If a delay occurs beyond 8 days in refunding the subscription amount, failing to gather the minimum subscription, from the date of closure of the subscription list, the company shall be liable for interest at the rate of:

15%

The correct answer is option 1- 15%.

The minimum amount that, in the opinion of directors, must be raised to meet the needs of business operations of the company relating to:
* the price of any property purchased, or to be purchased, which has to be met wholly or partly out of the proceeds of issue;
* preliminary expenses payable by the company and any commission payable in connection with the issue of shares;
* the repayment of any money borrowed by the company for the above two matters;
* working capital; and
* any other expenditure required for the usual conduct of business operations.

It is to be noted that ‘minimum subscription’ of capital cannot be less than 90% of the issued amount according to SEBI (Disclosure and Investor Protection) Guidelines, 2000 [6.3.8.1 and 6.3.8.2]. If this condition is not satisfied, the company shall forthwith refund the entire subscription amount received. If a delay occurs beyond 8 days from the date of closure of subscription list, the company shall be liable to pay the amount with interest at the rate of 15% [Section 73(2)].