Eastern Company Limited issued 50,000 equity shares of ₹10 each at a premium of Rs.3 per share payable as follows:

On Application Rs.3 per share, On Allotment (including premium) Rs.5 per share, On first call (due three months after allotment) Rs.3 per share and the balance as and when required.

Applications were received for 60,000 shares and the directors allotted the shares as follows : (a) Applicants for 40,000 shares received in full. (b) Applicants for 15,000 shares received an allotment of 8,000 shares. (c) Applicants for 5000 shares received an allotment of 2000 shares, excess money received on application is adjusted towards money due on allotment. Hari, a shareholder who is allotted 40 shares belong to (b) category failed to pay allotment money and amount from other shareholders was duly received. Calculate the number of shares applied by Hari.

75

The correct answer is Option (3) → 

75