Explain the procedure of forfeiting the shares. What is the effect of (10) forfeiture? How forfeiture is different from surrender of shares?

The procedure of forfeiting shares involves a series of steps that a company takes to cancel the shares of a shareholder due to non-payment of calls. When a shareholder fails to pay the installment of the share capital or fails to fulfill any other obligation under the terms of the share issue, the company has the option to forfeit those shares. The procedure for forfeiture of shares generally follows the provisions laid out in the company's articles of association, as well as the relevant sections of the Companies Act, 2013.

Procedure for Forfeiting Shares:

1. Non-payment of Calls: The process begins when a shareholder fails to pay the call money on the shares within the prescribed time period. A "call" refers to the money requested by the company _____ ___ _____ ________ ____ ________ __________ _______ __________.
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