A share of ₹100 was originally issued at a premium of ₹20 on which application and allotment money of ₹60 (excluding premium) was received. What will be the maximum permissible discount at the time of the reissue of this forfeited share?
Answer & explanation
Correct answer: option 3
The correct answer is option 3- ₹60.
The amount received excluding premium is ₹60 which will be the maximum permissible discount.