Allotment of shares example sentences

In case, however, the excess application money received is more than the amount due on allotment of shares, such excess amount may either be refunded or credited to calls in advance.When the application for some shares are rejected outrightly; and pro-rata allotment is made to the remaining applicants, the money on rejected applications is fully refunded and the excess application money received from applicants to whom prorata allotment has been made is adjusted towrds the amount due on the allotment of shares allotted.If minimum subscription has been received, the company may proceed for the allotment of shares after fulfilling certain other legal formalities.If the company fails to receive the same within the said period, the company cannot proceed for the allotment of shares and application money should be returned within 130 days of the date of issue of prospectus.When minimum subscription has been received and certain legal formalities on the allotment of shares have been duly complied with, the directors of the company proceed to make the allotment of shares.The problem of over subscription is finally resolved with the allotment of shares.