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Sale of partly paid shares

This query is : Resolved 
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(Querist)
25 May 2011 Kindly clarify the following,
A company has issued shares Rs.150 (face value Rs.10/- and premium Rs.140/-) with the following terms:
On Application Rs.75/-
On First Call Rs.40/-
On Second Call Rs.35/-
Now the shareholder has paid the application money and the first call(Total Rs.115)
The share is traded in the market for Rs.400/-

Whether the shareholder who has paid Rs.115/- can sell the shares in the market from his demat account for Rs.400/-?

If yes, who has to pay the money for second call?
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udit sharma

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udit sharma (Expert)
26 May 2011 Only fully paid up shares can be transferred.......
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