TaxTMI 
TaxTMI 
Substitution of new section for section 5.
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....ue of shares into such denomination as the Corporation may decide. (2) The Corporation shall, with the previous approval of the Central Government, issue equity shares to the Central Government in consideration for the paid-up equity capital provided by the Central Government to the Corporation as it stood before the coming into force of section 131 of the Finance Act, 2021. (3) The share capital of the Corporation shall consist of equity shares and preference shares, which may be fully paid-up or partly paid-up: Provided that the Board may determine the terms of issue of partly paid-up shares and payment of calls for such partly paid-up shares. (4) The Corporation may from time to time increase its issued share capital, with the previous approval of the Central Government, whether by public issue or rights issue or preferential allotment or private placement or issue of bonus shares to existing members holding equity shares, or by issue of shares to employees pursuant to share based employee benefits schemes, or by issue of shares to life insurance policy-holders of the Corporation, or otherwise: Provided that the Central Government sha....
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....y members and creditors referred to in clause (a) in respect of the intended reduction and to submit its recommendations to the Board; and (c) after consideration of the committee's recommendations, making of recommendations by the Board for reduction, either as given in the notice or with such modifications as the Board may consider necessary, to the Central Government for its approval. (8) Without prejudice to the generality of the power under sub-section (7), the Corporation may reduce its paid-up equity share capital by- (a) extinguishing or reducing the liability on any of its equity shares in respect of share capital not paid-up; or (b) cancelling, with or without extinguishing or reducing liability on any of its paid-up equity shares, any paid-up equity share capital which is either lost or is unrepresented by available assets; or (c) paying off, with or without extinguishing or reducing liability on any of its paid-up equity shares, any paid-up equity share capital which is in excess of the wants of the Corporation. (9) Notwithstanding anything contained in any other law for the time being in force- (a) regardin....
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....tion and for offer for sale in relation to a public issue by way of initial public offer. Explanation.-Words and expressions used in this sub-section but not defined either in this Act or in the Insurance Act or in the Companies Act shall have the meanings respectively assigned to them in regulations made by the Securities and Exchange Board regarding issue of capital and disclosure requirements, to the extent not repugnant with the provisions of this Act. (10) The Corporation may issue other securities, including bonds, debentures, notes, commercial paper and other debt instruments, for the purpose of raising funds to meet its business requirements. Transferability of shares. 5A. (1) Save as otherwise provided in sub-sections (2) and (3), the shares of the Corporation shall be freely transferable: Provided that any arrangement between two or more persons in respect of transfer of shares shall be enforceable as a contract. (2) Nothing contained in sub-section (1) shall entitle the Central Government to transfer any shares held by it in the Corporation, if as a result of such transfer, the shares held by it, on a fully diluted ba....
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....bers of the Corporation as the holder of shares in the Corporation but he does not hold beneficial interest in such shares, such person shall make, within such time and in such form as may be prescribed for a company under section 89 of the Companies Act, a declaration to the Corporation specifying the name and other particulars of the person who holds beneficial interest in such shares. (2) Every person who holds or acquires a beneficial interest in shares of the Corporation shall make, within such time and in such form as may be prescribed for a company under section 89 of the Companies Act, a declaration to the Corporation specifying the nature of his interest, particulars of the person in whose name the share stands registered in the books of the Corporation and such other particulars as may be prescribed under the said section. (3) Where any change occurs in the beneficial interest in shares of the Corporation, the person referred to in sub-section (1) and the beneficial owner specified in sub-section (2) shall, within a period of thirty days from the date of such change, make a declaration to the Corporation in such form and containing such particulars as ma....