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73 *The capital of the company is divided into units of small denominations which are called shares. *Though the company is an artificial person, it has to perform all statutory obligation like a person. association. *A public company can allot shares in case of minimum subscription is received. *Shares can be issued at par, premium, or even at discount. *Preferences shareholder enjoy preference rights whereas equity share holder enjoy voting rights. *When a shareholder fails to pay one or more installments due on the shares held by him, the company has the authority to forfeit such shares. *A company can re-issue the forfeited shares in accordance with the provisions contained in the articles of the company. (1 marks) Q.1 Give the definition of a compnay as contained in the companies act,1956. Ans . section 3(1)(i) of companies act defines a company as "a company formed and registered under this act or an existing company." According to sec3(1)(ii),"An exisiting company means a company formed and registered under any of the former companies Acts." Q.2 Can forfeited shares be issued at a discount ? If so to what extent? Ans . Re-issue of forfeited shares: Forfeited shares can be reissued at a discount. However, the In other words, amount received on received on re-issue plus amount already received on forfeited shares must not be less than the paid up value of shares. Q.3 As a director of a company you had invited applications for 20,000 equity shares of Rs.10 each at a premium of Rs.2 each. The total applications money received at Rs.3/- per share was Rs.72,000. Name the kind of subscription. List the three alternatives for allotting these share. Ans . It is a case of over-subscription. Shares are said to be over-subscribed when the numbers of shares ar more than the number of shares offered: (i) Allotment for 1st 20,000 shares and the rest can rejected (ii) Allotment on prorata basis (iii)Allotment of some application in full and some on prorata basis,and some refused. 4 What is an Escrow Account? Ans. In order to fulfill certain obligations under the scheme of buy-back of securities an account is opened, which is known as escrow account. Q.5 What do you mean by Private placement of shares? Ans. Private Placement of shares implies issue and allotment of shares to a selected groups of persons privately and not to public in general through public issue. In order to place the shares privately, a company must pass a special resolution to this effect. Q.6 What is Sweat Equity? Ans. Sweat Equity shares means easily shares issued by the company to its employees or whole time directors at a discount or for consideration other then cash for providing
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