If a company does not receive the minimum subscription it should refund money received from applican...........

Companies Act-Phase (I & II) Prospectus

If a company does not receive the minimum subscription, it should refund money received from applicants within 120 days of issue of prospectus. True or False.

True

False

Partly True

Partly False

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Explanation:

As per Section 39(3) of the Companies act, 2013 if the amount of subscription has not received within 30 days from prospectus date then the amount received under sub section (1) shall be returned within 15 days from the closure of the issue