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?
Shares transfer
prasath (audit assistant) (56 Points)
25 May 2011
CAclubindia
