Section 11: Refund of Application Money

Chapter III - The Companies (Prospectus and Allotment of Securities) Rules, 2014.Central Rules · 2013

(1) If the stated minimum amount has not been subscribed and the sum payable on application is not received within the period specified therein, then the application money shall be repaid within a period of fifteen days from the closure of the issue and if any such money is not so repaid within such period, the directors of the company who are officers in default shall jointly and severally be liable to repay that money with interest at the rate of fifteen percent per annum.

(2) The application money to be refunded shall be credited only to the bank account from which the subscription was remitted.

Where this provision sits

Act	Chapter III - The Companies (Prospectus and Allotment of Securities) Rules, 2014.
Section	11
Marginal note	Refund of Application Money
Jurisdiction	Central
Status	In force as published by the source

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