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      Question

      As per companies Act 2013, which of the following

      statements are correct? 1. A company shall not issue shares at a discount except sweat shares. 2. Sweat equity shares are equity shares issued by a company to its employees or directors at a discount. 3. A penalty which may extend to an amount equal to the amount raised through the issue of shares at a discount or five lakh rupees, whichever is less.
      A 1 and 2 only Correct Answer Incorrect Answer
      B 1 and 3 only Correct Answer Incorrect Answer
      C 2 and 3 only Correct Answer Incorrect Answer
      D 3 only Correct Answer Incorrect Answer
      E All correct Correct Answer Incorrect Answer

      Solution

      These provisions are given in the Section 53 and 54 of the Companies Act 2013. Section 55: Issue and redemption of preference shares. Section 56: Transfer and transmission of securities.

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