Companies Act, 1956
Sec 79A - Issue of sweat equity shares -
(1) Notwithstanding anything contained in section 79, a company may issue sweat equity shares of a class of shares already issued if the following conditions are fulfilled, namely:-
(a) the issue of sweat equity shares is authorized by a special resolution passed by the company in the general meeting.
(b) The resolution specifies the number of shares, current market price, consideration, if any, and the class or classes of directors or employees to whom such equity shares are to be issued;
(c) Not less than one year has, at the issue elapsed since the date on which the company was entitled to commence business;
(d) The sweat equity shares of a company whose