law: Companies Act, 2013 
  39.
  
   Allotment
  
  of securities by company.
  1.      No allotment of any
  
  securities of a company offered to the public for subscription shall be made
  
  unless the amount stated in the prospectus as the minimum amount has been
  
  subscribed and the sums payable on application for the amount so stated have
  
  been paid to and received by the company by cheque or other instrument.
  2.      The amount payable on
  
  application on every security shall not be less than five per cent. of the
  
  nominal amount of the security or such other percentage or amount, as may be
  
  specified by the Securities and Exchange Board by making regulations in this
  
  behalf.
  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, or such other period as may be specified by the Securities and
  
  Exchange Board, the amount received under sub-section (1 ) shall be
  
  returned within such time and manner as may be prescribed.
  4.      Whenever a company
  
  having a share capital makes any allotment of securities, it shall file
  
  with the Registrar a return of allotment in such manner as may be prescribed.
  5.      In case of any
  
  default under sub-section (3 ) or sub-section (4 ), the company and
  
  its officer who is in default shall be liable to a penalty, for each default,
  
  of one thousand rupees for each day during which such default continues or one
  
  lakh rupees, whichever is less.