(1)An application for approval has been made in the Form No. 59 by the public company three months before the eligible issue of capital.Explanation. - For the purposes of this rule, "the eligible issue of capital" means an issue referred to in clause (i) of the Explanation to clause (xix) in sub-section (2) of section 80C or in clause (i) of the Explanation to clause (xvi) in sub-section (2) of section 88.
