TMI BlogFurther issue of share capitalX X X X Extracts X X X X X X X X Extracts X X X X ..... s 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 number of shares offered and limiting a time not being less than fifteen days 3 [ or such lesser number of days as may be prescribed ] and not exceeding thirty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yees' stock option, subject to special resolution passed by company and subject to such conditions as may be prescribed; or ( c ) to any persons, if it is authorised by a special resolution, whether or not those persons include the persons referred to in clause ( a ) or clause ( b ), either for cash or for a consideration other than cash, if the price of such shares is determined by the valuat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ning such an option have been approved before the issue of such debentures or the raising of loan by a special resolution passed by the company in general meeting. (4) Notwithstanding anything contained in sub-section (3), where any debentures have been issued, or loan has been obtained from any Government by a company, and if that Government considers it necessary in the public interest so to do, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of the company, the terms of issue of debentures or loans, as the case may be, the rate of interest payable on such debentures or loans and such other matters as it may consider necessary. (6) Where the Government has, by an order made under sub-section (4), directed that any debenture or loan or any part thereof shall be converted into shares in a company and where no appeal has been preferred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clause ( i ) of clause ( a ) of sub-section (1) shall be despatched through registered post or speed post or through electronic mode to all the existing shareholders at least three days before the opening of the issue. 3. Inserted vide THE COMPANIES (AMENDMENT) ACT, 2020 dated 28-09-2020 w.e.f. 22-01-2021 - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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