Share application money in a private limited company

As per Rule 2(1)(c)(vii), which has come into force from  1.4.2014,  shares must be allotted within 60 days otherwise amount must be refunded.  You must therefore  take required steps immediately, in any case not later than 30.5.2014.

Agree with Agrawal Sir...

Furthermore, if you dont allot it within 60 days, you have to repay it within next 15 days....or else thereafter you will have to repay it with interest of 12% and it will also be treated as deposits wherein you will have to fuether comply with deposits rules.. ....