Neeraj Ltd. issued 10,000 shares of 10 each, at a premium of 10%. The shares were underwritten by Joseph and
Neeraj Ltd. issued 10,000 shares of ₹10 each, at a premium of 10%. The shares were underwritten by Joseph and Jaleel to the extent of 5,000 shares and 3,000 shares respectively.
The total applications received by the company were 8,000; of which, the marked applications were:
Joseph: 1,200 shares
Jaleel: 300 shares
You are required to determine the liability of the underwriters.
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