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of <h1>Companies Act Section 53: No Discounted Shares Allowed, Except Under Section 54. Penalties for Non-Compliance.</h1> Section 53 of the Companies Act, 2013 prohibits companies from issuing shares at a discount, except as allowed under Section 54. Shares issued at a discount are considered void. However, companies may issue shares at a discount to creditors if debt is converted into shares under a statutory resolution plan or debt restructuring scheme as per guidelines by the Reserve Bank of India. Non-compliance results in penalties for the company and responsible officers, including a financial penalty and a requirement to refund monies with interest to shareholders.
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