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Question
The money received on rejected applications should be fully returned to the applicant within how many days of the date or issue of prospectus?
Options
120 Days
140 Days
130 Days
100 Days
MCQ
Solution
130 Days
Explanation:
Within 130 days of the date of release of the prospectus, the money earned on rejected applications should either be fully returned to the applicant, or If fewer shares are required to be allotted than those applied for, the excess application money must be applied to the sum due from the allottee on allotment.
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Share Capital - Issue and Allotment of Equity Shares
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