As per the Companies Act, if minimum subscription is not received and application money is not refunded within the stipulated period (8 days from closure), the company becomes liable to pay interest at 15% per annum on the application money.
If the company is unable to get minimum subscription, the shares cannot be issued and the amount must be refunded within 8 days from the date of…
CUET UG 2022 — Accountancy Company Accounts
2022mcqeasy
If the company is unable to get minimum subscription, the shares cannot be issued and the amount must be refunded within 8 days from the date of closure. If not, company shall be liable to pay ______% interest p.a.
Official previous-year question
Held on 30 Aug 2022 · Verified 13 Jul 2026.
Options
- A
10%
- B
15%
- C
6%
- D
5%
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