What are the conditions required to be fulfilled by a company in order to issue ESOP ?

A company issuing the ESOPs has to fulfill following prescribed conditions: These shares are of the same class of shares already issued, It is authorized by a special resolution passed by the company; 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, Not less than one year has, at the date of issue, elapsed since the date on which the company had commenced business; and These shares are issued in accordance with SEBI regulations, if the shares are listed.