corporation that will refund the amount should do as follows –
(a) The committee shall not take any action towards issuing shares until 50 percent of the issued capital has been deposited (b) Within 3 months from the date of application for shares, the corporation should either sell the shares to the applicant or refuse to sell them. (c) After the allotment of shares to the applicant, within 3 months from the date of allotment, the corporation shall issue a certificate of allotment of the said shares in his name.
(d) If the corporation refuses to distribute the shares as per clause (b), the corporation must return the amount received from the applicant without interest.