Concept:Allotment of shares means the company formally accepts a share application, which makes the applicant a shareholder.Explanation:At the application stage, a person is only an applicant who has offered to buy shares.When the company makes an allotment, it accepts that offer and confirms the number of shares issued to that person.After allotment, the applicant’s name is entered in the company’s register of members.Therefore, from the date of allotment, the applicant becomes a shareholder of the company with ownership rights.Answer:D. shareholders