Q.Write a word / term / phrase which can substitute the following statement:
A letter informing the applicant that shares have not been allotted to him.

The correct option is regret. A letter of regret is the communication a company sends to unsuccessful applicants — those to whom no shares have been allotted — usually accompanied by a refund order for their application money.

After a public issue closes, the Board and the secretary decide the basis of allotment. Because a popular issue is often over-subscribed, the company cannot give shares to every applicant. Applicants are therefore grouped as: those who get full allotment, those who get partial allotment, and those who get no shares at all.

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The word/term is Regret Letter.

When a public issue is over-subscribed, a company cannot allot shares to every applicant. To those who are not allotted any shares, the secretary sends a letter of regret. This letter politely informs the applicant that, owing to heavy subscription, shares could not be allotted to him, and it is accompanied by a refund of the application money.

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