Arrange steps for the issue of shares-

(A) Allotment of shares

(B) Issue of Prospectus

(C) Share first call

(D) Receipt of Applications

Choose the correct answer from the options given below:

The correct sequence of steps for the issue of shares follows a logical progression:

1. Issue of Prospectus (B)

The company first invites the public to subscribe to its shares by issuing a prospectus. This document contains all material information about the company, terms of issue, and other relevant details.

2. Receipt of Applications (D)

Interested investors respond to the prospectus by submitting applications along with application money to purchase shares of the company.

3. Allotment of Shares (A)

After receiving applications, the company's Board of Directors decides the allotment - who gets the shares and in what quantity. Allotment letters are issued to successful applicants.

4. Share First Call (C)

Once shares are allotted, the company makes calls for the remaining unpaid amount in installments. The first call is the first installment demand made after allotment.

---

Complete Sequence: Issue of Prospectus → Receipt of Applications → Allotment of shares → Share first call

Therefore, the correct answer is Option 1: (B), (D), (A), (C)

Note: The typical share issue follows the sequence: Application → Allotment → First Call → Second Call (if any) → Final Call. However, before application stage, the prospectus must be issued to invite subscriptions.