Allotment and other obligations

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....e of the offer.] ^3[****] (2) No special purpose distinct entity shall retain any over subscription received in any public offer. (3) In the event of over-subscription, the allotment shall be made as per the basis of allotment finalized in consultation with the recognized stock exchanges to which an application for listing was made. (4) The special purpose distinct entity shall dispatc....

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....everally liable to pay interest at the rate of fifteen per cent. per annum to the concerned applicants. (7) Where the refund orders are not dispatched within the time mentioned in sub-regulations (4) or (5), the special purpose distinct entity and every trustee thereof, and where any such trustee is a body corporate, every director thereof, who is in default shall, on and from the expiry of the....