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As per sub- section 6 of Section 42 , A company shall allot its securities within sixty days from the date of receipt of the application money and if the company is not able to allot the securities within that period, it shall repay the application money to the subscribers within fifteen days from the date of completion of sixty days , otherwise it attracts penal provisions. In the given case, if the Company fails to allot shares or refund the amount due and if the Subscribers (Investors) furnishes an undertaking that they shall waive any interest or additional interest and agree to wait till such time the company allots the shares. Is this permissible?

Fund raising

Posted By: V. maslekar 9 year(s) ago

This question has been closed if you want to answer,you have to re-open.


Expert    Ankit Singhi

Though the provisions doesn't provides for such consent but if investors agree, I think there should not be any issue

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