17 February 2016
You have to repay the shareapplication money with in 75 days of receipt of money in case of non allotment. If you didnt refund it falls under definition of deposit and will consider as deposit. once it will consider as public deposit you have to follow section 73. As you didnt made compliances according to section 73 it will default of section 73 and penalties as per 73 will apply.
CAclubindia
