https://www.taxtmi.com/caselaws?id=103899 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. en-us Fri, 29 Aug 1997 00:00:00 +0530 Fri, 24 Feb 2012 18:41:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103899 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. Case-Laws Companies Law Fri, 29 Aug 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103899