Question

9. On reissue of forfeited shares, the amount of discount cannot exceed :
(a) 10% face value of shares
(c) 10% of called up capital of shares
(b) Amount received on forfeited shares. (d) Amount not received on such share​

Answer 1

Answer:

9. On reissue of forfeited shares, the amount of discount cannot exceed :

(a) 10% face value of shares

(c) 10% of called up capital of shares

(b) Amount received on forfeited shares. (d) Amount not received on such share

9. On reissue of forfeited shares, the amount of discount cannot exceed :

(a) 10% face value of shares

(c) 10% of called up capital of shares

(b) Amount received on forfeited shares. (d) Amount not received on such share

Explanation:

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Answer 2

Answer: The correct answer is option (b)

Explanation:

When a shareholder fails to pay the money due on shares, the company has the right to forfeit the shares. These forfeited shares can be reissued by the company at a discount. However, there are certain restrictions on the amount of discount that can be offered.

As per Section 53 of the Companies Act, 2013, the discount on reissue of forfeited shares cannot exceed the amount already paid on the shares. This means that the discount cannot exceed the amount received by the company when the shares were forfeited.

1. Option (b) states that the discount on reissue of forfeited shares cannot exceed the amount received on forfeited shares, which is correct.
2. Option (c) states that the discount cannot exceed 10% of the called-up capital of shares, which is incorrect.
3. Option (a) states that the discount cannot exceed 10% of the face value of shares, which is not a valid restriction.
4. Option (d) is not a valid statement and is irrelevant to the question.

Therefore, the correct answer is option (b) - the amount of discount on reissue of forfeited shares cannot exceed the amount received on forfeited shares.

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