Which of the following statements are correct in relation to the issue of share capital for public subscription?

(A) The application money should be at least 5% of the face value of the share.

(B) Calls are to be made as per the provisions of the articles of association.

(C) Where there is no articles of association of its own, the provisions of Table A will apply.

(D) Calls need not be made on a uniform basis on all shares within the same class.

Choose the correct answer from the options given below:

Looking at each statement regarding issue of share capital for public subscription:

Statement (A): Application money should be at least 5% of face value

As per SEBI guidelines and the Companies Act, the minimum application money that can be collected is 5% of the nominal value of shares. This is correct.

Statement (B): Calls made as per articles of association

The articles of association contain internal regulations including provisions for making calls on shares. The company must follow these provisions when calling unpaid amounts from shareholders. This is correct.

Statement (C): Table A applies when no own articles exist

Table A in Schedule I of the Companies Act provides model articles. When a company doesn't register its own articles of association, or where registered articles are silent on certain matters, the provisions of Table A automatically apply. This is correct.

Statement (D): Calls need not be uniform within same class

This statement is incorrect. A fundamental principle of company law is that all shares of the same class must be treated equally. Calls must be made uniformly on all shares within the same class. The company cannot discriminate between shareholders holding shares of the same class by calling different amounts from different shareholders.

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Since statements (A), (B), and (C) are correct while (D) is incorrect, Option 1: (A), (B) and (C) only is the correct answer.