Match List – I with List – II.
|
List - I |
List - II |
|
(A) Application Money should be at least |
(I) 25% of face value |
|
(B) The interest rate on calls in Arrears |
(II) 12% p.a. |
|
(C) The interest rate on calls in Advance |
(III) 10% p.a. |
|
(D) The amount of calls should not exceed |
(IV) 5% of face value |
Choose the correct answer from the options given below :
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) - (A)-(IV), (B)-(III), (C)-(II), (D)-(I).
|
List - I |
List - II |
|
(A) Application Money should be at least |
(IV) 5% of face value |
|
(B) The interest rate on calls in Arrears |
(III) 10% p.a. |
|
(C) The interest rate on calls in Advance |
(II) 12% p.a. |
|
(D) The amount of calls should not exceed |
(I) 25% of face value |
* Application Money should be at least- 5% of face value.
Application money should be at least 5% of the face value of the share. For e.g. if a share having face value of ₹100 is issued then minimum ₹5 must be collected by the company on application.
* The interest rate on calls in Arrears- 10% p.a.
As per Companies Act, 2013, the maximum rate of interest on calls in advance is 12%p.a. As per Companies Act, 2013, the maximum rate of interest on calls in arrears is 10% p.a.
* The interest rate on calls in Advance - 12% p.a.
As per Companies Act, 2013, the maximum rate of interest on calls in advance is 12%p.a. As per Companies Act, 2013, the maximum rate of interest on calls in arrears is 10% p.a.
* The amount of calls should not exceed - 25% of face value.
Where there is no articles of association of its own, the following provisions of Table A will apply:
(a) A period of one month must elapse between two calls;
(b) The amount of call should not exceed 25% of the face value of the share;
(c) A minimum of 14 days’ notice is given to the shareholders to pay the amount; and
(d) Calls must be made on a uniform basis on all shares within the same class.