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share application money taken on 29.03.14 by a pvt. ltd. company which is wholly owned subsidiary of a public company.Neither share allotted nor amount refunded till date.What to do now.

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Posted By: Kamlesh 9 year(s) ago

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Expert Ankit Singhi

Provision of old Act would prevail as share application money was taken on 29th March, 2014 and as per Rule 8 of Unlisted Public Companies ( Preferential Allotment) Amendment Rule, 2011 company shall repay back the application money along with interest @ of 12% p. a. Thus, in the cited it is suggested to refund the application money with interest.

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