ILLUSTRATION 53. Messrs Y Ltd. issued 80,000 Equity Shares which were underwritten as follows: Mr. X 48,000 Equity Shares ; Messrs Y & Co. 20,000 Equity Shares ; Messrs Z Corp. 12,000 Equity Shares. The above mentioned underwriters made "firm" underwriting as follows: Mr. X6,400 Equity Shares ; Messrs Y & Co. 8,000 Equity Shares ; Messrs Z Corp. 2,400 Equity Shares. The total applications excluding "firm" underwriting but including marked applications were for 40,000 Equity Shares. The Marked Applications were as under: Mr. X 8,000 Equity Shares ; Messrs Y & Co. 10,000 Equity Shares ; Messrs Z Corp. 4,000 Equity Shares. (The underwriting contracts provide that underwriters be given credit for firm application and that credit for the marked applications be given in proportion to the shares underwritten). You are required to show allocation of liability