Minimum Subscriptions of Shares
Minimum Subscriptions of Shares
A public
limited company cannot make any allotment of shares unless the amount of
minimum subscription stated in prospectus has been subscribed. Amount of minimum subscription to be
disclosed in prosecutes by Board o f Director taking into account following
- Preliminary expenses
of company
- Commission payable on issue of shares.
- cost of fixed assets
purchased or to be purchased
- Working capital
requirement of company.
- Any other expenditure for day to day operation of business.
- According to
guidelines of Securities Exchange Board of India(SEBI) a company must receive a minimum 90%
subscription against whole issue before making any allotment of shares or debenture to
public
- If company is not
able to receive minimum subscription of 90% of the issue, the entire
subscription shall be refunded to applicants within 15 days from closures
of issue.
- In case of delayed
refund interest for the delayed period as per section 73 of companies Act
shall be payable @ 4% to 15%(having regard to the length of the period in
delay) on the amount of refund.
- The companies Act
2013 requires that the period of at least one month must be between two
calls.
- The company has right to reject or accept an application fully or partially.
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