State, with reasons, whether the following statements are True or False It is compulsory to allot shares to every applicant.

State, with reasons, whether the following statements are True or False 

It is compulsory to allot shares to every applicant. 

The above statement is True: 

• Reasons: -
• 
  
• Allotment shall be done within 60 days of receipt of application money. 
• 
  

If Allotment is not done within 60 days then refund the whole application money within the next 15 days