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allotment of share

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(Querist)
17 May 2016 i m confusing about time period of allotment of share plz tell me what is maximum time for the allotment of share after receiving application money
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Jatin Bajaj

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Jatin Bajaj (Expert)
17 May 2016 According to Section 42(6) of Companies Act 2013, Company shall allot its securities within 60 days from date of receipt of application money.If it does not allot within 60 days , then application money shall be repaid within 15 days from the expiry of 60 days and if the Company does not repay the money even after 15 days from expiry of 60 days then company shall be liable to repay the interest @ 12% per annum from the expiry of 60 days
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