05 March 2015
ection 42(6) further provides that-“(6) A company making an offer or invitation under this section shall allot its securities within sixty days from the date of receipt of the application money for such securities and if the company is not able to allot the securities within that period, it shall repay the application money to the subscribers within fifteen days from the date of completion of sixty days and if the company fails to repay the application money within the aforesaid period, it shall be liable to repay that money with interest at the rate of twelve per cent. per annum from the expiry of the sixtieth day:
05 March 2015
yes any issue of shares, as per sec 73 of ca 2013 i.e. rule of deposit if share is not alloted with in 60 days than share application money is to be treated as deposit.
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