SEBI Guideline 6.13.2.26 (b) in respect of Book-built issues says that in case of non-despatch/non-refund of allotment money would force the companies to pay interest @ 15% per annum.
The guideline reads as under:
"The company agrees that allotment of securities offered to the public shall be made not later than 15 days of the closure of public issue. The company further agrees that it shall pay interest @15% per annum if the allotment letters/ refund orders have not been despatched to the applicants within 15 days from the date of the closure of the issue."
If they delay further, they have to pay penalty?????/
why idea allotment is declared for public. is there something happening under the table for allotment.i smell something wrong with allotment procedure. do you also? must inform here
i dont understand why are all desprated for allotment as time limit for allotment is 15 days so last day is 2nd march,2007. it will not be late than this i hope so.
I'm unable to understand why the idea allotment status haven't be issued till now........ i think this is a punishment for choosing a registrar like Bigshare...