Time Limit for allotment of securities:
UnlistedPublic Companies (Preferential Allotment) Amendment Rules, 2011 amended the erstwhile Rules of 2003. The 2011 Rulesprovided that allotment of securities should be completed within 60 daysfrom the receipt of application money. If not so allotted, the company should repayapplication money within 15 days thereafter, failing which it should berepaid along with an interest at 12% p.a. However, please notethat these Rules applied only to unlisted public companies, and no suchconditions were prescribed for private companies back then.