Anticraft Ltd. invited applications for 2,00,000 shares of ₹10 each at ₹2 premium, payable as ₹3 on application, ₹6 on allotment (including premium) and ₹3 on call. Public had applied for 2,70,000 shares out of which applications for 20,000 shares were rejected and remaining were allotted on pro-rata basis. Rahul who has been allotted 8000 shares failed to pay allotment and call money. His shares were forfeited and later on 6,000 of these shares were re-issued @ ₹8 per share as fully paid-up.
Based on the above information, answer Questions.
Amount refunded on rejection of applications:
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → ₹ 60,000
Applications rejected = 20,000 shares
Application money per share = ₹3
Amount refunded = 20,000 × ₹3 = ₹60,000
The excess application money of the pro-rata applicants (50,000 shares × ₹3 = ₹1,50,000) is not refunded; it is adjusted towards allotment.
NCERT (2026-27 edition): |