Read the passage given below and answer the question:
K Ltd. invited applications on 3000 Equity Shares of ₹100 each at a premium of ₹20. For application ₹50, on allotment ₹50 and on final call ₹20. Application also includes premium amount. Total application received 4,000 and allotted on prorata basis and excess amount adjusted towards allotment. One shareholder holding 600 shares did not pay allotment money but paid it with final call that was made after 2 months of allotment. Final call amount received in full.
What will be the rate of interest on calls in arrears if Articles of Association is silent?
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → @10% p.a.
When the Articles of Association say nothing about it, Table F of the Companies Act, 2013 applies: interest on calls in arrears may be charged at a rate not exceeding 10% p.a. from the due date till the date of payment. (The 12% p.a. rate in Table F is the interest the company pays on calls in advance.)
NCERT (2026-27 edition): |