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of <h1>Section 39 Companies Act: Minimum Subscription Required for Public Security Allotment; Refunds if Not Met in 30 Days.</h1> Section 39 of the Companies Act, 2013 outlines the requirements for the allotment of securities by a company to the public. It mandates that no securities can be allotted unless the minimum subscription amount specified in the prospectus is achieved and paid to the company. The application payment must be at least five percent of the nominal security amount, unless otherwise regulated by the Securities and Exchange Board. If the minimum subscription is not met within 30 days, the received amounts must be refunded. Companies must file a return of allotment with the Registrar, and any default results in financial penalties.
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