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R ltd forfeited 300 shares of 10 rupees each of sohan who applied for 500 shares due to payment of only application money of 4 rupees per shares the allotment money was 4 rupees including 1 rupees as premium and balance was payable on final call company forfeited these shares after final call and reissued at maximum permissible discount as per law?
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R ltd forfeited 300 shares of 10 rupees each of sohan who applied for ...
Forfeiture of Shares by R Ltd.
Background Information
- Sohan applied for 500 shares of Rs. 10 each of R Ltd.
- He paid only the application money of Rs. 4 per share.
- The allotment money was Rs. 4 including Rs. 1 as premium.
- The balance amount was payable on final call.
Forfeiture of Shares
- R Ltd. forfeited 300 shares of Sohan due to non-payment of the final call.
- The company had the right to forfeit the shares as per the terms and conditions of the prospectus.
- The amount already paid by Sohan (application and allotment money) was forfeited and the shares were reissued by the company.
Reissue of Forfeited Shares
- R Ltd. reissued the forfeited shares at the maximum permissible discount as per the law.
- The discount was calculated based on the market value of the shares at the time of reissue.
- The reissued shares were offered to the existing shareholders of the company and the public as well.
Legal Implications
- The forfeiture of shares and reissue at a discount is governed by the Companies Act, 2013.
- The company needs to follow the procedure as prescribed under the act for forfeiture and reissue of shares.
- The shareholders have the right to challenge the forfeiture and reissue of shares if the procedure is not followed correctly.
Conclusion
- R Ltd. forfeited the shares of Sohan due to non-payment of the final call and reissued them at a discount.
- The company followed the legal procedure for forfeiture and reissue of shares.
- The shareholders have the right to challenge the forfeiture and reissue of shares if the procedure is not followed correctly.
Background Information
- Sohan applied for 500 shares of Rs. 10 each of R Ltd.
- He paid only the application money of Rs. 4 per share.
- The allotment money was Rs. 4 including Rs. 1 as premium.
- The balance amount was payable on final call.
Forfeiture of Shares
- R Ltd. forfeited 300 shares of Sohan due to non-payment of the final call.
- The company had the right to forfeit the shares as per the terms and conditions of the prospectus.
- The amount already paid by Sohan (application and allotment money) was forfeited and the shares were reissued by the company.
Reissue of Forfeited Shares
- R Ltd. reissued the forfeited shares at the maximum permissible discount as per the law.
- The discount was calculated based on the market value of the shares at the time of reissue.
- The reissued shares were offered to the existing shareholders of the company and the public as well.
Legal Implications
- The forfeiture of shares and reissue at a discount is governed by the Companies Act, 2013.
- The company needs to follow the procedure as prescribed under the act for forfeiture and reissue of shares.
- The shareholders have the right to challenge the forfeiture and reissue of shares if the procedure is not followed correctly.
Conclusion
- R Ltd. forfeited the shares of Sohan due to non-payment of the final call and reissued them at a discount.
- The company followed the legal procedure for forfeiture and reissue of shares.
- The shareholders have the right to challenge the forfeiture and reissue of shares if the procedure is not followed correctly.
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R ltd forfeited 300 shares of 10 rupees each of sohan who applied for 500 shares due to payment of only application money of 4 rupees per shares the allotment money was 4 rupees including 1 rupees as premium and balance was payable on final call company forfeited these shares after final call and reissued at maximum permissible discount as per law?
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R ltd forfeited 300 shares of 10 rupees each of sohan who applied for 500 shares due to payment of only application money of 4 rupees per shares the allotment money was 4 rupees including 1 rupees as premium and balance was payable on final call company forfeited these shares after final call and reissued at maximum permissible discount as per law? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about R ltd forfeited 300 shares of 10 rupees each of sohan who applied for 500 shares due to payment of only application money of 4 rupees per shares the allotment money was 4 rupees including 1 rupees as premium and balance was payable on final call company forfeited these shares after final call and reissued at maximum permissible discount as per law? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for R ltd forfeited 300 shares of 10 rupees each of sohan who applied for 500 shares due to payment of only application money of 4 rupees per shares the allotment money was 4 rupees including 1 rupees as premium and balance was payable on final call company forfeited these shares after final call and reissued at maximum permissible discount as per law?.
R ltd forfeited 300 shares of 10 rupees each of sohan who applied for 500 shares due to payment of only application money of 4 rupees per shares the allotment money was 4 rupees including 1 rupees as premium and balance was payable on final call company forfeited these shares after final call and reissued at maximum permissible discount as per law? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about R ltd forfeited 300 shares of 10 rupees each of sohan who applied for 500 shares due to payment of only application money of 4 rupees per shares the allotment money was 4 rupees including 1 rupees as premium and balance was payable on final call company forfeited these shares after final call and reissued at maximum permissible discount as per law? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for R ltd forfeited 300 shares of 10 rupees each of sohan who applied for 500 shares due to payment of only application money of 4 rupees per shares the allotment money was 4 rupees including 1 rupees as premium and balance was payable on final call company forfeited these shares after final call and reissued at maximum permissible discount as per law?.
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R ltd forfeited 300 shares of 10 rupees each of sohan who applied for 500 shares due to payment of only application money of 4 rupees per shares the allotment money was 4 rupees including 1 rupees as premium and balance was payable on final call company forfeited these shares after final call and reissued at maximum permissible discount as per law?, a detailed solution for R ltd forfeited 300 shares of 10 rupees each of sohan who applied for 500 shares due to payment of only application money of 4 rupees per shares the allotment money was 4 rupees including 1 rupees as premium and balance was payable on final call company forfeited these shares after final call and reissued at maximum permissible discount as per law? has been provided alongside types of R ltd forfeited 300 shares of 10 rupees each of sohan who applied for 500 shares due to payment of only application money of 4 rupees per shares the allotment money was 4 rupees including 1 rupees as premium and balance was payable on final call company forfeited these shares after final call and reissued at maximum permissible discount as per law? theory, EduRev gives you an
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