Share application money
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 June 2016
Dear Experts
If a co. could not make allotment of shares within 60 days of receiving the application money and co. doesn't want to refund the application money now. what can be done in this case? Is there any way to escape penalty?
Thanks.
If a co. could not make allotment of shares within 60 days of receiving the application money and co. doesn't want to refund the application money now. what can be done in this case? Is there any way to escape penalty?
Thanks.
27 June 2016
Make a Allotment by Issue of New Offer Letter with Fresh Date. but company can't hold that money without allotment otherwise it will come under the definition of deposit as per section 73 the non compliance of which may lead to harsh penalty
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