68 :- Sunshine Industries Ltd. Issued 20,000 shares of Rs 100 each payable Rs 25 per share on application, Rs 25 per share on allotment and the balance in two calls of Rs 25 each. The company did not make the final call of Rs 25 per share. All the money was duly received with the exception of the amount due on the first call on 400 shares held by Mr. Modi. The Board of Directors forfeited these shares and subsequently reissued them @ Rs 75 per share paid-up for a sum of Rs 28,000.
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