https://www.taxtmi.com/caselaws?id=97890 Reissue of forfeited shares at less than the unpaid balance, while treating them as fully paid up, was treated as an issue at a discount and fell within the statutory prohibition in section 79 of the Companies Act. The articles could permit sale of forfeited shares on terms the board considered fit, but that power could not override the requirement of court sanction for a discounted issue. The document states that such a transaction is outside the permissible sale of partly paid forfeited shares and attracts the mischief prevented by section 79. en-us Fri, 13 Oct 1961 00:00:00 +0530 Wed, 18 Jan 2012 14:53:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97890 Reissue of forfeited shares at less than the unpaid balance, while treating them as fully paid up, was treated as an issue at a discount and fell within the statutory prohibition in section 79 of the Companies Act. The articles could permit sale of forfeited shares on terms the board considered fit, but that power could not override the requirement of court sanction for a discounted issue. The document states that such a transaction is outside the permissible sale of partly paid forfeited shares and attracts the mischief prevented by section 79. Case-Laws Companies Law Fri, 13 Oct 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97890