Right issue

Dear Raghi,

                 Section 62(1)(11) deals with further issue of shares.In your case the Director is not an existing share holder and allotment to him wont come under the provisions of rights issue.Now coming to the second part a member can renounce the shares in favour of some one else,,if your share holders are pre arranged  in favour of the  said director  then i think you can choose that option.

               Other views and suggestions are invited

Yes Raghi, you can use the right to renunciation of the shareholders for the issue......