refund and use of allocation money

plz help me

after recieving 80%of the minimum subscripttion as stated in the prospectus, a company alloted 100 equity shares in favour of 'x'. the company deposited the said amountin the bank but withdrew 50% of the amount before finalisation of the allotment, for the purchase of certain assets. x refuses to accept the allotment of shares on the ground that the allotment is violative of the provisions of the companies act