In the absence of Articles of Association, rate of Interest on calls in Arrear will be charged at what rate of Interest?
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) - @10% p.a.
In the absence of Articles of Association, rate of Interest on calls in Arrear will be charged at 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.