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... What has happened is that the plaintiff's old certificates have been split up in effect and have diminished in value to the extent of the value of the new."
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"In other words, by the issue of bonus shares pro rata, which ranked paripassu with the existing shares, the market price was exactly halved, and divided between the old and the bonus shares. This will ordinarily be the case but not when the share do not rank paripassu and we shall deal with that case separately. When the shares rank paripassu the result may be stated by saying that what the shareholder held as a whole rupee coin is held by him, after the issue of bonus share, in two 50 NP Coins. The total value Page | 9 remains the same but the evidence of that value is not in one certificate but in two."