Securities ineligible for minimum promoters’ contribution 237. (1)  For  the  computation  of  minimum  promoters’  contribution,  the  following  specified securities shall not be eligible:a)specified securities acquired during the preceding three years, if they are: (i)acquired for consideration other than cash and revaluation of assets or capitalisation of intangible assets is involved in such transaction; or(ii)resulting from a bonus issue by utilisation of revaluation reserves or unrealised profits of  the  issuer  or  from  bonus  issue  against  equity  shares  which  are  ineligible  for minimum promoters’ contribution; 
b)specified  securities  acquired  by  the  promoters  and  alternative  investment  funds  or  foreign venture  capital  investors  or  scheduled  commercial  banks  or  public  financial  institutions  or insurance  companies  registered  with  Insurance  Regulatory  and  Development  Authority  of India,  during  the  preceding  one  year  at  a  price  lower  than  the  price  at  which  specified securities are being offered to the public in the initial public offer:Provided thatnothing contained in this clause shall apply:(i)248[if  the  promoters  and  alternative  investment  funds  or  foreign  venture  capital investors  or  scheduled  commercial  banks  or  public  financial  institutions  or  insurance companies registered with Insurance Regulatory and Development Authority of India,]as applicable, pay to the issuer the difference between the price at which the specified securities  are  offered  in  the  initial  publicoffer  and  the  price  at  which  the  specified securities had been acquired; (ii)if such specified securities are acquired in terms of the scheme under 249[***]sections 230 to 234 of the Companies Act, 2013, as approved by a High Court or a tribunal, as applicable,  by  the  promoters  in  lieu  of  business  and  invested  capital  that  had  been  in existence for a period of more than one year prior to such approval; (iii)to an initial public offer by a government company, statutory authority or corporation or any special  purpose  vehicle  set  up  by  any  of  them,  which  is  engaged  in  the infrastructure sector; c)specified  securities  allotted  to  the  promoters  and  alternative  investment  funds    during  the preceding  one  year  at  a  price  less  than  the  issue  price,  against  funds  brought  in  by  them during  that  period,  in  case  of  an  issuer  formed  by  conversion  of  one  or  more  partnership firms  or  limited  liability  partnerships,  where  the  partners  of  the  erstwhile  partnership  firms or limited liability partnerships are the promoters of the issuerand there is no change in the management: Provided  thatspecified  securities,  allotted  to  the  promoters  against  the  capital  existing  in such firms for a period of more than one year on a continuous basis, shall be eligible;d)specified securities pledged with any creditor.(2)Specified securities referred to in clauses (a) and (c) of sub-regulation (1) shall be eligible for the computation of promoters’ contribution, if such securities are acquired pursuant to a scheme which has been approved under the Companies Act, 2013 or any previous company law.

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