No preferential shares at 85% discount despite financial exigencies if no efforts were made to rehab

CL: Where in spite of unsound financial position no efforts were made to rehabilitate company and it was proposed to issue equity shares at rate of 85 per cent discount on preferential basis on ground to meet fund requirement for company's new business, it did not constitute special circumstance to sanction petition for issuing share at a discount beyond 10 per cent