Allotment of shares of Public Issue to be Listed ‑ Issue of refund orders under section 73(2)/(2A) - Companies Law - Circular : No. 1 of 1993,

Circular : No. 1 of 1993, dated 16 ‑ 3 ‑ 1993. Subject:- Allotment of shares of Public Issue to be Listed ‑ Issue of refund orders under section 73(2)/(2A) I am directed to invite your attention to this Department s Circular No. 6 of 1992 (No. 17/8/89‑CL‑V), dated 3‑9‑1992, on the above subject, and to say that your constituent member companies were advised to ensure issue of refund orders only by registered post. The matter has been considered further, keeping in view the constraints faced by the companies in issuing the refund orders by registered post, as the Postal Department is not able to cope up with the work involved. It has, accordingly, been decided that it will be in order for the companies to issue refund orders for amounts exceeding Rs. 1,500 per refund order only by registered post and the refund orders below that amount be issued under certificate of posting. In case of delay in refund, interest for the delayed period be calculated at 15 per cent per annum and paid along with the refund order or while issuing the duplicate refund order, as the case may be, up to the date of actual despatch. In this regard, attention is also invited to the penal provisions contained in section 73(2B) of the Companies Act, 1956.