(4)The Corporation may from time to time increase its issued share capital, with the previous approval of the Central Government, whether by ·public issue or rights issue or preferential allotment or private placement or issue of bonus shares to existing members holding equity shares, or by issue of shares to employees pursuant to share based employee benefits schemes, or by issue of shares to life insurance policyholders of the Corporation, or otherwise:Provided that the Central Government shall, on a fully diluted basis hold,-(a)at all times, not less than fifty-one per cent. of the issued equity share capital of the Corporation;(b)during a period of five years from the date of first issue of shares to any person other than the Central Government, not less than seventy-five per cent. of the issued equity share capital of the Corporation.Provided further that no shares shall be issued other than by way of rights issue unless authorised by a special resolution, except in the circumstances where the provisions of the second and third provisos to sub-section (1) of section 23A apply:Provided also that issue of shares to life insurance 40 policyholders of the Corporation shall not be by preferential allotment or private placement.
