| Assertion [A] : |
| A company may forfeit the shares for non-payment of calls amount depend upon the Articles of Association of the company. |
| Reason (R): |
| Shares can be forfeited only if it is allowed by the Articles of Association of the company |
| Choose the Correct Option from the following: |
A) Assertion and Reason both are correct and Reason is the correct explanation of the assertion
B) Assertion and Reason both are correct but Reason is not correct explanation of assertion
C) Both Assertion and Reason are not correct
D) Only Assertion is correct
Correct Answer: A
Solution :
Assertion and Reason both are correct and Reason is the correct explanation of the assertion
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