Company goes for Public issue of each share of face value Rs. 10. The application money is Rs. 2, allotment Rs. 3, First Call Rs. 4, Final call Rs. 1. Is this Valid? Explain.
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Answer: The answer to this question is yes, it is valid. A company can go for public issue of Rs 10/- and collect them in parts like the application money, in his case, it is Rs 2, the allotment money which here is Rs. 3. It is also taking the part share price in Fist call which is Rs. 4 and the Final call which is Rs. 1/.
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Yes , from the virtue of given information , there is clearly no reason due to which the company cannot issue share . However , it must be undertaken if the company is registered or not , should abide the rules by SEBI and should meet the minimum subscription . Since , from the given information there is no such case , thus the company can issue shares AND IT IS VALID .
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