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प्रश्न
Correct the underlined word and rewrite the following sentence.
Only fully paid up shares can be forfeited.
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उत्तर
Only partly paid shares can be forfeited.
APPEARS IN
संबंधित प्रश्न
The balance of Share Forfeiture A/c is transferred to _________ account after re-issue of these share.
State whether you agree or disagree with following statement:
Directors can re-issue forfeited shares.
Answer in one sentence only.
What is Forfeiture of Shares?
Write a word or a term or a phrase which can substitute the following statement.
Penal action taken by company on non-payment of calls.
Only fully paidup shares can be forfeited.
Complete the sentence.
Company can forfeit only ______ paid shares.
Explain the following term/concept.
Forfeiture of shares
Study the following case/situation and express your opinion.
Red Tubes Ltd. has made a demand on its shareholders to pay the balance unpaid amount of ₹ 20/- per share (having a face value of ₹ 100) held by them. The company has sent letters asking the shareholders to pay the money to its Bankers within the specified time.
- Are the shareholders liable to pay ₹ 20 for the shares held by them?
- Name the letter sent by the company to its shareholders asking them to pay ₹ 20/-
- What happens if a shareholder fails to pay the money within the specified time?
Study the following case/situation and express your opinion.
X owns 100 shares while Y owns 500 shares of Red Tubes Ltd. The company has asked all its shareholders to pay the balance unpaid amount of ₹ 20. X pays the full money demanded by the company. Y, who is in a bad financial position is unable to pay any money.
- Can the company forfeit the shares of Y?
- Can the company forfeit the shares of X?
- Can X transfer his shares?
Answer in brief.
What are the effects of forfeiture of shares?
Justify the following statement.
Board of Directors have the authority to forfeit shares.
Vraj Ltd. issued 40,000 equity shares of ₹ 20 each payable as follows:
On Application: ₹ 4
On Allotment: ₹ 6
On First Call: ₹ 6
On Second Call: ₹ 4
The company received applications for 50,000 equity shares. Allotment of shares was made on pro-rata basis. Share allotment and calls were made and as also received except Ravi holding 100 shares failed to pay both the calls. His shares were forfeited after second call.
Record the above transactions in the books of Vraj Ltd.
Find the odd one.
