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Application account

This query is : Resolved 
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(Querist)
09 February 2015 Is there any Time limit to close share application or debenture application account. weather it is compulsory to close such account. Please quote with relevant provisions of companies act or SEBI guidelines
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c.bakshi

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c.bakshi (Expert)
10 February 2015 as per companies act,2013 share application money must be utilised for allotment within 60 days and if the amt is not reimbursed within 15 days the company has to pay interest amounting 12% p.a.
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