TMI BlogProvision of money by company for purchase of its own shares by employees or by trustees for the benefit of employeesX X X X Extracts X X X X X X X X Extracts X X X X ..... The company shall not make a provision of money for the purchase of, or subscription for, shares in the company or its holding company, if the purchase of, or the subscription for, the shares by trustees is for the shares to be held by or for the benefit of the employees of the company, unless it complies with the following conditions, namely:- (a) the scheme of provision of money for purchase ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ursuant to section 102 shall, in addition to the particulars mentioned in sub-rule (1) of rule 18, contain the following particulars, namely:- (a) the class of employees for whose benefit the scheme is being implemented and money is being provided for purchase of or subscription to shares; (b) the particulars of the trustee or employees in whose favor such shares are to be registered; (c) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... director, key managerial personnel or promoter; or (b) beneficially holds ten percent or more of the paid-up share capital of the company. (4) Where the voting rights are not exercised directly by the employees in respect of shares to which the scheme relates, the Board of Directors shall, inter alia, disclose in the Board s report for the relevant financial year the following details, namel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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