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MNS. Ltd. is a Public Limited company, is failed to allot securities under Private Placement within 60 days from the date of submission application money. Whether it is necessary for company to refund the application money along with interest as the didn't payback within the stipulated period of time?
Only application money
Section 42 of the Companies Act, 2013, if the application money not refunded, company shall refund application money along with interest of 12% p.a.
By: Srishti Gupta ProfileResourcesReport error
Vivek Mallah 2 years ago
Please note that interest is levied only if within 15 days the money is not returned. No interest if returned in 15 days. At least specify in questions such criticalities
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