No , the company cannot allot these shares because the legal formality of minimum subscription is not fulfilled . A company must receive the amount of minimum subscription in cash (which is 90% of the issued amount ) within 120 days from the date of issue . Otherwise , allotment cannot be made .
In this case , the company has received only 80% of the issued amount . So , it cannot make allotment of these shares and will have to refund all the money received from the applicants within the next 10 days .
