Question

If a delay occurs beyond 8 days in refunding the subscription amount, failing to gather the minimum subscription, from the date of closure of the subscription list, the company shall be liable for interest at the rate of

• A. 12%
• B. 15%
• C. 6%
• D. 4%

Answer 1

The Correct Option is B

In accountancy, when a company fails to gather the minimum subscription by the closure of the subscription list, a refund is initiated. The law provides that if the refund is delayed beyond the period of 8 days from the closure of the subscription list, the company is required to pay interest on the delayed amount. 

To determine the correct interest rate applicable under such circumstances, we can refer to standard financial regulations and norms followed in the industry.

Based on the options provided:

Rate (%)	Interest Rate
12%	Not applicable
15%	Correct - applies when there is a delay
6%	Too low for delay penalties
4%	Lower threshold not suitable

From the given options, the correct interest rate is 15%. This rate is applied as a penalty for failing to refund within the stipulated 8-day grace period.

Answer 2

According to the provisions of the Companies Act, if a delay occurs beyond 8 days in refunding the subscription amount after the closure of the subscription list, in the event of failing to gather the minimum subscription, the company is liable to pay interest on the refunded amount.

The rate of interest is specified as 15%, and this must be calculated from the date of closure of the subscription list.

Therefore, the company will be required to pay interest at the rate of 15% if they fail to refund the subscription amount within the required timeframe.

Final Answer:
Option (2) 15%