Share Certificates to be issued

Companies (Issue of Share Certificates) Rules, 1960

Issue of Share Certificates. -

(1)

When a company issues any capital, no certificate of any share or shares in the company shall be issued except :

(i) in pursuance of a resolution passed by the Board ; and

(ii) on surrender to the company of its letter of allotment or of its fractional coupons of requisite value, save in cases of issues against letters of acceptance or of renunciation, or in cases of issue of bonus shares :

Provided that if the letter of allotment is lost or destroyed, the Board may impose such reasonable terms, if any, as to evidence and indemnity and the payment of out of pocket expenses incurred by the company in investigating evidence, as the Board thinks fit.

I think your query is resolved.

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