Penalty for non compliance

Thanks for healthy discussion .........i like it.......

i have doubt regarding the method adopted for calculating interest..

(i) Whether it has to be calculated from the date or notification or from the date of receipt of Share Application money ?

(ii) and can the share application money be converted into unsecured loan ??

Urgent !!!!!!

Thanks !!!

SAP shall be kept in a separate bank account and shall not be utilised for any purpose other than—  

(i) for adjustment against allotment of securities; or  

(ii) for the repayment of monies where the company is unable to allot securities.

Hence SAP can either be allotted or refunded but can not be converted into USL. 

 

Interest is to be calcuated not from the date of receipt of funds but from -

date of receipt of funds + 60 days + 15 days 

Hey thanks a lot for the information :)

but what in case of SAP received before the notification was issued ?

Will interest be calculated from date of receipt of sap + 60 + 15 days or 

from date of notification + 60 + 15 days ??

In case of SAP received before the notification, nothing is provided.

So, in my opinion, interest should not be provided.