After forfeiture the shares may be reissued or disposed off on such terms and conditions as the board thinks fit.
However, the board is not bound to sell the forfeited shares and this reduction in capital due to non issue of forfeited shears does not require sanction of the court.
The forfeited shares may be re-issued at any price provided the sum paid by the former holder and the sum received on re-issue does not fall below the face value. This price may however be more than the face value. In such case the excess value so received will be treated as premium and will be transferred to the securities premium A/c. provided it is the Articles say so.
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