The process of receiving minimum subscription of 90% of the entire issue must be completed within _________ days from date of issue of prospectus.

120 days

The correct answer is Option (3) - 120 days

Prospective investors who wish to purchase shares in the company submit applications along with the application money. The application money is deposited into a scheduled bank as specified in the prospectus. The company must receive the minimum subscription amount within 120 days of issuing the prospectus. If the company does not receive the minimum subscription amount within this time period, it cannot proceed with the allotment of shares and must return the application money to investors within 130 days of issuing the prospectus.