High Light India Ltd. invited applications for 30,000 Shares of Rs. 100 each at a premium of Rs. 20 per share payable as follows:

• On Application: Rs. 40 (including Rs. 10 premium)
• On Allotment: Rs. 30 (including Rs. 10 premium)
• On First Call: Rs. 30
• On Second and Final Call: Rs. 20

Applications were received for 40,000 shares and pro-rata allotment was made on the application for 35,000 shares. Excess application money was utilised towards allotment.

• Rohan to whom 600 shares were allotted failed to pay the allotment money and his shares were forfeited immediately after allotment.
• Aman who applied for 1,050 shares failed to pay the first call and his shares were forfeited immediately after the first call.
• Second and final call was made. All the money due on second call have been received.

Of the shares forfeited, 1,000 shares were reissued as fully paid-up for Rs. 80 per share, which included the whole of Aman’s shares.