Question
Identify the correct statements with reference to Allotment of securities by company. 1. It is mentioned in the Section 39 of Companies Act 2013. 2. The amount payable on application on every security shall not be less than five per cent. of the nominal amount of the security. 3. If the stated minimum amount has not been subscribed and the sum payable on application is not received within a period of thirty days from the date of issue of the prospectus. 4. In case of any default there is provision of a penalty, for each default, of one thousand rupees for each day during which such default continues or one lakh rupees, whichever is less.
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