(3)Where a company has passed a resolution authorising the issue of shares at a discount, it may apply to the [Central Government] [Substituted by Act 11 of 2003, Section 12, for " Company Law Board" . ] for an order sanctioning the issue; and on any such application, the [Central Government] [Substituted by Act 11 of 2003, Section 12, for " Company Law Board" . ], if having regard to all the circumstances of the case, it thinks proper so to do, may make an order sanctioning the issue on such terms and conditions as it thinks fit:[Provided that in the case of revival and rehabilitation of sick industrial companies under Chapter VI-A, the provisions of this section shall have effect as if for the words "Central Government", the word "Tribunal" had been substituted.] [Inserted by Act 11 of 2003, Section 12. ]
