The correct sequence of events in the issue and management of shares is:
Share Application (B) → This is the first step where prospective shareholders submit their applications along with application money to purchase shares of the company.
Share Allotment (A) → After receiving applications, the company allots shares to applicants. The applicants become shareholders after allotment and need to pay allotment money.
Share Call (D) → The company makes calls (First Call, Second Call, Final Call etc.) to collect the remaining unpaid amount on shares from the shareholders at different intervals.
Share Forfeiture (C) → This is the last step that occurs only when a shareholder fails to pay call money despite reminders. The company then forfeits (cancels) such shares.
This logical sequence represents the complete lifecycle of share transactions - from initial application to potential forfeiture in case of non-payment.
Correct Answer: Option 3: (B), (A), (D), (C)