Section 85 in The Orissa State Financial Corporation General Regulations, 2003
85. Issue and Allotment of Fresh Capital.
- (i) Issue and allotment of fresh capital shall be made in such manner as may be decided by the Board subject to the provision of Section 4;(ii)The Board may refuse to allot any shares in the name of any person on any one or more of the following grounds, namely -(a)The allotment of the shares is in contravention of the provisions of the Act or Regulations made there under or any other law;(b)The allotment of the shares in the opinion of the Board, is prejudicial to the interests of the Financial Corporation or to the public interest;(c)The allotment of shares is prohibited by an order of a Court, tribunal or any other authority under any law for the time being in force.
