law: Companies Act, 2013 
  54. 
  
    Issue
  
  of sweat equity shares.
  1.      Notwithstanding
  
  anything contained in section 53, a company may issue sweat equity shares of a
  
  class of shares already issued, if the following conditions are fulfilled,
  
  namely:—
  a.     
  
    the
  
  issue is authorised by a special resolution passed by the company;
  b.    
  
    the
  
  resolution specifies the number of shares, the current market price,
  
  consideration, if any, and the class or classes of directors or employees to
  
  whom such equity shares are to be issued;
  c.     
  
    not
  
  less than one year has, at the date of such issue, elapsed since the date on
  
  which the company had commenced business; and
  d.    
  
    where
  
  the equity shares of the company are listed on a recognised stock exchange, the
  
  sweat equity shares are issued in accordance with the regulations made by the
  
  Securities and Exchange Board in this behalf and if they are not so listed, the
  
  sweat equity shares are issued in accordance with such rules as may be
  
  prescribed.
  2.      The rights,
  
  limitations, restrictions and provisions as are for the time being applicable
  
  to equity shares shall be applicable to the sweat equity shares issued under
  
  this section and the holders of such shares shall rank pari passu with
  
  other equity shareholders.