Penalty for non compliance
Page no : 2
Sriram Marda
(3)
(22 Points)
Replied 19 October 2012
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 !!!
(Guest)
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.
Sriram Marda
(3)
(22 Points)
Replied 19 October 2012
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 ??
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