Securities And Exchange Board Of India - Subsection
Section 6(3) in Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014
(3)Approval of shareholders by way of separate resolution in the general meeting shall be obtained by the company in case of:(a)Secondary acquisition for implementation of the schemes. Such approval shall mention the percentage of secondary acquisition (subject to limits specified under these regulations) that could be undertaken;(b)Secondary acquisition by the trust in case the share capital expands due to capital expansion undertaken by the company including preferential allotment of shares or qualified institutions placement, to maintain the five per cent. cap as prescribed under sub-regulation (11) of regulation 3 of such increased capital of the company;(c)Grant of option, SAR, shares or other benefits, as the case may be, to employees of subsidiary or holding [***] [The words 'or associate' omitted by Securities and Exchange Board of India (Share based Employee Benefits) (Amendment) Regulations, 2015 (w.e.f 18.09.2015)] company;(d)Grant of option, SAR, shares or benefits, as the case may be, to identified employees, during any one year, equal to or exceeding one per cent. of the issued capital (excluding outstanding warrants and conversions) of the company at the time of grant of option, SAR, shares or incentive, as the case may be.
