Question

Read the following case study, answer the question:
Raja Pvt Ltd. has been operating in the field of Oils and Food items for last $10$ years. Established in South India, has started its operations in some parts of Gujarat as well. Looking at growing demand and production the company wants to raise its Capital through an IPO to expand its operations in North India as well. The company was started in the year $2009$ with only $3$ members and now had $5$ members and $20,000$ employees. It was decided to convert the company into Public Ltd. Company. The Memorandum of Association of the company provides for$₹$ $60,00,000$ of Capital out of which the company issues ₹ 40,00,000 of share capital (40,000 equity shares of ₹100 each). The shares were issued at a premium of ₹ 20 but the company was able to get subscription of only 38,000 shares. Amount is paybale as follows ₹10 on application, ₹50 on allotment and Two calls of ₹ 20 each. Premium amount is to be received on allotment. The company was able to receive all money on all the shares except on 200 shares on Ist call and 300 share final call was not received. The company forfeited the shares of those who did not pay 1st call.