State the provisions of the Companies Act, 2013 for the issue of bonus shares by a listed company: Can a company declare bonus shares in lieu of dividend?

According to Section 63 of Companies Act, 2013: A company can issue fully paid-up bonus shares to its members in any manner, out of its free reserves, security premium or capital redemption reserve account. However, no bonus shares can be issued by capitalising reserves created by the revaluation of assets. A company can capitalise its profits by issuing fully paid-up bonus shares only when- It is authorized by its articles and the shares are fully paid-up; It has been, on the recommendation of the Board of Directors, authorized in the General Meeting of the company by a special resolution; In case of listed company, an ordinary resolution will suffice; It is not defaulted on repayment of the principal or payment of interest on deposits or debt securities issued by it; It has not defaulted on payment of statutory dues of its employees such as, contribution to provident fund, gratuity and bonus. According to Section 63(3) of Companies Act, 2013, a company shall not issue bonus shares in lieu of dividend.