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Share application money

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(Querist)
14 August 2008 For how long share application money can be kept under the same head in Balance sheet in a pulic company and what is the time limt for completing allotment of shares
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Srinath A. N.

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Srinath A. N. (Expert)
14 August 2008 The Companies Act not specified time limit for allotment of shares from the date of receipt of application money. However, as per SEBI guidelines, the Company shall allot shares within 130 days from the date of receipt of application money and if fails company shall pay interest @ 6% p.a.

There are some judgement says unreasonable delay in allotment is irregular allotment.
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