Section 39.
Allotment of securities by company.
1) No allotment of any securities of a company
offered to the public for subscription shall be made unless the amount stated
in the prospectus as the minimum amount has been subscribed and the sums
payable on application for the amount so stated have been paid to and received
by the company by cheque or other instrument.
2) The amount payable on application on every
security shall not be less than five per cent. of the nominal amount of the
security or such other percentage or amount, as may be specified by the
Securities and Exchange Board by making regulations in this behalf.
3) If the stated minimum amount has not been
subscribed and the sum payable on application is not received within a period
of thirty days from the date of issue of the prospectus, or such other period
as may be specified by the Securities and Exchange Board, the amount received
under sub-section (1) shall be
returned within such time and manner as may be prescribed.
5)
In
case of any default under sub-section (3) or sub-section (4), the company and its officer who is in default shall be liable
to a penalty, for each default, of one thousand rupees for each day during
which such default continues or one lakh rupees, whichever is less.
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