Issue of shares at a discount requires shareholder resolution and government sanction, with prospectus disclosure and penalties for noncompliance. Section 79 permits issue of shares at a discount only when authorised by a general meeting resolution and sanctioned by the Central Government, with the resolution specifying a maximum discount subject to governmental discretion. The statute imposes timing conditions tied to commencement of business and issue after sanction within a limited period (extendable by the Government), provides for Governmental terms on sanction (with substitution of the Tribunal in sick company revival cases), and mandates prospectus disclosure of the discount with penal consequences for non compliance.