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Q.

Assertion (A): Sahara Ltd. invited applications for issuing 20,00,000 equity shares of Rs.10 each. The public applied for 17,10,000 shares. The company cannot proceed for the allotment of shares
Reason (R): The application can only be processed if the company receives a minimum of 12.5% subscription.

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a

Assertion (A) is true, but Reason (R) is false

b

Both Assertion (A) and Reason (R) are true but Reason (R) is not the correct explanation of Assertion (A)

c

Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)

d

Assertion (A) is false, but Reason(R)is true

answer is B.

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Detailed Solution

Company can go for further proven of Allotment of shares only when company gets minimum subscription.

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Assertion (A): Sahara Ltd. invited applications for issuing 20,00,000 equity shares of Rs.10 each. The public applied for 17,10,000 shares. The company cannot proceed for the allotment of sharesReason (R): The application can only be processed if the company receives a minimum of 12.5% subscription.