawaharlal Nehru

4. Provincial Constitution Committee – Sardar Patel

5. Advisory Committee on Fundamental Rights, Minorities and Tribal and Excluded Areas – Sardar Patel. This committee had the following subcommittees:
                   * Fundamental Rights Sub-Committee – J.B. Kripalani
                   * Minorities Sub-Committee – Harendra Coomar Mookerjee,
                   * North-East Frontier Tribal Areas and Assam Excluded & Partially Excluded Areas Sub-Committee – Gopinath Bardoloi
                   * Excluded and Partially Excluded Areas (Other than those in Assam) Sub-Committee – A V Thakkar

6. Rules of Procedure Committee – Dr. Rajendra Prasad

7. States Committee (Committee for Negotiating with States) – Jawaharlal Nehru

8. Steering Committee – Dr. Rajendra Prasad

Dr. Babasaheb Ambedkar, chairman of the Drafting Committee of Constituent Assembly of India.

Joint stock company is a voluntary association of individuals for profit, having a capital divided into transferable shares, the ownership of which is the condition of membership.

The definition of a joint stock company highlights the following features of a company.

Separate legal entity:From the day of its incorporation, a company acquires an identity, distinct from its members. Its assets and liabilities are separate from those of its owners. The law does not recognise the business and owners to be one and the same.

The management and control of the affairs of the company is undertaken by the Board of Directors, which appoints the top management officials for running the business. The directors hold a position of immense significance as they are directly accountable to the shareholders for the working of the company. The shareholders, however, do not have the right to be involved in the day-to-day running of the business. The liability of the members is limited to the extent of the capital contributed by them in a company

The risk of losses in a company is borne by all the shareholders. This is unlike the case of sole proprietorship or partnership firm where one or few persons respectively bear the losses.