Pre-emptive rights for existing equity shareholders govern further share issues, with limited exceptions and governmental conversion powers. Further issue of subscribed capital must be offered first to existing equity shareholders in proportion to paid-up capital with a notice specifying number of shares and at least fifteen days for acceptance, including a renunciation right unless articles provide otherwise; if unaccepted the Board may dispose of the shares. Exceptions allow allotment by special resolution or by majority vote subject to Central Government approval, exclude private companies and conversions under approved debenture or loan terms, and empower the Central Government to direct conversion of Government debentures or loans into shares with prescribed terms and a right to appeal.