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Application money

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(Querist)
01 August 2013 hello Sir,

For how much period the Company can keep the application money received for allotment of shares and what is the penalty for default of the company by keeping money for period more than that of required.
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Ajay Mishra

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Ajay Mishra (Expert)
01 August 2013 Hi

In case of public company you should read Unlisted Public Companies (Preferential Allotment) Rules, 2003 as amended on 14.12.2011.

You should also read Schedule VI, it deal with the dis closer of share application money.
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