tax implication on Issue of shares in kind for promotors

Dear Sir/Madam,
For a private limited company Can shares be alloted to the directors other than on payment and if yes what is the tax implications on company and on individual directors?
what are the other options to issue shares in kind to the promoters and have no tax implications on company front and  individual front?
Kindly advise us on how to handle this process in the most effecient way.