A MBA graduate from IIT Kharagpur instead of going to America and Canada decided to become an entrepreneur in India and decided to start a Public Limited Company in the city of Kolkota. After preparing the Memorandum of Association for the company he got the permission from the Comptroller of Capital Issues to issue 1,00,000 Equity shares of ₹10 each at a premium of ₹2. The pubic subscribed for 95000 applications. The company decided to allot the shares on 1- 4-2021. The company made all the calls and all the money is received except on 2000 shares which are forfeited and later on reissued at ₹9 per share fully paid up.1. Minimum subscription amount of 90% is related to which share capital. a. Authorised capital b. Issued capital c. Paid up capital d. Reserve capital2. As per SEBI guidelines, Application money should not be less than ……. Of the issue price of each share a. 10% of the issue price b. 15% of the issue price c. 25% of the issue price d. 50% of the issue price3. Which clause in the Memorandum of Association states about Authorized capital of the company? a. Name clause b. Object clause c. Capital clause d. Association clause4. If the shares are forfeited how much money should be returned to the defaulting shareholders? a. Nothing b. All calls paid c. Only application money d. Application and allotment money.