application money

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manmohan (Querist)
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08 June 2010 if ltd company have recived subsequent application money to other company and the company is not issue share then what refund provision is apply and how many days in which refund in process.

Ankur Garg

Ankur Garg (Expert)
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08 June 2010 Hi,

Company law is silent regarding acceptance and refund of share application money. Refund of share application money depends upon the terms of agreement between the
company and prospective allottee.

In other words company may fix the terms of refund in consultation with prospective allottee.

Thanks

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