Yamuna Ltd., invited general public to subscribe for its public issue of ₹ 10 crore (10 lakh shares of ₹ 100 each ) through issue of prospectus . However , the company received applications for 8 lakh shares .
Can the company proceed with allotment of shares ? Give reasons in support of your answer .

Shakti Ltd. Issues 1,00,000 shares of ₹ 10 each for public subscription . Application (along with money) are received for 80,000 shares . Can the company allot these shares ? Explain .

On 1st April, 2012, Vishwas Ltd., was formed with an authorized capital of Rs. 10,00,000 divided into 1,00,000 equity shares of Rs. 10 each. The company issued prospectus inviting applications for 90,000 equity shares. The company received applications for 85,000 equity shares. During the first year, Rs. 8 per share were called. Ram holding 1,000 shares and Shyam holding 2,000 shares did not pay the first call of Rs. 2 share. Shyam's shares were forfeited after the first call and later on 1,500 of the forfeited shares were re-issued at Rs. 6 per share, Rs. 8 called up. Show the following : (a) Share capital in the Balance Sheet of the company as per Schedule - III Part-I of the Companies Act, 2013. (b) Also prepare 'Notes to Accounts' for the same.

On 1st April, 2012, Vishwas Ltd. was formed with an authorised capital of Rs. 10,00,000 diveded into 1,00,000 equity shares of Rs. 10 each. The company issued prospectus inviting applications for 90,000 equity shares. The company received applications for 85,000 equity shares. During the first year, Rs. 8 per share were called. Ram holding 1,000 shares and Shyam holding 2,000 shares did not pay the first call of Rs. 2 per share. Shyam's shares were forfeited after the first call and later on 1,500 of the forfeited shares were reissued at Rs. 6 per share, Rs. 8 called-up. Show the following: (a) Share capital in the Balance Sheet of the company as per Schedule III, Part I of the Companies ACt, 2013. (b) Also prepare 'Note to Accounts' for the same.