Refund of share application money with interest follows where shares are not allotted and payment is delayed.

Where an applicant paid share application money but was not allotted the shares, the amount could not be retained indefinitely and had to be refunded within the stipulated period. The refusal to allot the original shares triggered the applicant's entitlement to repayment, and interest was directed to compensate for the delay in making the refund. The petitioner was therefore entitled to refund of the application money with interest at 15% per annum from the due date until payment.

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Issues: Whether the petitioner, having not been allotted the original shares applied for, was entitled to refund of the application money with interest.

Analysis: The petitioner had applied for shares and paid the application amount, but the shares were not allotted to him. In such a situation, the amount could not be retained indefinitely, and the petitioner became entitled to refund within the stipulated period. Interest was also directed to compensate for the delay in payment.

Conclusion: The petitioner was entitled to refund of the amount with interest at 15% per annum from the due date till payment.

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