Share application money allotment

With regeard to disclosure of amount held to the credit of Share application Account the revised provisions of Schedule VI in the companies Act  throw some light.if there  is a definitive agreement to make the allotment of shares within a given period the share application money can be shown as part of share capital in the Balance sheet.If there is no certainty as to allotment the amount has to be shown as part of current liabilities.In the case of a listed company there is a requirement to make the allotment within the time frame laid under SEBI guidelines relating to public issue.
For an unlisted company no specific timelines have been laid down under the Act for making the allotment.However as per the draft Deposit Rules which have been released by MCA under chapter V pursuant to the Companies Act 2013,any amount received by way of share application money will be treated as a Deposit under the rules if shares are not alloted within 60 days from the date of receipt if the amount is not refunded within 15 days following the period of 60 days from the date of receipt.however these rules are not yet final.