https://www.taxtmi.com/caselaws?id=97890 Reallotment of forfeited partly paid shares as fully paid at a price below the unpaid balance constitutes, in substance, an issue of shares at a discount. The power under Table A to sell forfeited shares on terms determined by the board cannot override the statutory conditions governing discounted issues, including court sanction. Reallotment outside those conditions is void for non-compliance with the Companies Act. A forfeited share may be sold under the articles only where the transaction does not result in a discounted issue or evade the requirement for court sanction. 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 Reallotment of forfeited partly paid shares as fully paid at a price below the unpaid balance constitutes, in substance, an issue of shares at a discount. The power under Table A to sell forfeited shares on terms determined by the board cannot override the statutory conditions governing discounted issues, including court sanction. Reallotment outside those conditions is void for non-compliance with the Companies Act. A forfeited share may be sold under the articles only where the transaction does not result in a discounted issue or evade the requirement for court sanction. Case-Laws Companies Law Fri, 13 Oct 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97890