Section 21(xi) in M.P. Nagar Tatha Gram Nivesh Niyam, 1975
(xi)If the subscriptions exceeds the total amount of the debentures issued partial allotment may be made and the balance of the sum paid at the time of applications shall be refunded as soon as possible. No interest shall be paid on the amount so refunded. The authority may, reserve the right to retain the subscriptions received up to ten percent in excess of the sum floated.
