law: Companies Act, 2013 
  53.
  
    Prohibition
  
  on issue of shares at discount.
  1.      Except as provided in
  
  section 54, a company shall not issue shares at a discount.
  2.      Any share issued by a
  
  company at a discounted price shall be void.
  3.      Where a company
  
  contravenes the provisions of this section, the company shall be punishable
  
  with fine which shall not be less than one lakh rupees but which may extend to
  
  five lakh rupees and every officer who is in default shall be punishable with
  
  imprisonment for a term which may extend to six months or with fine which shall
  
  not be less than one lakh rupees but which may extend to five lakh rupees, or
  
  with both.