Section 60B(8) in The Companies (Amendment) Act, 2000
(8)Any application for subscription which is acted upon by the company or underwriters or bankers to the issue without having given enough information of any variations, or the particulars of withdrawing the offer or opportunity for cancelling the post- ated cheques or stock- invest or stop payments for such payments shall be void and the applicants shall be entitled to receive a refund or return of its post- dated cheques or stock- invest or subscription moneys or cancellation of its application, as if th said application had never been made and the applicants are entitled to receive back their original application and interest at the rate of fifteen per cent. from the date of encashment till payment of realisation.
