alleryStart learning →Unallotted application money turns into a deposit after how many days without allotment?
ASixty days
BForty-five days
CNinety days
DThirty days
Answer & Solution
Correct answer: A. Sixty days
If securities cannot be allotted within sixty days of receiving the money and refund is also missed, the amount is treated as a deposit.
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Related questions
Where must a company inviting public deposits upload the circular?A deposit circular stays valid for how long after the financial year closes (at most)?Who signs the circular copy sent to the Registrar under Rule 4(5)?On whose authority and name must a deposit circular be issued?An eligible company's public deposit circular is issued in which form?A section 73(2) company can send its member circular by which mode?After issuing the circular, what may a company not reserve a right to do?Who alone is entitled to brokerage on deposits procured for a company?