If a delay occurs beyond $8$ days in refunding the subscription amount, failing to gather the minimum subscription, from the date of closure of the subscription list, the company shall be liable for interest at the rate of:

According to SEBI guidelines and the Companies Act provisions, if a company fails to receive the minimum subscription, it must refund the entire subscription amount within the specified period. If there is a delay beyond $8$ days from the closure of the subscription list, the company is liable to repay that money with interest at the rate of $15\%$ per annum.