Securities And Exchange Board Of India - Subsection
Section 91(3) in The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
(3)Where the specified securities are not allotted and/or application monies are not refunded or unblocked within the period stipulated in sub-regulation (1) above, the issuer shall undertake to pay interest at the rate of fifteen per cent. per annum to the shareholders within such time as disclosed in the draft letter of offer and the letter of offer and the lead manager(s) shall ensure the same.
