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of <h1>Section 81: Companies Must Offer New Shares to Existing Shareholders, With Exceptions for Private Firms and Loan Conversions.</h1> Section 81 of the Companies Act, 1956, addresses the further issuance of capital by a company. It mandates that additional shares must be offered to existing equity shareholders in proportion to their current holdings unless the company's articles state otherwise. Shareholders have a minimum of fifteen days to accept or decline the offer, and they may renounce shares in favor of others. Exceptions to these rules include private companies and certain capital increases due to debenture or loan conversions. The Central Government can mandate conversions in public interest, subject to parliamentary review and potential court appeals by the company.
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