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Bhagwati limited invited applications for issuing 200000 sit with the shares of rupees 10 each the amount was payable as follows on application rupees 3% on allotment rupees 5% on first call and final call rupees to purchase. Application was received for 300000 shares an appropriate add allotment was made to all the applicants money overpaid on application was adjusted towards allotment money. D whose was allowed at 3000 shares fail to pay the first and final?
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Bhagwati limited invited applications for issuing 200000 sit with the ...
Details of the Share Issue:

  • Company Name: Bhagwati Limited

  • Total Number of Shares: 200000

  • Face Value of Each Share: Rs.10

  • Amount Payable on Each Share:

    • On Application: Rs.3

    • On Allotment: Rs.5

    • On First Call: Rs.2

    • On Final Call: Rs.2





Number of Applications Received:

  • Total Number of Shares Applied For: 300000



Allotment and Adjustment of Overpaid Amount:

  • As the total number of shares applied for (300000) was more than the total number of shares available (200000), an appropriate allotment was made to all the applicants.

  • Money overpaid on application was adjusted towards allotment money.



Failure of D to Pay First and Final Call:

  • D was allotted 3000 shares.

  • On allotment, D was required to pay Rs.5 per share (i.e. 5% of face value) as per the payment schedule.

  • However, D failed to pay the first and final call amount of Rs.2 per share each (i.e. Rs.4 per share in total).

  • Due to this non-payment, D's shares were forfeited by the company.

  • The forfeited shares were then reissued by the company.

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Bhagwati limited invited applications for issuing 200000 sit with the shares of rupees 10 each the amount was payable as follows on application rupees 3% on allotment rupees 5% on first call and final call rupees to purchase. Application was received for 300000 shares an appropriate add allotment was made to all the applicants money overpaid on application was adjusted towards allotment money. D whose was allowed at 3000 shares fail to pay the first and final?
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