04 October 2008
Hello sirs, I have just completed my CA final in may 2008. one of my friends who is in PCC now brought the above question which was asked in the may 2003 exam of ca inter which i am sorry to say that i had overlooked. The answer was vague but in brief it was stated that if the share holder has got some debts against the company and does not pay them on time then FULLY PAID UP SHARES of the company which he had purchased can be forfeited....Kindly check into it again and reply. Thanking you for your prompt replies. Anup Kapur
CAclubindia
