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Issue of Bonus Shares - Only to Resident Indians and Corporate Bodies

This query is : Resolved 
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(Querist)
16 September 2021 An Unlisted Public Company has Nine Members as on date: Four Resident Indians, Three Indian Corporate Bodies and Two Foreign Corporate Bodies.

The Board is proposing to Issue Bonus Shares only to Resident Indians and Indian Corporate Bodies.

Can the Foreign Corporate Bodies waive the entitlement of Bonus Shares ?
What is the detailed procedure in this regard.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
16 September 2021 They may be allotted either on a non-renounceable or renounceable basis.
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