Sun Ltd. issued 1,00,000 equity shares. The whole of the issue was underwritten as follows: Marigold 35% Lotus 25% Tulip 30% Lily 10% Applications for 80,000 shares were received in all; out of which applications for 20,

Sun Ltd. issued 1,00,000 equity shares. The whole of the issue was underwritten as follows: Marigold 35% Lotus 25% Tulip 30% Lily 10% Applications for 80,000 shares were received in all; out of which applications for 20,000 shares had the stamp of Marigold; 15,000 that of Lotus; 22,000 that of Tulip and 8,000 of Lily. The remaining 15,000 applications did not bear any stamp. Determine the liability of each underwriter.