Please Help: company law
Posted Date : 27-Nov-2012 , 11:27:48 pm | Posted By: Bhaskar
Category :
Corporate Law | Answers :
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Comments :
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In what time share application money has to be refunded by the co. in case share has not been alloted? what is the interest rate after the prescribed time limit? |
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Answers:
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 Answer by: CA Priyank Singhi |
| As per my understanding of the subject it would depend on the status of the company.
In case an unlisted public company fails to allot securities against the share application money within the period of 60 days, it shall repay the application money within 15 days thereafter without interest. Further in case of failure of the time lines of 15 days fixed for repayment of Application money, it will be required to be re-paid with interest at the rate of 12% per annum:
Read more at: http://www.caclubindia.com/forum/major-amendment-regarding-share-application-money-180694.asp#.UNgF0uQzofU
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| Comments |
| Posted By : |
24-Dec-2012, 01:08:21 |
| It depends on whether the company is a private limited co or a public limited co.
In case an unlisted public company fails to allot securities against the share application money within the period of 60 days, it shall repay the application money within 15 days thereafter without interest. Further in case of failure of the time lines of 15 days fixed for repayment of Application money, it will be required to be re-paid with interest at the rate of 12% p.a.
Read more at: http://www.caclubindia.com/forum/major-amendment-regarding-share-application-money-180694.asp#.UNgF0uQzofU |
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| Posted By : Vipul Jadhav |
18-Dec-2012, 08:07:41 |
| no such time limit prescribed under law |
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