In the absence of Articles of Association, rate of Interest on calls in Arrear will be charged at what rate of Interest?

@12% p.a. @10% p.a. @6% p.a. @5% p.a.

@10% p.a.

The correct answer is Option (2) - @10% p.a. As per Companies Act, 2013, the maximum rate of interest on calls in arrears is 10% p.a. As per Companies Act, 2013, the maximum rate of interest on calls in advance is 12%p.a.