company law



pls explain the capital one

failure to return application money :-
according to sebi guideline have brought in some changes in the law which can be read as
" if company fails to receive min. subscriptttion on the closure of the issue if the issue is not underwritten and within 60 days closure of issue, IF issue IS UNDERWRITTEN IT MUST REFUND THE ENTIRE APPLICATION MONEY WITHIN NEXT 8 DAYS FAILING IT SHALL HAVE TO REFUND THE SAME WITH INTEREST @ 15 % P.A
 
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insert UDERSUBSCRIPTION instead UDERWRITTEN
 
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