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What happens if share application money is not allotted within 60 days?

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What happens if share application money is not allotted within 60 days?

Expert Answer
Answered 18 Apr 2026
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The company shall allot securities within 60 days from date of receipt of application money. If the Company is not able to allot the application must within the prescribed period, they shall refund the application money within 15 days, in case of failure to refund, the Company shall pay interest at the rate of 12% per annum from the end of the 60th Day.

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