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of <h1>Section 72 of Companies Act: Share Allotment Rules and Penalties for Non-Compliance Explained</h1> Section 72 of the Companies Act, 1956, outlines regulations for the application and allotment of shares and debentures. It mandates that no allotment shall occur until the fifth day after a prospectus is issued, unless specified otherwise. If a public notice affects the prospectus's responsibility, allotment is delayed until the fifth day post-notice. Any contravention does not invalidate the allotment but subjects the company and its officers to fines. The section also applies to sales, with references adjusted accordingly. Applications are irrevocable until five days after subscription lists open or after a public notice affecting responsibility is issued.
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