Sweat equity approval: promoter employee issuances require separate resolutions, simple majority and exclusion of promoters from voting.

Regulation 32 requires that the explanatory statement to the general meeting notice include Schedule II disclosures for a special resolution under section 54, that each sweat equity issue be approved by a separate resolution, and that sweat equity to promoter group employees be approved by simple majority with postal/e voting and exclusion of promoters from voting, with the resolution having a limited validity period.

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