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Shares issued at a discount

The Companies Act 1980 specifically prohibited the issue of shares at a discount. Prior to the coming into force of this Act, it was possible under Section 57 of the 1948 Companies Act to issue such shares under specified conditions, which included court approval. The 1980 V. Companies Act did not have a retrospective effect in this matter and shares already issued under the old rules were not affected.

Reference: The Penguin Business Dictionary, 3rd edt.