Power to issue shares at a discount.

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....2) A company may issue at a discount shares in the company of a class already issued, 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 ....

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....Government] may allow. (3) Where a company has passed a resolution authorising the issue of shares at a discount, it may apply to the ^[10][Central Government] for an order sanctioning the issue; and on any 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 c....

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....[1] See e-Form 21, Companies (Central Government's) General Rules & Forms, 1956. [2] Fees prescribed is Rs. 1000, w.e.f. 1-4-2000. On notification of the commencement of the amendment, power will be transferred to the Central Government. [3] Substituted 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....

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....d Amendment) Act, 2002. [9] Substituted for "Company Law Board" Earlier the quoted words were substituted for "Court" by the Companies (Amendment) Act, 1974, w.e.f. 1-2-1975.by the Companies (Second Amendment) Act, 2002. [10] Substituted for "Company Law Board" Earlier the quoted words were substituted for "Court" by the Companies (Amendment) Act, 1974, w.e.f. 1-2-1975.by the Companies (Seco....