Special resolution format for issue of sweat equity shares under Section 54 and Rule 8, with valuer report, limits, three-year lock-in and MGT-14 in 30 days.
To consider and, if thought fit, to pass, with or without modification(s), the following resolution as a Special Resolution:
“RESOLVED THAT pursuant to Section 54 of the Companies Act, 2013 read with Rule 8 of the Companies (Share Capital and Debentures) Rules, 2014 and the Articles of Association of the Company, consent of the members be and is hereby accorded to the Board to issue and allot up to [●] Equity Shares of ₹[●] each as sweat equity shares to [the directors / the employees / the directors and employees] named in the explanatory statement, at a price of ₹[●] per share [for cash at a discount / for consideration other than cash], in consideration of [their know-how / their making available intellectual property rights / their value additions] described in the explanatory statement, the current market price of an Equity Share, as determined by a registered valuer, being ₹[●].
RESOLVED FURTHER THAT the sweat equity shares shall rank pari passu with the existing Equity Shares of the Company, shall be locked in for three years from the date of allotment and shall be allotted within twelve months from the date of this resolution.
RESOLVED FURTHER THAT the Board be and is hereby authorised to allot the sweat equity shares, to file e-Forms MGT-14 and PAS-3, to maintain the Register of Sweat Equity Shares in Form SH-3 and to do all such acts, deeds and things as may be necessary for giving effect to this resolution.”