ABC Ltd offered to the public for subscription but the minimum subscription has not been received wi...........

Companies Act-Phase (I & II) Prospectus

ABC Ltd. offered to the public for subscription but the minimum subscription has not been received within 30 days from prospectus date, in how many days company can returned the amount received?

30 days

15 days

60 days

120 days

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Explanation:

Once the Company receives the allotment money, the Company shall allot the Securities within 60 days and if it fails to do so then refund the money within the next 15 days. If the Company fails to do so then interest @12% will be charged from the expiry of 60th day.