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Forfeiture And Reissue Of Shares Ppt To Pdf

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PPT - Forfeiture and Reissue of Shares (Part - 2) CA Foundation Notes | EduRev

In this article we will discuss about the Forfeiture and Reissue of Shares:- 1. Introduction to Forfeiture and Reissue of Shares 2. Solved Illustrations. If a shareholder fails to pay allotment money or a call or a part thereof by the last date fixed for payment, the Board of Directors, if Articles of Association of the company empower it to do so, proceed to forfeit the shares on which allotment money or call has become in arrear. The Articles of Association lay down the procedure. A notice has to be served on the defaulter requiring him to pay the unpaid amount together with interest accrued by a certain date.

Share Capital. However, a company can issue shares at a price different from the face value of a share. Types of Shares. Thus, the issue price of shares is generally received by the company in installments and these installment are known as under: First Installment Application Money Second

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ICAI CA CPT Study Material/ Notes – Download PDF

Section 66 which is the governing provision for Reduction of Share Capital of a company, is one amongst those sections notified on 07 th December, The Reduction of share capital is a delicate matter for both managerially and legally, its need to be handles with caution. Another name of reduction of share capital is internal reconstruction. CIT, 35 Com Cases , The power of reduction is general, and extends to every possible mode of reducing capital, including the cancellation of uncalled capital which can only be called up in a winding up, the surrender for re-issue of unpaid shares obtained by subdividing partly paid shares into shares of smaller amount and attributing the whole of the amounts paid-up to the shares not to be surrendered, the repayment of paid-up capital, which is in excess. The need for reducing capital may arise in various ways, for example, trading losses, heavy capital expenses, and assets of reduced or doubtful value.

+Issue,+Forfeiture+and+Reissue+of+Shares

Surrender of shares means the return of shares by the shareholder to the company for cancellation. Holder in this case voluntarily abandons all his shares in favour of the company. A mere refusal to take up newly issued shares, to which a shareholder is entitled to, is not a surrender of shares. The power to accept surrender of shares cannot be exercised by a company unless expressly given by the Articles of Association. Such a surrender shall be ultra-vires the company since it would amount to purchase by the company of its own shares.

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Calls in Arrears refers to the amount called by the company which is not paid by the shareholders before the due date fixed for the payment. Such amount is transferred to an account calls in arrears account from the call account.

Surrender of Shares, Right Shares

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Forfeiture and Reissue of Shares

3 Comments

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Amandio A. 22.03.2021 at 10:02

Reissue Of Shares. 3. ▫ Understand the concept and accounting treatment of call-in-arrears and call-in- advance. ▫ Deal with the forfeiture of shares issued.

Celia M. 24.03.2021 at 04:02

Henceforth students will be registered under the CA foundation level.

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