Clause 44 of the Listing Agreement for Equity Shares is as under:
The company agrees that -
a) as far as possible allotment of securities offered to the public shall be made within 30 days of the closure of the public issue;
b) it shall pay interest @ 15% per annum if the allotment has not been made and/or the refund orders have not been despatched to the investors within 30 days from the date of the closure of the issue.
Post Last Updated On: 28th August 2015