Prohibition on issue of shares at discount

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..... d in sub-sections (1) and (2), a company may issue shares at a discount to its creditors when its debt is converted into shares in pursuance of any statutory resolution plan or debt restructuring scheme in accordance with any guidelines or directions or regulations specified by the Reserve Bank of India under the Reserve Bank of India Act, 1934 (2 of 1934) or the Banking (Regulation) Act, 1949 (10 .....

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..... 1-2018 w.e.f. 09 February, 2018 3. Substituted vide THE COMPANIES (AMENDMENT) ACT, 2019 w.e.f. 02-11- 2018 before it was read as (3) Where a company contravenes the provisions of this section, the company shall be punishable with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees and every officer who is in default shall be punishable with im .....

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