allotment

General principle of allotment-
1) allotment should be made by proper authority i.e by BOD.
2)It should be made within reasonable time. Reasonable time is not provided under the act,but based upon certain judicial pronouncement ,it has been seen and observed that it should not exceed a period of 6 months.
3)must be absolute and unconditional.

Allotment of shares must be made within 60 days of receiving application money. if shares are not alloted within 60 days of reeciving application money, then amount shall be refunded within 15 days of due date and if amount is not received within 15 days then interest shall be charged from 61st day along with interest

Thanks

In fact, such received application money shall be treated as deposit and provisions of CA,2013 shall be applicable on such amount