Issuance of sweat equity to promoters requires shareholder approval by simple majority with promoters excluded from voting. Issue of sweat equity shares to promoters requires shareholder approval by simple majority in a general meeting with voting by postal ballot and the promoters proposed as recipients excluded from participation. Each issue must be authorized by a separate resolution, the resolution is effective only for a limited statutory period from its passing, and the explanatory statement must contain the disclosures specified in the Schedule.
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.
Issuance of sweat equity to promoters requires shareholder approval by simple majority with promoters excluded from voting.
Issue of sweat equity shares to promoters requires shareholder approval by simple majority in a general meeting with voting by postal ballot and the promoters proposed as recipients excluded from participation. Each issue must be authorized by a separate resolution, the resolution is effective only for a limited statutory period from its passing, and the explanatory statement must contain the disclosures specified in the Schedule.
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