Where the permission has not been applied under sub section (I) or, such permission having been applied for, has not been granted as aforesaid, the company shall forthwith repay without interest all moneys received from applicants in pursuance of the prospectus, and, if any such money is not repaid within eight days after the company becomes liable to repay it, the company and every director of the company who is an officer in default shall, on and from the expiry of the eighth day, be jointly and severally liable to repay that money with interest at such rate, not less than four per cent and not more than fifteen per cent, as may be prescribed, having regard to the length of the period of delay in making the repayment of such money." This sub section requires the company to repay `forthwith ' all money received from applicants in response to the company 's prospectus either where the company has not applied for permission of the recognised stock exchange for listing or where permission has been applied for but not granted.