In case of issue of shares by a company, the over-subscribed amount after the finalization of allotment, should be refunded to the applicants within how much time?
Answer & explanation
Correct answer: option 1
The over-subscribed amount after the finalization of allotment, should be refunded to the applicants within 10 weeks of the closure of subscription list. If the money is not so refunded, the company is liable to refund the money with interest as specified from the expiry of the 8 days after 10 weeks of the closure of subscription list.