Eicher Ltd. issued 50,000 shares of 10 each at a premium of 15 per share payable as follows:
On application ₹3 per share
On allotment ₹5 (including 3 Premium)
On First Call ₹5 (including 2 Premium)
On Final Call Balance amount
Application were received for 72,000 shares. Directors allotted 50,000 shares to the applicants applying for 65,000 shares, the remaining applications being refused. Money overpaid on application was utilised towards sum due on allotment. All the money was duly received with the exception of first call from Rahul, who applied for 2,600 shares. Due to nonpayment of Ist call his share were forfeited immediately. Later on these share were re-issued at minimum issue price.
On the basis of following case study, answer the question.