Issue of shares at a discount requires petition in prescribed form and central government sanction for higher discounts. Petition to sanction the issue of shares at a discount must be in Form No. 17; where the proposed discount exceeds the standard threshold, the petition must include an order of the Central Government authorising the higher rate and the documents specified in Appendix II. The rule notes that the Court's powers have been conferred on the Company Law Board by amendment.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Issue of shares at a discount requires petition in prescribed form and central government sanction for higher discounts.
Petition to sanction the issue of shares at a discount must be in Form No. 17; where the proposed discount exceeds the standard threshold, the petition must include an order of the Central Government authorising the higher rate and the documents specified in Appendix II. The rule notes that the Court's powers have been conferred on the Company Law Board by amendment.
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