Commerce Exam > Commerce Videos > Forfeiture of Share (part 1 ) - Class 12, Accountancy
Forfeiture of Share (part 1 ) - Class 12, Accountancy Video Lecture - Commerce
FAQs on Forfeiture of Share (part 1 ) - Class 12, Accountancy Video Lecture - Commerce
| 1. What is the meaning of forfeiture of share? |  |
Ans. Forfeiture of share refers to the cancellation of shares by a company due to the non-payment of the required amount by the shareholders. The company has the right to forfeit the shares and take them back if the shareholders fail to pay the amount within a specified time.
| 2. What are the reasons for the forfeiture of shares? | |
Ans. There can be several reasons for the forfeiture of shares, including:
- Non-payment of the required amount by the shareholders within the specified time.
- Violation of terms and conditions mentioned in the share purchase agreement.
- Failure to comply with regulatory requirements or laws related to share ownership.
- Shareholders becoming bankrupt or insolvent.
| 3. What happens to the forfeited shares after forfeiture? | |
Ans. Once the shares are forfeited, the company has the right to sell them to recover the amount owed by the shareholders. These shares can be reissued or sold to new shareholders. The money received from the sale of forfeited shares is treated as capital reserve or used to set off losses, as per the company's decision.
| 4. Can a shareholder reclaim the forfeited shares? | |
Ans. In some cases, shareholders may have the opportunity to reclaim the forfeited shares by paying the due amount along with any additional charges imposed by the company. However, this depends on the company's policies and the terms mentioned in the share purchase agreement. It is advisable for shareholders to contact the company and discuss the situation to explore possible options for reclaiming the shares.
| 5. What are the implications of share forfeiture on the shareholders? | |
Ans. Share forfeiture can have several implications on the shareholders, including:
- Loss of ownership and voting rights associated with the forfeited shares.
- Financial loss due to the non-recovery of the amount paid for the shares.
- Possible legal consequences if the shareholders fail to comply with the terms of the share purchase agreement.
- Impact on the shareholder's reputation and creditworthiness if the forfeiture is due to non-payment or financial instability.
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Nov 24, 2024 Last updated |
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