In a particular case, a target company issued 200 lakh warrants @ ₹100 per warrant to two promoters enabling them to get a right to have equity shares at a later date by paying ₹50 crore upfront. Assume that such a prefe

In a particular case, a target company issued 200 lakh warrants @ ₹100 per warrant to two promoters enabling them to get a right to have equity shares at a later date by paying ₹50 crore upfront. Assume that such a preferential allotment is made as per the preferential issue guidelines of SEBI. In a takeover bid, the contention before the SEBI is whether these warrants should be treated as partly paid-up shares.