Refund of Application Monies: A Critical Aspect of Corporate Governance

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The Companies Act, 2013 (the “Act”), has introduced significant changes to the rules governing application monies received by companies through private placement and preferential allotment of shares, aiming at enhanced transparency, protection of investor interests, and ensuring timely utilization of funds.

This article outlines the key provisions and implications of non-compliance regarding the refund of
application monies under the Act.

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