Applications received for 40,000 shares, but pro-rata allotment made only on 35,000 applications for 30,000 shares.
Pro-rata ratio = Shares allotted : Applications = 30,000 : 35,000 = 6 : 7
Rohan's case:
- Allotted: 600 shares
- Failed to pay allotment money
- Forfeited immediately after allotment (before First Call was made)
Therefore, Rohan's shares do not appear in First Call calculation.
Aman's case:
- Applied for: 1,050 shares
- Shares allotted = 1,050 × 76 = 900 shares
- Failed to pay First Call
- Forfeited immediately after First Call
Therefore, Aman received allotment but did not pay First Call on 900 shares.
First Call calculation:
Total shares allotted = 30,000 shares
Shares on which First Call was made = 30,000 - 600 (Rohan's forfeited) = 29,400 shares
Shares on which First Call was actually received = 29,400 - 900 (Aman's default) = 28,500 shares
Money received on First Call = 28,500 × Rs. 30 = Rs. 8,55,000