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of <h1>Section 69: Shares Allotment Requires Minimum Subscription; Director Liability for Non-Compliance and Waiver Void.</h1> Section 69 of the Companies Act, 1956, prohibits the allotment of shares to the public unless the minimum subscription amount specified in the prospectus is received. This amount, exclusive of non-monetary payments, must be paid to the company, with at least five percent of each share's nominal value payable on application. Funds from applicants must be deposited in a Scheduled Bank until business commencement or full subscription receipt. If not achieved within 120 days, funds must be repaid without interest; failure to repay within 130 days incurs director liability with interest. Any waiver of compliance is void, and this section does not apply to subsequent allotments.
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