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of <h1>Section 39: rules for public share allotment, minimum subscription, refund timelines and return of allotment filing duties</h1> Section 39 regulates allotment of securities offered to the public. A company cannot allot securities unless the minimum subscription stated in the prospectus is achieved and application money is actually received through cheque or other instrument. The application amount per security must be at least five percent of its nominal value or such other amount as SEBI may prescribe. If minimum subscription and application money are not received within thirty days of the prospectus (or SEBI-specified period), all money received must be refunded as prescribed. Upon any allotment, a company with share capital must file a return of allotment with the Registrar, failing which monetary penalties apply.
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