Here the principal is 12000Rs

Rate = 8% , time is 1 year

So SI = (12000*8*1)/100 = 960Rs

And this is the amount given as scholarship.

Let the highest scholar ship amount be xRs

So the preceeding scholarship will be x-300, x -600,x -900, x -1200

So x +( x -300 ) + ( x-600 ) +(x-900) + (x-1200) = 960

5x - 3000 = 960

5x = 3960

x = 3960/5 =792Rs

So the highest scholarship is 792Rs

Preceeding scholarships will be 792 - 300 = 492 , 792-600 = 192

So only three students can get the scholarship by given data, others are coming negative, please check your question.

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