As per section 78 of the act, shares can b issued at the premium, such premium can be recd in cah or oherwise.
In case of forfeiture of such hares the amount credited to Sec Premium a/c cannot be forfeited.
My Query is:
1)
Can company call for premium amount before calling of complete face value?
eg. shres of FV 10 issued at 12, calls are made as under:
allotment: 2
1st call: 3
2nd call: 5 (2+3: where 2 being premium amount & 3 towards FV)
2)
what is minimum amount that is required by the company to call on allotment?
3)
what r the reasons for company to forfeit fully paid shares?
CAclubindia
