Company Law query-Subscription list

Dr. Sharad Garg (Querist) 21 November 2009 This query is : Resolved
The maximum time for which a company can wait to obtain minimum subscription is 120 days after issue of prospectus. However, a subscription list can at max be kept open for 21 days. What exactly is subscription list? Do we not start entering the names of applicants right from the day we start receiving applications for shares? If subscription list is closed on 21st day, then what is the point in waiting to obtain min subscription until 120th day?

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Raj Kumar Makkad (Expert) 22 November 2009
You can start it from the day applications received to you and the opening from 21st day to 120 day is just to wait if the minimum number of applications have not recieved. If received then close it on 20th day otherwise wait till 120th day.

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