Experts,In a question recently answered,does it implies that minimum subscription must be 48% or something else?
Please explain it,because I wasn't aware about this change. Kindly reply as fast as possible.

No no. In that qn 48% comes because it's (24000/500000)*100. A company can decide its own minimum subscription in prospectus.
Read this.
Section 39(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.

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Sorry. It's 50000
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Okay. So,Whether the qstn that company can proceed with allotment or not depends upon the amount of minimum subscription that the co. has stated in its prospectus. It completely depends upon the company $ there is no prov for receiving 90% of the issued amount??
Have I understood it correctly?
Thankyou :)
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What are you looking for?