Filing Of Return Of Allotment
WHAT IS RETURN OF ALLOTMENT
Section 39 prohibited allotment of securities when the minimum amount stated for subscription is not achieved. It further talks about refund within a given period. It provides that the minimum amount should be received within 30 days from the date of issue of the prospectus, or such other period as may be specified by the Securities and Exchange Board. If the required number of subscription that is the minimum subscription is not achieved it shall be returned within such time and manner as may be prescribed.
Whenever a company makes any allotment of shares or securities, it is required to file a return of allotment along with complete list of allottees to whom securities have been issued. The complete list includes: Name, address, occupation (if any), and a number of securities allotted to each of the allottees. The list shall be signed and certified with the Form PAS-3 being complete and correct as per the records of the company.
In the case of issue of bonus shares, a copy shall be attached to the Form along with resolution authorizing the issue of such shares.
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