Practicing Success
Read the following passage and answer question from: Azad Limited having a nominal Capital of ₹3,00,000 divided into shares of ₹10 each offered for public subscription of 20,000 shares payable as ₹2 on application, ₹3 on allotment and balance in two calls of ₹2.50 each. Application were received for 24,000 shares by the company. All the applicants were allotted shares on pro-rata and balance in excess of application was adjusted towards allotment and balance, if any is to be returned. |
Select the authority that has prescribed the period within which the money received on rejected applications is to be fully returned: |
Stock Exchange Ministry of Corporate Affairs Securities and Exchange Board of India Board of Directors of the Company |
Securities and Exchange Board of India |
The money received on rejected applications should be fully returned to the applicant within period prescribed by law/SEBI. |