Dear Friends,
As per sec-47 (xiv),
the third condition states that the value of the consideration to be paid by way of allottment of shares of the company.
There is no mention of these shares being on par,or at premium or at a discount.
So if I Have 12,00,000 as my capital I can issue 50000 shares at a rate of Rs 24.(Face Value Rs.10)
Is my understanding of the Act correct?
Pls suggest..
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