If Minimum subscription is not received by a company within 120 days of the issue of prospectus, it has to refund all the money collected from public within how much time to avoid pang any interest?

5 days 10 days 15 days 20 days

10 days

Development from underwriters if any is not received within 120 days of the issue of prospectus, all the money received from the applicants for shares is required to be repaid forthwith without interest and if any such money is not so repaid in the next 10 days (after the expiry of 120 days), the directors of the company are jointly and severally liable to repay that money, with interest from the expiry of the 130 days. The company should refund the amount within 10 weeks of the closing of the subscription list and pay interest, if refunds are delayed by more than 8 days after this period.