Under section 53, any share issued by a company at a discount is void. The only exceptions are sweat equity shares under section 54 and:

Correct answer: C) Shares issued to creditors on conversion of debt under a statutory restructuring scheme or arrangement under RBI guidelines

Explanation

Section 53(1) prohibits issuing shares at a discount and section 53(2) makes such shares void, except sweat equity shares under section 54. Section 53(2A) further permits a company to issue shares at a discount to its creditors when debt is converted into shares under a statutory resolution plan or a debt restructuring scheme under RBI guidelines.