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Please help me for solving this question of company law subject as soon as possible. 9.4 A private limited company Issued certain number of shares

Please help me for solving this question of company law subject as soon as possible.

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9.4 A private limited company Issued certain number of shares as fully paid up to a subscriber to the memorandum on the basis of promissory note executed by him as consideration towards the shares. Since no money was paid towards the allotment. the company after five years from the date of allotment wants to forfeit those shares. Can the company do so? 12 Marks

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