(1) For non-underwritten issues:

(a) If the issuing company does not receive the minimum subscription of ninety per cent. of the offer through offer document on the date of closure of the issue, or if the
subscription level falls below ninety per cent. after the closure of issue on account of
cheques having being returned unpaid or withdrawal of applications, the issuing
company shall forthwith refund the entire subscription amount received.

(b) If the issuing company fails to refund the entire subscription amount within fifteen
days from the date of the closure of the issue, it is liable to pay the amount with
interest to the subscribers at the rate of fifteen per cent. per annum for the period of
delay.

(2) For underwritten issues: If the issuing company does not receive the minimum subscription of ninety per cent. of the offer through offer document including devolvement of underwriters within sixty days from the date of closure of the issue, the issuing company shall forthwith refund the entire subscription amount received with interest to the subscribers at the rate of fifteen per cent. per annum for the period of delay beyond sixty days.