Further issue of share capital.

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....nbsp; (a) to persons who, at the date of the offer, are holders of equity shares of the company in proportion, as nearly as circumstances admit, to the paid-up share capital on those shares by sending a letter of offer subject to the following conditions, namely:-                (i) the offer shall be made by notice specifying the numb....

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....son to whom such notice is given that he declines to accept the shares offered, the Board of Directors may dispose of them in such manner which is not dis-advantageous to the shareholders and the company;           (b) to employees under a scheme of employees' stock option, subject to special resolution passed by company and subject to such conditions as ....

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....ed capital of a company caused by the exercise of an option as a term attached to the debentures issued or loan raised by the company to convert such debentures or loans into shares in the company:           Provided that the terms of issue of such debentures or loan containing such an option have been approved before the issue of such debentures or the r....

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....ms and conditions of such conversion are not acceptable to the company, it may, within sixty days from the date of communication of such order, appeal to the Tribunal which shall after hearing the company and the Government pass such order as it deems fit.      (5) In determining the terms and conditions of conversion under sub-section (4), the Government shall have due rega....