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Forfeiture of shares is a process under company law where a company cancels the shares of a shareholder due to non-payment of calls or other contractual obligations. The procedure for forfeiting shares is generally governed by the provisions of the Companies Act and the Articles of Association of the company. Initially, when a shareholder fails to pay a call money within the specified time, the company issues a notice to the shareholder demanding payment of the overdue amount. This notice usually specifies a period within which the payment must be made. If the shareholder still fails to pay within this period, the board of directors has the authority to _______ __________ ______ __________ __________ _______ __________ ________ ____.
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