Power to issue shares at a discount.

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.... if the following conditions are fulfilled, namely:___ (i) [1]the issue of the shares at a discount is authorised by a resolution passed by the company in general meeting and sanctioned[2] by the [3][Central Government]; (ii) the resolution specifies the maximum rate of discount [4][* * *] at which the shares are to be issued: [5][Provided that no such resolution shall be sanctioned by the [6....

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....such application, the [11][Central Government], if having regard to all the circumstances of the case, it thinks proper so to do, may make an order sanctioning the issue on such terms and conditions as it thinks fit: [12][Provided that in the case of revival and rehabilitation of sick industrial companies under [13]Chapter VIA, the provisions of this section shall have effect as if for the words ....

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....for "Company Law Board" by the Companies (Second Amendment) Act, 2002, w.e.f a date yet to be notified. Earlier the quoted words substituted for "Court" by the Companies (Amendment) Act, 1974, w.e.f 1-2-1975. [4] "(not exceeding ten per cent or such higher percentage as the Central Government may permit in any special case)" Certain words omitted by the Companies (Amendment) Act, 1974, Act 41 of ....