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Minimum face value of shares

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(Querist)
20 January 2011 Respected Experts,

Can a unlisted company be incorporated with a face of value of shares less than one rupee..
and secondly can we alter the face value to less than one rupee for already incorporated as unlisted company.. please provide section numbers or case laws as applicable
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Jayashree S Iyer

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Jayashree S Iyer (Expert)
20 January 2011 SEBI guidelines contain a stipulation that the shares shall not be issued in the denomination of decimal of a rupee. However no such stipulation is found in the Companies Act, 1956.

But practically, I have not seen any company whose face value of the share is less than a rupee.

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