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of <h1>Public companies must apply with Form No. 59 under sections 80C(2)(xix) or 88(2)(xvi) for capital issues.</h1> The Board requires a public company seeking approval under section 80C(2)(xix) or section 88(2)(xvi) to submit an application using Form No. 59 three months prior to the eligible capital issue. The application must include incorporation certification and audited financial statements for the past three years, or for the period of existence if less than three years. The company must invest 25% of its capital in infrastructure within one year and the remainder within three years. An accountant's certificate of investment is required annually. The Board can approve, refuse, or withdraw approval if investment or reporting conditions are unmet, ensuring due process.
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