In case a company does not receive 90% of the issue amount from the public subscription including development from underwriters within ______________ days from the date of the issue, the amount of subscription received is required to be refunded to the applications. Choose the appropriate option for the blank from below.
Answer & explanation
Correct answer: option 4
As per the SEBI guidelines, if the company does not receive 90% of the issue amount from the public subscription including development from underwriters within 120 days from the date of the issue, the amount of subscription received is required to be refunded to the applications. In case of disputed development also, subscription is required to be refunded if 90% of the issued amount plus accepted.