Shares can be forfeited:

Shares can be forfeited only for non-payment of call money (allotment money or any call money).

When a company issues shares, shareholders are required to pay the amount in instalments as per the schedule - application money, allotment money, and various call amounts. If a shareholder fails to pay the allotment money or any call money even after proper notice, the company has the right to forfeit (cancel) those shares as per the Articles of Association.

The other options are not valid grounds for forfeiture:

Failure to attend meetings → Attending meetings is a right, not an obligation. Non-attendance cannot be penalized with forfeiture.

Failure to repay loan to bank → This is the company's liability, not the shareholder's. A company's inability to repay loans doesn't result in share forfeiture.

Shares pledged as security → When shares are pledged, the lender may have certain rights over those shares if the loan defaults, but this doesn't give the company the right to forfeit them. Pledging is a transaction between the shareholder and a third party.

Share forfeiture is a penalty imposed by the company specifically for the shareholder's failure to fulfill their payment obligations toward the company's share capital.