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of <h1>Unlisted Companies' Sweat Equity Shares: Key Terms, Issuance Process, and Compliance Under 2003 Rules</h1> The Unlisted Companies (Issue of Sweat Equity Shares) Rules, 2003, established by the Central Government, regulate the issuance of sweat equity shares by unlisted companies under the Companies Act, 1956. These rules define key terms like 'asset,' 'employee,' and 'intangible asset,' and outline the process for passing special resolutions, maintaining a register of shares, and restrictions on share issuance. The rules require disclosure in directors' reports, pricing by independent valuers, and conditions for non-cash considerations. Sweat equity shares must be locked in for three years, and auditors must certify compliance with these rules at annual general meetings.
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