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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Issuers must allot Indian Depository Receipts and refund application monies within the specified period or pay 15% interest.</h1> The issuer must issue letters of allotment for Indian Depository Receipts (IDRs) to all allottees simultaneously. If regret letters cannot be issued at the same time, a notice must be published in the media. The issuer and lead manager(s) are responsible for ensuring IDRs are allotted and application monies refunded or unblocked within a specified period. Allotments, dematerialized security credits, and refunds must be processed electronically. If securities are not allotted or monies not refunded within the stipulated period, the issuer must pay investors 15% annual interest, as disclosed in the offer document, with the lead manager(s) ensuring compliance.
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